Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO FIFTH AMENDED

AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”)
dated as of April 11, 2008, is made by and among FERRELLGAS, L.P., a Delaware limited partnership
(the “Borrower”), FERRELLGAS, INC., a Delaware corporation and sole general partner of the
Borrower (the “General Partner”), BANK OF AMERICA, N.A., as Administrative Agent (in such
capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer, and the Lenders
party hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the General Partner, the Administrative Agent and the Lenders entered
into that certain Fifth Amended and Restated Credit Agreement dated as of April 22, 2005 (as
amended, supplemented, or restated to the date hereof, the “Original Agreement”), for the
purpose and consideration therein expressed, whereby the Lenders became obligated to make loans and
other extensions of credit to the Borrower as therein provided; and

WHEREAS, the Borrower, the General Partner, the Administrative Agent and the Lenders desire to
amend the Original Agreement as set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein and in the Original Agreement, in consideration of the loans and other extensions
of credit that may hereafter be made by the Lenders to the Borrower, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto do hereby agree as follows:

ARTICLE I.

Definitions and References

Section 1.1 Terms Defined in the Original Agreement. Unless the context otherwise
requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement
shall have the same meanings whenever used in this Amendment.

Section 1.2 Other Defined Terms. Unless the context otherwise requires, the following
terms when used in this Amendment shall have the meanings assigned to them in this Section 1.2.

"Amendment” means this First Amendment to Fifth Amended and Restated Credit
Agreement.

"Credit Agreement” means the Original Agreement as amended hereby.

"New Lender” means each Lender listed on Schedule 2.01 attached to this
Amendment as Annex A who was not party to the Original Agreement.

ARTICLE II.

Amendments to Original Agreement

Section 2.1 Section 2.01(b). Subsection (b) of Section 2.01 of the Original Agreement
is hereby deleted in its entirety.

Section 2.2 Schedule 2.01. Schedule 2.01 to the Original Credit Agreement is hereby
amended and replaced in its entirety by Schedule 2.01 attached hereto as Annex I.

ARTICLE III.

New Lenders

Section 3.1 Agreements of New Lenders. Each New Lender hereby agrees and confirms
that, as of the date hereof, it:

(a) intends to be a Lender party to the Credit Agreement, with a Commitment in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such New
Lender’s name on Schedule 2.01, and undertakes to perform all the obligations expressed therein as
a Lender;

(b) has received a copy of the Original Agreement and this Amendment, together with copies of
the most recent financial statements delivered pursuant to Section 6.01 of the Credit Agreement and
such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Amendment and become a Lender under the Credit Agreement;

(c) will, independently and without reliance upon the Administrative Agent, the Swing Line
Lender, any L/C Issuer, or any Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement or any of the other Loan Documents;

(d)  appoints and authorizes the Administrative Agent to take such action as agent on its
behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are
delegated to the Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto;

(e)  agrees that it will perform in accordance with their terms all of the obligations which
by the terms of the Credit Agreement and the Loan Documents are required to be performed by it as a
Lender;

(f) specifies as its Lending Office and address for notices, the offices set forth beneath its
name on the signature pages hereof;

(g) if applicable, has delivered to the Administrative Agent the forms prescribed by the
Internal Revenue Service of the United States certifying as to its status for purposes of
determining exemption from United States withholding taxes with respect to all payments to be made
to it under the Credit Agreement and the other Loan Documents or such other documents as are
necessary to indicate that all such payments are subject to such rates at a rate reduced by an
applicable tax treaty, and

(h) represents that it is an Eligible Assignee.

Section 3.2 Accession to Credit Agreement. Upon execution of this Amendment by each
New Lender and the effectiveness of this Amendment pursuant to Article V hereof, such New Lender
shall be a Lender party to the Credit Agreement for all purposes, and, to the extent of its
Commitment, shall have the rights and obligations of a Lender thereunder.

Section 3.3 Allocation. Lenders hereby authorize Administrative Agent and Borrower to
request Loans from the Lenders, and to make prepayments of Loans in order to ensure that, upon the
effectiveness of this Amendment, the Loans of the Lenders shall be outstanding on a ratable basis
in accordance with their respective Pro Rata Shares and that the Commitments shall be as set forth
on Schedule 2.01 of the Credit Agreement, as amended hereby, and no such borrowing, prepayment or
reduction shall violate any provisions of the Credit Agreement. Lenders hereby confirm that, from
and after the effective date of this Amendment, all participants of Lenders in respect of Letters
of Credit outstanding under the Credit Agreement shall be based upon the Pro Rata Shares of the
Lenders (after giving effect to this Amendment).

ARTICLE IV.

Conditions of Effectiveness

Section 4.1 Effective Date. This Amendment shall become effective as of the date
first above written when and only when:

(a) Administrative Agent shall have received all of the following, at Administrative Agent’s
office, duly executed and delivered all of the following:

(i) this Amendment;

(ii) the attached Consent and Agreement;

(iii) a favorable opinion of Bracewell & Giuliani LLP, counsel to the Loan Parties,
addressed to the Administrative Agent and each Lender, as to such matters concerning the
Loan Parties and the Loan Documents as the Required Lenders or the Administrative Agent may
reasonably request;

(iv) such certificates of resolutions or other action, incumbency certificates or other
certificates of Responsible Officers of each Loan Party as the Administrative Agent may
reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement
and the other Loan Documents to which such Loan Party is a party;

(v) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party is duly organized or formed; and

(vi) such other supporting documents as Agent may reasonably request.

(b) Borrower shall have paid, in connection with such Loan Documents, all recording, handling,
amendment and other fees or payments required to be paid to Administrative Agent or any Lender
pursuant to any Loan Documents.

ARTICLE V.

Confirmation; Representations and Warranties

In order to induce each Lender to enter into this Amendment, the Borrower represents and
warrants to each Lender that:

(a) The representations and warranties of the Borrower contained in the Original Agreement are
true and correct at and as of the time of the effectiveness hereof, except to the extent that the
facts on which such representations and warranties are based have been changed by the extensions of
credit under the Credit Agreement or that such representations and warranties specifically refer to
an earlier date, in which case such representations and warranties were true and correct as of such
earlier date.

(b) The Borrower and the General Partner are duly authorized to execute and deliver this
Amendment and have duly taken all corporate action necessary to authorize the execution and
delivery of this Amendment and to authorize the performance of the obligations of the Borrower and
the General Partner hereunder.

