Document:

Amended and Restated Unit Plege Agreement...Matthew and Kathy Gibbs

 Execution Copy 
  
 Exhibit 10.20 
  
 AMENDED AND RESTATED UNIT PLEDGE AGREEMENT 
  
 THIS AMENDED AND RESTATED UNIT PLEDGE AGREEMENT (the “Agreement”) is made and entered into this 11th day of June 2004, by and between LANGUAGE
LINE, INC., a Delaware corporation (“Secured Party”), and MATTHEW T. GIBBS, II and KATHY GIBBS (collectively, “Borrower”) and amends and restates the Stock Pledge Agreement dated 17 June 2002, (the “Prior Pledge”) by
and between Language Line, LLC, a predecessor of the Secured Party (“Language Line”) and the Borrower, and the Prior Pledge is hereby amended and replaced in its entirety with this Agreement. 
  
 RECITALS: 
  
 A. On April 14, 2004, Language Line Holdings, Inc., a Delaware corporation (“Holdings Inc.”), entered into an
Agreement and Plan of Merger (“Agreement and Plan of Merger”) with Language Line Acquisition, Inc., a Delaware corporation, pursuant to which Holdings Inc. merged with and into the Secured Party in accordance with the Agreement and Plan of
Merger (the “Merger”). 
  
 B. In connection with the
Merger, the Borrower has entered into an Amended and Restated Promissory Note secured by Unit Pledge Agreement dated as of the date hereof (as it may be amended or otherwise modified from time to time, the “New Note”) to evidence
Borrower’s obligation to repay the sum of One Hundred Thousand Dollars $100,000 (the “Loan”). The New Note amends and restates the Promissory Note secured by Stock Pledge Agreement between the Borrower and Language Line dated June 17,
2002 (the “Prior Note”), and the Prior Note has been amended and replaced in its entirety by the New Note. 
  
 C. The Secured Party agreed to accept the New Note on the condition that the Borrower secure the New Note by pledging with Secured Party all of
Borrower’s interest in 1,500,000 Class A Common Units and 11,927,273 Class C Common Units in Language Line Holdings, LLC (“Holdings LLC”), a Delaware limited liability company and the parent of the Secured Party (the
“Units”). 
  
 NOW, THEREFORE, for good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows. 
  
 1. Pledge. 
  
 (a) Borrower hereby assigns, transfers and pledges the Units to the Secured Party as security for payment of the New Note. 
  
 (b) On execution of this Agreement, the shares pledged under
the Prior Pledge (the “Shares”) are hereby released and all Share certificates, assignments or other documents of transfer relating to the Shares and provided under the Prior Pledge will be returned to the Borrower by the Secured Party.

  
 (c) Borrower agrees that he will deposit with
the Secured Party pursuant to the provisions of Section 8313(a) of the Commercial Code of the State of California, the certificates representing the Units with two executed Unit assignments (with date blank) for each 

  

 
certificate, accompanied by such documents of transfer as may be necessary to authorize the Secured Party or its transfer agent to transfer the Units to the
Secured Party if required to do so by the provisions of this Agreement, it being understood that the Units are, as of the date hereof, uncertified. Such documents are to be held by the Secured Party for the benefit of both Secured Party and Debtor
during the period of this Agreement. 
  
 (d)
Borrower shall have the right to execute all unit rights and rights to subscribe, and to receive all liquidating dividends, cash dividends, units, new securities or other rights or property which the Borrower is or may hereafter become entitled to
receive on account of the Units pledged hereunder; provided, however, that in the event the Borrower receives any such property, other than cash dividends, he will immediately deliver such property to the Secured Party to be held as collateral in
the same manner as the Units originally pledged hereunder. As used in this Agreement, the term “Units” refers to all the Units assigned, transferred, and pledged hereunder, and all other property received in respect thereof, other than
cash dividends. 
  
 (e) Borrower, at his option,
may transfer to the Secured Party upon execution of this Agreement (or as soon thereafter as practicable), collateral other than the Units (“Substitute Collateral”), which shall be acceptable in form to the Secured Party and adequate to
secure part or all of Borrower’s obligations under the New Note, in lieu of part or all of the Units, and shall thereupon be entitled to retain, free from the pledge hereunder, an amount of Units having a fair market value equivalent, in the
judgment of the Secured Party’s Board of Directors, to the value of the Substitute Collateral, taking into account fluctuations in the value of the Substitute Collateral over the term of the New Note and the Secured Party’s need to have
the New Note fully secured. Borrower must maintain the Substitute Collateral at a value equal to the aggregate purchase price of the Units for which it serves as substitute Collateral. The Secured Party shall have sole discretion to determine the
value of Substitute Collateral at all times. Borrower shall pledge such additional Substitute Collateral as the Secured Party deems necessary to adequately secure the New Note promptly upon receipt of a written demand to do so by the Secured Party.
All Substitute Collateral and additions thereto shall be deemed transferred to the Secured Party at the time the original collateral (for which it serves as substitute) was transferred to the Secured Party. Borrower agrees to take all actions,
execute all instruments, agreements and notices and do all other things necessary for the Secured Party to perfect it Security interest in the Substitute Collateral and all additions thereto whenever requested by the Secured Party. 
  
 (f) In the event that Holdings LLC is involved in a merger
reorganization, exchange reorganization, sale-of-assets reorganization or other event requiring the transfer of a part or all of the Units, Borrower shall, within ten days after demand by the Secured Party, execute any documents necessary to insure
the continued secured status of the New Note by the Units, any securities or property issued in respect thereto and the Substitute Collateral. 
  
 (g) As used in this Agreement, the term “Collateral” refers to the Units and/or the Substitute Collateral. 
  
 2. Rights in the Collateral. Unless and until the ownership of
the Collateral is transferred to the Secured Party pursuant to the provisions hereof, the Secured Party shall collect 

  

 2 

 
and receive all property, other than cash dividends distributed in respect of the Units and other than rents or interest payable with respect to the
Substitute Collateral. The Secured Party shall hold the same as collateral under this Agreement. Borrower shall retain all incidents of ownership in the Collateral not specifically limited herein and not in derogation of the Secured Party’s
security interest in the Collateral, including the right to vote the Units or other Unit held as Collateral, the right to lease any real property used as Substitute Collateral, subject to the terms of this Agreement, the right to receive all notices
sent with respect to the Collateral, and the right to grant subordinate secured interests in the Collateral with the Secured Party’s prior written consent, which may be withheld for any reason. 
  
 3. Taxes, Charges and Expenses. 
  
 (a) Borrower agrees to pay, prior to delinquency, all taxes,
charges, liens and assessments against the Collateral. In the event Borrower fails to make any such payment, the Secured party may at its option pay any such charges and shall be the sole judge of the legality or validity thereof and the amount
necessary to discharge the same. 
  
 (b) Borrower
will defend the Collateral against any and all claims and demands of all persons at any time claiming an interest therein. 
  
 (c) All advances, charges, taxes, assessments, costs and expenses, including reasonable attorneys’ fees, incurred or paid by the
Secured Party in exercising any right, power or remedy conferred by this Agreement, or any enforcement thereof, or to preserve the value of the Collateral, shall become a part of the indebtedness secured hereunder and shall be paid to the Secured
Party by Borrower immediately upon demand. 
  
 4.
Default. The occurrence of any of the following shall be a default under this Agreement: 
  
 (a) Borrower fails to make payment when due of any part or installment of principal or interest, and such default is not cured within ten
(10) days of the Secured Party’s giving notice of such default to Borrower; 
  
 (b) Borrower becomes insolvent in that either a petition is filed by or against Borrower under any bankruptcy law, or he is unable to pay
his debts as they fall due, or he makes a general assignment for the benefit of his creditors or takes any other action to take advantage of any insolvency laws; 
  
 (c) Borrower fails to perform any of his obligations or to comply with any of the terms under the New Note;
or 
  
 (d) Borrower is in default under or fails
to comply with the provisions of any agreement, instrument, decree, judgment, order, obligation, covenant, bond, lien, encumbrance, security interest, article of incorporation or bylaw pertaining to the Collateral or affecting Borrower’s or the
Secured Party’s rights in the Collateral. 
  

 3 

 5. Remedies of Secured Party. 
  
 (a) Should any default, as provided in paragraph 4 above, continue for a period of five (5) days or more
following written notice from Secured Party of the default, the New Note shall become immediately due and payable at the option of the Secured Party, without notice or demand, the Secured Party shall have the right to take possession and proceed
against the Collateral in accordance with this Agreement or the New Note, and the Secured Party shall have all the rights and remedies provided by law, particularly the provisions of the Commercial Code of the State of California, Investment
Securities and Secured Transactions. 
  
 (b)
Borrower waives the benefit of any statute of limitations affecting his liability under this Agreement or the New Note, or the enforcement thereof, and agrees that any payment of any indebtedness or other act which shall toll any statute of
limitations applicable thereto shall similarly operate to toll such statute of limitations applicable to this Agreement or the New Note. Borrower waives all presentments, demands for performance, notices of non-performance, protests, notices of
protest, notices of dishonor and notices of acceptance of this Agreement or the New Note, with respect to any default and liability under this Agreement and the New Note. 
  
 (c) Should the Secured Party proceed against all or any part of the Collateral, it may proceed to do so by
sale, public or private, and in the market or in private or negotiated sale or sales, and subject to such terms and conditions, all as the Secured Party in its sole discretion deems proper; provided, however, that should the Secured Party purchase
all or part of the Collateral at a private sale, it is expressly agreed by Borrower that fair market value of the Collateral may be established by the Secured Party using the most recent sales price for Units of the same Class. It is agreed and
understood that sale of the Units under investment letter is a commercially reasonable disposition. The aggregate proceeds of such sale or sales shall be applied by the Secured Party as follows: 
  
 (i) The Secured Party shall first pay itself all reasonable
costs and expenses of preparing for and conducting such sale or sales, including without limitation its legal expenses and fees incurred; 
  
 (ii) The unpaid balance of the New Note plus seven and one-half percent (7.5%) per annum simple interest on such balance for the period
between default on the New Note and the date the Secured Party consummates the sale, shall be paid to the Secured Party; 
  
 (iii) Any further balance shall be applied to other indebtedness, if any, then owing from Borrower to the Secured Party; and 

 
 (iv) The remaining balance, if any, after application of
items (i), (ii) and (iii) above shall be paid and set over to Borrower. 
  
 6. Release of Collateral. The Secured Party shall release the Collateral from this pledge upon the payment by the Borrower to Secured Party of the full amount owing under the New Note as therein provided. 
  
 7. Non-Waiver. The rights, powers and remedies given to the
Secured Party by this Agreement will be in addition to all rights, powers and remedies given the Secured Party by 

  

 4 

 
virtue of any statute or rule or law. The Secured Party shall have the right to enforce one or more of such remedies, successively or concurrently, and any
action to enforce the same shall not bar the Secured Party from pursuing any further remedy which it may have hereunder, under the New Note, or otherwise as provided by law, including, without limitation, the absolute right on the part of the
Secured Party to commence an action against Borrower or his spouse for a judgment in the amount of all sums due and collectible under this Agreement and the New Note without first foreclosing on the security interest granted hereunder and selling
the Collateral. Any forbearance, failure or delay by the Secured Party in the exercise of any right, power or remedy hereunder, or under the New Note, shall not be deemed to be a waiver of such right, power or remedy and any single or partial
exercise of any right, power or remedy shall not preclude the further exercise thereof. Every right, power and remedy of the Secured Party shall continue in full force and effect until the same is specifically waived by an instrument in writing
executed by the Secured Party. 
  
 8. Binding Effect. The
rights and remedies of this Agreement shall inure to the benefit of, and be binding upon, the heirs, successors and assigns of the parties. Borrower agrees that the Secured Party can assign its security interest hereunder and all its rights,
including its rights to receive payment, under the New Note to any natural person or entity. In the event of such assignment, Borrower agrees that he will not assert against the assignee any claim or defense which he may have against the Secured
Party if the assignee takes such assignment for value, in good faith and without notice of such claim or defense. 
  
 9. Notices. Any notice, approval, disapproval, Consent, waiver or other communication (“Notice”) required or permitted to be given under
this Agreement shall be in writing and shall be delivered (a) personally, or (b) mailed, certified or registered United States mail, postage prepaid, return receipt requested, or (c) sent by overnight courier, or (d) sent by telecopier or facsimile.
All such Notices shall be deemed given (i) if personally served or sent by overnight courier, when delivered to the person to whom such Notice is addressed, or (ii) if by mail, three (3) days following deposit in the United States mail, or (iii) if
by telecopier or facsimile, when the sender’s telecopy machine has confirmed that it was received. All Notices shall be addressed to the party to whom such Notice is to be given at the party’s address (or telecopier number, as the case may
be) set forth below or as such party shall otherwise direct by Notice sent pursuant to this section: 
  

			
	If to Secured Party:	  	 Language Line, Inc.
 One Lower Ragsdale Drive,
Building Two
 Monterey, California 93940
 Attention: Dennis
Dracup, President
 Telephone: (831) 648-5836
 Facsimile: (831)
648-5802

		
	If to Borrower:	  	 Matthew T. Gibbs, II
 391 Dry Creek Road
 Monterey, CA 93940

  
 10. Attorneys’
Fees. In the event of any action at law or in equity between Borrower and Secured Party arising out of Borrower’s responsibilities under this Agreement, the 

  

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unsuccessful party to such action shall pay to the prevailing party all costs and reasonable attorneys’ fees incurred by the prevailing party.

  
 11. Governing Law; Terms. This Security Agreement shall
be governed by and construed in accordance with the laws of the State of California. 
  

 6 

 IN WITNESS WHEREOF, this AMENDED AND RESTATED UNIT PLEDGE AGREEMENT has been executed at Monterey,
California, on the date first above written. 
  

									
	Secured Party:	 	 	 	Borrower:
			
	 LANGUAGE LINE, INC.
 a Delaware corporation
	 	 	 	 
					
	 By:
	 	 /s/    C.J. BRUCATO, III
	 	 	 	 By:
	 	 /s/    MATTHEW T. GIBBS

	 	 	 Name: C.J. Brucato, III
	 	 	 	 	 	 Matthew T. Gibbs, II

	 	 	 Title:   Vice President
	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 /s/    KATHY GIBBS

	 	 	 	 	 	 	 	 	 Kathy Gibbs

  

 7Indenture dated as of June 11, 2003

 Exhibit 4.1 
  

  
 LANGUAGE LINE ACQUISITION, INC. 
 (to be renamed LANGUAGE LINE HOLDINGS, INC.), 
 as Issuer 
  
 and 
  
 THE
BANK OF NEW YORK, 
  
 as Trustee 
  

  
 INDENTURE 
  
 Dated as of June 11, 2004 
  

  
 14-1/8% Senior Discount Notes Due 2013 
  

  

 CROSS-REFERENCE TABLE 
  

			
	 TIA
Section

	  	Indenture
Section

	 310 (a)(1)
	  	7.10
	        (a)(2)
	  	7.10
	        (a)(3)
	  	N.A.
	        (a)(4)
	  	N.A.
	        (a)(5)
	  	N.A.
	        (b)
	  	7.08; 7.10; 10.02
	        (b)(1)
	  	7.10
	        (c)
	  	N.A.
	 311 (a)
	  	7.11
	        (b)
	  	7.11
	        (c)
	  	N.A.
	 312 (a)
	  	2.06
	        (b)
	  	10.03
	        (c)
	  	10.03
	 313 (a)
	  	7.06
	        (b)(1)
	  	N.A.
	        (b)(2)
	  	7.06
	        (c)
	  	7.06; 10.02
	        (d)
	  	7.06
	 314 (a)
	  	4.06; 4.18; 10.02
	        (b)
	  	N.A.
	        (c)(1)
	  	10.04
	        (c)(2)
	  	10.04
	        (c)(3)
	  	N.A.
	        (d)
	  	N.A.
	        (e)
	  	10.05
	        (f)
	  	N.A.
	 315 (a)
	  	7.01(b)
	        (b)
	  	7.05; 10.02
	        (c)
	  	7.01(a)
	        (d)
	  	7.01(c)
	        (e)
	  	6.12
	 316 (a) (last sentence)
	  	2.10
	        (a)(1)(A)
	  	6.05
	        (a)(1)(B)
	  	6.04
	        (a)(2)
	  	N.A.
	        (b)
	  	6.08
	        (c)
	  	8.04
	 317 (a)(1)
	  	6.09
	        (a)(2)
	  	6.10
	        (b)
	  	2.05; 7.12
	 318 (a)
	  	10.01

 N.A. means Not Applicable 

	Note: 	This Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture 

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE ONE	  	 
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
			
	SECTION 1.01.	  	 Definitions
	  	1
	SECTION 1.02.	  	 Incorporation by Reference of Trust Indenture Act
	  	19
	SECTION 1.03.	  	 Rules of Construction
	  	19
		
	ARTICLE TWO	  	 
		
	THE NOTES	  	 
			
	SECTION 2.01.	  	 Amount of Notes
	  	20
	SECTION 2.02.	  	 Form and Dating
	  	20
	SECTION 2.03.	  	 Execution and Authentication
	  	21
	SECTION 2.04.	  	 Registrar and Paying Agent
	  	21
	SECTION 2.05.	  	 Paying Agent To Hold Money in Trust
	  	22
	SECTION 2.06.	  	 Noteholder Lists
	  	22
	SECTION 2.07.	  	 Transfer and Exchange
	  	22
	SECTION 2.08.	  	 Replacement Notes
	  	23
	SECTION 2.09.	  	 Outstanding Notes
	  	23
	SECTION 2.10.	  	 Treasury Notes
	  	23
	SECTION 2.11.	  	 Cancellation
	  	24
	SECTION 2.12.	  	 Defaulted Interest
	  	24
	SECTION 2.13.	  	 CUSIP Number
	  	24
	SECTION 2.14.	  	 Deposit of Moneys
	  	24
	SECTION 2.15.	  	 Book-Entry Provisions for Global Notes
	  	25
	SECTION 2.16.	  	 Special Transfer Provisions
	  	26
	SECTION 2.17.	  	 Computation of Interest
	  	28
	SECTION 2.18.	  	 Issuance of Additional Notes
	  	28
		
	ARTICLE THREE	  	 
		
	REDEMPTION	  	 
			
	SECTION 3.01.	  	 Election To Redeem; Notices to Trustee
	  	29
	SECTION 3.02.	  	 Selection by Trustee of Notes To Be Redeemed
	  	29
	SECTION 3.03.	  	 Notice of Redemption
	  	29
	SECTION 3.04.	  	 Effect of Notice of Redemption
	  	30
	SECTION 3.05.	  	 Deposit of Redemption Price
	  	30
	SECTION 3.06	  	 Notes Redeemed in Part
	  	30
		
	ARTICLE FOUR	  	 
		
	COVENANTS	  	 
			
	SECTION 4.01.	  	 Payment of Notes
	  	31
	SECTION 4.02.	  	 Maintenance of Office or Agency
	  	31

  

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	 	  	 	  	Page

	SECTION 4.03.	  	 Legal Existence
	  	31
	SECTION 4.04.	  	 Intentionally Omitted
	  	32
	SECTION 4.05.	  	 Waiver of Stay, Extension or Usury Laws
	  	32
	SECTION 4.06.	  	 Compliance Certificate
	  	32
	SECTION 4.07.	  	 Taxes
	  	32
	SECTION 4.08.	  	 Repurchase at the Option of Holders upon Change of Control
	  	32
	SECTION 4.09.	  	 Limitation on Restricted Payments
	  	33
	SECTION 4.10.	  	 Limitation on Indebtedness and Issuance of Disqualified Capital Stock
	  	37
	SECTION 4.11.	  	 Limitation on Sales of Assets
	  	40
	SECTION 4.12.	  	 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	43
	SECTION 4.13.	  	 Limitation on Transactions with Affiliates
	  	44
	SECTION 4.14.	  	 Limitation on Designations of Unrestricted Subsidiaries
	  	45
	SECTION 4.15.	  	 Limitation on Liens
	  	46
	SECTION 4.16.	  	 Limitation on Line of Business
	  	46
	SECTION 4.17.	  	 Intentionally Omitted
	  	47
	SECTION 4.18.	  	 Provision of Financial Information
	  	47
	SECTION 4.19.	  	 Additional Interest Notice
	  	47
	SECTION 4.20.	  	 Original Issue Discount
	  	47
		
	ARTICLE FIVE	  	 
		
	SUCCESSOR CORPORATION	  	 
			
	SECTION 5.01.	  	 Merger, Consolidation and Sale of Assets
	  	48
	SECTION 5.02.	  	 Successor Person Substituted
	  	49
		
	ARTICLE SIX	  	 
		
	DEFAULTS AND REMEDIES	  	 
			
	SECTION 6.01.	  	 Events of Default
	  	49
	SECTION 6.02.	  	 Acceleration of Maturity; Rescission
	  	51
	SECTION 6.03.	  	 Other Remedies
	  	52
	SECTION 6.04.	  	 Waiver of Past Defaults and Events of Default
	  	52
	SECTION 6.05.	  	 Control by Majority
	  	52
	SECTION 6.06.	  	 Limitation on Suits
	  	52
	SECTION 6.07.	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	53
	SECTION 6.08.	  	 Rights of Holders To Receive Payment
	  	53
	SECTION 6.09.	  	 Collection Suit by Trustee
	  	53
	SECTION 6.10.	  	 Trustee May File Proofs of Claim
	  	53
	SECTION 6.11.	  	 Priorities
	  	54
	SECTION 6.12.	  	 Undertaking for Costs
	  	54
		
	ARTICLE SEVEN	  	 
		
	TRUSTEE	  	 
			
	SECTION 7.01.	  	 Duties of Trustee
	  	54

  

 -ii- 

					
	 	  	 	  	Page

	SECTION 7.02.	  	 Rights of Trustee
	  	56
	SECTION 7.03.	  	 Individual Rights of Trustee
	  	57
	SECTION 7.04.	  	 Trustee’s Disclaimer
	  	57
	SECTION 7.05.	  	 Notice of Defaults
	  	57
	SECTION 7.06.	  	 Reports by Trustee to Holders
	  	57
	SECTION 7.07.	  	 Compensation and Indemnity
	  	57
	SECTION 7.08.	  	 Replacement of Trustee
	  	58
	SECTION 7.09.	  	 Successor Trustee by Consolidation, Merger, etc.
	  	59
	SECTION 7.10.	  	 Eligibility; Disqualification
	  	59
	SECTION 7.11.	  	 Preferential Collection of Claims Against Company
	  	59
	SECTION 7.12.	  	 Paying Agents
	  	59
		
	ARTICLE EIGHT	  	 
		
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 
			
	SECTION 8.01.	  	 Without Consent of Noteholders
	  	60
	SECTION 8.02.	  	 With Consent of Noteholders
	  	60
	SECTION 8.03.	  	 Compliance with Trust Indenture Act
	  	62
	SECTION 8.04.	  	 Revocation and Effect of Consents
	  	62
	SECTION 8.05.	  	 Notation on or Exchange of Notes
	  	62
	SECTION 8.06.	  	 Trustee To Sign Amendments, etc.
	  	62
		
	ARTICLE NINE	  	 
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  	 
			
	SECTION 9.01.	  	 Discharge of Indenture
	  	63
	SECTION 9.02.	  	 Legal Defeasance
	  	64
	SECTION 9.03.	  	 Covenant Defeasance
	  	64
	SECTION 9.04.	  	 Conditions to Defeasance or Covenant Defeasance
	  	64
	SECTION 9.05.	  	 Deposited Money and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous Provisions
	  	65
	SECTION 9.06.	  	 Reinstatement
	  	66
	SECTION 9.07.	  	 Moneys Held by Paying Agent
	  	66
	SECTION 9.08.	  	 Moneys Held by Trustee
	  	66
		
	ARTICLE TEN	  	 
		
	MISCELLANEOUS	  	 
			
	SECTION 10.01.	  	 Trust Indenture Act Controls
	  	67
	SECTION 10.02.	  	 Notices
	  	67
	SECTION 10.03.	  	 Communications by Holders with Other Holders
	  	68
	SECTION 10.04.	  	 Certificate and Opinion as to Conditions Precedent
	  	68
	SECTION 10.05.	  	 Statements Required in Certificate and Opinion
	  	68
	SECTION 10.06.	  	 Rules by Trustee and Agents
	  	69
	SECTION 10.07.	  	 Business Days; Legal Holidays
	  	69
	SECTION 10.08.	  	 Governing Law; Waiver of Jury Trial
	  	69
	SECTION 10.09.	  	 No Adverse Interpretation of Other Agreements
	  	69

  

 -iii- 

					
	 	  	 	  	Page

	SECTION 10.10.	  	 Successors
	  	69
	SECTION 10.11.	  	 Multiple Counterparts
	  	69
	SECTION 10.12.	  	 Table of Contents, Headings, etc.
	  	69
	SECTION 10.13.	  	 Separability
	  	70
	SECTION 10.14.	  	 Force Majeure
	  	70

  
 EXHIBITS 
  

					
	Exhibit A.	  	Form of Note	  	A-1
	Exhibit B.	  	Form of Legend for Rule 144A Notes and Other Notes That Are Restricted Notes	  	B-1
	Exhibit C.	  	Form of Legend for Regulation S Note	  	C-1
	Exhibit D.	  	Form of Legend for Global Note	  	D-1
	Exhibit E.	  	Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB Accredited Investors	  	E-1
	Exhibit F.	  	Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S	  	F-1
	Exhibit G.	  	Form of Incumbency Certificate	  	G-1

  

 -iv- 

 INDENTURE, dated as of June 11, 2004, among LANGUAGE LINE ACQUISITION, INC., a Delaware corporation (to
be renamed LANGUAGE LINE HOLDINGS, INC.) (the “Company”) and The Bank of New York, a New York banking corporation as trustee (the “Trustee”). 
  