(c) The execution and delivery by the Borrower and the General Partner of this Amendment, the
performance by the Borrower and the General Partner of their obligations hereunder and the
consummation of the transactions contemplated hereby do not and will not conflict with any
provision of law, statute, rule or regulation or of the Organizational Documents of the Borrower or
the General Partner, or of any material agreement, judgment, license, order or permit applicable to
or binding upon the Borrower or the General Partner, or result in the creation of any lien, charge
or encumbrance upon any assets or properties of the Borrower or the General Partner. Except for
those which have been obtained, no consent, approval, authorization or order of any court or
Governmental Authority or third party is required in connection with the execution and delivery by
the Borrower and the General Partner of this Amendment or to consummate the transactions
contemplated hereby.

(d) When duly executed and delivered, each of this Amendment and the Credit Agreement will be
a legal and binding obligation of the Borrower and the General Partner, enforceable in accordance
with its terms, except as limited by bankruptcy, insolvency or similar laws of general application
relating to the enforcement of creditors’ rights and by equitable principles of general
application.

ARTICLE VI.

Miscellaneous

Section 6.1 Ratification of Agreements. The Original Agreement as hereby amended is
hereby ratified and confirmed in all respects. The Loan Documents, as they may be amended or
affected by this Amendment, are hereby ratified and confirmed in all respects. Any reference to
the Credit Agreement in any Loan Document shall be deemed to be a reference to the Original
Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the
Lenders under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver
of any provision of the Credit Agreement, the Notes or any other Loan Document.

Section 6.2 Survival of Agreements. All representations, warranties, covenants and
agreements of the Borrower herein shall survive the execution and delivery of this Amendment and
the performance hereof, including without limitation the making or granting of the Loans, and shall
further survive until all of the Obligations are paid in full.

Section 6.3 Loan Documents. This Amendment is a Loan Document, and all provisions in
the Credit Agreement pertaining to Loan Documents apply hereto.

Section 6.4 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL
RIGHTS ARISING UNDER FEDERAL LAW.

Section 6.5 Counterparts; Fax. This Amendment may be separately executed in
counterparts and by the different parties hereto in separate counterparts, each of which when so
executed shall be deemed to constitute one and the same Amendment. This Amendment may be validly
executed by facsimile or other electronic transmission.

THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.

1

IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

	 	 	 
	FERRELLGAS, L.P.
	By:

	 	Ferrellgas, Inc., as its General Partner

By:
	
 
	 	Name:
	
 
	 	Title:

FERRELLGAS, INC.

By:

Name:

Title:

2

S.CONTBANK OF AMERICA, N.A., as

Administrative Agent

	 	 	 	By:

Name:

Title:

BANK OF AMERICA, N.A., as a Lender, L/C Issuer and
Swing Line Lender

	 	 	 	By:

Name:

Title:

3

LASALLE BANK NATIONAL ASSOCIATION, as a Lender

	 	 	 	By:

Name:

Title:

4

BNP PARIBAS, as a Lender and an L/C Issuer

	 	 	 	By:

Name:

Title:

	 	 	 	By:

Name:

Title:

5

JPMORGAN CHASE BANK, NA, as a Lender

	 	 	 	By:

Name:

Title:

6

WELLS FARGO BANK, N.A., as a Lender

	 	 	 	By:

Name:

Title:

7

BANK OF OKLAHOMA, NATIONAL ASSOCIATION, as a
Lender

	 	 	 	By:

Name:

Title:

8

CAPITAL ONE, N.A., as a Lender

	 	 	 	By:

Name:

Title:

9

SOCIETE GENERALE, as a Lender

	 	 	 	By:

Name:

Title:

10

U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 	 	 	By:

Name:

Title:

11

CREDIT SUISSE, CAYMAN ISLANDS BRANCH (f/k/a CREDIT
SUISSE FIRST BOSTON CAYMAN ISLANDS BRANCH), as a
Lender

	 	 	 	By:

Name:

Title:

	 	 	 	By:

Name:

Title:

12

FIFTH THIRD BANK, as a Lender

	 	 	 	By:

Name:

Title:

13

LEHMAN COMMERCIAL PAPER INC., as a Lender

	 	 	 	By:

Name:

Title:

14

DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender

	 	 	 	By:

Name:

Title:

15

	 	 	 	M&I
MARSHALL & ILSLEY BANK, as a New Lender

	 	 	 	By:

Name:

Title:

16

	 	 	 	THE PRIVATEBANK AND TRUST COMPANY,
as a New Lender

	 	 	 	By:

Name:

Title:

17

	 	 	 	PNC BANK, NATIONAL ASSOCIATION, as a New
Lender

	 	 	 	By:

Name:

Title:

18

CONSENT AND AGREEMENT

The undersigned hereby (i) consents to the provisions of the First Amendment to Fifth Amended
and Restated Credit Agreement Consent (the “First Amendment”) and the transactions
contemplated herein, (ii) ratifies and confirms its Guaranty dated as of April 22, 2005, made by it
for the benefit of the Administrative Agent and the Lenders, executed pursuant to the Credit
Agreement and the other Loan Documents, (iii) agrees that all of its obligations and covenants
thereunder shall remain unimpaired by the execution and delivery of the First Amendment and the
other documents and instruments executed in connection herewith, and (iv) agrees that its Guaranty
and the other Loan Documents shall remain in full force and effect.

BLUE RHINO GLOBAL SOURCING, INC.