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of
the Notes. 
  
 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 “ABRY” means ABRY Partners, LLC, a Delaware limited
liability company. 
  
 “Accreted Value” means, as
of any date (the “Specified Date”), the amount provided below for each $1,000 principal amount at maturity of Notes: 
  
 (1) if the Specified Date occurs on one of the following dates (each, a “Semi-Annual Accrual Date”), the Accreted Value
will equal the amount set forth below for such Semi-Annual Accrual Date: 
  

				
	 Semi-Annual Accrual Date

	  	Accreted
Value

	 June 15, 2004
	  	$	505.389
	 December 15, 2004
	  	$	541.083
	 June 15, 2005
	  	$	579.297
	 December 15, 2005
	  	$	620.209
	 June 15, 2006
	  	$	664.012
	 December 15, 2006
	  	$	710.908
	 June 15, 2007
	  	$	761.115
	 December 15, 2007
	  	$	814.869
	 June 15, 2008
	  	$	872.419
	 December 15, 2008
	  	$	934.034
	 June 15, 2009
	  	$	1,000.000

  
 The foregoing
Accreted Values shall be increased, if necessary, to reflect any accretion of Additional Interest; 
  
 (2) if the Specified Date occurs before the first Semi-Annual Accrual Date, the Accreted Value will equal the sum of (A) the original
issue price of a Note and (B) an amount equal to the product of (x) the Accreted Value for the first Semi-Annual Accrual Date less such original issue price multiplied by (y) a fraction, the numerator of which is the number of days from the Issue
Date to the Specified Date, using a 360-day year of twelve 30-day months, and the denominator of which is the number of days elapsed from the Issue Date to the first Semi-Annual Accrual Date, using a 360-day year of twelve 30-day months; 

 
 (3) if the Specified Date occurs between two Semi-Annual
Accrual Dates, the Accreted Value will equal the sum of (A) the Accreted Value for the Semi-Annual Accrual Date immediately preceding such Specified Date and (B) an amount equal to the product of (x) the Accreted Value for the immediately following
Semi-Annual Accrual Date less the Accreted 

  

 
Value for the Semi-Annual Accrual Date immediately preceding such Specified Date multiplied by (y) a fraction, the numerator of which is the number of days
from the immediately preceding Semi-Annual Accrual Date to the Specified Date, using a 360-day year of twelve 30-day months, and the denominator of which is 180; or 
  
 (4) if the Specified Date occurs on or after the Full Accretion Date, the Accreted Value will equal $1,000.

  
 “Acquired Indebtedness” means Indebtedness of
a Person (1) assumed in connection with an Acquisition from such Person or (2) existing at the time such Person becomes a Restricted Subsidiary or is consolidated with or merged into the Company or any Restricted Subsidiary; provided that
such Indebtedness was not Incurred in connection with, or in contemplation of, such transaction. 
  
 “Acquired Person” means, with respect to any specified Person, any other Person which merges with or into or becomes a Subsidiary of such
specified Person. 
  
 “Acquisition” means (1) any
capital contribution (by means of transfers of cash or other assets to others or payments for assets or services for the account or use of others, or otherwise) by the Company or any Restricted Subsidiary to any other Person, or any acquisition or
purchase of Capital Stock of any other Person by the Company or any Restricted Subsidiary, in either case pursuant to which such Person shall become a Restricted Subsidiary or shall be consolidated or amalgamated with or merged into the Company or
any Restricted Subsidiary or (2) any acquisition by the Company or any Restricted Subsidiary of the assets of any Person which constitute substantially all of an operating unit or line of business of such Person or which is otherwise outside of the
ordinary course of business. 
  
 “Additional
Interest” has the meaning given in the Registration Rights Agreement. 
  
 “Agent Interest Notice” has the meaning set forth under Section 4.19. 
  
 “Additional Notes” means any notes issued by the Company in one or more series, from time to time, in compliance with Sections 2.18 and
4.10 and the restrictions contained in the Senior Credit Agreement. Any Additional Notes subsequently issued under this Indenture will be treated as a single class with the Initial Notes for all purposes under this Indenture, including, without
limitation, for purposes of waivers, amendments, redemptions, Change of Control Offers and Net Proceeds Offers. 
  
 “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. 
  
 “Affiliate Transaction” has the meaning set forth under Section 4.13. 
  
 “Agent” means any Registrar, Paying Agent, or agent for service or notices and demands. 
  
 “Agent Members” has the meaning set forth under Section
2.15. 
  
 “amend” means amend, modify,
supplement, restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings. 
  

 -2- 

 “asset” means any asset or property, whether real, personal or other, tangible or
intangible. 
  
 “Asset Sale” means any direct or
indirect sale, conveyance, transfer, lease (that has the effect of a disposition) or other disposition (including, without limitation, any merger or consolidation) to any Person other than the Company or a Restricted Subsidiary, in one transaction
or a series of related transactions, of: 
  
 (1)
any Capital Stock of any Restricted Subsidiary (other than directors’ qualifying shares); 
  
 (2) any assets of the Company or any Restricted Subsidiary which constitute substantially all of an operating unit or line of business of
the Company or any Restricted Subsidiary; or 
  
 (3) any other assets (including, without limitation, intellectual property) or asset of the Company or any Restricted Subsidiary outside of the ordinary course of business (excluding the Capital Stock or other Investment in an Unrestricted
Subsidiary that was designated as an Unrestricted Subsidiary). 
  
 For the purposes of this definition, the term “Asset Sale” shall not include: 
  
 (A) any transaction consummated in compliance with Section 5.01 and the creation of any Lien not prohibited by Section 4.15; 

 
 (B) sales of property or equipment that, in the
reasonable determination of the Company, has become worn out, obsolete or damaged or otherwise unsuitable for use in connection with the business of the Company or any Restricted Subsidiary; 
  
 (C) any Permitted Investment or Restricted Payment not
prohibited by Section 4.09; 
  
 (D) any
transaction or series of related transactions involving assets with a Fair Market Value not in excess of $2.0 million; 
  
 (E) sales or other dispositions of Cash Equivalents, inventory, receivables and other current assets in the ordinary course of business;

  
 (F) the sale of assets and subsequent
leaseback of such assets within 90 days of such sale to the extent such lease constitutes a Capital Lease Obligation; 
  
 (G) condemnations on or taking by eminent domain of property or assets; 
  
 (H) the licensing of intellectual property; and 
  
 (I) any transaction between the Company and any Restricted
Subsidiary or by any Restricted Subsidiary with the Company or any Restricted Subsidiary in accordance with the terms of this Indenture. 
  
 “Bankruptcy Law” means Title 11 of the United States Code entitled “Bankruptcy” or any other law relating to bankruptcy,
insolvency, winding up, liquidation, reorganization or relief of debtors, whether in effect on the date hereof or hereafter. 
  

 -3- 

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
  
 “Board of Directors” of any Person means the board of directors, managers, management committee or other body governing the management
and affairs of such Person. 
  
 “Board
Resolution” means, with respect to any Person, a duly adopted resolution of the Board of Directors of such Person. 
  
 “Business Day” means a day that is not a Saturday, a Sunday or a day on which commercial banking institutions in New York, New York are
authorized or required by law to be closed. 
  
 “Capital
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a lease that would at such time be required to be capitalized on a balance sheet prepared in accordance with GAAP.

  
 “Capital Stock” in any Person means any and
all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests, whether general or limited, in
such Person, including any Preferred Capital Stock and any right or interest which is classified as equity in accordance with GAAP. 
  
 “Cash Equity Contribution” means the contribution to the Company of approximately $205.0 million in cash directly or indirectly from
ABRY, its affiliates and investors in exchange for Capital Stock of the Company, which will, in turn, be contributed to Language Line, together with the proceeds from the issuance of the Notes, as common equity in exchange for Capital Stock of
Language Line. 
  
 “Cash Equivalents” means

  
 (1) marketable direct obligations issued by,
or unconditionally guaranteed by, the United States government or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition
thereof; 
  
 (2) marketable direct obligations
issued by any state of the United States of America or by the District of Columbia maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or
Moody’s; 
  
 (3) commercial paper maturing
no more than one year from the date of creation thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 
  
 (4) investments in time deposit accounts, term deposit accounts, money market deposit accounts, certificates
of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia having at the date
of acquisition thereof combined capital and surplus of not less than $500.0 million, (b) any lender party to the Senior Credit Agreement or (c) Brown Brothers Harriman; 
  

 -4- 

 (5) repurchase obligations with a term of not more than 30 days for underlying securities
of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
  
 (6) investments in money market funds which invest substantially all their assets in securities of the types described in any of clauses
(1) through (5) above. 
  
 “Change of Control”
means the occurrence of any of the following events: 
  
 (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company
and the Restricted Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than a Permitted Holder; 
  
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 
  
 (3) the acquisition (including, without limitation, by way
of any merger or consolidation) by any “person” (as defined above), other than the Permitted Holders, of Beneficial Ownership, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather
than number of shares; or 
  
 (4) if the board of
directors of the Company shall cease to consist of a majority of Continuing Directors. 
  
 “Change of Control Date” has the meaning set forth under Section 4.08. 
  
 “Change of Control Offer” has the meaning set forth under Section 4.08. 
  
 “Change of Control Purchase Date” has the meaning set forth under Section 4.08. 
  
 “Change of Control Purchase Price” has the meaning set forth
under Section 4.08. 
  
 “Closing Date” means the
date the initial closing of the Transactions is consummated in accordance with the Merger Agreement. 
  
 “Company” means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to
Article Five of this Indenture and thereafter means the successor. 
  
 “Company Request” means any written request signed in the name of the Company by the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer or the
Treasurer of the Company and attested to by the Secretary or any Assistant Secretary of the Company. 
  
 “Consolidated Cash Flow” means, for any period, Consolidated Net Income of the Company and its Restricted Subsidiaries for such period,
plus, without duplication and to the extent reflected in Consolidated Net Income of the Company for such period, the sum of: 
  
 (1) an amount equal to any extraordinary loss plus any net loss realized by the Company or any of its Restricted Subsidiaries in
connection with (a) an Asset Sale or (b) the disposition 

  

 -5- 

 
of any securities by the Company or any of its Restricted Subsidiaries outside the ordinary course of business or the extinguishment of any Indebtedness of
the Company or any of its Restricted Subsidiaries, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
  
 (2) provision for franchise taxes and taxes based on income or profits of the Company and the Restricted Subsidiaries for such period, to
the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
  
 (3) Consolidated Interest Expense of the Company and the Restricted Subsidiaries for such period, whether paid or accrued and whether or
not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received
pursuant to Hedging Obligations), to the extent that any such expense was deducted in computing such Consolidated Net Income; plus 
  
 (4) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period), impairment charges and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that
was paid in a prior period) of the Company and the Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus

  
 (5) any extraordinary or unusual expenses of
the Company and the Restricted Subsidiaries for such period to the extent that such charges were deducted in computing such Consolidated Net Income; plus 
  
 (6) any non-capitalized transaction costs incurred in connection with actual or proposed financings,
acquisitions or transactions; minus 
  
 (7) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, and any reversal of a reserve to the extent increasing such Consolidated Net Income,

  
 in each case, on a consolidated basis and in accordance with GAAP; provided
that the cumulative effect of a change in accounting principles (effected either through cumulative effect adjustment or a retroactive application) shall be excluded. 
  
 “Consolidated Interest Expense” means for any period, the sum, without duplication of: 
  
 (1) the consolidated interest expense of the Company and its
Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component
of all payments associated with Capital Lease Obligations, imputed interest with respect to sale-leaseback transactions, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings, and net payments (if any) pursuant to Hedging Obligations) but, for purposes of Section 4.09, excluding amortization and write-off of debt issuance costs; 
  

 -6- 

 (2) the consolidated interest expense of the Company and its Restricted Subsidiaries that
was capitalized during such period; 
  
 (3) any
interest expense on Indebtedness of another Person that is guaranteed by the Company or any of its Restricted Subsidiaries or secured by a Lien on assets of the Company or any of its Restricted Subsidiaries (whether or not such guarantee or Lien is
called upon); and 
  
 (4) the product of:

  
 (a) all cash dividend payments on any series
of Disqualified Capital Stock of the Company or any Preferred Capital Stock of any of its Restricted Subsidiaries (except to the extent paid to the Company or any of its Restricted Subsidiaries), times 
  
 (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state and local statutory tax rate of the Company expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 
  
 “Consolidated Leverage Ratio” means, as of any date of
determination, the ratio of (i) the aggregate outstanding amount of Indebtedness of each of the Company and its Restricted Subsidiaries as of the date of determination on a consolidated basis in accordance with GAAP (subject to the terms described
in the next paragraph) plus the greater of the aggregate liquidation preference or mandatory redemption obligation of all outstanding Disqualified Capital Stock of the Company and its Restricted Subsidiaries and Preferred Capital Stock of Restricted
Subsidiaries (except, in each case, Preferred Capital Stock issued to the Company or any of the Restricted Subsidiaries) as of the day of determination to (ii) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the latest
four full fiscal quarters for which financial statements are internally available ending on or prior to the date of determination (the “Measurement Period”). 
  
 For purposes of calculating Consolidated Cash Flow for the Measurement Period immediately prior to the relevant date of
determination any one or more of the following that are applicable: 
  
 (1) any Person that is a Restricted Subsidiary on the date of determination (or would become a Restricted Subsidiary on such date of determination in connection with the matter that requires the determination of such
Consolidated Cash Flow) will be deemed to have been a Restricted Subsidiary at all times during such Measurement Period; 
  
 (2) any Person that is not a Restricted Subsidiary on such date of determination (or would cease to be a Restricted Subsidiary on such
date of determination in connection with the matter that requires the determination of such Consolidated Cash Flow) will be deemed not to have been a Restricted Subsidiary at any time during such Measurement Period; and 
  
 (3) if the Company or any Restricted Subsidiary shall have
in any manner (x) acquired (including through an Acquisition or the commencement of activities constituting such operating business) or (y) disposed of (including by way of an Asset Sale or the termination or discontinuance of activities
constituting such operating business) any operating business during such Measurement Period or after the end of such period and on or prior to the relevant date of determination, such calculation will be made on a pro forma basis as if, in
the case of an Acquisition or the commencement of activities constituting such operating business, all such transactions had been consummated on the first day of such Measurement Period and, in the case of an Asset Sale or termination or
discontinuance of activities constituting such operating business, all such transactions had been consummated prior to the first day of such Measurement 

  

 -7- 

 
actions had been consummated prior to the first day of such Measurement Period (giving pro forma effect thereto in accordance with Regulation
S-X and, except to the extent relating to an Acquisition or Asset Sale of $20.0 million or more (whether in one or a series of related transactions), to such other non-recurring costs or expenses and cost reductions relating to the Acquisition,
Asset Sale or commencement or termination of activities as are reasonably and in good faith anticipated to occur within 12 months and within the control of the Company); provided, however, that such pro forma
adjustment shall not give effect to the positive cash flow of any Acquired Person to the extent that such Person’s net income would be excluded pursuant to clause (1) or (2) of the definition Consolidated Net Income. 
  
 “Consolidated Net Income” means for any period, net income
(or loss) of the Company and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that: 
  
 (1) the net income (but not net loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting shall not be included except to the extent paid in cash as a dividend or distribution to the Company or (subject to clause (2) below) a Restricted Subsidiary; 
  
 (2) the net income of any Subsidiary shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Subsidiary of that net income is prohibited or not permitted at the date of determination (other than by reasons of restrictions applicable to Language Line and its Restricted Subsidiaries under
Indebtedness to the extent permitted under clauses (1) or (12) of Section 4.12; and 
  
 (3) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Company or is merged with or into or
consolidated with any of the Company or its Subsidiaries shall be excluded. 
  
 “Continuing Directors” means, as of the date of determination, any member of the Board of Directors of the Company who: (1) was a member of such Board of Directors on the date of this Indenture; (2)
was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election; or (3) was nominated by Permitted Holders.

  
 “Corporate Trust Office” means the office of
the Trustee at which at any particular time its corporate trust business shall be principally administered, which office as of the date hereof is listed in Section 10.02. 
  
 “Covenant Defeasance” has the meaning set forth under Section 9.03 
  
 “Default” means any event that is, or with the passage of
time or the giving of notice or both would be, an Event of Default. 
  
 “Depository” means, with respect to the Notes issued in the form of one or more Global Notes, The Depository Trust Company or another Person designated as Depository by the Company, which Person must be a clearing agency
registered under the Exchange Act. 
  
 “Designation” has the meaning set forth under Section 4.14. 
  
 “Designation Amount” has the meaning set forth in the definition of “Investment.” 
  

 -8- 

 “Disposition” means, with respect to any Person, any merger, consolidation, amalgamation
or other business combination involving such Person (whether or not such Person is the Surviving Person) or the sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of such Person’s assets. 

 
 “Disqualified Capital Stock” means any Capital Stock
which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or redeemable, at the option of the holder thereof, in whole or in part, or exchangeable into Indebtedness on or prior to the Maturity Date of the Notes; provided, however, that any Capital Stock that
would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof the right to require the issuer to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of
control” occurring prior to the maturity date of the Notes shall not constitute Disqualified Capital Stock if (1) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable in
any material respect to the holders of such Capital Stock than the terms applicable to the Notes and described under Sections 4.08 and 4.11 and (2) any such requirement only becomes operative after compliance with such terms applicable to the Notes,
including the purchase of any Notes tendered in respect of a Change of Control Offer or a Net Proceeds Offer. 
  
 “Equity Offering” means an offering of (1) Qualified Capital Stock of the Company with gross cash proceeds to the Company of at least
$30.0 million or (2) Qualified Capital Stock any direct or indirect parent of the Company or any of such company’s Subsidiaries (other than the Company and its Subsidiaries) with cash proceeds thereof of at least $30.0 million contributed in
the form of common equity to the Company. 
  
 “Event of
Default” has the meaning set forth under Section 6.01. 
  
 “Excess” has the meaning set forth under Section 4.11. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder. 
  
 “Exchange Notes” has the meaning provided in the Registration Rights Agreement. 
  
 “Existing Indebtedness” means any Indebtedness of the
Company and its Restricted Subsidiaries in existence on the Closing Date and arising from the Transactions until such amounts are repaid. 
  
 “Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to such assets) which
could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction; provided, however, that the
Fair Market Value of any such asset or assets shall be determined conclusively by the Board of Directors of the Company acting in good faith, and shall be evidenced by a Board Resolution delivered to the Trustee. 
  
 “Fitch” means Fitch Ratings Ltd. or any successor thereto.

  
 “Future ABRY Subordinated Indebtedness” means
Indebtedness of any direct or indirect parent of the Company or any of such company’s Subsidiaries (other than the Company and its Subsidiaries) in a principal amount not to exceed $50.0 million in the aggregate at any time outstanding (a) that
is incurred after the Closing Date and to fund an Acquisition and that is owed, directly or indirectly, to ABRY or any other investment fund controlled by ABRY and the proceeds of which are contributed to 

  

 -9- 

 
the common equity capital of the Company, (b) that shall provide that (i) no payments of principal (or premium, if any) or interest on or otherwise due in
respect of such Indebtedness may be permitted for so long as any Default or Event of Default exists and (ii) no payments in respect of interest, premium or other amounts (other than principal) shall be payable in securities or instruments of the
Company or any of its Restricted Subsidiaries, cash or other property and (c) that shall automatically convert into common equity of the Company or any direct or indirect parent of the Company or any of such parent company’s Subsidiaries (other
than a Subsidiary of the Company) within 18 months of the date of issuance thereof, unless refinanced. 
  
 “GAAP” means, at any date of determination, generally accepted accounting principles in effect in the United States at the Issue Date.

  
 “guarantee” means (1) as applied to any
Indebtedness, a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner, of any part or all of such Indebtedness and (2) for purposes of the definition of
“Investment,” an agreement, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in the event of non-performance) of all or any part of such
obligation, including, without limiting the foregoing, the payment of amounts drawn down by letters of credit and any agreement to maintain or preserve any other Person’s financial condition or to cause any other Person to achieve certain
levels of operating results. 
  
 “Hedging
Obligations” means, with respect to any Person, the Obligations of such Person under (1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, (2) other agreements or arrangements designed to
protect such Person against fluctuations in interest rates and (3) foreign currency or commodity hedge, swap, exchange or similar protection agreements (agreements referred to in this definition being referred to herein as “Hedging
Agreements”). 
  
 “Holder” means the
registered holder of any Note. 
  
 “Incur” means,
with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or other obligation or the
recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and “Incurring” shall have meanings correlative to the
foregoing). Indebtedness of any Acquired Person or any of its Subsidiaries existing at the time such Acquired Person becomes a Restricted Subsidiary (or is merged into or consolidated with the Company or any Restricted Subsidiary), whether or not
such Indebtedness was Incurred in connection with, as a result of, or in contemplation of, such Acquired Person becoming a Restricted Subsidiary (or being merged into or consolidated or amalgamated with the Company or any Restricted Subsidiary),
shall be deemed Incurred at the time any such Acquired Person becomes a Restricted Subsidiary or merges into or consolidates or amalgamates with the Company or any Restricted Subsidiary. The accrual of interest, the accretion or amortization of
original issue discount and, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, will not be deemed to be an Incurrence of Indebtedness. 
  
 “Indebtedness” means (without duplication), with respect to
any Person, whether or not contingent: 
  
 (1)
every obligation of such Person for money borrowed; 
  
 (2) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments; 
  

 -10- 

 (3) every reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such Person; 
  
 (4) every obligation of such Person issued or assumed as the deferred purchase price of assets or services (but excluding (A) earn-out or
other similar obligations until such time as the amount of such obligation is capable of being determined and its payment is probable, (B) trade accounts payable, or (C) other accrued liabilities or expenses arising in the ordinary course of
business; 
  
 (5) every Capital Lease Obligation
of such Person; 
  
 (6) every net obligation
payable under Hedging Agreements of such Person; and 
  
 (7) every obligation of the type referred to in clauses (1) through (6) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable for, directly or
indirectly, as obligor, guarantor or otherwise, the amount of such obligation being the maximum amount covered by such guarantee or for which such Person is otherwise liable. 
  