By:      

Name:

Title:

19

Annex I

Schedule 2.01

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitments	 	Pro Rata Share
	Bank of America, N.A.
	 	$	45,000,000.00	 	 	 	10.0	%
	 
	 	 	 	 	 	 	 	 
	Wells Fargo Bank, N.A.
	 	$	50,000,000.00	 	 	 	11.2	%
	 
	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	$	45,000,000.00	 	 	 	10.0	%
	 
	 	 	 	 	 	 	 	 
	Deutsche Bank Trust Company Americas
	 	$	35,000,000.00	 	 	 	7.8	%
	 
	 	 	 	 	 	 	 	 
	BNP Paribas
	 	$	37,000,000.00	 	 	 	8.3	%
	 
	 	 	 	 	 	 	 	 
	Societe Generale
	 	$	32,000,000.00	 	 	 	7.1	%
	 
	 	 	 	 	 	 	 	 
	Credit Suisse First Boston
	 	$	32,000,000.00	 	 	 	7.1	%
	 
	 	 	 	 	 	 	 	 
	LaSalle Bank National Association
	 	$	32,000,000.00	 	 	 	7.1	%
	 
	 	 	 	 	 	 	 	 
	M&I Marshall & Ilsley Bank
	 	$	30,000,000.00	 	 	 	6.7	%
	 
	 	 	 	 	 	 	 	 
	Fifth Third Bank
	 	$	22,500,000.00	 	 	 	5.0	%
	 
	 	 	 	 	 	 	 	 
	Lehman Commercial Paper Inc.
	 	$	20,000,000.00	 	 	 	4.5	%
	 
	 	 	 	 	 	 	 	 
	The PrivateBank and Trust Company
	 	$	20,000,000.00	 	 	 	4.5	%
	 
	 	 	 	 	 	 	 	 
	Bank of Oklahoma, National Association
	 	$	15,000,000.00	 	 	 	3.3	%
	 
	 	 	 	 	 	 	 	 
	U.S. Bank National Association
	 	$	15,000,000.00	 	 	 	3.3	%
	 
	 	 	 	 	 	 	 	 
	PNC Bank, National Association
	 	$	10,000,000.00	 	 	 	2.2	%
	 
	 	 	 	 	 	 	 	 
	Capital One
	 	$	7,500,000.00	 	 	 	1.7	%
	 
	 	 	 	 	 	 	 	 
	Totals:
	 	$	448,000,000.00	 	 	 	100.0	%
	 
	 	 	 	 	 	 	 	 

20EX-4.1

ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.,

the Guarantors listed herein

and

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

as Trustee

INDENTURE

Dated as of April 8, 2008

5.75% Convertible Notes due 2013

	 	 	 	 	 	 	 	 	 
	ARTICLE 1DEFINITIONS
	 	 	1	 	 	 	 	 
	Section 1.01.
	 	Definitions	 	 	1	 
	Section 1.02.
	 	Incorporation by Reference of Trust Indenture Act	 	 	14	 
	ARTICLE 2ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	15	 
	Section 2.01.
	 	Designation and Amount	 	 	15	 
	Section 2.02.
	 	Form of Notes	 	 	15	 
	Section 2.03.
	 	Date and Denomination of Notes; Payments of Interest	 	 	16	 
	Section 2.04.
	 	Payments of Additional Interest and Supplemental Interest	 	 	17	 
	Section 2.05.
	 	Execution, Authentication and Delivery of Notes	 	 	17	 

	 	 	 	Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary 18	 

	 	 	 	 	 	 	 	 	 
	Section 2.07.
	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	26	 
	Section 2.08.
	 	Temporary Notes	 	 	26	 
	Section 2.09.
	 	Cancellation of Notes Paid, Etc	 	 	27	 
	Section 2.10.
	 	CUSIPNumbers	 	 	27	 
	Section 2.11.
	 	Additional Notes; Repurchases	 	 	27	 
	ARTICLE 3[INTENTIONALLY OMITTED]
	 	 	 	 	 	 	28	 
	ARTICLE 4SATISFACTION AND DISCHARGE
	 	 	 	 	 	 	28	 
	Section 4.01.
	 	Satisfaction and Discharge	 	 	28	 
	ARTICLE 5PARTICULAR COVENANTS OF THE COMPANY
	 	 	28	 
	Section 5.01.
	 	Payment of Principal, Interest and Additional Interest	 	 	28	 
	Section 5.02.
	 	Maintenance of Office or Agency	 	 	29	 
	Section 5.03.
	 	Appointments to Fill Vacancies in Trustee’s Office	 	 	29	 
	Section 5.04.
	 	Provisions as to Paying Agent	 	 	29	 
	Section 5.05.
	 	Existence	 	 	30	 
	Section 5.06.
	 	Rule 144A Information Requirement and Annual Reports	 	 	30	 
	Section 5.07.
	 	Stay, Extension and Usury Laws	 	 	31	 
	Section 5.08.
	 	Compliance Certificate; Statements as to Defaults	 	 	31	 
	Section 5.09.
	 	Additional Interest	 	 	32	 
	Section 5.10.
	 	Further Instruments and Acts	 	 	32	 
	Section 5.11.
	 	Future Note Guarantors	 	 	32	 
	ARTICLE 6LISTS OF NOTEHOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	 	32	 
	Section 6.01.
	 	Lists of Noteholders	 	 	32	 
	Section 6.02.
	 	Preservation and Disclosure of Lists	 	 	32	 
	Section 6.03.
	 	Reports by Trustee	 	 	33	 
	ARTICLE 7DEFAULTS AND REMEDIES
	 	 	 	 	 	 	33	 
	Section 7.01.
	 	Events of Default	 	 	33	 
	Section 7.02.
	 	Payments of Notes on Default; Suit Therefor	 	 	36	 
	Section 7.03.
	 	Application of Monies Collected by Trustee	 	 	38	 
	Section 7.04.
	 	Proceedings by Noteholders	 	 	38	 
	Section 7.05.
	 	Proceedings by Trustee	 	 	39	 
	Section 7.06.
	 	Remedies Cumulative and Continuing	 	 	39	 

	 	 	 	Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of
Noteholders 40	 

	 	 	 	 	 	 	 	 	 
	Section 7.08.
	 	Notice of Defaults	 	 	40	 
	Section 7.09.
	 	Undertaking to Pay Costs	 	 	40	 
	ARTICLE 8CONCERNING THE TRUSTEE
	 	 	41	 
	Section 8.01.
	 	Duties and Responsibilities of Trustee	 	 	41	 
	Section 8.02.
	 	Reliance on Documents, Opinions, Etc	 	 	43	 
	Section 8.03.
	 	No Responsibility for Recitals, Etc	 	 	44	 