 Indebtedness: 
  
 (A) shall never be calculated taking into account any cash and Cash Equivalents held by such Person; 
  
 (B) shall not include obligations of any Person (1) arising
from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business, provided that such obligations are extinguished within 5
Business Days of their Incurrence, (2) resulting from the endorsement of negotiable instruments for collection in the ordinary course of business and (3) under standby letters of credit to the extent collateralized by cash or Cash Equivalents;

  
 (C) shall not include any liability for
federal, provincial, state, local or other taxes; and 
  
 (D) shall not include obligations under performance bonds, performance guarantees, surety bonds and appeal bonds, letters of credit or similar obligations, incurred in the ordinary course of business. 
  
 In addition, for the purpose of avoiding duplication in calculating the
outstanding principal amount of Indebtedness for purposes of Section 4.10, Indebtedness arising solely by reason of the existence of a Lien permitted under Section 4.15 to secure other Indebtedness permitted to be Incurred under Section 4.10 will
not be considered to be incremental Indebtedness. The amount of any Indebtedness shall be its accreted value, in the case of Indebtedness issued at a discount, and its stated principal amount for all other Indebtedness. 
  
 “Indenture” means this Indenture as amended, restated or
supplemented from time to time. 
  
 “Independent Financial
Advisor” means a nationally recognized accounting, appraisal or investment banking firm or consultant in the United States that is, in the judgment of the Company’s Board of Directors, independently qualified to perform the task for
which it has been engaged. 
  

 -11- 

 “Initial Notes” means the 14-1/8% Senior Discount Notes due 2013 issued by the Company
pursuant to this Indenture on the Issue Date. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) promulgated under the Securities Act. 
  
 “interest” means, with respect to the Notes, the sum of any
cash interest and any Additional Interest on the Notes. 
  
 “Interest Payment Date” means June 15 and December 15 of each year, beginning December 15, 2004. 
  
 “Investment” means, with respect to any Person, any loan, advance, guarantee (whether or not constituting Indebtedness) or other
extension of credit (in each case other than in connection with an acquisition of property or assets that does not otherwise constitute an Investment) or capital contribution to, or purchase or acquisition of Capital Stock, bonds, notes, debentures
or other securities or evidences of Indebtedness issued by, any other Person. The amount of any Investment shall be the original cost of such Investment, plus the cost of all additions thereto, and minus the amount of any portion of such Investment
repaid to such Person in cash as a repayment of principal or a return of capital, as the case may be, but without any other adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. In
determining the amount of any Investment involving a transfer of any property or asset other than cash, such property shall be valued at its Fair Market Value at the time of such transfer. For purposes of Section 4.09 and Section 4.14, Investments
shall be deemed to be made in an amount (the “Designation Amount”) equal to the greater of (1) the net book value of the Company’s interest in the applicable Subsidiary calculated in accordance with GAAP or (2) the Fair Market
Value of the Company’s interest in the applicable Subsidiary as determined in good faith by the Board of Directors of the Company and evidenced by a Board Resolution (or committee resolution), whose determination shall be conclusive. If the
Company or any Restricted Subsidiary sells or otherwise disposes of any Voting Stock of any direct or indirect Restricted Subsidiary such that, after giving effect to such sale or disposition, the Company no longer owns, directly or indirectly, a
majority of the outstanding Voting Stock of such Restricted Subsidiary, the Company will be deemed to have made an Investment on the date of such sale or disposition equal to the Fair Market Value of the Capital Stock of such Restricted Subsidiary
that after giving effect to such sale or disposition is owned, directly or indirectly, by the Company. 
  
 “Issue Date” means June 11, 2004. 
  
 “Language Line” means Language Line, Inc. 
  
 “Legal Defeasance” has the meaning set forth under Section 9.02. 
  
 “Legal Holiday” has the meaning set forth under Section 10.07. 
  
 “Lien” means any lien, mortgage, charge, security interest,
hypothecation, assignment for security or encumbrance of any kind (including any conditional sale or capital lease or other title retention agreement, and any agreement to give any security interest but excluding any lease which does not secure
Indebtedness). 
  
 “Maturity Date” means June 15,
2013. 
  

 -12- 

 “Measurement Period” has the meaning set forth in the definition of “Consolidated
Leverage Ratio” above. 
  
 “Merger” means
the merger of the Language Line, Inc. with and into Language Line Holdings, Inc., pursuant to the Merger Agreement. 
  
 “Merger Agreement” means the merger agreement by and among the Company, Language Line and Language Line Holdings, Inc. dated as of April
14, 2004. 
  
 “Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto. 
  
 “Net
Cash Proceeds” means the aggregate proceeds in the form of cash or Cash Equivalents received by the Company or any Restricted Subsidiary in respect of any Asset Sale, including all cash or Cash Equivalents received upon any sale,
liquidation or other exchange of proceeds of Asset Sales received in a form other than cash or Cash Equivalents, net of: 
  
 (1) the direct costs relating to such Asset Sale (including, without limitation, reasonable legal, accounting and investment banking fees,
brokerage fees and sales commissions) and any relocation expenses incurred as a result thereof; 
  
 (2) taxes paid or payable directly as a result thereof; 
  
 (3) amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets
that were the subject of such Asset Sale; 
  
 (4)
amounts deemed, in good faith, appropriate by the Board of Directors of the Company to be provided as a reserve, in accordance with GAAP, against any liabilities associated with such assets which are the subject of such Asset Sale (provided
that the amount of any such reserves shall be deemed to constitute Net Cash Proceeds at the time such reserves shall have been released or are not otherwise required to be retained as a reserve); and 
  
 (5) any portion of the purchase price from an Asset Sale
placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Sale or otherwise in connection with that Asset Sale; provided, however, that upon the termination of
that escrow, Net Cash Proceeds will be increased by any portion of funds in the escrow that are released to the Company or any Restricted Subsidiary. 
  
 “Net Proceeds Offer” has the meaning set forth under Section 4.11. 
  
 “Net Proceeds Offer Payment Date” has the meaning set forth under Section 4.11. 
  
 “Net Proceeds Offer Trigger Date” has the meaning set forth
under Section 4.11(e). 
  
 “Non-U.S. Person”
means a Person who is not a U.S. person, as defined in Regulation S. 
  
 “Notes” means, collectively, the Initial Notes, the Exchange Notes and the Additional Notes, if any, treated as a single class of securities, as amended from time to time in accordance with the terms hereof, that are issued
pursuant to this Indenture. 
  

 -13- 

 “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursement obligations, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Officer” means the Chairman, any Vice Chairman, the President, any Vice President or Assistant Vice President, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, any Assistant Secretary or the Secretary of the Company. 
  
 “Officers’ Certificate” means a certificate signed by two Officers or by one Officer and any Assistant Treasurer or Assistant
Secretary of the Company and which complies with the provisions of this Indenture. 
  
 “Opco Indenture” means the indenture dated the Issue Date among Language Line, the guarantors party thereto and The Bank of New York, as trustee, pursuant to which the Opco Notes were issued, as
amended or supplemented from time to time. 
  
 “Opco
Notes” means the $165.0 million aggregate principal amount of Senior Subordinated Notes due 2012 of Language Line, as amended or supplemented from time to time. 
  
 “Opinion of Counsel” means a written opinion from legal counsel that meets the requirements of Section
10.05 hereof; such counsel may be an employee of or counsel to the Company. 
  
 “Other Notes” has the meaning set forth in Section 2.02. 
  
 “Pari Passu Debt” means Indebtedness of the Company that does not constitute Subordinated Indebtedness. 
  
 “Paying Agent” has the meaning set forth under Section 2.04.

  
 “Permitted Holders” means ABRY, its
Affiliates or any Person acting in the capacity of an underwriter with respect to a distribution of capital stock of the Company or any direct or indirect parent of the Company for so long as acting in its capacity as an underwriter. 
  
 “Permitted Indebtedness” has the meaning set forth under
Section 4.10. 
  
 “Permitted Investments” means:

  
 (1) Investments: 
  
 (a) by any Restricted Subsidiary in the Company; and

  
 (b) by the Company or by any Restricted
Subsidiary in any Restricted Subsidiary (including to create any Restricted Subsidiary) and in any Person that becomes a Restricted Subsidiary as a result thereof; 
  
 (2) Investments in Cash Equivalents; 
  
 (3) payroll, commission, travel and similar advances in the ordinary course of business; 
  

 -14- 

 (4) travel and entertainment advances and relocation and other loans (including
guarantees of obligations to third parties in connection with relocation of employees of the Company or its Restricted Subsidiaries) to officers and employees of the Company or any of its Restricted Subsidiaries; 
  
 (5) other Investments by the Company or any of its
Restricted Subsidiaries not exceeding in the aggregate outstanding at any time $5.0 million; 
  
 (6) loans to senior management of the Company and its Restricted Subsidiaries in an aggregate principal amount not to exceed $2.0 million
for purposes of their purchasing Capital Stock of the Company; 
  
 (7) Hedging Obligations; 
  
 (8) the Transactions; 
  
 (9) Investments for consideration to the extent consisting of Qualified Capital Stock; and 
  
 (10) any Investment made as a result of the receipt of non-cash consideration in an Asset Sale. 
  
 “Permitted Liens” means: 
  
 (1) Liens on property of a Person existing at the time such
Person is merged or consolidated with or into the Company or any Restricted Subsidiary; provided, however, that such Liens were in existence prior to the contemplation of such merger or consolidation and do not attach to any property
or assets of the Company or any Restricted Subsidiary other than the property or assets subject to the Liens prior to such merger or consolidation and the proceeds thereof; 
  
 (2) Liens on property existing at the time of acquisition of the property by the Company or any Restricted
Subsidiary; provided that such Liens were not incurred in contemplation of such acquisition; 
  
 (3) Liens securing the Senior Credit Agreement and Liens securing Indebtedness of a Restricted Subsidiary; 
  
 (4) Liens (other than on Capital Stock of Language Line) to
secure Purchase Money Indebtedness and Capital Lease Obligations; 
  
 (5) Liens existing on the Closing Date arising as a result of the Transactions; 
  
 (6) Liens incurred under this Indenture; 
  
 (7) Liens in favor of the Company or any Restricted Subsidiary; 
  
 (8) Liens securing Hedging Obligations; 
  
 (9) Liens to secure any refinancings, renewals, extensions, modifications or replacements (collectively,
“refinancing”) (or successive refinancings), in whole or in part, of any Indebtedness secured by Liens referred to in clauses (1) through (8) above so long as such Lien does not extend to any other property (other than improvements
thereto); 
  

 -15- 

 (10) Liens securing performance bonds, performance guarantees, surety bonds and appeal
bonds, letters of credit or similar obligations entered into in the ordinary course of business and consistent with past business practice; 
  
 (11) Liens on and pledges of the Capital Stock of any Unrestricted Subsidiary securing any Indebtedness of such Unrestricted Subsidiary;

  
 (12) Liens securing reimbursement obligations
with respect to commercial letters of credit which encumber documents and other property relating to letters of credit and products and proceeds thereof; and 
  

(13) Liens (other than on Capital Stock of Language Line) incurred in the ordinary course of business of the Company and its Restricted
Subsidiaries with respect to obligations that do not exceed $5.0 million at any one time outstanding. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company,
limited liability limited partnership, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Physical Notes” means certificated Notes in registered form in substantially the form set forth in Exhibit A. 
  
 “Preferred Capital Stock,” in any Person, means Capital
Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over Capital
Stock of any other class in such Person. 
  
 “principal” of a Note means the principal of the Note plus the premium, if any, payable on the Note which is due or overdue or is to become due at the relevant time. 
  
 “Private Placement Legend” means the legend initially set
forth on the Rule 144A Notes and Other Notes that are Restricted Notes in the form set forth in Exhibit B. 
  
 “Purchase Money Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary Incurred for the purpose of financing all or
any part of the purchase price or the cost of construction or improvement of any property or assets (including through the purchase of Capital Stock of a Person owning such assets); provided, however, that the aggregate principal
amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost, including any refinancing of such Indebtedness that does not increase the aggregate principal amount (or accreted
amount, if less) thereof as of the date of refinancing. 
  
 “Qualified Capital Stock” in any Person means any Capital Stock in such Person other than any Disqualified Capital Stock. 
  
 “Qualified Institutional Buyer” or “QIB” shall have the meaning specified in Rule 144A promulgated under the Securities
Act. 
  
 “Redemption Date” when used with respect
to any Note to be redeemed means the date fixed for such redemption pursuant to the terms of the Notes. 
  
 “Registrar” has the meaning set forth under Section 2.04. 
  

 -16- 

 “Registration Rights Agreement” means the Registration Rights Agreement to be dated as
of the Issue Date. 
  
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
  
 “Regulation S Notes” has the meaning set forth under Section 2.02. 
  
 “Related Business” means (1) those businesses in which the Company or any of the Restricted Subsidiaries are anticipated as of the Issue Date to be engaged in on the Closing Date, or that are
reasonably related, ancillary, incidental or complementary thereto, as determined by the Company’s Board of Directors, and (2) any business which forms a part of a business (the “Acquired Business”) which is acquired by the
Company or any of the Restricted Subsidiaries if the primary intent of the Company or such Restricted Subsidiary was to acquire that portion of the Acquired Business which meets the requirements of clause (1) of this definition. 
  
 “Restricted Note” has the same meaning as “Restricted
Security” set forth in Rule 144(a)(3) promulgated under the Securities Act; provided, that the Trustee shall be entitled to request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note.

  
 “Restricted Subsidiary” means any Subsidiary
of the Company other than (i) a Subsidiary of the Company that is designated as an Unrestricted Subsidiary on the Issue Date and (ii) any Subsidiary of the Company that has been designated by the Board of Directors of the Company subsequent to the
Issue Date, by a Board Resolution delivered to the Trustee, as an Unrestricted Subsidiary pursuant to Section 4.14. Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary may be revoked by a Board Resolution delivered to the
Trustee, subject to the provisions of Section 4.14. 
  
 “Revocation” has the meaning set forth under Section 4.14. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 144A Notes” has the meaning set forth under Section 2.02. 
  
 “S&P” means Standard & Poor’s Ratings Group, a
division of The McGraw-Hill Companies, Inc., or any successor thereto. 
  
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Subsidiary
leases it from such Person. 
  
 “SEC” means the
Securities and Exchange Commission. 
  
 “Securities
Act” means the Securities Act of 1933, or any successor statute, and the rules and regulations promulgated by the SEC thereunder. 
  
 “Senior Credit Agreement” means the Credit Agreement dated as of the Issue Date by and among Language Line, as borrower, the Company, the
Subsidiary Guarantors party thereto, the lenders party thereto from time to time, Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated as Joint Lead Arranger and Joint Book Runner, Merrill Lynch Capital Corporation as
Administrative Agent, Banc of America Securities LLC as Joint Lead Arranger and Joint Book Runner and Bank of 

  

 -17- 

 
America N.A., as Syndication Agent, including any deferrals, renewals, extensions, replacements, refinancings or refundings thereof, or amendments,
modifications or supplements thereto and any agreement providing thereof (including any restatements thereof and any increases in the amount of commitments thereunder), whether in one or more separate agreements and whether by or with the same or
any other lender, creditor, or any one or more groups of lenders or group of creditors (whether or not including any or all of the financial institutions party to the aforementioned credit agreements), and including related notes, guarantee and note
agreements and other instruments and agreements executed in connection therewith. 
  
 “Significant Subsidiary” means (1) any Restricted Subsidiary that would be a “significant subsidiary” as defined in Regulation S-X promulgated pursuant to the Securities Act as such
Regulation is in effect on the Issue Date and (2) any Restricted Subsidiary that, when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries and as to which any event described in Section 6.01(7) or (8)
has occurred and is continuing, would constitute a Significant Subsidiary under clause (1) of this definition. 
  
 “Stated Maturity,” when used with respect to any Note or any installment of interest thereon, means the date specified in such Note as
the fixed date on which the principal of such Note or such installment of interest is due and payable. 
  
 “Subordinated Indebtedness” means any Indebtedness (other than Disqualified Capital Stock) of the Company that is expressly subordinated
in right of payment to the Notes. 
  
 “Subsidiary” with respect to any Person means (1) any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of all outstanding Voting Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a
combination thereof) and (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries
of such Person (or any combination thereof). Unless otherwise specified, “Subsidiary” refers to a Subsidiary of the Company. 
  
 “Surviving Person” means, with respect to any Person involved in or that makes any Disposition, the Person formed by or surviving such
Disposition or the Person to which such Disposition is made. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.03 hereof). 
  
 “Total Assets” means, with respect to any Person, as of any
date, the combined consolidated total assets of such Person, as determined in accordance with GAAP. 
  
 “Transactions” means acquisition of the Capital Stock of Language Line by the Company pursuant to the Merger Agreement, the Cash Equity
Contribution, the issuance and sale of the Notes, the execution and delivery of the Senior Credit Agreement and documents related thereto and the initial extension of credit thereunder, the other transactions contemplated by the Merger Agreement
entered into and consummated in connection with the Merger and the payment of fees and expenses in connection with the foregoing. 
  

 -18- 

 “Trustee” means the party named as such in this Indenture until a successor replaces it
pursuant to this Indenture and thereafter means the successor. 
  
 “U.S. Government Obligations” means direct non-callable obligations of the United States of America for the payment of which the full faith and credit of the United States is pledged. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the
Company (other than Language Line) designated as such pursuant to and in compliance with Section 4.14, in each case until such time as any such designation may be revoked by a Board Resolution delivered to the Trustee, subject to the provisions of
Section 4.14. 
  
 “Unutilized Net Cash Proceeds”
has the meaning set forth Section 4.11. 
  
 “Voting
Stock” means Capital Stock in a corporation or other Person with voting power under ordinary circumstances entitling the holders thereof to elect the Board of Directors or other comparable governing body of such corporation or Person.

  
 “Weighted Average Life to Maturity” means,
when applied to any Indebtedness (including Disqualified Capital Stock) at any date, the number of years obtained by dividing (1) the sum of the products obtained by multiplying (A) the amount of each then remaining installment, sinking fund, serial
maturity or other required scheduled payment of principal or dividends including payment at final maturity, in respect thereof, by (B) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of
such payment, by (2) the then outstanding aggregate principal amount of such Indebtedness (including Disqualified Capital Stock). 
  
 SECTION 1.02. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to
be qualified under the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes. 
  
 “indenture securityholder” means a Holder or
Noteholder. 
  
 “indenture to be
qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Trustee. 
  
 “obligor on the indenture securities” means the Company or any other obligor on the Notes. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned to them. 
  
 SECTION 1.03. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it herein, whether defined expressly or by reference; 
  

 -19- 

 (2) “or” is not exclusive; 
  
 (3) words in the singular include the plural, and in the
plural include the singular; 
  
 (4) words used
herein implying any gender shall apply to both genders; 
  
 (5) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subsection; 
  
 (6) unless otherwise specified herein, all accounting terms
used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP as in effect from time to time, applied on a basis
consistent with the most recent audited consolidated financial statements of the Company; 
  
 (7) “$,” “dollars,” “U.S. Dollars” and “United States Dollars” each refer to United States
dollars, or such other money of the United States that at the time of payment is legal tender for payment of public and private debts; and 
  
 (8) whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or with respect
to any Note, such mention shall be deemed to include mention of the payment of Additional Interest to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof. 
  
 ARTICLE TWO 
  
 THE NOTES 
  
 SECTION 2.01. Amount of Notes. 
  
 The Trustee shall initially authenticate Initial Notes for original issue on the Issue Date in an aggregate principal amount at maturity of $108,993,000
upon a written order of the Company in the form of an Officers’ Certificate of the Company (other than as provided in Section 2.08). The Trustee shall authenticate Additional Notes thereafter in unlimited amount (so long as permitted by the
terms of this Indenture, including, without limitation, Sections 2.18 and 4.10 and the restrictions contained in the Senior Credit Agreement) for original issue upon a written order of the Company in the form of an Officers’ Certificate in
aggregate principal amount at maturity as specified in such order (other than as provided in Section 2.08). Each such written order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

  
 SECTION 2.02. Form and Dating. 
  
 The Notes and the Trustee’s certificate of authentication with respect
thereto shall be substantially in the form set forth in Exhibit A, which is incorporated in and forms a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rule or usage to which the Company is
subject. Without limiting the generality of the foregoing, Notes offered and sold to Qualified Institutional Buyers in reliance on Rule 144A (“Rule 144A Notes”) shall bear the legend and include the form of assignment set forth in
Exhibit B, Notes offered and sold in offshore transactions in reliance on Regulation S (“Regulation S Notes”) shall bear the legend and include the form of assignment set forth in 

  

 -20- 

 
Exhibit C, and Notes offered and sold to Institutional Accredited Investors in transactions exempt from registration under the Securities Act not made
in reliance on Rule 144A or Regulation S (“Other Notes”) may be represented by a Restricted Global Note or, if such an investor may not hold an interest in the Restricted Global Note, a Physical Note, in each case, bearing the
Private Placement Legend. Each Note shall be dated the date of its authentication. 
  
 The terms and provisions contained in the Notes shall constitute, and are expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and agree to be bound thereby. 
  
 The Notes may be presented for registration of transfer and exchange at the offices of the Registrar. 
  
 SECTION 2.03. Execution and Authentication. 
  
 One Officer shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office at
the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the Trustee for cancellation as provided in Section 2.11, for all purposes of this Indenture such Note shall be
deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate the Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Company and Affiliates of the Company. Each Paying Agent is designated as an authenticating agent for purposes of this Indenture. 
  
 The Notes shall be issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. 
  
 SECTION 2.04. Registrar and Paying Agent. 
  
 The Company shall maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (the “Registrar”), and an office or agency where Notes may be presented for payment (the “Paying Agent”) and an office or agency where notices and demands to or upon the
Company, if any, in respect of the Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have one or more additional Paying Agents. The term “Paying
Agent” includes any additional Paying Agent. Neither the Company nor any of its Affiliates may act as Paying Agent or Registrar. 
  

 -21- 

 The Company shall enter into an appropriate agency agreement, which shall incorporate the provisions of
the TIA, with any Agent that is not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company
fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled to appropriate compensation in accordance with Section 7.07. 
  
 The Company initially appoints the Trustee as Registrar, Paying Agent and
Agent for service of notices and demands in connection with the Notes and this Indenture. 
  
 SECTION 2.05. Paying Agent To Hold Money in Trust. 
  
 Each Paying Agent shall hold in trust for the benefit of the Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or premium or interest on the Notes (whether such money has
been paid to it by the Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any default by the Company (or any other obligor on the Notes) in making any such payment. Money held in trust by the
Paying Agent need not be segregated except as required by law and in no event shall the Paying Agent be liable for any interest on any money received by it hereunder. The Company at any time may require the Paying Agent to pay all money held by it
to the Trustee and account for any funds disbursed and the Trustee may at any time during the continuance of any Event of Default specified in Section 6.01(1) or (2), upon written request to the Paying Agent, require such Paying Agent to pay
forthwith all money so held by it to the Trustee and to account for any funds disbursed. Upon making such payment, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
  
 SECTION 2.06. Noteholder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of the Noteholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least 5 Business Days before each Interest Payment Date, and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Noteholders. 
  

SECTION 2.07. Transfer and Exchange. 
  
 Subject to Sections 2.15 and 2.16, when Notes are presented to the Registrar with a request from the Holder of such Notes to register a transfer or to
exchange them for an equal principal amount at maturity of Notes of other authorized denominations, the Registrar shall register the transfer as requested. Every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorneys duly authorized in writing. To permit registrations of transfers and
exchanges, the Company shall issue and execute and the Trustee shall authenticate new Notes evidencing such transfer or exchange at the Registrar’s request. No service charge shall be made to the Noteholder for any registration of transfer or
exchange. The Company may require from the Noteholder payment of a sum sufficient to cover any transfer taxes or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange
pursuant to Section 3.06, 4.08, 4.11 or 8.05 (in which events the Company shall be responsible for the payment of such taxes). The Registrar shall not be required to exchange or register a transfer of any Note for a period of 15 days immediately
preceding the mailing of notice of redemption of Notes to be redeemed or of any Note selected, called or being called for redemption except the unredeemed portion of any Note being redeemed in part. 
  

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 Any Holder of the Global Note shall, by acceptance of such Global Note, agree that transfers of the
beneficial interests in such Global Note may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in the Global Note shall be required to be reflected
in a book entry. 
  
 Each Holder of a Note agrees to indemnify the
Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture or applicable U.S. federal or state securities law. 
  