	 	 	 	Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes
44	 

	 	 	 	 	 	 	 	 	 
	Section 8.05.
	 	Monies to Be Held in Trust	 	 	44	 
	Section 8.06.
	 	Compensation and Expenses of Trustee	 	 	44	 
	Section 8.07.
	 	Officers’ Certificate as Evidence	 	 	45	 
	Section 8.08.
	 	Conflicting Interests of Trustee	 	 	45	 
	Section 8.09.
	 	Eligibility of Trustee	 	 	45	 
	Section 8.10.
	 	Resignation or Removal of Trustee	 	 	45	 
	Section 8.11.
	 	Acceptance by Successor Trustee	 	 	47	 
	Section 8.12.
	 	Succession by Merger, Etc	 	 	47	 
	Section 8.13.
	 	Limitation on Rights of Trustee as Creditor	 	 	48	 
	Section 8.14.
	 	Trustee’s Application for Instructions from the Company	 	 	48	 
	ARTICLE 9CONCERNING THE NOTEHOLDERS
	 	 	48	 
	Section 9.01.
	 	Action by Noteholders	 	 	48	 
	Section 9.02.
	 	Proof of Execution by Noteholders	 	 	48	 
	Section 9.03.
	 	Who Are Deemed Absolute Owners	 	 	49	 
	Section 9.04.
	 	Company-Owned Notes Disregarded	 	 	49	 
	Section 9.05.
	 	Revocation of Consents; Future Holders Bound	 	 	49	 
	ARTICLE 10NOTEHOLDERS’ MEETINGS
	 	 	50	 
	Section 10.01.
	 	Purpose of Meetings	 	 	50	 
	Section 10.02.
	 	Call of Meetings by Trustee	 	 	50	 
	Section 10.03.
	 	Call of Meetings by Company or Noteholders	 	 	50	 
	Section 10.04.
	 	Qualifications for Voting	 	 	51	 
	Section 10.05.
	 	Regulations	 	 	51	 
	Section 10.06.
	 	Voting	 	 	51	 
	Section 10.07.
	 	No Delay of Rights by Meeting	 	 	52	 
	ARTICLE 11SUPPLEMENTAL INDENTURES
	 	 	52	 
	Section 11.01.
	 	Supplemental Indentures Without Consent of Noteholders	 	 	52	 
	Section 11.02.
	 	Supplemental Indentures With Consent of Noteholders	 	 	53	 
	Section 11.03.
	 	Effect of Supplemental Indentures	 	 	54	 
	Section 11.04.
	 	Notation on Notes	 	 	54	 

	 	 	 	Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished
Trustee 55	 

	 	 	 	 	 	 	 	 	 
	ARTICLE 12CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	55	 
	Section 12.01.
	 	Company May Consolidate, Etc	 	 	55	 
	Section 12.02.
	 	Successor Corporation to Be Substituted	 	 	56	 
	Section 12.03.
	 	Opinion of Counsel to Be Given Trustee	 	 	56	 
	ARTICLE 13IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	57	 
	Section 13.01.
	 	Indenture and Notes Solely Corporate Obligations	 	 	57	 
	ARTICLE 14[INTENTIONALLY OMITTED]
	 	 	 	 	 	 	57	 
	ARTICLE 15CONVERSION OF NOTES
	 	 	 	 	 	 	57	 
	Section 15.01.
	 	Conversion Privilege	 	 	57	 
	Section 15.02.
	 	Conversion Procedure	 	 	59	 

	 	 	 	Section 15.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in
Connection with Make-Whole Fundamental Changes 63	 

	 	 	 	 	 	 	 	 	 
	Section 15.04.
	 	Adjustment of Conversion Rate	 	 	65	 
	Section 15.05.
	 	Shares to Be Fully Paid	 	 	75	 
	Section 15.06.
	 	Effect of Reclassification, Consolidation, Merger or Sale	 	 	75	 
	Section 15.07.
	 	Certain Covenants	 	 	78	 
	Section 15.08.
	 	Responsibility of Trustee	 	 	78	 
	Section 15.09.
	 	Notice to Holders Prior to Certain Actions	 	 	79	 
	Section 15.10.
	 	Stockholder Rights Plans	 	 	79	 
	Section 15.11.
	 	Exchange in Lieu of Conversion	 	 	80	 
	Section 15.12.
	 	Limit on Issuance of Shares of Common Stock upon Conversion	 	 	80	 
	ARTICLE 16SUBORDINATION
	 	 	81	 
	Section 16.01.
	 	Agreement to Subordinate	 	 	81	 
	Section 16.02.
	 	Liquidation, Dissolution, Bankruptcy	 	 	81	 
	Section 16.03.
	 	Default on Bank Credit Facility and Hedging Obligations	 	 	81	 
	Section 16.04.
	 	Acceleration of Payment of Notes	 	 	82	 
	Section 16.05.
	 	When Distribution Must Be Paid Over	 	 	82	 
	Section 16.06.
	 	Subrogation	 	 	82	 
	Section 16.07.
	 	Relative Rights	 	 	83	 
	Section 16.08.
	 	Subordination May Not Be Impaired by Company	 	 	83	 
	Section 16.09.
	 	Rights of Trustee and Paying Agent	 	 	83	 
	Section 16.10.
	 	Distribution or Notice to Representative	 	 	83	 

	 	 	 	Section 16.11. Article 16 Not to Prevent Events of Default or Limit Right to
Accelerate 83	 

	 	 	 	 	 	 	 	 	 
	Section 16.12.
	 	Trust Monies Not Subordinated	 	 	84	 
	Section 16.13.
	 	Trustee Entitled to Rely	 	 	84	 
	Section 16.14.
	 	Trustee to Effectuate Subordination	 	 	84	 
	Section 16.15.
	 	Trustee Not Fiduciary for Lenders or Counterparties	 	 	84	 

	 	 	 	Section 16.16. Reliance by Lenders and Counterparties on Subordination Provisions 84	 

	 	 	 	 	 	 	 	 	 
	ARTICLE 17NOTE GUARANTEES
	 	 	85	 
	Section 17.01.
	 	Note Guarantees	 	 	85	 
	Section 17.02.
	 	Limitation on Liability	 	 	87	 
	Section 17.03.
	 	Release of Guarantor	 	 	87	 
	Section 17.04.
	 	Successors and Assigns	 	 	87	 
	Section 17.05.
	 	No Waiver	 	 	87	 
	Section 17.06.
	 	Modification	 	 	87	 

	 	 	 	Section 17.07. Execution of Amendment or Supplemental Indenture for Future Note
Guarantors 88	 

	 	 	 	 	 	 	 	 	 
	Section 17.08.
	 	Non-Impairment	 	 	88	 
	ARTICLE 18SUBORDINATION OF THE NOTE GUARANTEES
	 	 	88	 
	Section 18.01.
	 	Agreement to Subordinate	 	 	88	 
	Section 18.02.
	 	Liquidation, Dissolution, Bankruptcy	 	 	88	 

	 	 	 	Section 18.03. Default on Bank Credit Facility or Hedging Obligations of a Note
Guarantor 89	 

	 	 	 	 	 	 	 	 	 
	Section 18.04.
	 	Demand for Payment	 	 	90	 
	Section 18.05.
	 	When Distribution Must Be Paid Over	 	 	90	 
	Section 18.06.
	 	Subrogation	 	 	90	 
	Section 18.07.
	 	Relative Rights	 	 	90	 
	Section 18.08.
	 	Subordination May Not Be Impaired by a Note Guarantor	 	 	90	 
	Section 18.09.
	 	Rights of Trustee and Paying Agent	 	 	90	 
	Section 18.10.
	 	Distribution or Notice to Representative	 	 	91	 

	 	 	 	Section 18.11. Article 18 Not to Prevent Events of Default or Limit Right to
Accelerate 91	 

	 	 	 	 	 	 	 	 	 
	Section 18.12.
	 	Trustee Entitled to Rely	 	 	91	 
	Section 18.13.
	 	Trustee to Effectuate Subordination	 	 	91	 
	Section 18.14.
	 	Trustee Not Fiduciary for Lenders or Counterparties	 	 	92	 

	 	 	 	Section 18.15. Reliance by Lenders and Counterparties on Subordination Provisions 92	 

	 	 	 	 	 	 	 	 	 
	Section 18.16.
	 	Defeasance	 	 	92	 
	ARTICLE 19REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 	92	 
	Section 19.01.
	 	[Reserved]	 	 	92	 
	Section 19.02.
	 	Repurchase at Option of Holders upon a Fundamental Change	 	 	92	 
	Section 19.03.
	 	Withdrawal of Fundamental Change Repurchase Notice	 	 	95	 
	Section 19.04.
	 	Deposit of Fundamental Change Repurchase Price	 	 	95	 
	ARTICLE 20MISCELLANEOUS PROVISIONS
	 	 	96	 
	Section 20.01.
	 	Provisions Binding on Company’s Successors	 	 	96	 
	Section 20.02.
	 	Official Acts by Successor Corporation	 	 	96	 
	Section 20.03.
	 	Addresses for Notices, Etc	 	 	96	 
	Section 20.04.
	 	Governing Law	 	 	97	 

	 	 	 	Section 20.05. Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee 97	 

	 	 	 	 	 	 	 	 	 
	Section 20.06.
	 	Legal Holidays	 	 	98	 
	Section 20.07.
	 	No Security Interest Created	 	 	98	 
	Section 20.08.
	 	Trust Indenture Act	 	 	98	 
	Section 20.09.
	 	Benefits of Indenture	 	 	98	 
	Section 20.10.
	 	Table of Contents, Headings, Etc	 	 	98	 
	Section 20.11.
	 	Authenticating Agent	 	 	98	 
	Section 20.12.
	 	Execution in Counterparts	 	 	99	 
	Section 20.13.
	 	Severability	 	 	99	 
	Section 20.14.
	 	Waiver of Jury Trial	 	 	100	 
	Section 20.15.
	 	Force Majeure	 	 	100	 
	EXHIBITS
Exhibit A
	 	Form of Note	 	 	A-1	 
	Exhibit B
	 	Form of Notice of Conversion	 	 	B-1	 
	Exhibit C
	 	Form of Fundamental Change Repurchase Notice	 	 	C-1	 
	Exhibit D
	 	Form of Assignment and Transfer	 	 	D-1	 

1

CROSS-REFERENCE TABLE

 

	 	 	 	 	 
	TIA	 	Indenture
	Section	 	Section
	310(a)(1)

	 	 	8.09	 
	      (a)(2)

	 	 	8.09	 
	      (a)(3)

	 	 	N.A.	 
	      (a)(4)

	 	 	N.A.	 
	      (a)(5)

	 	 	8.09	 
	      (b)

	 	 	8.08	 
	      (c)

	 	 	N.A.	 
	311(a)

	 	 	8.13	 
	      (b)

	 	 	8.13	 
	      (c)

	 	 	N.A.	 
	312(a)

	 	 	6.01	 
	      (b)

	 	 	6.02	(b)
	      (c)

	 	 	6.02	(c)
	313(a)

	 	 	6.03	 
	      (b)(1)

	 	 	N.A.	 
	      (b)(2)

	 	 	6.03	 
	      (c)

	 	 	6.03; 20.03	 
	      (d)

	 	 	6.03	(b)
	314(a)

	 	 	5.06; 5.08	 
	      (b)

	 	 	N.A.	 
	      (c)(1)

	 	 	20.05	 
	      (c)(2)

	 	 	20.05	 
	      (c)(3)

	 	 	N.A.	 
	      (d)

	 	 	N.A.	 
	      (e)

	 	 	20.05	 
	      (f)

	 	 	N.A.	 
	315(a)

	 	 	8.01; 8.02	 
	      (b)

	 	 	7.08; 20.03	 
	      (c)

	 	 	8.01	 
	      (d)

	 	 	8.01	 
	      (e)

	 	 	7.09	 
	316(a)(last sentence)

	 	 	9.04	 
	      (a)(1)(A)

	 	 	7.07	 
	      (a)(1)(B)

	 	 	7.07	 
	      (a)(2)

	 	 	N.A.	 
	      (b)

	 	 	7.04	 
	      (c)

	 	 	9.01	 
	317(a)(1)

	 	 	7.02; 7.05	 
	      (a)(2)

	 	 	7.02	 
	      (b)

	 	 	5.04	 
	318(a)

	 	 	20.08	 

N.A. means not applicable

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

2

INDENTURE, dated as of April 8, 2008, among Alaska Communications Systems Group,
Inc., a Delaware corporation, as issuer (hereinafter sometimes called the “Company”, as more fully
set forth in Section 1.01), the guarantors party hereto (the “Guarantors”), and The Bank of New
York Trust Company, N.A., a national banking association, as trustee (hereinafter sometimes called
the “Trustee”, as more fully set forth in Section 1.01).