 Except as expressly provided herein, neither the Trustee nor the Registrar
shall have any duty to monitor the Company’s compliance with or have any responsibility with respect to the Company’s compliance with any federal or state securities laws. 
  
 SECTION 2.08. Replacement Notes. 
  
 If a mutilated Note is surrendered to the Registrar or the Trustee, or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully
taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the Holder of such Note furnishes to the Company and the Trustee evidence reasonably acceptable to them of the ownership and the destruction, loss or theft of
such Note and if the requirements of Section 8-405 of the New York Uniform Commercial Code as in effect on the date of this Indenture are met. If required by the Trustee or the Company, an indemnity bond shall be posted, sufficient in the judgment
of both to protect the Company, the Trustee or any Paying Agent from any loss that any of them may suffer if such Note is replaced. The Company may charge such Holder for the Company’s reasonable out-of-pocket expenses in replacing such Note
and the Trustee may charge the Company for the Trustee’s expenses (including, without limitation, attorneys’ fees and disbursements) in replacing such Note. Every replacement Note shall constitute a contractual obligation of the Company.

  
 SECTION 2.09. Outstanding Notes. 
  
 The Notes outstanding at any time are all Notes that have been authenticated
by the Trustee except for (a) those canceled by it, (b) those delivered to it for cancellation, (c) to the extent set forth in Sections 9.01 and 9.02, on or after the date on which the conditions set forth in Section 9.01 or 9.02 have been
satisfied, those Notes theretofore authenticated and delivered by the Trustee hereunder and (d) those described in this Section 2.09 as not outstanding. Subject to Section 2.10, a Note does not cease to be outstanding because the Company or one of
its Affiliates holds the Note. 
  
 If a Note is replaced pursuant
to Section 2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser in whose hands such Note is a legal, valid and binding obligation of the Company. 

 
 If the Paying Agent holds, in its capacity as such, on any Maturity Date,
money sufficient to pay all accrued interest and principal with respect to the Notes payable on that date and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such
Notes cease to be outstanding and interest on them ceases to accrue. 
  
 SECTION
2.10. Treasury Notes. 
  
 In determining whether the
Holders of the required principal amount at maturity of Notes have concurred in any declaration of acceleration or notice of default or direction, waiver or consent or any amendment, modification or other change to this Indenture, Notes owned by the
Company or any 

  

 -23- 

 
other Affiliate of the Company shall be disregarded as though they were not outstanding, except that for the purposes of determining whether the Trustee
shall be protected in conclusively relying on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes as to which a Responsible Officer of the Trustee has actually received an Officers’
Certificate stating that such Notes are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee established to the satisfaction of the Trustee the pledgee’s right so to act
with respect to the Notes and that the pledgee is not the Company, any other obligor on the Notes or any of their respective Affiliates. 
  
 SECTION 2.11. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall (subject to the record-retention
requirements of the Exchange Act) dispose of such canceled Notes in its customary manner. The Company may not reissue or resell, or issue new Notes to replace, Notes that the Company has redeemed or paid, or that have been delivered to the Trustee
for cancellation. 
  
 SECTION 2.12. Defaulted Interest. 
  
 If the Company defaults on a payment of interest on the Notes, it shall pay
the defaulted interest, plus (to the extent permitted by law) any interest payable on the defaulted interest, in accordance with the terms hereof, to the Persons who are Noteholders on a subsequent special record date, which date shall be at least 5
Business Days prior to the payment date. The Company shall fix such special record date and payment date in a manner satisfactory to the Trustee. At least 10 days before such special record date, the Company shall mail to each Noteholder a notice
that states the special record date, the payment date and the amount of defaulted interest, and interest payable on defaulted interest, if any, to be paid. The Company may make payment of any defaulted interest in any other lawful manner not
inconsistent with the requirements (if applicable) of any securities exchange on which the Notes may be listed and, upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed
payment pursuant to this sentence, such manner of payment shall be deemed practicable by the Trustee. 
  
 SECTION 2.13. CUSIP Number. 
  
 The Company in issuing the Notes may use a “CUSIP” number, and if so, such CUSIP number shall be included in notices of redemption or exchange as a convenience to Holders; provided, that any such notice may state that no
representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the
Trustee in writing of any such CUSIP number used by the Company in connection with the issuance of the Notes and of any change in the CUSIP number. 
  
 SECTION 2.14. Deposit of Moneys. 
  
 Prior to 10:00 a.m., New York City time, on each Interest Payment Date and Maturity Date, the Company shall have deposited with the Paying Agent in
immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or Maturity Date, as the case may be, in a timely manner which permits the Trustee to remit payment to the Holders on such Interest Payment
Date or Maturity Date, as the case may be. The principal and interest on Global Notes shall be 

  

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payable to the Depository or its nominee, as the case may be, as the sole registered owner and the sole Holder of the Global Notes represented thereby. The
principal and interest on Physical Notes shall be payable, either in person or by mail, at the office of the Paying Agent. 
  
 SECTION 2.15. Book-Entry Provisions for Global Notes. 
  
 (a) Rule 144A Notes and Other Notes shall be represented by one or more notes in registered, global form without interest coupons (collectively, the
“Restricted Global Note”). Regulation S Notes initially shall be represented by one or more notes in registered, global form without interest coupons (collectively, the “Regulation S Global Note,” and, together with
the Restricted Global Note and any other global notes representing Notes, the “Global Notes”). The Global Notes shall bear legends as set forth in Exhibit D. The Global Notes initially shall (i) be registered in the name of
the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member (or, in the case of the Regulation S Global Notes, of Euroclear System (“Euroclear”) and Clearstream and (ii) be delivered to
the Trustee as custodian for such Depository and (iii) bear legends as set forth in Exhibit B with respect to Restricted Global Notes and Exhibit C with respect to Regulation S Global Notes. 
  
 Members of, or direct or indirect participants in, the Depository
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes, and the Depository may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the
rights of a Holder of any Note. 
  
 (b) Transfers of Global Notes
shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with the
rules and procedures of the Depository and the provisions of Section 2.16. In addition, a Global Note shall be exchangeable for Physical Notes if (i) the Depository (x) notifies the Company that it is unwilling or unable to continue as depository
for such Global Note and the Company thereupon fails to appoint a successor depository or (y) has ceased to be a clearing agency registered under the Exchange Act, (ii) the Company, at its option, notifies the Trustee in writing that it elects to
cause the issuance of such Physical Notes or (iii) there shall have occurred and be continuing an Event of Default with respect to the Notes. In all cases, Physical Notes delivered in exchange for any Global Note or beneficial interests therein
shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository (in accordance with its customary procedures). 
  
 (c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Note to beneficial
owners pursuant to paragraph (b), the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount at maturity of the Global Note in an amount equal to the
principal amount at maturity of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall upon receipt of a written order from the Company authenticate and make available for delivery, one or
more Physical Notes of like tenor and amount. 
  
 (d) In
connection with the transfer of Global Notes as an entirety to beneficial owners pursuant to paragraph (b), the Global Notes shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall
authenticate and deliver, to each beneficial 

  

 -25- 

 
owner identified by the Depository in writing in exchange for its beneficial interest in the Global Notes, an equal aggregate principal amount at maturity of
Physical Notes of authorized denominations. 
  
 (e) Any Physical
Note constituting a Restricted Note delivered in exchange for an interest in a Global Note pursuant to paragraph (b), (c) or (d) shall, except as otherwise provided by paragraphs (a)(i)(x) and (c) of Section 2.16, bear the Private Placement Legend
or, in the case of the Regulation S Global Note, the legend set forth in Exhibit C, in each case, unless the Company determines otherwise in compliance with applicable law. 
  
 (f) On or prior to the 40th day after the later of the commencement of the offering of the Notes represented by the
Regulation S Global Note and the issue date of such Notes (such period through and including such 40th day, the “Restricted Period”), a beneficial interest in a Regulation S Global Note may be transferred to a Person who takes
delivery in the form of an interest in the corresponding Restricted Global Note only upon receipt by the Trustee of a written certification from the transferor to the effect that such transfer is being made (i)(a) to a Person that the transferor
reasonably believes is a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A or (b) pursuant to another exemption from the registration requirements under the Securities Act which is accompanied by an Opinion of
Counsel regarding the availability of such exemption and (ii) in accordance with all applicable securities laws of any state of the United States or any other jurisdiction. 
  
 (g) Beneficial interests in the Restricted Global Note may be transferred to a Person who takes delivery in the form of an
interest in the Regulation S Global Note, whether before or after the expiration of the Restricted Period, only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance with
Rule 903 or 904 of Regulation S or Rule 144 (if available) and that, if such transfer occurs prior to the expiration of the Restricted Period, the interest transferred will be held immediately thereafter through Euroclear or Clearstream. 

 
 (h) Any beneficial interest in one of the Global Notes that is transferred
to a Person who takes delivery in the form of an interest in another Global Note shall, upon transfer, cease to be an interest in such Global Note and become an interest in such other Global Note and, accordingly, shall thereafter be subject to all
transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 
  
 (i) The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests
through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
  
 SECTION 2.16. Special Transfer Provisions. 
  
 (a) Transfers to Non-QIB Institutional Accredited Investors and Non-U.S. Persons. The following provisions shall apply with respect to the
registration of any proposed transfer of a Note constituting a Restricted Note to any Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person: 
  
 (i) the Registrar shall register the transfer of any Note constituting a Restricted Note, whether or not
such Note bears the Private Placement Legend, if (x) the requested transfer is after November 24, 2005, or such other date as such Note shall be freely transferable under Rule 144 as certified in an Officers’ Certificate or (y) (1) in the case
of a transfer to an Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons), the proposed transferee has delivered to the Registrar a certificate substantially in the form of Exhibit E hereto or (2) in the case of a
transfer to a Non-U.S. Person (including a QIB), the proposed transferor has delivered to the 

  

 -26- 

 
Registrar a certificate substantially in the form of Exhibit F hereto; provided that in the case of any transfer of a Note bearing the Private
Placement Legend for a Note not bearing the Private Placement Legend, the Registrar has received an Officers’ Certificate authorizing such transfer; and 
  

(ii) if the proposed transferor is an Agent Member holding a beneficial interest in a Global Note, upon receipt by the Registrar of (x)
the certificate, if any, required by paragraph (i) above and (y) instructions given in accordance with the Depository’s and the Registrar’s procedures, 
  
 whereupon (a) the Registrar shall reflect on its books and records the date and (if the transfer does not involve a transfer of outstanding
Physical Notes) a decrease in the principal amount at maturity of a Global Note in an amount equal to the principal amount at maturity of the beneficial interest in a Global Note to be transferred, and (b) the Registrar shall reflect on its books
and records the date and an increase in the principal amount at maturity of a Global Note in an amount equal to the principal amount at maturity of the beneficial interest in the Global Note transferred or the Company shall execute and the Trustee
shall authenticate and make available for delivery one or more Physical Notes of like tenor and amount. 
  
 (b) Transfers to QIBs. The following provisions shall apply with respect to the registration or any proposed registration of transfer of a Note
constituting a Restricted Note to a QIB (excluding transfers to Non-U.S. Persons): 
  
 (i) the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for
on such Holder’s Note stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on such
Holder’s Note stating, has otherwise advised the Company and the Registrar in writing, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such
account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; and 
  
 (ii) if the proposed transferee is an Agent Member, and the
Notes to be transferred consist of Physical Notes which after transfer are to be evidenced by an interest in the Global Note, upon receipt by the Registrar of instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount at maturity of the Global Note in an amount equal to the principal amount at maturity of the Physical Notes to be transferred, and the
Trustee shall cancel the Physical Notes so transferred. 
  
 (c)
Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the registration of
transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) it has received the Officers’ Certificate required by paragraph (a)(i)(y)
of this Section 2.16, (ii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act or (iii) such Note has 

  

 -27- 

 
been sold pursuant to an effective registration statement under the Securities Act and the Registrar has received an Officers’ Certificate from the
Company to such effect. 
  
 (d) General. By its acceptance
of any Note bearing the Private Placement Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as
provided in this Indenture. 
  
 The Registrar shall retain for a
period of two years copies of all letters, notices and other written communications received pursuant to Section 2.15 or this Section 2.16. The Company shall have the right to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable notice to the Registrar. 
  
 SECTION 2.17. Computation of Interest. 
  
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 SECTION 2.18. Issuance of Additional Notes. 
  
 The Company shall be entitled to issue Additional Notes under this Indenture which shall have identical terms as the Initial Notes, other than with
respect to the date of issuance, issue price (including amount of interest deemed to have accrued since the last Interest Payment Date), and amount of interest payable or upon a registration default as provided under a registration rights agreement
related thereto; provided that such issuance shall be made in compliance with Section 4.10. The Company will use all reasonable efforts to ensure that the Exchange Notes and any exchange notes issued in exchange for any Additional Notes
issued in a transaction exempt from the registration requirements of the Securities Act have the same CUSIP numbers. 
  
 With respect to any Additional Notes, the Company shall set forth in a resolution of its Board of Directors (or a duly appointed committee thereof) and in
an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 
  
 (1) the aggregate principal amount maturity of Notes outstanding immediately prior to the issuance of such Additional Notes; 

 
 (2) the aggregate principal amount at maturity of such
Additional Notes to be authenticated and delivered pursuant to this Indenture; 
  
 (3) the issue price and the issue date of such Additional Notes (including amount of interest deemed to have accrued since the last
Interest Payment Date); and 
  
 (4) whether such
Additional Notes shall be transfer restricted securities bearing a legend in the form of Exhibit B or Exhibit C hereto or shall be registered securities and bear no such legend. 
  

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 ARTICLE THREE 
  
 REDEMPTION 
  
 SECTION 3.01. Election To Redeem; Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to paragraph 5 of the Notes, at least 30 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not more than 60
days before the Redemption Date, the Company shall notify the Trustee in writing of the Redemption Date, the principal amount maturity of Notes to be redeemed and the redemption price, and deliver to the Trustee an Officers’ Certificate stating
that such redemption will comply with the conditions contained in paragraph 5 of the Notes. Notice given to the Trustee pursuant to this Section 3.01 may not be revoked after the time that notice is given to Noteholders pursuant to Section 3.03.

  
 SECTION 3.02. Selection by Trustee of Notes To Be Redeemed. 

 
 In the event that less than all of the Notes are to be redeemed at any
time pursuant to a redemption, selection of such Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then
listed on a national securities exchange, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate; provided, however, that no Notes of a principal amount at maturity of $1,000 or less shall be
redeemed in part; provided, further, that if a partial redemption is made with the net cash proceeds of an Equity Offering, selection of the Notes or portions thereof for redemption shall be made by the Trustee on a pro rata basis or
on as nearly a pro rata basis as is practicable (subject to the procedures of The Depository Trust Company) or by lot, unless such method is otherwise prohibited. For all purposes of this Indenture unless the context otherwise requires, provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 SECTION 3.03. Notice of Redemption. 
  
 At least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class
mail to each Holder of Notes to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar pursuant to Section 2.04 hereof. 
  
 The notice shall identify the Notes to be redeemed (including the CUSIP numbers thereof) and shall state: 
  
 (1) the Redemption Date; 
  
 (2) the redemption price and the amount of premium and
accrued interest to be paid; 
  
 (3) if any Note
is being redeemed in part, the portion of the principal amount at maturity of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note, a new Note or Notes in principal amount at maturity equal to the unredeemed
portion will be issued; 
  
 (4) the name and
address of the Paying Agent; 
  

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 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price; 
  
 (6) that unless the
Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 
  
 (7) the provision of paragraph 5 of the Notes, pursuant to which the Notes called for redemption are being redeemed; and 
  
 (8) the aggregate principal amount at maturity of Notes that
are being redeemed. 
  
 At the Company’s written request made
at least 5 Business Days prior to the date on which notice is to be given, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense. 
  
 SECTION 3.04. Effect of Notice of Redemption. 
  
 Once the notice of redemption described in Section 3.03 is mailed, Notes
called for redemption become due and payable on the Redemption Date and at the redemption price, including any premium, plus interest accrued to the Redemption Date. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption
price, including any premium, plus interest accrued to the Redemption Date, provided that if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder
of the redeemed Notes registered on the relevant record date, and provided, further, that if a Redemption Date is a Legal Holiday, payment shall be made on the next succeeding Business Day and no interest shall accrue for the period
from such Redemption Date to such succeeding Business Day. 
  
 SECTION 3.05.
Deposit of Redemption Price. 
  
 On or prior to 10:00 a.m.,
New York City time, on each Redemption Date, the Company shall deposit with the Paying Agent in immediately available funds money sufficient to pay the redemption price of, including premium, if any, and accrued interest on all Notes to be redeemed
on that date other than Notes or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 
  

On and after any Redemption Date, if money sufficient to pay the redemption price of, including premium, if any, and accrued interest on Notes called
for redemption shall have been made available in accordance with the preceding paragraph, the Notes called for redemption will cease to accrete Accreted Value or cease to accrue interest, as the case may be, and the only right of the Holders of such
Notes will be to receive payment of the redemption price of and, subject to the first proviso in Section 3.04, accrued and unpaid interest on such Notes to the Redemption Date. If any Note surrendered for redemption shall not be so paid, interest
will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each case at the rate and in the manner provided in the Notes. 
  
 SECTION 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Trustee shall
authenticate for the Holder thereof a new Note equal in principal amount at maturity to the unredeemed portion of the Note surrendered. 
  

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 ARTICLE FOUR 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Notes. 
  
 The Company shall duly and punctually pay the Accreted Value of and interest (including all Additional Interest as provided in the Registration Rights Agreement) on the Notes on the dates and in the manner provided in the Notes and this
Indenture. An installment of Accreted Value or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment. 
  
 The Company shall pay interest on overdue principal (including post-petition
interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the rate specified in the Notes. 
  
 SECTION 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain in the United States, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar)
where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the United
States for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 The Company hereby designates the Corporate Trust Office of the Trustee as
one such office or agency of the Company in accordance with Section 2.04. 
  
 SECTION 4.03. Legal Existence. 
  
 Subject to
Article Five hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its legal existence, and the corporate, partnership or other existence of each Restricted Subsidiary, in accordance
with the respective organizational documents (as the same may be amended from time to time) of each Restricted Subsidiary and the material rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries;
provided that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries if the Board of Directors of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 
  

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 SECTION 4.04. Intentionally Omitted. 
  
 SECTION 4.05. Waiver of Stay, Extension or Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead (as a
defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Accreted Value of,
premium, if any, and/or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that they may lawfully do so)
the Company 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. 
  
 SECTION 4.06. Compliance
Certificate. 
  
 The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a
view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge, the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default shall have occurred,
describing all such Defaults of which he or she may have knowledge and what action they are taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of
which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 The Company will deliver to the Trustee, within 30 days after the Company
becomes aware of the occurrence of a Default, an Officers’ Certificate detailing any Default of which it is aware, its status and what action the Company is taking or proposes to take with respect to such Default. 
  
 The Company’s fiscal year currently ends on December 31. The Company
will provide written notice to the Trustee of any change in its fiscal year. 
  
 SECTION 4.07. Taxes. 
  
 The Company shall, and
shall cause each of its respective Subsidiaries to, pay prior to delinquency all material taxes, assessments, and governmental levies except as contested in good faith and by appropriate proceedings. 
  
 SECTION 4.08. Repurchase at the Option of Holders upon Change of Control 

 
 In the event of the occurrence of a Change of Control (the date of such
occurrence being the “Change of Control Date”), the Company shall, within 30 days after the occurrence of such Change of Control, make an offer (the “Change of Control Offer”) to all Holders to purchase all
outstanding Notes properly tendered pursuant to such offer, and within 60 days after the occurrence of the Change of Control, all Notes properly tendered pursuant to such offer shall be accepted for purchase (the date of such purchase, the
“Change of Control Purchase Date”) for a cash price equal to 101% of the Accreted Value 

  

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thereof as of the Change of Control Purchase Date, plus accrued and unpaid interest, if any, and Additional Interest, if any, to the date of purchase.

  
 In order to effect the Change of Control Offer, the Company
shall mail a notice to each Holder with a copy to the Trustee stating: 
  
 (1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes at a purchase price (the “Change of Control Purchase Price”) in
cash equal to 101% of the Accreted Value thereof as of the Change of Control Purchase Date, plus accrued and unpaid interest, if any, and Additional Interest, if any, to the date of purchase; 
  
 (2) the repurchase date, which shall be a Business Day no
earlier than 30 days nor later than 60 days from the date such notice is mailed; 
  
 (3) that, unless the Company defaults in the payment of the purchase price, any Notes accepted for payment pursuant to the Change of
Control Offer shall cease to accrete Accreted Value or cease to accrue interest, as the case may be, after the Change of Control Purchase Date; and 
  
 (4) the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have its Notes
purchased. 
  
 The Company will not be required to make a Change
of Control Offer following a Change of Control if a third party makes the Change of Control Offer in a manner, at the times and otherwise in compliance with the requirements applicable to a Change of Control Offer made by the Company and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. 
  
 If the Company makes a Change of Control Offer, the Company will comply with all applicable tender offer laws and regulations, including, to the extent applicable, Section 14(e) and Rule 14e-l under the Exchange Act,
and any other applicable federal or state securities laws and regulations and any applicable requirements of any securities exchange on which the Notes are listed, and any violation of the provisions of this Indenture relating to such Change of
Control Offer occurring as a result of such compliance shall not be deemed an Event of Default or an event that, with the passing of time or giving of notice, or both, would constitute an Event of Default. 
  
 SECTION 4.09. Limitation on Restricted Payments. 
  