W I T N E S S E T H:

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issue of its
5.75% Convertible Notes due 2013 (hereinafter sometimes called the “Notes”), initially in an
aggregate principal amount not to exceed $125,000,000, and in order to provide the terms and
conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly
authorized the execution and delivery of this Indenture; and

WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the
Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of
Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter
provided for; and

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this
Indenture provided, the valid, binding and legal obligations of the Company, and to constitute
these presents a valid agreement according to its terms, have been done and performed, and the
execution of this Indenture and the issue hereunder of the Notes have in all respects been duly
authorized.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

That in order to declare the terms and conditions upon which the Notes are, and are to be,
authenticated, issued and delivered, and in consideration of the premises and of the purchase and
acceptance of the Notes by the holders thereof, the Company covenants and agrees with the Trustee
for the equal and proportionate benefit of the respective holders from time to time of the Notes
(except as otherwise provided below), as follows:

ARTICLE 1

DEFINITIONS

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective meanings specified in this Section
1.01. All other terms used in this Indenture that are defined in the Trust Indenture Act or that
are by reference therein defined in the Securities Act (except as herein otherwise expressly
provided or unless the context otherwise requires) shall have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of
this Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article include the plural as well as the singular.

“Additional Interest” means all Interest Amounts as defined in the Registration Rights
Agreement.

“Administrative Agent” means the Canadian Imperial Bank of Commerce or such other financial
institution named as administrative agent under the Bank Credit Facility.

“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 the
purposes of this definition, “control,” when used with respect to any specified Person means the
power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Bank Credit Facility” means the credit agreement dated as of February 1, 2005, among Alaska
Communications Systems Holdings, Inc., a wholly owned subsidiary of the Company, the Company, the
lenders and other financial institutions from time to time party thereto and Canadian Imperial Bank
of Commerce, as Administrative Agent, together with the related documents thereto (including,
without limitation, any guarantee agreements and security documents), in each case as such
agreements may be amended (including any amendment and restatement thereof), supplemented or
otherwise modified or replaced from time to time by one or more credit and/or other agreements,
including any agreement adding our subsidiaries as additional borrowers or guarantors thereunder or
extending the maturity of, refinancing, replacing or otherwise restructuring all or any portion of
the indebtedness under such agreement(s), whether by the same or any other agent, lender or group
of lenders.

“Bid Solicitation Agent” means the Trustee or an independent nationally recognized securities
dealer selected by the Company to solicit market bid quotations for the Notes; provided, however,
that the Trustee shall not be obligated to act in such capacity hereunder.

“Board of Directors” means the board of directors of the Company or a committee of such board
duly authorized to act for it hereunder.

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

“Business Day” means any day other than a Saturday or a Sunday that is neither a legal holiday
nor a day on which commercial banks are authorized or required by law, regulation or executive
order to close in New York City.

“Capital Stock” means, for any entity, any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated)
stock issued by that entity.

“Cash Settlement Averaging Period” means, with respect to any Note surrendered for conversion
to which a Cash Settlement Averaging Period would apply, the sixty consecutive Trading Day period
beginning on and including the third Trading Day after the related Conversion Date for such Note;
provided that with respect to any Conversion Date occurring during the period beginning on November
1, 2012, and ending at 5:00 p.m. New York City time, on the second Scheduled Trading Day
immediately prior to the Maturity Date, the “Cash Settlement Averaging Period” means the first
sixty Trading Days beginning on and including the sixty-second Scheduled Trading Day prior to the
Maturity Date.

“close of business” means 5:00 p.m. (New York City time).

“Commission” means the Securities and Exchange Commission.

“Common Equity” of any Person means Capital Stock of such Person that is generally entitled
(a) to vote in the election of directors of such Person or (b) if such Person is not a corporation,
to vote or otherwise participate in the selection of the governing body, partners, managers or
others that will control the management or policies of such Person.

“Common Stock” means, subject to Section 15.06, shares of common stock of the Company, par
value $0.01 per share, at the date of this Indenture or shares of any class or classes resulting
from any reclassification or reclassifications thereof and that have no preference in respect of
dividends or of amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Company and that are not subject to redemption by the Company;
provided that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion that the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.

“Company” means Alaska Communications Systems Group, Inc., a Delaware corporation, and subject
to the provisions of Article 12, shall include its successors and assigns.

“Company Order” means a written order of the Company, signed by (a) the Company’s Chief
Executive Officer, President, Executive or Senior Vice President, Managing Director or any Vice
President (whether or not designated by a number or numbers or word or words added before or after
the title “Vice President”) and (b) any such other officer designated in clause (a) of this
definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant
Secretary, and delivered to the Trustee.

“Continuing Director” means a director who either was a member of the Board of Directors on
April 2, 2008 or who becomes a member of the Board of Directors subsequent to that date and whose
election, appointment or nomination for election by the stockholders of the Company, is duly
approved by a majority of the continuing directors on the Board of Directors at the time of such
approval, either by a specific vote or by approval of the proxy statement issued by the Company on
behalf of the entire Board of Directors in which such individual is named as nominee for director.

“Conversion Agent” shall have the meaning specified in Section 5.02.

“Conversion Date” shall have the meaning specified in Section 15.02(e).

“Conversion Obligation” shall have the meaning specified in Section 15.01(a).

“Conversion Price” means as of any date, $1,000, divided by the Conversion Rate as of such
date.

“Conversion Rate” shall have the meaning specified in Section 15.01(a).

“Conversion Rate Cap” shall have the meaning specified in Section 15.12.

“Conversion Trigger Price” shall have the meaning specified in Section 15.01(b)(iv).

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

“Counterparty” means the counterparties to the Company or any of its Affiliates under the
Hedging Obligations.

“Custodian” means The Bank of New York Trust Company, N.A., as custodian for The Depository
Trust Company, with respect to the Global Notes, or any successor entity thereto.

“Daily Conversion Value” means, for each of the sixty consecutive Trading Days during the Cash
Settlement Averaging Period, one-sixtieth (1/60th) of the product of (a) the applicable
Conversion Rate and (b) the Daily VWAP of the Common Stock on such Trading Day.

“Daily Measurement Value” is equal to the Specified Dollar Amount, divided by 60.

“Daily Settlement Amount,” for each of the sixty consecutive Trading Days during the Cash
Settlement Averaging Period, shall consist of:

(a) cash equal to the lesser of the Daily Measurement Value and the Daily
Conversion Value for such Trading Day; and

(b) to the extent such Daily Conversion Value for such Trading Day exceeds the
Daily Measurement Value, a number of shares of Common Stock equal to the Daily Share
Amount.