 (a) The Company shall not, and shall not cause or permit any Restricted
Subsidiary to, directly or indirectly: 
  
 (1)
declare or pay any dividend or any other distribution on any Capital Stock of the Company make any payment or distribution to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company (other than any dividends,
distributions and payments made to the Company or any Restricted Subsidiary and dividends or distributions payable to any Person solely in the form of Qualified Capital Stock of the Company); 
  
 (2) purchase, redeem or otherwise acquire or retire for
value any Capital Stock of the Company (other than any such Capital Stock owned by the Company or any Restricted Subsidiary); 
  

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 (3) make any principal payment on, purchase, repurchase, redeem, defease or otherwise
acquire or retire for value, or make any principal payment on, prior to any scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than any Subordinated Indebtedness held by the Company or any
Restricted Subsidiary); or 
  
 (4) make any
Investment (other than a Permitted Investment) in any Person 
  
 (any such payment
or any other action (other than any exception thereto) described in (1), (2), (3) or (4) above, a “Restricted Payment”), unless at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 
  
 (A) no Default or Event of Default shall have occurred and
be continuing at the time of or immediately after giving effect to such Restricted Payment; 
  
 (B) immediately after giving effect to such Restricted Payment, the Consolidated Leverage Ratio of the Company would be less than or equal
to 5.75 to 1.0; and 
  
 (C) immediately after
giving effect to such Restricted Payment, the aggregate amount of all Restricted Payments declared or made on or after the Closing Date does not exceed an amount equal to the sum of, without duplication: 
  
 (i) 100% of the cumulative Consolidated Cash Flow of the
Company and its Restricted Subsidiaries determined for the period (taken as one period) beginning on the first day of the fiscal quarter immediately following the Closing Date and ending on the last day of the most recent fiscal quarter immediately
preceding the date of such Restricted Payment for which consolidated financial information of the Company is internally available (or, if such cumulative Consolidated Cash Flow shall be negative, minus 100% of such cumulative Consolidated Cash Flow)
less 150% of cumulative Consolidated Interest Expense of the Company and its Restricted Subsidiaries for the same period, provided that, in calculating cumulative Consolidated Cash Flow as of any date for purposes of this subclause
(C)(i), the amount of Consolidated Cash Flow for any quarter included therein shall not exceed the lesser of (x) the actual amount thereof and (y) $23.75 million (provided that, to the extent any amount of Consolidated Cash Flow for any
quarter has been disallowed during a fiscal year of the Company by reason of the limitation in the preceding subclause (y), such amount may be added back to the extent and only to the extent of the lesser of (i) the amount by which the Consolidated
Cash Flow of the Company for such fiscal year previously included in this calculation is less than or equal to $95.0 million and (ii) the aggregate disallowed amount for such fiscal year under the preceding subclause (y)), plus 
  
 (ii) the aggregate net proceeds (including the Fair Market
Value of property other than cash) received after the Closing Date by the Company (other than the Cash Equity Contribution) either (x) as capital contributions to the Company or (y) from the issue and sale (other than to a Restricted Subsidiary) of
its Qualified Capital Stock (except, in each case, to the extent set forth in clauses (2), (3), (4), (10) and (11) of Section 4.09(b)), plus 
  
 (iii) the principal amount (or accreted amount, determined in accordance with GAAP, if less) of any Indebtedness or Disqualified Capital
Stock of the Company or any Restricted Subsidiary or Preferred Capital Stock of any Restricted Subsidiary, in each 

  

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case Incurred after the Issue Date to the extent it has been converted into or exchanged for Qualified Capital Stock of the Company, plus 

 
 (iv) to the extent not included in cumulative
Consolidated Cash Flow for purposes of clause (C)(i) above (without limitation by reason of the proviso thereto), in the case of the disposition or repayment of any Investment (whether through interest payments, principal payments, dividends or
other distributions) or the release of a guarantee constituting a Restricted Payment made after the Issue Date, an amount equal to the return of capital with respect to such Investment (including the Fair Market Value of property other than cash),
less the cost of the disposition of such Investment and net of taxes, and, in the case of guarantees, less any amounts paid under such guarantee, plus 
  

(v) with respect to any Unrestricted Subsidiary that has been redesignated as a Restricted Subsidiary after the Issue Date in
accordance with Section 4.14, the Fair Market Value of the Company’s interest in such Subsidiary, plus 
  
 (vi) $10.0 million, 
  
 (b) The foregoing provisions will not prevent: 
  
 (1) the payment of any dividend or distribution on, or redemption of, Capital Stock within 60 days after the date of declaration of such
dividend or distribution or the giving of formal notice of such redemption, if at the date of such declaration or giving of such formal notice such payment or redemption would comply with the provisions of this Indenture; 
  
 (2) the purchase, redemption, retirement or other
acquisition of any Capital Stock of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent issue and sale (other than to a Restricted Subsidiary) of, other Capital Stock of the Company (other than Disqualified
Capital Stock in the case of any such purchase, redemption, retirement or other acquisition of Qualified Capital Stock); provided, however, that any such net proceeds and the value of any Qualified Capital Stock issued in exchange for any
such Capital Stock are excluded from Section 4.09(a)(C) above (and were not included therein at any time); 
  
 (3) the purchase, redemption, retirement, defeasance or other acquisition of Subordinated Indebtedness, or any other payment thereon, made
in exchange for, or out of the net cash proceeds of, a substantially concurrent issue and sale (other than to a Restricted Subsidiary) of: 
  
 (A) Qualified Capital Stock of the Company; provided, however, that any such net cash proceeds and the value of any such Qualified
Capital Stock are excluded from Section 4.09(a)(C) above (and were not included therein at any time) or 
  
 (B) Disqualified Capital Stock of the Company or other Subordinated Indebtedness, in each case having no stated maturity or mandatory
redemption for the payment of any portion of principal or liquidation preference thereof prior to the final stated maturity of the Subordinated Indebtedness being purchased, redeemed, retired, defeased or otherwise acquired and having a Weighted
Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Subordinated Indebtedness being purchased, redeemed, retired, defeased or otherwise acquired; 
  
 (4) the repurchase of shares of Capital Stock of the Company
or any direct or indirect parent of the Company (or distributions to any direct or indirect parent of the Company to 

  

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enable it to repurchase its Capital Stock) owned by former, present or future employees, directors or consultants of the Company or its Subsidiaries or their
assigns, estates and heirs; provided that the aggregate amount expended pursuant to this clause (4) shall not in the aggregate exceed $2.0 million in any fiscal year (with unused amounts being available to be utilized in succeeding fiscal
years), plus any amounts contributed to the Company as a result of sales of any such shares of Capital Stock of the Company or any direct or indirect parent of the Company to such persons (provided that any such amounts so contributed shall not be
included in clause (C) of paragraph (a) above to the extent available under this clause (4)) and the amount of any “key man” insurance proceeds received by the Company or any Restricted Subsidiary; provided that the cancellation of
Indebtedness owing to the Company in connection with any such repurchase shall not be deemed a Restricted Payment; 
  
 (5) payments required pursuant to the terms of the Merger Agreement to consummate the Transactions or otherwise in connection with the
Transactions; 
  
 (6) the payment of the
dividends on Disqualified Capital Stock of the Company or Preferred Capital Stock of a Restricted Subsidiary, the incurrence of which was permitted by this Indenture; 
  
 (7) repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants or other
convertible or exchangeable securities; 
  
 (8)
distributions to the extent (x) the Company is treated as a pass-through or disregarded entity for tax purposes (such as a partnership, limited liability company or S-corporation) to the extent necessary to permit it or the direct or indirect
holders of its Capital Stock to pay any federal, state or local taxes owing by it or them in respect of income of the Company and its Restricted Subsidiaries or (y) the Company is not such a pass-through or disregarded entity but is a member of a
consolidated group of corporations that includes a holding company above it to the extent necessary to pay taxes of the consolidated group; provided that nothing in this clause (8) will be deemed to permit any such distribution (1) in excess
of amounts that a consolidated group that includes the Company as the “parent” and any of the Restricted Subsidiaries would be required to pay on a stand-alone basis as a consolidated group of corporations (less amounts directly paid by
them) and (2) to pay any tax liabilities of direct or indirect investors in the Company or any direct or indirect parent of the Company resulting from the conversion of the Company from a limited liability company to corporate form; 
  
 (9) the payment of dividends or other distributions to any
direct or indirect parent of the Company or such company’s Subsidiaries for the purpose of paying the corporate overhead and other expenses of such company or such company’s Subsidiaries to the extent such expenses are related to, or
incidental to the ownership of Capital Stock of, or the guarantee of Indebtedness of, the Company and the Restricted Subsidiaries; 
  
 (10) repayment of, or payments to any direct or indirect parent of the Company and such company’s Subsidiaries to permit repayment
of, principal and interest of Future ABRY Subordinated Indebtedness in accordance with the terms thereof at the time of its issuance; provided, however, any net proceeds received from such Future ABRY Subordinated Indebtedness are excluded from
clause (C) of paragraph (a) above for so long as such Future ABRY Subordinated Indebtedness is outstanding; and 
  
 (11) Restricted Payments not to exceed $10.0 million in the aggregate since the Issue Date; 
  

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 provided, however, that in the case of each of clauses (2) and (3) no Default or Event of Default shall have
occurred and be continuing or would arise therefrom. 
  
 In
determining the amount of Restricted Payments permissible under Section 4.09(a)(C), amounts expended pursuant to clauses (1) (without duplication) and (9) of Section 4.09(b) shall be included as Restricted Payments and amounts expended pursuant to
clauses (2) through (8) and (10) and (11) of Section 4.09(b) shall be excluded. The amount of any non-cash Restricted Payment shall be deemed to be equal to the Fair Market Value thereof at the date of the making of such Restricted Payment.

  
 SECTION 4.10. Limitation on Indebtedness and Issuance of Disqualified
Capital Stock. 
  
 (a) The Company shall not, and shall not
cause or permit any Restricted Subsidiary to, directly or indirectly, Incur any Indebtedness (including any Acquired Indebtedness) or issue any Disqualified Capital Stock and no Restricted Subsidiary may issue any Preferred Capital Stock, except in
each case for Permitted Indebtedness, unless, in any such case, immediately after giving pro forma effect to such Incurrence of Indebtedness or issuance of Disqualified Capital Stock or Preferred Capital Stock and the application of the
proceeds therefrom, the Consolidated Leverage Ratio of the Company would be less than or equal to (i) 6.25 to 1.0 (which ratio shall be deemed to increase by the aggregate amount of interest originally scheduled to accrue and compound in respect of
the Notes as Accreted Value through the date of determination) if such Indebtedness is Incurred on or before December 31, 2004 or (ii) 5.75 to 1.0 (which ratio shall be deemed to increase by the aggregate amount of interest originally scheduled to
accrue and compound in respect of the Notes as Accreted Value through the date of determination) if such Indebtedness is Incurred thereafter. 
  
 (b) The limitations set forth in Section 4.10(a) will not apply to the Incurrence or issuance of any of the following (collectively, “Permitted
Indebtedness”), each of which shall be given independent effect: 
  
 (1) Indebtedness under the Notes issued on the Issue Date (or any Notes exchanged therefor) and this Indenture with respect to obligations resulting from the Notes issued on the Issue Date (or any Notes exchanged
therefor); 
  
 (2) Existing Indebtedness and
Indebtedness of Language Line and its Restricted Subsidiaries in respect of the Opco Notes issued on the Issue Date (or any Notes exchanged therefor) and the Opco Indenture with respect to obligations resulting from the Opco Notes issued on the
Issue Date (or any Notes exchanged therefor); 
  
 (3) Indebtedness of the Company and its Restricted Subsidiaries pursuant to the Senior Credit Agreement; provided that (a) the aggregate outstanding principal amount of any revolving credit component thereof incurred under this
clause (3) shall not exceed $40.0 million and (b) the aggregate outstanding principal amount of any term component thereof incurred under this clause (3) shall not exceed $285.0 million less in the case of this subclause (b), without duplication,
the sum of (i) the cumulative amount of the originally scheduled amortization of the term loan facility under the Senior Credit Agreement (as in effect on the Issue Date) through the earlier of the date of determination or December 31,2006,
inclusive (whether or not paid), plus (ii) the cumulative amount of mandatory redemptions required to be made out of “excess cash flow” under the Senior Credit Agreement in respect of the years ended December 31, 2004 and 2005
(provided any reduction under this subclause (ii) shall be required if a mandatory prepayment obligation in respect of “excess cash flow” is in effect on any such date with the reduction not becoming effective until the date
upon which consolidated financial information of the Company is 

  

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internally available for the applicable year), plus (iii) the aggregate amount applied by the Company and the Restricted Subsidiaries to permanently reduce
Indebtedness under the term component of the Senior Credit Agreement under the circumstances contemplated by Section 4.11; 
  
 (4) Indebtedness, Disqualified Capital Stock or Preferred Capital Stock of any Restricted Subsidiary owed to and held by the Company or
any other Restricted Subsidiary and Indebtedness or Disqualified Capital Stock of the Company owed to and held by any Restricted Subsidiary or Disqualified Capital Stock or Preferred Capital Stock of any Restricted Subsidiary held by the Company or
any Restricted Subsidiary; provided, however, that (i) any such Indebtedness, Disqualified Capital Stock or Preferred Capital Stock shall be unsecured and expressly subordinated in right of payment to the payment and performance of the
Company’s or such Restricted Subsidiary’s obligations under the Senior Credit Agreement, this Indenture and the Notes and (ii) that an Incurrence of Indebtedness and issuance of Disqualified Capital Stock or Preferred Capital Stock that is
not permitted by this clause (4) shall be deemed to have occurred upon (x) any sale to, Lien in favor of, or other disposition to a Person (other than the Company or any Restricted Subsidiary) of any Indebtedness or Disqualified Capital Stock of the
Company or any Restricted Subsidiary referred to in this clause (4), and (y) the designation of a Restricted Subsidiary which holds Indebtedness or Disqualified Capital Stock of the Company or any other Restricted Subsidiary as an Unrestricted
Subsidiary; 
  
 (5) guarantees by the Company or
any Restricted Subsidiary of Indebtedness permitted to be Incurred under this Section 4.10; 
  
 (6) Hedging Obligations of the Company and the Restricted Subsidiaries; provided, however, that such Hedging Obligations are
entered into for genuine business purposes and not speculative purposes; 
  
 (7) Indebtedness of any Restricted Subsidiary consisting of Purchase Money Indebtedness and Capital Lease Obligations (and refinancings thereof) in an aggregate principal amount which, when aggregated with the
principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (7), does not exceed the greater of $10.0 million or 1.5% of Total Assets of Language Line; 
  
 (8) Indebtedness in connection with surety bonds, letters of
credit and performance bonds obtained in the ordinary course of business, including in connection with workers’ compensation obligations of the Company and its Restricted Subsidiaries; 
  
 (9) Indebtedness or Disqualified Capital Stock of the
Company or a Restricted Subsidiary or Preferred Capital Stock of a Restricted Subsidiary to the extent representing a replacement, renewal, refinancing or extension (collectively, a “refinancing”) of outstanding Indebtedness Incurred or
Disqualified Capital Stock or Preferred Capital Stock issued in compliance with the Consolidated Leverage Ratio of Section 4.10(a) or any of clause (1) or (2) of this Section 4.10(b); provided, however, that: 
  
 (A) any such refinancing shall not exceed the sum of the
principal amount (or accreted amount (determined in accordance with GAAP), if less) or liquidation preference of the Indebtedness or Disqualified Capital Stock or Preferred Capital Stock being refinanced, plus the amount of accrued interest or
dividends thereon, plus the amount of any reasonably determined premium necessary to accomplish and actually paid in connection with such refinancing and such reasonable fees and expenses incurred in connection therewith; 
  

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 (B) Indebtedness representing a refinancing of Indebtedness of the Company shall have a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being refinanced; and 
  
 (C) (i) Indebtedness of the Company that is pari passu with the Notes may only be refinanced with Indebtedness of the Company that
is made pari passu with or subordinate in right of payment to the Notes or with Disqualified Capital Stock of the Company; (ii) Subordinated Indebtedness of the Company may only be refinanced with Subordinated Indebtedness or Disqualified
Capital Stock of the Company; (iii) Disqualified Capital Stock of the Company may only be refinanced with other Disqualified Capital Stock of the Company; and (iv) Indebtedness or Disqualified Capital Stock of the Company may not be refinanced with
Preferred Capital Stock of a Restricted Subsidiary; 
  
 (10) Indebtedness consisting of customary indemnification, adjustments of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition of any business or assets; 
  
 (11) Acquired Indebtedness of the Company or a Restricted
Subsidiary if (w) such Acquired Indebtedness is Incurred within 270 days after the date on which the related definitive acquisition agreement was entered into by the Company or such Restricted Subsidiary, (x) the aggregate principal amount of such
Acquired Indebtedness is no greater than the aggregate principal amount of Acquired Indebtedness set forth in a notice from the Company to the Trustee (an “Incurrence Notice”) within ten days after the date on which the related definitive
acquisition agreement was entered into by the Company or such Restricted Subsidiary, which notice shall be executed on the Company’s behalf by the chief financial officer of the Company in such capacity and shall describe in reasonable detail
the acquisition which such Acquired Indebtedness will be Incurred to finance, (y) after giving pro forma effect to the acquisition described in such Incurrence Notice, the Company or such Restricted Subsidiary could have otherwise incurred
such Acquired Indebtedness under this Indenture as of the date upon which the Company delivers such Incurrence Notice to the Trustee and (z) such Acquired Indebtedness is utilized solely to finance the acquisition described in such Incurrence Notice
(including to repay or refinance indebtedness or other obligations Incurred in connection with such acquisition and to pay related fees and expenses); 
  
 (12) Future ABRY Subordinated Indebtedness; and 
  

(13) in addition to the items referred to in clauses (1) through (12) above, Indebtedness of the Company or any Restricted Subsidiary
(including any Indebtedness under the Senior Credit Agreement that utilizes this clause (13)) having an aggregate principal amount not to exceed $20.0 million at any time outstanding. 
  
 (c) For purposes of determining any particular amount of Indebtedness under this Section 4.10, guarantees, Liens or letter
of credit obligations supporting Indebtedness otherwise included in the determination of such particular amount shall not be included. For purposes of determining compliance with this Section 4.10, in the event that an item of Indebtedness meets the
criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (13) of Section 4.10(b) or is permitted to be incurred pursuant to the Consolidated Leverage Ratio of Section 4.10(a), the Company shall, in its
sole discretion, classify such item of Indebtedness in any manner that complies with this Section 4.10. In addition, the Company may, at any time, change the classification of an item of Indebtedness, or any portion thereof, to any other clause of
Section 4.10(b) or to Section 4.10(a), provided that the incurrence of the item of Indebtedness, or portion thereof, would be permitted at the time of reclassification. 

  

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Notwithstanding the foregoing, Indebtedness under the Senior Credit Agreement outstanding on the Issue Date will be deemed to have been Incurred under clause
(3) of Section 4.10(b) at all times. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the payment of dividends on
Disqualified Capital Stock or Preferred Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock or Preferred Capital Stock and change in the amount outstanding due solely to the result of fluctuations in the
exchange rates of currencies will not be deemed to be an incurrence of Indebtedness or issuance of any Disqualified Capital Stock or Preferred Capital Stock for purposes of this Section 4.10. 
  
 SECTION 4.11. Limitation on Sales of Assets. 
  
 (a) The Company shall not, and shall not cause or permit any Restricted
Subsidiary to, directly or indirectly, make any Asset Sale, unless: 
  
 (1) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets sold or otherwise disposed of (as
determined by the Company’s Board of Directors (or a committee thereof) and evidenced by a Board Resolution), and 
  
 (2) at least 75% of such consideration consists of (A) cash or Cash Equivalents, (B) properties and capital assets to be used in a Related
Business, (C) Capital Stock in a Person engaged in a Related Business that will become a Restricted Subsidiary as a result of such Asset Sale or (D) a combination of cash, Cash Equivalents and such assets. 
  
 The 75% limitation in clause (a)(2) above will not apply to any Asset Sale in
which the cash or Cash Equivalents received therefrom, determined in accordance with Section 4.11(b), are equal to or greater than the after-tax cash and Cash Equivalents that would have been received therefrom had such provision applied.

  
 (b) The amount of any (1) balance sheet liabilities (other
than any Pari Passu Debt or Subordinated Indebtedness) of the Company or any Restricted Subsidiary that is actually assumed by the transferee in such Asset Sale and from which the Company and the Restricted Subsidiaries are fully and unconditionally
released shall be deemed to be cash for purposes of determining the percentage of the consideration received by the Company or the Restricted Subsidiaries in cash or Cash Equivalents and (2) notes, securities or other similar obligations received by
the Company or the Restricted Subsidiaries from such transferee that are immediately converted, sold or exchanged (or are converted, sold or exchanged within ninety 90 days of the related Asset Sale) by the Company or the Restricted Subsidiaries
into cash or Cash Equivalents or other assets of the type referred to in clause (2)(B) or (C) above shall be deemed to be cash, in an amount equal to the net cash proceeds or the Fair Market Value of the Cash Equivalents or other assets of the type
referred to in clause (2)(B) or (C) above realized upon such conversion, sale or exchange for purposes of determining the percentage of the consideration received by the Company or the Restricted Subsidiaries in cash or Cash Equivalents. 

 
 (c) If at any time any non-cash consideration received by the Company or
any Restricted Subsidiary, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then such conversion or
disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof shall be applied in accordance with the provisions of this Section 4.11. 
  

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 (d) If a Restricted Subsidiary engages in an Asset Sale, such Restricted Subsidiary may apply an amount
equal to the Net Cash Proceeds of such Asset Sale within 395 days of receipt thereof to: 
  
 (1) repay Indebtedness; or 
  
 (2) make an investment in or expenditures for properties or capital assets to be used in a Related Business or make an Investment in any
Person engaged in a Related Business that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary. 
  
 (e) Any of the Net Cash Proceeds of any Asset Sale are not applied within 395 days of such Asset Sale as described in Section 4.11(d) (1) or (2) used to
make the Net Proceeds Offer or permitted to be so applied (but, in the case of Net Cash Proceeds of an Asset Sale by a Restricted Subsidiary, only to the extent and whenever permitted by the applicable debt instruments of the Restricted Subsidiaries
to be distributed to the Company) (will constitute “Unutilized Net Cash Proceeds”). Whenever Unutilized Net Cash Proceeds equals or exceeds $10.0 million, the Company shall make an offer to purchase (a “Net Proceeds
Offer”) all outstanding Notes and Pari Passu Debt that is subject to provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem such Pari Passu Debt with the proceeds from the sale of assets on a
pro rata basis up to an aggregate maximum Accreted Value or principal amount of Notes and such Pari Passu Debt, as applicable, equal to such Unutilized Net Cash Proceeds, at a purchase price in cash equal to 100% of the Accreted Value thereof
as of date of purchase, plus accrued and unpaid interest thereon, if any, to the purchase date thereof, or redemption. A Net Proceeds Offer may be deferred until there are aggregate Unutilized Net Cash Proceeds equal to or in excess of $10.0
million, at which time the entire amount of such Unutilized Net Cash Proceeds, and not just the amount in excess of $10.0 million, shall be applied as required pursuant to this Section 4.11(e). 
  
 The Company shall mail a notice of a Net Proceeds Offer by first-class mail,
postage prepaid, to the record Holders as shown on the register of Holders within 20 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, containing all instructions and materials necessary to enable such Holders to tender
Notes pursuant to the Net Proceeds Offer and shall state the following terms: 
  
 (1) that the Net Proceeds Offer is being made pursuant to this Section 4.11, that all Notes tendered will be accepted for payment; provided, however, that if the aggregate principal amount of Notes and
Pari Passu Debt tendered in a Net Proceeds Offer plus accrued interest at the expiration of such offer exceeds the aggregate amount of the Net Proceeds Offer, the Company shall select on a pro rata basis, the Notes and Pari Passu Debt to be
purchased (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, as applicable, or multiples thereof shall be purchased) and that the Net Proceeds Offer shall remain open for a period of 20
business days or such longer periods as may be required by law; 
  
 (2) the offer price (including the amount of accrued interest) and the Net Proceeds Offer date of payment (“Net Proceeds Offer Payment Date”) (which shall be not less than 30 nor more than 45 days
following the applicable Net Proceeds Offer Trigger Date and which shall be at least five business days after the Trustee receives notice thereof from the Company); 
  
 (3) that any Note not tendered will continue to accrue interest; 
  
 (4) that, unless the Company defaults in making payment
therefor, any Note accepted for payment pursuant to the Net Proceeds Offer shall cease to accrete Accreted Value or cease to accrue interest, as the case may be, after the Net Proceeds Offer Payment Date; 
  

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 (5) that Holders electing to have a Note purchased pursuant to a Net Proceeds Offer will
be required to surrender such Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the business
day prior to the Net Proceeds Offer Payment Date; 
  
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the second business day prior to the Net Proceeds Offer Payment Date, a facsimile transmission or letter setting forth the name of
such Holder, the principal amount at maturity of the Notes such Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; and 
  
 (7) that Holders whose Notes are purchased only in part will
be issued new Notes in a principal amount at maturity equal to the unpurchased portion of the Note surrendered; provided, however, that each Note purchased and each new Note issued shall be in an original principal amount at maturity
of $1,000 or integral multiples thereof. 
  
 On or before the Net
Proceeds Offer Payment Date, the Company shall (a) accept for payment Notes or portions thereof (in integral multiples of $1,000) validly tendered pursuant to the Net Proceeds Offer, (b) deposit with the Paying Agent, in accordance with Section
2.14, U.S. Dollars sufficient to pay the purchase price plus accrued and unpaid interest, if any, of all Notes to be purchased and (c) deliver to the Trustee the Notes so accepted together with an Officers’ Certificate stating the Notes or
portions thereof being purchased by the Company. Upon receipt by the Paying Agent of the monies specified in clause (b) above and a copy of the Officers’ Certificate specified in clause (c) above, the Paying Agent shall promptly mail to the
Holders of Notes so accepted payment in an amount equal to the purchase price plus accrued and unpaid interest, if any, out of the funds deposited with the Paying Agent in accordance with the preceding sentence. The Trustee shall promptly
authenticate and mail to such Holders new Notes equal in principal amount at maturity to any unpurchased portion of the Notes surrendered. Upon the payment of the purchase price for the Notes accepted for purchase, the Trustee shall return the Notes
purchased to the Company for cancellation. Any monies remaining after the purchase of Notes pursuant to a Net Proceeds Offer shall be returned within three business days by the Trustee to the Company except with respect to monies owed as obligations
to the Trustee pursuant to Article Seven. For purposes of this Section 4.11, the Trustee shall act as the Paying Agent. 
  
 (f) With respect to any Net Proceeds Offer effected pursuant to this Section 4.11, among the Notes and the Pari Passu Debt that is subject to provisions
similar to those set forth in this Indenture with respect to offers to purchase or redeem such Pari Passu Debt with the proceeds from the sale of assets, to the extent the aggregate Accreted Value or principal amount, as applicable, of Notes and
such Pari Passu Debt tendered pursuant to such Net Proceeds Offer exceeds the Unutilized Net Cash Proceeds to be applied to the repurchase or redemption thereof, such Notes and such Pari Passu Debt shall be purchased or redeemed pro rata
based on the aggregate applicable Accreted Value or principal amount, as applicable, of such Notes and such Pari Passu Debt tendered by each holder thereof. To the extent the Unutilized Net Cash Proceeds exceed the aggregate Accreted Value or
principal amount, as applicable, of Notes and Pari Passu Debt tendered by the holders thereof pursuant to such Net Proceeds Offer (such excess constituting an “Excess”), the Company may retain and utilize such Excess for any general
corporate purposes. Upon the completion of a Net Proceeds Offer, the amount of Unutilized Net Cash Proceeds shall be reset to zero. 
  
 (g) If the Company makes a Net Proceeds Offer, the Company will comply with all applicable tender offer laws and regulations, including, to the extent
applicable, Section 14(e) and Rule 14e-1 under the Exchange Act, and any other applicable federal or state securities laws and regulations 

  

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and any applicable requirements of any securities exchange on which the Notes are listed, and any violation of the provisions of this Section 4.11 relating
to such Net Proceeds Offer occurring as a result of such compliance shall not be deemed an Event of Default or an event that, with the passing of time or giving of notice, or both, would constitute an Event of Default. 
  
 (h) Each Holder shall be entitled to tender all or a portion of the Notes
owned by such Holder pursuant to the Net Proceeds Offer, subject to the requirement that any portion of a Note tendered must be tendered in an integral multiple of $1,000 principal amount at maturity and subject to any proration among tendering
Holders as described above. 
  
 SECTION 4.12. Limitation on Dividend and Other
Payment Restrictions Affecting Subsidiaries. 
  
 The Company
shall not, and shall not cause or permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:
(1) pay dividends or make any other distributions to the Company or any other Restricted Subsidiary on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the
Company or any other Restricted Subsidiary, (2) make loans or advances to, or guarantee any Indebtedness or other obligations of, the Company or any other Restricted Subsidiary or (3) transfer any of its properties or assets to the Company or any
other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of: 
  
 (a) the Senior Credit Agreement, the Opco Indenture or any other agreement of the Company or any of the Restricted Subsidiaries outstanding on the Issue
Date, in each case as in effect on the Issue Date, and any amendments, restatements, renewals, replacements or refinancings thereof; provided, however, that any such amendment, restatement, renewal, replacement or refinancing is
no more restrictive in the aggregate with respect to such encumbrances or restrictions than those contained in the agreement being amended, restated, renewed, replaced or refinanced; 
  
 (b) any instrument of an Acquired Person acquired by the Company or any Restricted Subsidiary as in effect at the time of
such acquisition (except to the extent such instrument was entered into by such Acquired Person in connection with, as a result of or in contemplation of such acquisition); provided, however, that such encumbrances and restrictions are
not applicable to the Company or any Restricted Subsidiary or the properties or assets of the Company or any Restricted Subsidiary other than the Acquired Person or the property or assets of the Acquired Person; 
  
 (c) customary non-assignment provisions in leases, licenses or contracts;

  
 (d) Purchase Money Indebtedness and Capital Lease Obligations
for assets acquired in the ordinary course of business that only impose encumbrances and restrictions on the assets so acquired or subject to lease; 
  
 (e) any agreement for the sale or disposition of the Capital Stock or assets of any Restricted Subsidiary; provided, however, that such
encumbrances and restrictions described in this clause (e) are only applicable to such Restricted Subsidiary or assets, as applicable, and any such sale or disposition is made in compliance with Section 4.11, to the extent applicable thereto;

  
 (f) refinancing Indebtedness permitted under Section
4.10(b)(9); provided, however, that such encumbrances and restrictions contained in the agreements governing such Indebtedness are no more restrictive in the aggregate than those contained in the agreements governing the Indebtedness being
refinanced immediately prior to such refinancing; 
  

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 (g) this Indenture; 
  
 (h) any restriction contained in any security agreement or mortgage securing Indebtedness of the Company or any Restricted
Subsidiary to the extent such restriction restricts the transfer of the property subject to such security agreement or mortgage; 
  
 (i) customary restrictions imposed by the terms of shareholders’, partnership or joint venture agreements entered into in the ordinary course of
business; provided, however, that such restrictions do not apply to any Person other than the applicable company, partnership or joint venture; 
  
 (j) applicable law, rule, regulation or order; 
  
 (k) restrictions on cash or deposits imposed under contracts entered into in the ordinary course of business; and 
  
 (l) restrictions in other Indebtedness of Restricted Subsidiaries permitted
to be incurred pursuant to an agreement entered into subsequent to the Issue Date in accordance with Section 4.10; provided that either (A) the provisions relating to such encumbrance or restriction contained in such Indebtedness are no less
favorable to the Company, taken as a whole, as determined by the Board of Directors of the Company in good faith than the provisions contained in the Senior Credit Agreement or in the Opco Indenture, in each case, as in effect on the Issue Date or
(B) any encumbrance or restriction contained in such Indebtedness does not prohibit (except upon a default or event of default thereunder) the payment of dividends in an amount sufficient, as determined by the Board of Directors of the Company in
good faith, to make scheduled payments of cash interest on the Notes when due. 
  
 SECTION 4.13. Limitation on Transactions with Affiliates. 
  
 (a) The Company shall not, and shall not cause or permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into, renew, amend or conduct any transaction or series of related
transactions (including the purchase, sale, lease or exchange of any assets or the rendering of any service) with or for the benefit of any of their respective Affiliates (each, an “Affiliate Transaction”), unless:

  
 (1) such Affiliate Transaction, taken as a
whole, is on terms which are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than would be available in a comparable transaction on an arm’s-length basis with an unaffiliated third party; 
  
 (2) if such Affiliate Transaction or series of related
Affiliate Transactions involves aggregate payments or other consideration having a Fair Market Value in excess of $5.0 million, such Affiliate Transaction is in writing and a majority of the disinterested members of the Board of Directors of the
Company shall have approved such Affiliate Transaction and determined that such Affiliate Transaction complies with the foregoing provisions, or, in the event that there are no disinterested directors, the Trustee has received a written opinion from
an Independent Financial Advisor stating that the terms of such Affiliate Transaction are fair, from a financial point of view, to the Company or the Restricted Subsidiary involved in such Affiliate Transaction, as the case may be; and 

 
 (3) if such Affiliate Transaction or series of related
Affiliate Transactions involves aggregate payments or other consideration having a Fair Market Value in excess of $15.0 million, such Affiliate Transaction is in writing and the Trustee has received a written opinion from an Independent Financial
Advisor stating that the terms of such Affiliate Transaction are fair, from a 

  

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financial point of view, to the Company or the Restricted Subsidiary involved in such Affiliate Transaction, as the case may be. 
  
 (b) Notwithstanding the foregoing, the restrictions set forth in this Section
4.13 shall not apply to: 
  
 (1) transactions
with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries; 
  
 (2) any Permitted Investment and any Restricted Payment or other payment or Investment permitted to be made pursuant to Section 4.09;

  
 (3) any issuance of Qualified Capital Stock
of the Company, or other payments, awards or grants in cash, Qualified Capital Stock of the Company or otherwise, pursuant to employment arrangements or stock option plans for the benefit of employees, officers, directors, and consultants who are
not otherwise Affiliates of the Company and made in the ordinary course of business; 
  
 (4) advances to officers, directors, employees and consultants who are not otherwise Affiliates of the Company made in the ordinary course
of business and in an amount not to exceed $1.0 million in any calendar year; 
  
 (5) the payment of reasonable directors’ fees, indemnification and similar arrangements, consulting fees, employee salaries, bonuses or employment agreements, compensation or employee benefit arrangements and
incentive arrangements with any officer, director or employee of the Company or any Restricted Subsidiary entered into in the ordinary course of business (including reasonable benefits thereunder); 
  
 (6) issuances and sales of Qualified Capital Stock of the
Company or the receipt of the proceeds of capital contributions in respect of Qualified Capital Stock (including from the proceeds of any Future ABRY Subordinated Indebtedness); 
  
 (7) a provision or purchase of goods or services in the ordinary course of business; and 
  
 (8) any transactions undertaken pursuant to any contractual
obligations in existence on the Issue Date (or on the Closing Date and entered into in connection with the Transactions), as the same may be amended, modified or replaced from time to time so long as such amendment, modification or replacement is no
less favorable to the Company and the Restricted Subsidiaries in any material respect. 
  
 SECTION 4.14. Limitation on Designations of Unrestricted Subsidiaries. 
  
 The Company may designate after the Issue Date any Subsidiary of the Company as an “Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
  
 (a) no Default or Event of Default shall have occurred and be continuing
after giving effect to such Designation; and 
  
 (b) the Company
would be permitted to make an Investment (other than a Permitted Investment but not other than Permitted Investments referred to in clause (5) or (6) in the definition 

  

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thereof) at the time of Designation (assuming the effectiveness of such Designation) pursuant to Section 4.9 in an amount of the Designation Amount.

  
 All Subsidiaries of Unrestricted Subsidiaries shall be
automatically deemed to be Unrestricted Subsidiaries. 
  
 The
Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) if: 
  
 (a) no Default or Event of Default shall have occurred and be continuing after giving effect to such Revocation; and 
  
 (b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding
immediately following such Revocation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture. 
  
 All Designations and Revocations must be evidenced by filing by the Company with the Trustee of Board Resolutions and an Officers’ Certificate
certifying compliance with the foregoing provisions. 
  
 SECTION 4.15.
Limitation on Liens. 
  
 The Company shall not, and shall
not cause or permit any Restricted Subsidiary to, directly or indirectly, Incur or suffer to exist any Liens (other than Permitted Liens) against or upon any of their respective properties or assets now owned or hereafter acquired, or any proceeds
therefrom or any income or profits therefrom, in each case to secure any Indebtedness unless contemporaneously therewith: 
  
 (a) in the case of any Lien securing an obligation that ranks pari passu with the Notes, effective provision is made to secure the Notes at least
equally and ratably with or prior to such obligation with a Lien on the same collateral; and 
  
 (b) in the case of any Lien securing an obligation that is subordinated in right of payment to the Notes, effective provision is made to secure the Notes with a Lien on the same collateral that is prior to the Lien
securing such subordinated obligation, 
  
 in each case, for so long as such
obligation is secured by such Lien. 
  
 SECTION 4.16. Limitation on Line of
Business. 
  
 The Company will not hold any assets, become
liable for any obligations, engage in any trade or business, or conduct any business activity, other than (1) its ownership of the Capital Stock of Language Line, (2) the Incurrence of Indebtedness to the extent permitted to be Incurred by this
Indenture, (3) issuances of its Capital Stock and (4) activities and assets reasonably related to the foregoing. The Company shall at all times directly own 100% of the Capital Stock of Language Line. The Company will not cause or permit any
Restricted Subsidiary to, enter into or engage in any business in any material respect, except for a Related Business. 
  

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 SECTION 4.17. Intentionally Omitted. 
  
 SECTION 4.18. Provision of Financial Information. 
  
 Whether or not required by the SEC, so long as any Notes are outstanding, the Company will furnish to the Holders within the
time periods specified in the SEC’s rules and regulations for reporting companies under Section 13 or 15(d) of the Exchange Act (provided that the first report on a fiscal quarter may be delivered 60 days after the end of the first fiscal
quarter that ends after the Closing Date): 
  
 (a) all annual and
quarterly financial information that would be required to be contained in a filing with the SEC on Forms 10-K and 10-Q if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s independent public accountants; and 
  
 (b) all current reports that would be required to be filed with the SEC on
Form 8-K if the Company were required to file such reports. 
  
 In
addition, following the consummation of the exchange offer contemplated by the Registration Rights Agreement, whether or not required by the SEC, the Company shall file a copy of all of the information and reports referred to in the second preceding
paragraph with the SEC for public availability (unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. The Company shall also furnish to Holders, securities
analysts and prospective investors upon request the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 
  
 SECTION 4.19. Additional Interest Notice. 
  
 In the event that the Company is required to pay Additional Interest to a
Holder of a Note pursuant to the Registration Rights Agreement, the Company will provide written notice (“Additional Interest Notice”) to the Trustee of its obligation to pay Additional Interest no later than fifteen days prior to
the proposed payment date for the Additional Interest, and the Additional Interest Notice shall set forth the amount of Additional Interest to be paid by the Company on such payment date. The Trustee shall not at any time be under any duty or
responsibility to any Holder of a Note to determine the Additional Interest, or with respect to the nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of the
Additional Interest. 
  
 SECTION 4.20. Original Issue Discount. 

 
 The Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding securities as of the end of such year and (ii) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. The Trustee shall not at any time be under any duty or responsibility to any Holder of a Note or to any other Person to deliver
any information regarding original issue discount amounts or rates. 
  

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 ARTICLE FIVE 
  
 SUCCESSOR CORPORATION 
  
 SECTION 5.01. Merger, Consolidation and Sale of Assets. 
  
 (a) The Company shall not consolidate with or merge with or into (whether or not the Company is the Surviving Person) any other entity and the Company
shall not, and shall not cause or permit any Restricted Subsidiary to, sell, convey, assign, transfer, lease or otherwise dispose of all or substantially all of the Company’s and the Restricted Subsidiaries’ properties and assets
(determined on a consolidated basis for the Company and the Restricted Subsidiaries) to any Person in a single transaction or series of related transactions, unless: 
  
 (1) either (A) the Company shall be the Surviving Person or (B) the Surviving Person (if other than the
Company) shall be a corporation or limited liability company organized and validly existing under the laws of the United States of America or any State thereof or the District of Columbia, and shall, in any such case, expressly assume by a
supplemental indenture, the due and punctual payment of the principal of, premium, if any, and interest on all the Notes and the performance and observance of every covenant of this Indenture and the Registration Rights Agreement to be performed or
observed on the part of the Company; . 
  
 (2)
immediately thereafter, on & pro forma basis after giving effect to such transaction (and treating any Indebtedness not previously an obligation of the Company or any Restricted Subsidiary in connection with or as a result of such
transaction as having been Incurred at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; 
  
 (3) immediately after giving effect to any such transaction including the Incurrence by the Company or any Restricted Subsidiary, directly
or indirectly, of additional Indebtedness (and treating any Indebtedness not previously an obligation of the Company or any Restricted Subsidiary in connection with or as a result of such transaction as having been Incurred at the time of such
transaction), either (a) the Surviving Person could Incur, on & pro forma basis after giving effect to such transaction, at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) under the Consolidated Leverage Ratio
under Section 4.10 or (b) the Consolidated Leverage Ratio would be lower than it is prior to giving effect to such transaction; and 
  
 (4) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
  
 Notwithstanding Section 5.01(a)(3), (1) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to
the Company or another Restricted Subsidiary and (2) the Company may merge with an Affiliate that has no significant assets or liabilities and was formed solely for the purpose of changing the Company’s jurisdiction of organization to another
state of the United States, provided that the surviving entity assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, the Company’s obligations under this Indenture and the Registration Rights Agreement.

  
 For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all the properties and assets of one or 

  

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more Restricted Subsidiaries the Capital Stock of which constitute all or substantially all the properties and assets of the Company shall be deemed to be
the transfer of all or substantially all the properties and assets of the Company. 
  
 (b) In connection with any consolidation, merger, transfer, lease or other disposition contemplated hereby, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, transfer, lease or other disposition and the supplemental indenture in respect thereof comply with the requirements
under this Indenture. 
  
 SECTION 5.02. Successor Person Substituted.

  
 Upon any consolidation or merger of the Company or any
transfer of all or substantially all of the assets of the Company in accordance with the foregoing in which the Company is not the Surviving Person, the Surviving Person shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture, the Notes and the Registration Rights Agreement with the same effect as if such successor corporation had been named as the Company therein; and thereafter except in the case of (a) a lease or (b) any
sale, assignment, conveyance, transfer or other disposition to a Restricted Subsidiary of the Company, the Company shall be discharged from all obligations and covenants under this Indenture, the Notes and the Registration Rights Agreement.

  
 For all purposes of this Indenture and the Notes (including
the provision of this Section 5.02 and Sections 4.09,4.10, and 4.15), Subsidiaries of any Surviving Person shall, upon such transaction or series of related transactions, become Restricted Subsidiaries unless and until designated as Unrestricted
Subsidiaries pursuant to and in accordance with the terms of this Indenture and all Indebtedness, and all Liens on property or assets, of the Company and the Restricted Subsidiaries in existence immediately prior to such transaction or series of
related transactions will be deemed to have been Incurred upon such transaction or series of related transactions. 
  
 ARTICLE SIX 
  
 DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default.

  
 “Event of Default” is defined for all
purposes of this Indenture and with respect to the Notes as any one of the following events (whatever the reason for such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (1) failure to pay principal of (or premium, if any, on) any Note when due and payable, whether at its Stated Maturity, upon optional
redemption, upon required repurchase, upon acceleration or otherwise; 
  
 (2) failure to pay any interest on any Note when due and payable, and such failure continues for 30 days or more; 
  

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 (3) failure to perform or comply with (i) any of the provisions described in Sections
4.08 for 30 days or more or (ii) any of the provisions described under Section 5.01 for 30 days or more; 
  
 (4) failure to perform any other covenant, warranty or agreement under this Indenture, in the Notes (other than those defaults specified
in clause (1), (2) or (3) above) which has continued for 60 days or more after written notice to the Company by the Trustee or to the Trustee and the Company by Holders of at least 25% in aggregate principal amount at maturity of the then
outstanding Notes; 
  
 (5) a default or defaults
under the terms of one or more instruments evidencing or securing Indebtedness of the Company or any of its Restricted Subsidiaries having an outstanding principal amount of greater than $15.0 million individually or in the aggregate (A) that have
resulted in the acceleration of the payment of such Indebtedness, or (B) by the Company or any of its Restricted Subsidiaries in the payment of principal when due at the final Stated Maturity of any such Indebtedness; 
  
 (6) the rendering of a final judgment (not subject to appeal
and not covered by insurance) against the Company or any of its Restricted Subsidiaries in an amount greater than $15.0 million which remain unpaid, undischarged or unstayed for a period of 60 days after the date on which the right to appeal has
expired; or 
  
 (7) a court having jurisdiction
in the premises enters (x) a decree or order for relief in respect of the Company or any of its Significant Subsidiaries in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other
similar law or (y) a decree or order adjudging the Company or any of its Significant Subsidiaries a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of
the Company or any of its Significant Subsidiaries under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Significant
Subsidiaries or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period 90
consecutive days; or 
  
 (8) (a) the Company or
any of its Significant Subsidiaries commences a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or any other case or proceeding to be adjudicated a bankrupt or insolvent;
or 
  
 (b) the Company or any of its Significant
Subsidiaries consents to the entry of a decree or order for relief in respect of the Company or any of its Significant Subsidiaries in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any of its Significant Subsidiaries; or 
  
 (c) the Company or any of its Significant Subsidiaries files a petition or answer or consent seeking reorganization or relief under any
applicable federal or state law; or 
  
 (d) the
Company or any of its Significant Subsidiaries consents to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, 

  

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trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or of any substantial part of their property; 
  
 (e) the Company or any of its Significant Subsidiaries makes
an assignment for the benefit of creditors; or 
  
 (f) the Company or any of its Significant Subsidiaries admits in writing its inability to pay its debts generally as they become due; or 
  
 (g) the Company or any of its Significant Subsidiaries takes corporate action in furtherance of any such action. 
  
 In the event of a declaration of acceleration of the Notes because an Event
of Default has occurred and is continuing as a result of the acceleration of any Indebtedness described in clause (5) of this Section 6.01, the declaration of acceleration of the Notes shall be automatically annulled if the holders of any
Indebtedness described in clause (5) of this Section 6.01 have rescinded the declaration of acceleration in respect of the Indebtedness within 30 days of the date of the declaration and if all other existing Events of Default, except nonpayment of
principal or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 
  
 SECTION 6.02. Acceleration of Maturity; Rescission. 
  
 If an Event of Default with respect to the Notes (other than an Event of Default with respect to the Company described in clause (7) or (8) of Section
6.01) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the outstanding Notes, by notice in writing to the Trustee and the Company, may declare then Accreted Value of (and premium, if
any) and accrued and unpaid interest, if any, to the date of acceleration on all the outstanding Notes to be due and payable immediately and, upon any such declaration, such Accreted Value of (and premium, if any) and accrued and unpaid interest, if
any, notwithstanding anything contained in this Indenture or the Notes to the contrary will become immediately due and payable. If an Event or Default specified in clause (7) or (8) of Section 6.01 with respect to the Company, the then Accreted
Value (and premium and accrued and unpaid interest, if any) of the Notes will automatically become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. 
  
 At any time after a declaration of acceleration with respect to the Notes as
described in the preceding paragraph, the Holders of a majority in principal amount at maturity of the Notes, on behalf of all Holders of Notes, may rescind and cancel such declaration and its consequences (a) if the rescission would not conflict
with any judgment or decree, (b) if all existing Events of Default with respect to Notes have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration, (c) to the extent the payment of
such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (d) if the Company has paid the Trustee its reasonable compensation
and reimbursed the Trustee for its expenses, disbursements and advances, and (e) in the event of the cure or waiver of an Event of Default of the type described in clause (7) or (8) of Section 6.01, the Trustee has received an Officers’
Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
  
 No such rescission will affect any subsequent Default or impair any right consequent thereto. 
  

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 SECTION 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in
equity to collect the payment of Accreted Value of, or premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture and may take any necessary action requested of it as Trustee to settle,
compromise, adjust or otherwise conclude any proceedings to which it is a party. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Noteholder in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. Any costs associated
with actions taken by the Trustee under this Section 6.03 shall be reimbursed to the Trustee by the Company. 
  
 SECTION 6.04. Waiver of Past Defaults and Events of Default. 
  
 Provided the Notes are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount at maturity of
Notes at the time outstanding may on behalf of the Holders of all the Notes waive any past Default with respect to such Notes and its consequences (including any such waiver obtained in connection with a tender offer or exchange offer for the Notes)
by providing written notice thereof to the Company and the Trustee, except a Default (1) in the payment of interest on or the Accreted Value of (or premium on) any Note, includes such Default arising from failure to purchase any Notes tendered
pursuant to a Change of Control Offer or a Net Proceeds Offer or (2) in respect of a covenant or provision hereof which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. In the
case of any such waiver, the Company, the Trustee and the Holders of the Notes will be restored to their former positions and rights under this Indenture, respectively; provided, that no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto. 
  
 SECTION 6.05. Control
by Majority. 
  
 The Holders of a majority in principal amount
at maturity of Notes then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any power or trust conferred upon the Trustee under this Indenture with respect to the
Notes; provided, however, that subject to the provisions of this Indenture, the Trustee shall have the right to decline to follow any such direction if the Trustee, advised by counsel, determines that the action or proceeding so
directed may not lawfully be taken or if the Trustee in good faith shall by responsible officers determine that the action or proceeding so directed would involve the Trustee in liability or that the Trustee is not satisfactorily indemnified from
the costs thereof. 
  
 SECTION 6.06. Limitation on Suits. 
  
 No Holder of any Note will have any right to institute any proceeding with
respect to this Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default thereunder and unless the Holders of at least 25% of the aggregate principal amount
at maturity of the outstanding Notes shall have made written request, and offered the Trustee indemnity reasonably satisfactory to it to institute such proceeding as the Trustee, and the Trustee shall have not have received from the Holders of a
majority in aggregate principal amount at maturity of such outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days. However, such limitations do not apply to a suit instituted by
a 

  

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Holder of such a Note for enforcement of payment of the Accreted Value of and premium, if any, or interest on such Note on or after the respective due dates
expressed in such Note. 
  