“Daily Share Amount” means, to the extent the Daily Conversion Value exceeds the Daily
Measurement Value, (i) the difference between the Daily Conversion Value and the Daily Measurement
Value, divided by (ii) the Daily VWAP of the Common Stock for such Trading Day.

“Daily VWAP” for the Common Stock means, for each of the 60 consecutive Trading Days during
the Cash Settlement Averaging Period, the per share volume-weighted average price on The Nasdaq
Global Select Market as displayed under the heading “Bloomberg VWAP” on Bloomberg page “ALSK.UQ
<equity> VAP” (or its equivalent successor if any such page is not available) in respect of
the period from the scheduled open of trading until the scheduled close of trading of the primary
trading session on such Trading Day (or if such volume-weighted average price is unavailable, the
market value of one share of the Common Stock on such Trading Day as determined in a commercially
reasonable manner by the Board of Directors using a volume-weighted method) and will be determined
without regard to after hours trading or any other trading outside of the regular trading session.

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

“Defaulted Interest” means any interest on any Note that is payable, but is not punctually
paid or duly provided for, on any March 1 or September 1.

“Depositary” means, with respect to the Global Notes the Person specified in Section 2.06 as
the Depositary with respect to such Notes, until a successor shall have been appointed and become
such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall
mean or include such successor.

“Designated Institution” shall have the meaning specified in Section 15.11(a)(i)

“Distributed Property” shall have the meaning specified in Section 15.04(c).

“Domestic Subsidiary” means any direct or indirect Subsidiary of the Company that is organized
under the laws of the United States, any state or possession thereof or the District of Columbia.

“Effective Date” shall have the meaning specified in Section 15.03(a).

“Event of Default” shall have the meaning specified in Section 7.01.

“Ex-Dividend Date” means, with respect to any issuance, dividend or distribution in which the
holders of Common Stock (or other security) have the right to receive any cash, securities or other
property, the first date on which the shares of the Common Stock (or other security) trade on the
applicable exchange or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question, provided that, solely for the purposes of Section
15.04(b), (c) and (d), and only when the Company elects to settle Conversion solely in shares of
its Common Stock, if such date falls after the applicable Record Date for the issuance, dividend or
distribution in question, then references to the Ex-Dividend Date (or in the case of a Spin-Off,
the date on which the adjustment to the Conversion Rate takes effect) will be deemed to be to such
Record Date.

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

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.

“Fiscal Year” means a fiscal year of the Company.

“Fundamental Change” means the occurrence after the original issuance of the Notes of any of
the following events:

(a) any “person” or “group” (within the meaning of Section 13(d) of the
Exchange Act) other than the Company or its Subsidiaries files a Schedule TO or any
schedule, form or report under the Exchange Act disclosing that such person or group
has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under
the Exchange Act, of the Company’s Common Equity representing more than 50% of the
voting power of the Company’s Common Equity;

(b) consummation of any binding share exchange, consolidation or merger of the
Company pursuant to which the Common Stock will be converted into cash, securities
or other property or any sale, lease or other transfer in one transaction or a
series of transactions of all or substantially all of the consolidated assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than one of the
Company’s Subsidiaries, other than any transaction pursuant to which holders of the
Company’s Capital Stock immediately prior to the transaction have the entitlement to
exercise, directly or indirectly, 50% or more of the total voting power of all
            shares of Capital Stock entitled to vote generally in elections of directors of the
continuing or surviving or successor person immediately after giving effect to such
issuance;

(c) Continuing Directors cease to constitute at least a majority of the Board
of Directors;

(d) the stockholders of the Company approve any plan or proposal for the
liquidation or dissolution of the Company; or

(e) the Common Stock ceases to be listed on a United States national or
regional securities exchange,

provided, however, in the case of a transaction or event described in clause (a) or (b) above, if
at least 90% of the consideration, excluding cash payments for fractional shares, in the
transaction or transactions otherwise constituting the Fundamental Change consists of shares of
Publicly Traded Securities, and as a result of such transaction or transactions, the Notes become
convertible into such Publicly Traded Securities, excluding cash payments for fractional shares
(subject to the provisions of Section 15.02(b)), such event shall not be a Fundamental Change.
“Fundamental Change Company Notice” shall have the meaning specified in Section 19.02(b).

“Fundamental Change Expiration Time” shall have the meaning specified in Section 19.02(b)(ix).

“Fundamental Change Repurchase Date” shall have the meaning specified in Section 19.02(a).

“Fundamental Change Repurchase Notice” shall have the meaning specified in Section
19.02(a)(i).

“Fundamental Change Repurchase Price” shall have the meaning specified in Section 19.02(a).

“GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, including those set forth in (1) the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants, (2) the
statements and pronouncements of the Financial Accounting Standards Board, and (3) such other
statements by such other entity as approved by a significant segment of the accounting profession.

“Global Note” shall have the meaning specified in Section 2.06(b).

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or
indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by
virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise)
or (b) entered into for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in
part); provided, however, that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning. The term “Guarantor” shall mean any Person Guaranteeing any Indebtedness.

“Guarantee Blockage Notice” shall have the meaning specified in Section 18.03.

“Guarantee Payment Blockage Period” shall have the meaning specified in Section 18.03.

“Guaranteed Obligations” shall have the meaning specified in Section 17.01.

“Hedging Obligations” means any interest rate protection agreement, foreign currency exchange
agreement, commodity price protection agreement or other interest or currency exchange rate or
commodity price hedging arrangement to which Alaska Communications Systems Holdings, Inc., a
wholly-owned Subsidiary of the Company, and any of the Lenders or any of their respective
Affiliates are parties.