 A Noteholder may not use this
Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Noteholders). 
  
 SECTION 6.07. No Personal
Liability of Directors, Officers, Employees and Stockholders. 
  
 No director, officer, employee, incorporator or stockholder of the Company or any of its Affiliates, as such, shall have any liability for any obligations of the Company or any of its Affiliates under the Notes or this Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

  
 SECTION 6.08. Rights of Holders To Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of Accreted Value of and interest on the Note on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, may not be
impaired or affected without the consent of the Holder. 
  
 SECTION 6.09.
Collection Suit by Trustee. 
  
 If an Event of Default in
payment of principal, premium or interest specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the
Notes) for the whole amount of unpaid Accreted Value and accrued interest remaining unpaid, together with interest on overdue Accreted Value and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in
each case at the rate set forth in the Notes, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
  
 SECTION 6.10. Trustee May File Proofs of Claim. 
  
 The Trustee may file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof) and the Noteholders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings and any custodian in
any such judicial proceeding is hereby authorized by each Noteholder 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 Noteholders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. 
  

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 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Noteholder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any
such proceedings. 
  
 SECTION 6.11. Priorities. 
  
 If the Trustee collects any money pursuant to this Article Six, it shall pay
out the money in the following order: 
  
 FIRST:
to the Trustee for amounts due under Section 7.07 hereof; 
  
 SECOND: to Noteholders for amounts due and unpaid on the Notes for Accreted Value, premium, if any, and interest (including Additional Interest, if any) as to each, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes; and 
  
 THIRD: to the Company. 
  
 The
Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.11. 
  
 SECTION 6.12. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit by the Trustee, a suit by a Noteholder pursuant to Section 6.08 hereof or a suit by Noteholders of more than 10% in
principal amount at maturity of the Notes then outstanding. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. 
  
 (a) If an Event of Default actually known to a Responsible Officer of the
Trustee has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the same
circumstances in the conduct of his or her own affairs. 
  
 The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
  

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 (b) Except during the continuance of an Event of Default: 
  
 (1) The Trustee need perform only those duties that are
specifically set forth in this Indenture and no others. 
  
 (2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture 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 on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 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, conclusively rely upon an Officers’ Certificate, subject to the requirement in the preceding sentence, if applicable. 
  
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (1) This paragraph does not limit the
effect of paragraph (b) of this Section 7.01. 
  
 (2) The Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
  
 (3) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to the terms hereof. 
  
 (4) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability in the performance of any of its rights, powers or duties if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity reasonably satisfactory to it against such risk or liability is not reasonably assured to it. 
  
 (d) Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (e) of this Section 7.01 shall govern every
provision of this Indenture that in any way relates to the Trustee. 
  
 (e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the
Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
  
 (f) The Trustee shall not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law. 
  

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 SECTION 7.02. Rights of Trustee. 
  
 Subject to Section 7.01 hereof: 
  
 (1) The Trustee may conclusively rely on any document (whether in its original or facsimile form) reasonably believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (2) Before the Trustee acts or refrains from acting, it shall require an Officers’ Certificate or an Opinion of Counsel, or both,
which shall conform to the provisions of Section 10.05 hereof. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 
  
 (3) The Trustee may act through its attorneys, agents,
accountants, experts and such other professionals as the Trustee deems necessary, advisable or appropriate, and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care. 
  
 (4) The Trustee shall not be liable for any action it takes
or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers; provided that the Trustee’s conduct does not constitute gross negligence or bad faith. 
  
 (5) The Trustee may consult with counsel of its selection,
and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice
or opinion of such counsel. 
  
 (6) The rights,
privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other person employed to act hereunder. 
  
 (7) 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 Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. 
  
 (8) The Trustee may
request that the Company deliver a certificate in the form of Exhibit G setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be
signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 (9) 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. 
  

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 SECTION 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may make loans to, accept
deposits from, perform services for or otherwise deal with the Company, or any Affiliates thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to
Sections 7.10 and 7.11 hereof. 
  
 The Trustee is permitted to
engage in other transactions with the Company or an Affiliate of the Company; provided, however, that if it acquires any conflicting interest, it must eliminate such conflict or resign. 
  
 SECTION 7.04. Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the sale of Notes or any money paid to the Company pursuant to the terms of this Indenture and it shall not be
responsible for any statement in the Notes or this Indenture other than its certificate of authentication. 
  
 SECTION 7.05. Notice of Defaults. 
  
 The Trustee shall, within 45 days after the occurrence of any Default or Event of Default with respect to the Notes outstanding, give the Holders of the Notes notice of all uncured Defaults or Events of Default
thereunder known to it. Except in the case of a Default or an Event of Default in payment with respect to the Notes or a Default or Event of Default in complying with Section 5.01, the Trustee may withhold such notice if and so long as it determines
that the withholding of such notice is in the interest of the Holders of the Notes. 
  
 SECTION 7.06. Reports by Trustee to Holders. 
  
 If required by TIA § 313(a), within 60 days after November 15 of any year, commencing 2004 the Trustee shall mail to each Noteholder a brief report dated as of such date that complies with TIA § 313(a). The Trustee also shall
comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c) and TIA § 313(d). 
  
 Reports pursuant to this Section 7.06 shall be transmitted by mail: 
  
 (1) to all Holders of Notes, as the names and addresses of such Holders appear on the Registrar’s
books; and 
  
 (2) to such Holders of Notes as
have, within the two years preceding such transmission, filed their names and addresses with the Trustee for that purpose. 
  
 A copy of each report at the time of its mailing to Noteholders shall be filed with the SEC and each stock exchange on which the Notes are listed. The
Company shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange or delisted therefrom. 
  
 SECTION 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee and Agents from time to time such compensation as the Trustee and the Company shall agree in writing for its services
hereunder (which compensation 

  

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shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee and
Agents upon request for all reasonable disbursements, expenses and advances incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel. 
  
 The Company, jointly and severally, shall fully
indemnify each of the Trustee and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim, liability or expense, including without limitation taxes (other than taxes based on the income of the Trustee or
such Agent) and reasonable attorneys’ fees and expenses incurred by each of them in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (including, without limitation, settlement costs). The Trustee or Agent shall notify the Company in writing promptly of any claim of which a
Responsible Officer of the Trustee has received written notice asserted against the Trustee or Agent for which it may seek indemnity; however, the failure by the Trustee or Agent to so notify the Company shall not relieve the Company of its
obligations hereunder except to the extent the Company is actually prejudiced thereby. 
  
 Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability determined by a court of competent jurisdiction to have been incurred by the
Trustee through its own negligence or bad faith. 
  
 To secure the
payment obligations of the Company in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee except such money or property held in trust to pay principal of and interest on
particular Notes. 
  
 The obligations of the Company under this
Section 7.07 to compensate and indemnify the Trustee, Agents and each predecessor Trustee and to pay or reimburse the Trustee, Agents and each predecessor Trustee for expenses, disbursements and advances shall be joint and several liabilities of the
Company and shall survive the resignation or removal of the Trustee and the satisfaction, discharge or other termination of this Indenture, including any termination or rejection hereof under any Bankruptcy Law. 
  
 When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 For purposes of this Section 7.07, the term “Trustee” shall include
any trustee appointed pursuant to this Article Seven. 
  
 SECTION 7.08.
Replacement of Trustee. 
  
 The Trustee may resign by so
notifying the Company in writing. The Holders of a majority in principal amount at maturity of the outstanding Notes may remove the Trustee by notifying the Company and the removed Trustee in writing and may appoint a successor Trustee with the
Company’s written consent, which consent shall not be unreasonably withheld. The Company may remove the Trustee at its election if: 
  
 (1) the Trustee fails to comply with Section 7.10 hereof; 
  
 (2) the Trustee is adjudged a bankrupt or an insolvent; 
  

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

  
 (4) the Trustee otherwise becomes incapable
of acting. 
  
 If the Trustee resigns or is removed or if a
vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. 
  
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount at maturity of the outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee fails to comply with Section 7.10 hereof, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery,
the retiring Trustee shall, subject to its rights under Section 7.07 hereof, transfer all property held by it as Trustee to the successor Trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Noteholder. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company
obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Consolidation, Merger, etc. 
  
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation or
national association, subject to Section 7.10 hereof, the successor corporation or national association without any further act shall be the successor Trustee; provided such entity shall be otherwise qualified and eligible under this Article
Seven. 
  
 SECTION 7.10. Eligibility; Disqualification. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA § 310(a)(l) and (2) in every respect. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in the most recent applicable published annual report of condition. The Trustee shall comply with TIA §
310(b), including the provision in § 310(b)(l). 
  
 SECTION 7.11.
Preferential Collection of Claims Against Company. 
  
 The
Trustee shall comply with TIA § 31 l(a), excluding any creditor relationship listed in TIA §311 (b). A Trustee who has resigned or been removed shall be subject to TIA § 311 (a) to the extent indicated therein. 
  
 SECTION 7.12. Paying Agents. 
  
 The Company shall cause each Paying Agent other than the Trustee to execute
and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12: 
  
 (1) that it will hold all sums held by it as agent for the payment of principal of, or premium, if any, or interest on, the Notes (whether
such sums have been paid to it by the Company or by any obligor on the Notes) in trust for the benefit of Holders of the Notes or the Trustee; 
  

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 (2) that it will at any time during the continuance of any Event of Default, upon writ
ten request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and 
  
 (3) that it will give the Trustee written notice within 3 Business Days of any failure of the Company (or by any obligor on the Notes) in
the payment of any installment of the principal of, premium, if any, or interest on, the Notes when the same shall be due and payable. 
  
 ARTICLE EIGHT 
  
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
  
 SECTION 8.01. Without Consent of Noteholders. 
  
 This Indenture may be amended by the Company and the Trustee, without the consent of any Holder, to: 
  
 (1) cure any ambiguity, defect or inconsistency in this Indenture or make any other change that would provide any additional benefits or
rights to the Holders or that does not adversely affect the rights of any Holder or make any other change necessary to make this Indenture consistent with the description thereof contained in the Offering Memorandum dated June 3, 2004 relating to
the offering of the Notes under the heading “Description of Notes”; 
  
 (2) comply with the provisions described in Section 5.01; 
  
 (3) comply with any requirements of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act;

  
 (4) evidence and provide for the acceptance
of appointment by a successor Trustee; or 
  
 (5)
provide for uncertificated Notes in addition to certificated Notes. 
  
 SECTION
8.02. With Consent of Noteholders. 
  
 Modifications and
amendments of this Indenture may be made by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount at maturity of the outstanding Notes (including consents obtained in connection with a tender offer
or exchange offer for the Notes); provided, however, that no such modification or amendment to this Indenture may, without the consent of the Holder of each Note affected thereby: 
  
 (1) change the maturity of the Accreted Value of or any
installment of interest on any such Note or alter the optional redemption or repurchase provisions of any such Note or this Indenture in a manner adverse to the Holders of the Notes; 
  

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 (2) reduce the Accreted Value of (or the premium on) any such Note; 
  
 (3) reduce the rate of or extend the time for payment of
interest on any such Note; 
  
 (4) reduce the
premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed as described in Article Three of this Indenture and paragraph 5 of the Note; 
  
 (5) change the currency of payment of Accreted Value of (or
premium on) or interest on any such Note; 
  
 (6)
modify the ranking or priority of any such Note (provided that neither the existence or lack of a security interest nor the priority thereof shall be deemed to affect the ranking or priority of any note); 
  
 (7) impair the right of the Holders of Notes to receive
payment of Accreted Value of and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to any such Note; 
  
 (8) reduce the percentage of the principal amount of
outstanding Notes necessary for amendment to or waiver of compliance with any provision of this Indenture or the Notes or for waiver of any Default or Event of Default in respect thereof; 
  
 (9) waive a default in the payment of principal of, interest
on, or redemption payment with respect to, the Notes (except a rescission of acceleration of the Notes by the Holders thereof as provided in this Indenture and a waiver of the payment default that resulted from such acceleration); 
  
 (10) following the consummation of a Change of Control or
the date the Company is required to make a Net Proceeds Offer, modify the provisions of any covenant (or the related definitions) in this Indenture requiring the Company to make the relevant Change of Control Offer or Net Proceeds Offer in a manner
materially adverse to the Holders of Notes affected thereby; 
  
 (11) make any change in the amendment or waiver provisions of this Indenture; 
  
 (12) change the method of calculation of Accreted Value. 
  
 It shall not be necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under Section 8.01 or this Section 8.02 becomes effective, the Company shall mail to the Holders a notice briefly
describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 
  
 Upon the written request of the Company accompanied by a board resolution
authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Noteholders as aforesaid and upon receipt by the Trustee of the documents
described in Section 8.06 hereof, the Trustee shall join with the Company in the 

  

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execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture,
in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture. 
  
 SECTION 8.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 
  
 SECTION 8.04. Revocation and Effect of Consents. 
  
 Until an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Note is a continuing consent conclusive and
binding upon such Holder and every subsequent Holder of the same Note or portion thereof, and of any Note issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Note. Any
such Holder or subsequent Holder, however, may revoke the consent as to his Note or portion of a Note, if the Trustee receives the written notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

  
 The Company may, but shall not be obligated to, fix a record
date for the purpose of determining the Noteholders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Noteholders at such record date (or
their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Noteholders after such record date. No
such consent shall be valid or effective for more than 90 days after such record date unless the consent of the requisite number of Noteholders has been obtained. 
  
 After an amendment, supplement, waiver or other action becomes effective, it shall bind every Noteholder, unless it makes a
change described in any of clauses (1) through (11) of Section 8.02 hereof. In that case the amendment, supplement, waiver or other action shall bind each Noteholder who has consented to it and every subsequent Noteholder or portion of a Note that
evidences the same debt as the consenting Holder’s Note. 
  
 SECTION 8.05.
Notation on or Exchange of Notes. 
  
 If an amendment,
supplement, or waiver changes the terms of a Note, the Trustee (in accordance with the specific written direction of the Company) shall request the Holder of the Note (in accordance with the specific written direction of the Company) to deliver it
to the Trustee. In such case, the Trustee shall place an appropriate notation on the Note about the changed terms and return it to the Noteholder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall
issue, and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 SECTION 8.06. Trustee To Sign Amendments, etc. 
  
 The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article Eight if the amendment, supplement or waiver does not affect the rights, duties, liabilities or immunities of the Trustee. If it does affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but
need not, sign such amendment, supplement or waiver. In signing or refusing to sign 

  

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such amendment, supplement or waiver the Trustee shall be provided with and, subject to Section 7.01 hereof, shall be fully protected in conclusively relying
upon an Officers’ Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 10.04, that such amendment, supplement or waiver is authorized or permitted by this Indenture and is a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms (subject to customary exceptions). 
  
 ARTICLE NINE 
  
 DISCHARGE OF INDENTURE; DEFEASANCE 
  
 SECTION 9.01. Discharge of Indenture. 
  
 Upon the
request of the Company, this Indenture will cease to be of further effect and the Trustee, at the expense of the Company, will execute proper instruments acknowledging satisfaction and discharge of the Notes and this Indenture when: 
  
 (a) either 
  
 (1) all Notes theretofore authenticated and delivered have
been delivered to the Trustee for cancellation or 
  
 (2) all Notes not previously delivered to the Trustee for cancellation (i) have become due and payable, (ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense of, the Company; 
  
 (b) the Company has deposited or caused to be deposited with the Trustee, in trust for the benefit of the holders of the Notes, all sums
payable by it on account of Accreted Value of, premium, if any, and interest on all Notes (except lost, stolen or destroyed Notes which have been replaced or paid) or otherwise, together with irrevocable instructions from the Company directing the
Trustee to apply such funds to the payment thereof at the Stated Maturity or redemption date, as the case may be; and 
  
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided in this Indenture relating to the satisfaction and discharge of the Notes and this Indenture have been complied with. 
  
 After such delivery, the Trustee upon Company Request shall acknowledge in writing the discharge of the Company’s obligations under the Notes and
this Indenture except for those surviving obligations specified below. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.07, 9.05 and 9.06 hereof shall survive such satisfaction and discharge. 
  

 -63- 

 SECTION 9.02. Legal Defeasance. 
  
 The Company may, at its option and at any time, elect to have its obligations discharged with respect to the outstanding
Notes on a date the conditions set forth in Section 9.04 hereof are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company will be deemed to have paid and discharged the entire
indebtedness represented by the outstanding Notes and to have satisfied all its other obligations under such Notes and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Company, shall, subject to Section 9.06
hereof, execute instruments in form and substance reasonably satisfactory to the Trustee and Company acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders
of outstanding Notes to receive solely from the trust funds described in Section 9.04 hereof and as more fully set forth in such Section, payments in respect of the Accreted Value of, premium, if any, and interest on such Notes when such payments
are due, (B) the Company’s obligations with respect to such Notes under Sections 2.03, 2.04, 2.05, 2.06, 2,07, 2.08,4.02,4.03 and 4.05, (C) the rights, powers, trusts, duties, and immunities of the Trustee hereunder (including claims of, or
payments to, the Trustee under or pursuant to Section 7.07) and the Company’s obligations in connection therewith and (D) this Article Nine. 
  
 Subject to compliance with this Article Nine, the Company may exercise its option under this Section 9.02 with respect to the Notes notwithstanding the
prior exercise of its option under Section 9.03 below with respect to the Notes. 
  
 SECTION 9.03. Covenant Defeasance. 
  
 The Company
may, at its option and at any time, elect to have its obligations under Sections 4.03 (other than as it relates to legal existence of the Company), 4.08 through 4.16, 4.18 (except for obligations mandated by the TIA) and 4.19 and clause (a)(3) of
Section 5.01 released with respect to the outstanding Notes on a date the conditions set forth in Section 9.04 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Company may fail to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise of the option in this Section 9.03, subject to the satisfaction of the conditions set forth in Section 9.04
hereof, Sections 6.01(3) (other than with respect to Section 5.01), (4), (5) and (6) hereof shall not constitute Events of Default. 
  
 Notwithstanding any discharge or release of any obligations under this Indenture pursuant to Section 9.02 or this Section 9.03, the Company’s
obligations in Sections 2.04, 2.06, 2.07, 2.08, 7.07, 9,05, 9.06 and 9.08 shall survive until such time as the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 9.05 and 9.08 shall survive. 
  
 SECTION 9.04. Conditions to Defeasance or Covenant Defeasance. 
  
 The following shall be the conditions to application of Section 9.02 or
Section 9.03 hereof to the outstanding Notes: 
  
 (a) (1) the Company has irrevocably deposited or caused to be deposited in trust for the benefit of the Noteholders with the Trustee or a Paying Agent or a trustee satisfactory to the Trustee and the Company, under the terms of an
irrevocable trust agreement in form and 

  

 -64- 

 
substance satisfactory to the Trustee and any such Paying Agent, (x) money in an amount sufficient, or (y) U.S. Government Obligations that shall be payable
as to Accreted Value and interest in such amounts and at such times as are sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (without
consideration of any reinvestment of such interest), or (z) any combination thereof in an amount sufficient to pay the Accreted Value of and interest on the outstanding Notes on the dates such installments are due to redemption or Stated Maturity,
(2) the trustee of the irrevocable trust has been irrevocably instructed to pay such money or the proceeds of such U.S. Government Obligations to the Trustee and (3) the Trustee or Paying Agent shall have been irrevocably instructed in writing to
apply the deposited money and the proceeds from U.S. Government Obligations in accordance with the terms of this Indenture and the terms of the Notes to the payment of Accreted Value of and interest on the Notes; 
  
 (b) the deposit described in clause (a) above will not
result in a breach or violation of, or constitute a Default under, any other agreement or instrument to which the Company is a party or by which it is bound; 
  

(c) no Default has occurred and is continuing as of the date of the deposit described in clause (a) above, provided that the
incurrence of Indebtedness for the purpose of making such deposit shall not constitute a Default for purposes of this Section 9.04(c); 
  
 (d) the Company has paid or caused to be paid all sums currently due and payable by the Company under this Indenture and under the Notes;

  
 (e) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the termination by the Company of its obligations have been complied with; 
  
 (f) in the case of an election under Section 9.02, the
Company has delivered to the Trustee either (1) a ruling received from the Internal Revenue Service to the effect that, or (2) an Opinion of Counsel by counsel who is not an employee of the Company stating that, since the date of this Indenture,
there has been a change in the applicable federal income tax law, and based upon either case (1) or (2) such Opinion of Counsel shall confirm that, the Holders of the Notes will not recognize income, gain or loss for federal income tax purposes as a
result of the Company’s exercise of its legal defeasance option and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such legal defeasance option had not been
exercised; and 
  
 (g) in the case of an election
under Section 9.03, the Company has delivered to the Trustee either (1) a ruling received from the Internal Revenue Service to the effect that, or (2) an Opinion of Counsel by counsel who is not an employee of the Company stating that, the Holders
of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its covenant defeasance option under this paragraph and will be subject to federal income tax on the same amount and
in the same manner and at the same times as would have been the case if such covenant defeasance option had not been exercised. 
  
 SECTION 9.05. Deposited Money and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous Provisions. 
  
 All money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee pursuant to Section 9.04 hereof in respect of the outstanding Notes shall be held in trust 

  

 -65- 

 
and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent,
to the Holders of such Notes, of all sums due and to become due thereon in respect of Accreted Value, premium, if any, and accrued interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 9.04 hereof or the Accreted Value, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which by
law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article Nine to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon a Company Request any money or U.S. Government Obligations held by it as provided in Section 9.04 hereof
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect
an equivalent Legal Defeasance or Covenant Defeasance. 
  
 SECTION 9.06.
Reinstatement. 
  
 If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with Section 9.01, 9.02 or 9.03 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s obligations under this Indenture, the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article Nine until such time as the Trustee or Paying Agent is permitted
to apply all such money or U.S. Government Obligations in accordance with Section 9.01 hereof; provided that if the Company has made any payment of Accreted Value of, premium, if any, or accrued interest on any Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
  
 SECTION 9.07. Moneys Held by Paying Agent. 
  
 In connection with the satisfaction and discharge of this Indenture, all
moneys then held by any Paying Agent under the provisions of this Indenture shall, upon written demand of the Company, be paid to the Trustee, or if sufficient moneys have been deposited pursuant to Section 9.04 hereof, to the Company upon an
Company Request, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  
 SECTION 9.08. Moneys Held by Trustee. 
  
 Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the Accreted Value of, or premium, if
any, or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years after the date upon which the Accreted Value of, or premium, if any, or interest on such Note shall have respectively become due and
payable shall be repaid to the Company upon a Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Note entitled to receive such payment shall thereafter, as
an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, that the Trustee or any such
Paying Agent, before being required to make any such repayment, shall, at the expense of the Company, either mail to each Noteholder affected, at the address shown in the register of the Notes maintained by the Registrar pursuant to Section 2.04
hereof, or 

  

 -66- 

 
cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of
general circulation in the City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of
such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company, Noteholders entitled to the money must look only to the Company for payment as general creditors unless
applicable abandoned property law designates another Person. 
  
 ARTICLE TEN 
  
 MISCELLANEOUS 
  
 SECTION 10.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with
another provision which is required to be included in this Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies any TIA provision that may be so modified, such TIA provision shall be deemed to apply
to this Indenture as so modified. If any provision of this Indenture excludes any TIA provision that may be so excluded, such TIA provision shall be excluded from this Indenture. 
  
 The provisions of TIA §§310 through 317 that impose duties on any Person (including the provisions automatically
deemed included unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 SECTION 10.02. Notices. 
  
 Except for notice or communications to Holders, any notice or communication shall be given in writing and delivered in person, sent by facsimile,
delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows: 
  
 If to the Company: 
  
 Language Line, Inc. 
 1 Lower Ragsdale Drive

 Building 2 
 Monterey,
California 93940 
 Attention: Chief Executive Officer 
 Fax Number: (800) 752-0093 
  
 If
to the Trustee, Registrar or Paying Agent: 
  
 The Bank of New
York 
 101 Barclay Street - 8W 
 New York, New York 10286 
 Fax Number: (212) 815-5707 
  
 Such notices or communications shall be effective when received and shall be sufficiently given if so given within the time
prescribed in this Indenture. 
  

 -67- 

 The Company or the Trustee by written notice to the others may designate additional or different
addresses for subsequent notices or communications. 
  
 Any notice
or communication mailed to a Noteholder shall be mailed to him by first-class mail, postage prepaid, at his address shown on the register kept by the Registrar. 
  

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a
notice or communication to a Noteholder is mailed in the manner provided above, it shall be deemed duly given, whether or not the addressee receives it. 
  
 In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by
this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 
  
 SECTION 10.03. Communications by Holders with Other Holders. 
  
 Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 SECTION 10.04. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

  
 (1) an Officers’ Certificate (which
shall include the statements set forth in Section 10.05 below) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel (which shall include the
statements set forth in Section 10.05 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  
 SECTION 10.05. Statements Required in Certificate and Opinion. 
  
 Each certificate and opinion with respect to compliance by or on behalf of the Company with a condition or covenant provided for in this Indenture shall
include: 
  
 (1) a statement that the Person
making such certificate or opinion has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, it or
he has made such examination or investigation as is necessary to enable it or him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  

 -68- 

 (4) a statement as to whether or not, in the opinion of such Person, such covenant or
condition has been complied with. 
  
 SECTION 10.06. Rules by Trustee and
Agents. 
  
 The Trustee may make reasonable rules for action
by or meetings of Noteholders. The Registrar and Paying Agent may make reasonable rules for their functions. 
  
 SECTION 10.07. Business Days; Legal Holidays. 
  
 A “Business Day” or “business day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday or other day on which (i) commercial banks in the City of New York are
authorized or required by law to close or (ii) the New York Stock Exchange is not open for trading. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. 
  
 SECTION 10.08.
Governing Law; Waiver of Jury Trial. 
  
 This Indenture and
the Notes shall be governed by and construed in accordance with the laws of the state of New York but without giving effect to applicable principles of conflicts of law to the extent that such principles are not mandatorily applicable by statute and
the application of the law of another jurisdiction would be required thereby. 
  
 EACH OF THE COMPANY 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 NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  
 SECTION 10.09.
No Adverse Interpretation of Other Agreements. 
  
 This
Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt agreement may be used to interpret this Indenture. 
  
 SECTION 10.10. Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind its successor. 
  
 SECTION 10.11. Multiple Counterparts. 
  
 The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one
and the same agreement. 
  
 SECTION 10.12. Table of Contents, Headings,
etc. 
  
 The table of contents, cross-reference sheet and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
  

 -69- 

 SECTION 10.13. Separability. 
  
 Each provision of this Indenture shall be considered separable and if for any reason any provision which is not essential to
the effectuation of the basic purpose of this Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 
 SECTION 10.14. Force Majeure. 
  
 In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 -70- 

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

			
	LANGUAGE LINE ACQUISITION, INC.
		
	By:	 	 /s/    C.J. Brucato, III

	 	 	 Name: C.J. Brucato, III

	 	 	 Title: Vice President

  

					
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	/s/ Michael Pitfick
	 	 	 Name:
	 	 MICHAEL PITFICK

	 	 	 Title:
	 	 ASSISTANT VICE PRESIDENT

  

 EXHIBIT A 
  

CUSIP 
  
 LANGUAGE LINE ACQUISITION, INC. 
 (to be renamed LANGUAGE LINE HOLDINGS, INC.)

  

			
	 No.
	  	$                                    

  
 14-1/8% SENIOR DISCOUNT
NOTE DUE 2013 
  
 LANGUAGE LINE ACQUISITION, INC., a Delaware
corporation (to be renamed LANGUAGE LINE HOLDINGS, INC.) (the “Company”), for value received, promises to pay to CEDE & CO. or registered assigns the principal sum of
$             dollars on June 15, 2013. 
  
 Interest Payment Dates: June 15 and December 15, with cash interest payments commencing December 15, 2009. 
  
 Record Dates: June 1 and December 1. 
  
 Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place. 
  

 A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by a duly
authorized officer. 
  

			
	 LANGUAGE LINE ACQUISITION, INC.

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-2 

 Certificate of Authentication 
  
 This is one of the 14-1/8% Senior Discount Notes Due 2013 referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK, as Trustee

		
	By:	 	 
	 	 	 Authorized Signatory

  
 Dated: 
  

 A-3 

 [FORM OF REVERSE OF NOTE] 
  
 LANGUAGE LINE ACQUISITION, INC. 
 (to be renamed LANGUAGE LINE HOLDINGS, INC.) 
  
 14-1/8% SENIOR DISCOUNT NOTE DUE 2013 
  
 THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. FOR EACH $1,000 PRINCIPAL AMOUNT AT MATURITY OF THIS NOTE, THE ISSUE PRICE IS $504.60. THE ISSUE DATE OF THIS NOTE IS JUNE
11, 2004 AND THE YIELD TO MATURITY IS 14 1/8% 
  
 1.
Interest. LANGUAGE LINE ACQUISITION, INC., a Delaware corporation (to be renamed LANGUAGE LINE HOLDINGS, INC.) (the “Company”), promises to pay interest on the principal amount at maturity set forth on the face hereof at a rate of
14-1/8% per annum in the manner specified below. Until June 15, 2009, interest will accrue on the Notes at the rate of 14-1/8% per annum in the form of an increase in the Accreted Value (representing amortization of original issue discount between
the date of original issuance and June 15, 2009, such that the Accreted Value shall be equal to the full principal amount at maturity of the Notes of $108,993,000 on June 15, 2009 (the “Full Accretion Date”). Beginning on the Full
Accretion Date, cash interest on the Notes will accrue at a rate of 14-1/8% per annum and will be payable semi-annually in arrears on each June 15 and December 15, commencing December 15, 2004. Cash interest will accrue from the most recent interest
payment date to which interest has been paid or, if no interest has been paid, from June 15, 2009, but excluding the date on which interest is paid. Accreted Value and Interest will be computed on the basis of a 360 day year of twelve 30 day months.
The Company shall pay interest on overdue principal and on overdue interest (to the full extent permitted by law) at a rate of 14-1/8% per annum. 
  
 For purposes of the preceding paragraph, the following term shall have the following definition: 
  
 “Accreted Value” means, as of any date (the
“Specified Date”), the amount provided below for each $1,000 principal amount at maturity of Notes: 
  
 (1) if the Specified Date occurs on one of the following dates (each, a “Semi-Annual Accrual Date”), the Accreted Value
will equal the amount set forth below for such Semi-Annual Accrual Date: 
  

				
	 Semi-Annual Accrual Date

	  	Accreted
Value

	 June 15, 2004
	  	$	505.389
	 December 15, 2004
	  	$	541.083
	 June 15, 2005
	  	$	579.297
	 December 15, 2005
	  	$	620.209
	 June 15, 2006
	  	$	664.012
	 December 15, 2006
	  	$	710.908
	 June 15, 2007
	  	$	761.115
	 December 15, 2007
	  	$	814.869
	 June 15, 2008
	  	$	872.419
	 December 15, 2008
	  	$	934.034
	 June 15, 2009
	  	$	1,000,000

  

 A-4 

 The foregoing Accreted Values shall be increased, if necessary, to reflect any accretion of Additional
Interest; 
  
 (2) if the Specified Date occurs
before the first Semi-Annual Accrual Date, the Accreted Value will equal the sum of (A) the original issue price of a Note and (B) an amount equal to the product of (x) the Accreted Value for the first Semi-Annual Accrual Date less such original
issue price multiplied by (y) a fraction, the numerator of which is the number of days from the Issue Date to the Specified Date, using a 360-day year of twelve 30-day months, and the denominator of which is the number of days elapsed from the Issue
Date to the first Semi-Annual Accrual Date, using a 360-day year of twelve 30-day months; 
  
 (3) if the Specified Date occurs between two Semi-Annual Accrual Dates, the Accreted Value will equal the sum of (A) the Accreted Value
for the Semi-Annual Accrual Date immediately preceding such Specified Date and (B) an amount equal to the product of (x) the Accreted Value for the immediately following Semi-Annual Accrual Date less the Accreted Value for the Semi-Annual Accrual
Date immediately preceding such Specified Date multiplied by (y) a fraction, the numerator of which is the number of days from the immediately preceding Semi-Annual Accrual Date to the Specified Date, using a 360-day year of twelve 30-day months,
and the denominator of which is 180; or 
  
 (4)
if the Specified Date occurs on or after the Full Accretion Date, the Accreted Value will equal $1,000. 
  
 2. Method of Payment. The Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at the close of
business on June 1 or December 1 next preceding the interest payment date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the
United States of America that at the time of payment is legal tender for payment of public and private debts. Interest may be paid by check mailed to the Holder entitled thereto at the address indicated on the register maintained by the Registrar
for the Notes. 
  
 3. Paying Agent and Registrar.
Initially, The Bank of New York (the “Trustee”) will act as a Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice. Neither the Company nor any of its Affiliates may act as Paying Agent or
Registrar. 
  
 4. Indenture. The Company issued the Notes
under an Indenture dated as of June 11, 2004 (the “Indenture”) among the Company and the Trustee. This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended from time to time. The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of them. Capitalized and certain other terms used herein and not otherwise defined have the meanings set forth in the Indenture. 
  
 5. Optional Redemption. (a) The Company, at its option, may redeem the Notes, in whole or in part, at any time and
from time to time on or after June 15, 2008 at the redemption prices (expressed as percentages of Accreted Value), set forth below, plus accrued and unpaid interest thereon, if any, and Additional Interest, if any, to the Redemption Date (subject to
the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve month period beginning on June 15 of the years indicated below: 
  

				
	 Year

	  	Redemption
Price

	 
	 2008
	  	107.063	%
	 2009
	  	104.708	%
	 2010
	  	102.354	%
	 2011 and thereafter
	  	100.000	%

  

 A-5 

 (b) In addition, at any time and from time to time on or prior to June 15, 2007, the Company may redeem
in the aggregate up to 35% of the original aggregate principal amount at maturity of the Notes (calculated after giving effect to the original issuance of the Additional Notes, if any) with the net cash proceeds from one or more Equity Offerings, at
a redemption price in cash equal to 114.125% of the Accreted Value thereof, plus accrued and unpaid interest thereon, if any, and Additional Interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the original aggregate principal amount at maturity of the Notes (calculated after giving effect to the original issuance of
the Additional Notes, if any) must remain outstanding immediately after giving effect to each such redemption (excluding any Notes held by the Company or any of its Subsidiaries). Notice of any such redemption must be given within 60 days after the
date of the closing of the relevant Equity Offering. 
  
 (c) In
the event that less than all of the Notes are to be redeemed at any time pursuant to an optional redemption, selection of such Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities
exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate; provided, however,
that no Notes of a principal amount at maturity of $1,000 or less shall be redeemed in part; provided, further, however, that if a partial redemption is made with the net cash proceeds of a Equity Offering, selection of the Notes
or portions thereof for redemption shall be made by the Trustee only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to the procedures of The Depository Trust Company), unless such method is otherwise prohibited.

  
 6. Notice of Redemption. Notice of redemption will be
mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at his registered address. On and after the Redemption Date, unless the Company defaults in making the redemption payment, interest
ceases to accrue on Notes or portions thereof called for redemption. 
  
 7. Offers To Purchase. The Indenture provides that upon the occurrence of a Change of Control or an Asset Sale and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in
accordance with the procedures set forth in the Indenture. 
  
 8.
Registration Rights. Pursuant to a Registration Rights Agreement among the Company and the Initial Purchasers named therein (the “Registration Rights Agreement”), the Company will be obligated to consummate an exchange offer
pursuant to which the Holder of this Note shall have the right to exchange this Note for notes of a separate series issued under the Indenture (or a trust indenture substantially identical to the Indenture in accordance with the terms of the
Registration Rights Agreement) which have been registered under the Securities Act, in like principal amount at maturity and having substantially identical terms as the Notes. The Holders shall be entitled to receive certain additional interest
payments in the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. All additional interest that accrues on or prior to June 15, 2009
shall be added to the Accreted Value of each note 

  

 A-6 

 
and all interest that accrues after such date shall be payable in cash on each scheduled Interest Payment Date on the Notes. 
  
 9. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay to it any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes or portion of a Note selected for redemption, or register the transfer of or
exchange any Notes for a period of 15 days before a mailing of notice of redemption. 
  
 10. Persons Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes. 
  

11. Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee will pay the money back to
the Company at its written request. After that, Holders entitled to the money must look to the Company for payment as general creditors unless an “abandoned property” law designates another Person. 
  
 12. Amendment, Supplement, Waiver, Etc. The Company and the Trustee
(if a party thereto) may, without the consent of the Holders of any outstanding Notes, amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities, defects or
inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, and making any change that does not materially and adversely affect the rights of any Holder. Other amendments and modifications of
the Indenture or the Notes may be made by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount at maturity of the outstanding Notes, subject to certain exceptions requiring the
consent of the Holders of the particular Notes to be affected. 
  
 13. Restrictive Covenants. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, incur additional Indebtedness, pay dividends on, redeem or repurchase its
Capital Stock, make certain investments, sell assets, create restrictions on the payment of dividends or other amounts to the Company from its Restricted Subsidiaries, enter into transactions with Affiliates, create liens, enter into sale and
leaseback transactions and consolidate, merge or sell all or substantially all of the assets of the Company or any of its Restricted Subsidiaries and requires the Company to provide reports to Holders of the Notes. Such limitations are subject to a
number of important qualifications and exceptions. Pursuant to Section 4.06 of the Indenture, the Company must annually report to the Trustee on compliance with such limitations. 
  
 14. Successor Corporation. When a successor corporation assumes all the obligations of its predecessor under the
Notes and the Indenture and the transaction complies with the terms of Article Five of the Indenture, the predecessor corporation will, except as provided in Article Five, be released from those obligations. 
  
 15. Defaults and Remedies. Events of Default are set forth in the
Indenture. Subject to certain limitations in the Indenture, if an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8) of the Indenture with respect to the Company or any of its Significant Subsidiaries) occurs and is
continuing, then, and in each and every such case, either the Trustee, by notice in writing to the Company, or the Holders of not less than 25% of the principal amount at maturity of the Notes then outstanding, by notice in writing to the Trustee
and the Company, may declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of the Notes; and 

  

 A-7 

 
upon any such declaration all such amounts upon such Notes shall become and be immediately due and payable, anything in the Indenture or in the Notes to the
contrary notwithstanding. If an Event of Default specified in Section 6.01(7) or (8) of the Indenture occurs with respect to the Company, then the principal of and any accrued and unpaid interest on all of the Notes shall immediately become due and
payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity reasonably satisfactory to
it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders notice of any continuing default (except a default in payment of principal, premium, if any, or interest on the Notes or a default in the observance or performance of any of the obligations of the Company under Article Five of
the Indenture) if it determines that withholding notice is in their best interests. 
  
 16. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal
with the Company or its Affiliates, as if it were not Trustee. 
  
 17. No Recourse Against Others. No director, officer, employee incorporator or stockholder, of the Company shall have any liability for any obligations of the Company under the Notes or the Indenture or for a claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 18. Discharge. The Company’s obligations pursuant to the
Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment of all the Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S.
Government Obligations sufficient to pay when due principal of and interest on the Notes to maturity or redemption, as the case may be. 
  
 19. Authentication. This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

  
 20. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAW OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. The Trustee, the Company and the Holders agree to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to the Indenture or the Notes.

  
 21. Abbreviations. Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act). 
  

 A-8 

 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture.
Requests may be made to: 
  
 Language Line, Inc. 
 1 Lower Ragsdale Drive 
 Building 2

 Monterey, California 93940 
 Attention: Chief Executive Officer 
 Fax Number: (800) 752-0093 
  

 A-9 

 ASSIGNMENT 
  
 I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D. number) 
  

 (Print or type name, address and zip code of assignee) 
  
 and irrevocably appoint: 
  
 Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him. 
  

									
					
	 Date: 
	 	 	 	 	 	 Your Signature: 
	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the
other side of this Note)

  
 Signature Guarantee:
___________________________ 
  
 SIGNATURE GUARANTEE 
  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 4.08 or Section 4.11
of the Indenture, check the appropriate box: 
  

			
	Section 4.08	  	Section 4.11

  
 If you want to have
only part of the Note purchased by the Company pursuant to Section 4.08 or Section 4.11 of the Indenture, state the amount you elect to have purchased: 
  
 $_______________________________ 
 (multiple
of $1,000) 
  
 Date:____________________________ 
  

			
		
	 Your Signature: 
	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)

  
 __________________________________ 
 Signature Guaranteed 
  
 SIGNATURE GUARANTEE 
  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 A-11 

 EXHIBIT B 
  

[FORM OF LEGEND FOR 144A NOTES AND OTHER NOTES THAT ARE 
 RESTRICTED NOTES] 
  
 The Notes
evidenced hereby have not been registered under the United States Securities Act of 1933 (the “Act”) and may not be offered, sold, pledged or otherwise transferred except (a) (1) to a person who the seller reasonably believes is a
qualified institutional buyer within the meaning of Rule 144A under the Act purchasing for its own account or for the account of a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (2) in an offshore transaction
complying with Rule 903 or Rule 904 of Regulation S under the Act, (3) pursuant to an exemption from registration under the Act provided by Rule 144 thereunder (if available), (4) to an institutional accredited investor in a transaction exempt from
the registration requirements of the Act or (5) pursuant to an effective registration statement under the Act and (b) in accordance with all applicable securities laws of the United States. 
  

 B-1 

 [FORM OF ASSIGNMENT FOR 144A NOTES AND OTHER NOTES THAT ARE 
 RESTRICTED NOTES] 
  
 I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D. number) 
  

 (Print or type name, address and zip code of assignee) 
  
 and irrevocably appoint: 
  
 Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him. 
  
 [Check One] 
  
  ̈ (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act provided by Rule 144A thereunder. 
  
 or 
  
  ̈ (b) this Note is being transferred other than
in accordance with (a) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.15 and 2.16 of the Indenture shall have been satisfied. 
  

									
					
	 Date:
	 	 	 	 	 	 Your Signature:
	 	 
	 	 	 	 	 	 	 	 	(Sign exactly as your name appears on the face of this Note)

  

			
		
	 Signature Guarantee:
	 	 

  
 SIGNATURE GUARANTEE

  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 B-2 

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

									
				
	 Dated:
	 	 	 	 	 	 
	 	 	 	 	 	 	 NOTICE:
	 	 To be executed by an executive officer

  

 B-3 

 EXHIBIT C 
  

[FORM OF LEGEND FOR REGULATION S NOTE] 
  
 This Note has not been registered under the U.S. Securities Act of 1933, as amended (the “Act”), and, unless so registered, may not be
offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the Act or except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act.

  

 C-1 

 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 
  
 I or we assign and transfer this Note to: 
  

 (Insert assignee’s social security or tax I.D. number) 
  

 (Print or type name, address
and zip code of assignee) 
  
 and irrevocably appoint: 

 
 Agent to transfer this Note on the books of the Company. The Agent may
substitute another to act for him. 
  
 [Check One] 
  
  ̈ (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act provided by Rule 144A thereunder. 
  
 or 
  
  ̈ (b) this Note is being transferred other than
in accordance with (a) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.15 and 2.16 of the Indenture shall have been satisfied. 
  

					
			
	 Date: ___________________________
	 	 Your Signature:
	 	  
	 	 	 	 	(Sign exactly as your name appears on the
face of this Note)

  

									
		
	 Signature Guarantee:
	 	 

  
 SIGNATURE GUARANTEE

  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 C-2 

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

									
				
	Dated:	 	 	 	 	 	 
	 	 	 	 	 	 	 NOTICE:
	 	 To be executed by an executive officer

  

 C-3 

 EXHIBIT D 
  

[FORM OF LEGEND FOR GLOBAL NOTE] 
  
 Any Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the case of a
Restricted Note) in substantially the following form: 
  
 This
Note is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This Note is not exchangeable for Notes registered in the name of a person other than the
Depository or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 
  
 Unless this Certificate is presented by an authorized representative of The Depository Trust Company (a New York corporation) (“DTC”) to the
issuer or its agent for registration of transfer, exchange, or payment, and any 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 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. 
  

 D-1 

 EXHIBIT E 
  

Form of Certificate To Be 
 Delivered in
Connection with 
 Transfers to Non-QIB Accredited Investors 
  
 The Bank of New York 
 101 Barclay Street - 8W

 New York, New York 10286 
  
 Attention: Corporate Trust Administration 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of 14-1/8% Senior Discount Notes Due 2013 (the “Notes”) of Language Line Acquisition, Inc. (to be
renamed Language Line Holdings, Inc.) (the “Company”), we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the Indenture
dated as of June 11, 2004 relating to the Notes and we agree to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”). 
  
 2. We understand
that the Notes have not been registered under the Securities Act or any other applicable securities laws, have not been and will not be qualified for sale under the securities laws of any non-U.S. jurisdiction and that the Notes may not be offered,
sold, pledged or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell any Notes, we will do so only (i)
to the Company or any subsidiary thereof, (ii) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined in Rule 144A), (iii) to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you a signed letter containing certain representations and agreements relating to the restrictions on transfer of the Notes, (iv) outside the
United States to persons other than U.S. persons in offshore transactions meeting the requirements of Rule 904 of Regulation S under the Securities Act, (v) pursuant to the exemption from registration provided by Rule 144 under the Securities Act
(if applicable) or (vi) pursuant to an effective registration statement, and we further agree to provide to any person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein.

  
 3. We understand that, on any proposed resale
of any Notes, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions.
We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
  

 E-1 

 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting
each are able to bear the economic risk of our or their investment, as the case may be. 
  
 5. We are acquiring the Notes purchased by us for our account or for one or more accounts (each of which is an institutional
“accredited investor”) as to each of which we exercise sole investment discretion. 
  
 6. We are not acquiring the Notes with a view toward the distribution thereof in a transaction that would violate the Securities Act or
the securities laws of any state of the United States or any other applicable jurisdiction. 
  
 You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby. 
  

					
	 Very truly yours,

	
	 [Name of Transferee]

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 Date:
                                        

  

 E-2 

 EXHIBIT F 
  

Form of Certificate To Be 
 Delivered in
Connection with 
 Transfers Pursuant to Regulation S 
  
 The Bank of New York 
 101 Barclay Street - 8W

 New York, New York 10286 
  
 Attention: Corporate Trust Administration 
  

	 	Re:	Language Line Acquisition, Inc., a Delaware corporation (to be renamed Language Line Holdings, Inc.) (the “Company”) 14-1/8% Senior Discount Notes Due 2013 (the
“Notes”) 

  
 Dear Sirs: 
  
 In connection with our proposed sale of
$                     aggregate principal amount at maturity of the Notes, we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
  
 (1) the offer of the Notes was not made to a U.S. person or to a person in the United States; 
  
 (2) either (a) at the time the buy offer was originated, the
transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market and neither we nor any person acting on our behalf knows that the transaction has been prearranged with a buyer in the United States; 
  
 (3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 904(a) of Regulation S;

  
 (4) the transaction is not part of a plan or
scheme to evade the registration requirements of the Securities Act; and 
  
 (5) we have advised the transferee of the transfer restrictions applicable to the Notes. 
  

 F-1 

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

			
	 Very truly yours,

	
	 [Name of Transferee]

		
	By:	 	 

  

 F-2 

 Exhibit G 
  

FORM OF INCUMBENCY CERTIFICATE 
  
 The undersigned,                     , being
the                      of
                     (the “Company”) does hereby certify that the individuals listed below are qualified and acting officers of the
Company as set forth in the right column opposite their respective names and the signatures appearing in the extreme right column opposite the name of each such officer is a true specimen of the genuine signature of such officer and such individuals
have the authority to execute documents to be delivered to, or upon the request of, The Bank of New York, as Trustee under the Indenture dated as of June 11, 2004, by and between the Company and The Bank of New York. 
  

					
	 Name

	 	 Title

	 	 Signature

	_____________	 	_____________	 	_____________
	_____________	 	_____________	 	_____________
	_____________	 	_____________	 	_____________

  
 IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Certificate as of the              day of
                    , 20    . 
  

	
	
	 
	 Name:

	 Title:

  

 G-1

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