“Indebtedness,” when used with respect to any Person, and without duplication means:

(i) all indebtedness, obligations and other liabilities (contingent or otherwise) of such
Person for borrowed money (including obligations of such person in respect of overdrafts and any
loans or advances from banks, whether or not evidenced by notes or similar instruments) or
evidenced by bonds, notes or other instruments for the payment of money, or incurred in connection
with the acquisition of any property, services or assets (whether or not the recourse of the lender
is to the whole of the assets of such Person or to only a portion thereof), other than any account
payable or other accrued current liability or obligation to trade creditors incurred in the
ordinary course of business in connection with the obtaining of materials or services;

(ii) all reimbursement obligations and other liabilities (contingent or otherwise) of such
Person with respect to letters of credit, bank guarantees, bankers’ acceptances, surety bonds,
performance bonds or other guaranty of contractual performance;

(iii) all obligations and liabilities (contingent or otherwise) in respect of (a) leases of
such Person required, in conformity with GAAP, to be accounted for as capitalized lease obligations
on the balance sheet of such Person and (b) any lease or related documents, including a purchase
agreement, in connection with the lease of real property which provides that such Person is
contractually obligated to purchase or cause a third party to purchase the leased property and
thereby guarantee a minimum residual value of the leased property to the landlord and the
obligations of such Person under such lease or related document to purchase or to cause a third
party to purchase the leased property;

(iv) all obligations of such Person (contingent or otherwise) with respect to an interest rate
or other swap, cap or collar agreement or other similar instrument or agreement or foreign currency
hedge, exchange, purchase or similar instrument or agreement;

(v) all direct or indirect guaranties or similar agreements by such Person in respect of, and
obligations or liabilities (contingent or otherwise) of such Person to purchase or otherwise
acquire or otherwise assure a creditor against loss in respect of, indebtedness, obligations or
liabilities of another Person of the kind described in clauses (i) through (iv);

(vi) any indebtedness or other obligations described in clauses (i) through (iv) secured by
any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by such
Person, regardless of whether the indebtedness or other obligation secured thereby shall have been
assumed by such Person; and

(vii) any and all deferrals, renewals, extensions, refinancings, replacements, restatements
and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or
liability of the kind described in clauses (i) through (vi).

“Indenture” means this instrument as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented.

“Initial Dividend Threshold” means initially $0.215 per share of Common Stock, subject to
adjustment in accordance with Section 15.04(d).

“Initial Purchaser” means each of Banc of America Securities LLC and Oppenheimer & Co. Inc.

“Interest Payment Date” means each March 1 and September 1 of each year, beginning on
September 1, 2008. Interest on the Notes will be computed on the basis of a 360-day year comprised
of twelve 30-day months and will accrue from the date of original issuance of the Notes which is
expected to be April 8, 2008. If any Interest Payment Date falls on a date that is not a Business
Day, such payment of interest (or principal in the case of the Maturity Date or any earlier
repurchase of the Notes) will be made on the next succeeding Business Day, and no interest or other
amount will be paid as a result of any such delay.

“Interest Record Date,” with respect to any Interest Payment Date, shall mean the February 15
or August 15 (whether or not such day is a Business Day) immediately preceding the applicable March
1 or September 15 Interest Payment Date, respectively.

“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per
share (or if no closing sale price is reported, the average of the bid and ask prices or, if more
than one in either case, the average of the average bid and the average ask prices) on that date as
reported in composite transactions for the principal U.S. national or regional securities exchange
on which the Common Stock is listed for trading. If the Common Stock is not listed for trading on
a U.S. national or regional securities exchange on the relevant date, then the “Last Reported Sale
Price” will be the last quoted bid price for the Common Stock in the over-the-counter market on the
relevant date as reported by the National Quotation Bureau or similar organization. If the Common
Stock is not so quoted, the “Last Reported Sale Price” will be the average of the mid-point of the
last bid and ask prices for the Common Stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the Company for this
purpose.

“Lender” means any lender under the Bank Credit facility.

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or lease in the nature thereof).

“Make-Whole Conversion Rate Adjustment” shall have the meaning specified in Section 15.03(a).

“Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental
Change occurring as a result of a transaction described in clause (a) or (b) of the definition
thereof.

“Market Disruption Event” means (a) a failure by the primary exchange or quotation system on
which the Common Stock trades or is quoted, as the case may be, to open for trading during its
regular trading session or (b) the occurrence or existence prior to 1:00 p.m. New York City time,
on any Trading Day for the Common Stock for an aggregate one-half hour period of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts
relating to the Common Stock.

“Maturity Date” means March 1, 2013.

“Measurement Period” shall have the meaning specified in Section 15.01(b)(i).

“Merger Event” shall have the meaning specified in Section 15.06.

“Note” or “Notes” shall mean any note or notes, as the case may be, authenticated and
delivered under this Indenture.

“Noteholder” or “holder,” as applied to any Note, or other similar terms (but excluding the
term “beneficial holder”), shall mean any person in whose name at the time a particular Note is
registered on the Note Register.

“Note Guarantee” means each Guarantee of the obligations with respect to the Notes issued by a
Subsidiary of the Company pursuant to the terms of this Indenture.

“Note Guarantor” means any Subsidiary that has issued a Note Guarantee.

“Note Register” shall have the meaning specified in Section 2.06(a).

“Note Registrar” shall have the meaning specified in Section 2.06(a).

“Notice of Conversion” shall have the meaning specified in Section 15.02(d).

“Offering Memorandum” means the final offering memorandum dated April 2, 2008 relating to the
offering and sale of the Notes.

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the
Treasurer, the Secretary, any Executive or Senior Vice President, Managing Director or any Vice
President (whether or not designated by a number or numbers or word added before or after the title
“Vice President”).

“Officers’ Certificate,” when used with respect to the Company, means a certificate signed by
(a) one Officer of the Company and (b) another officer of the Company or one of the Treasurer or
any Assistant Treasurer, Secretary or any Assistant Secretary or Controller of the Company that is
delivered to the Trustee. Each such certificate shall include the statements provided for in
Section 20.05 if and to the extent required by the provisions of such Section. One of the officers
giving an Officers’ Certificate pursuant to Section 5.08 shall be the principal executive,
financial or accounting officer of the Company.

“opening of business” means 9:00 a.m. (New York City time).

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an
employee of or counsel to the Company, or other counsel that is delivered to the Trustee. Each
such opinion shall include the statements provided for in Section 20.05 if and to the extent
required by the provisions of such Section.

“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section
9.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under
this Indenture, except:

(a) Notes theretofore canceled by the Trustee or accepted by the Trustee for
cancellation;

(b) Notes, or portions thereof, for the payment or repurchase of which monies
in the necessary amount shall have been deposited in trust with the Trustee or with
any Paying Agent (other than the Company) or shall have been set aside and
segregated in trust by the Company (if the Company shall act as its own Paying
Agent); provided that if any such Note is repurchased, the holder thereof shall have
delivered a Fundamental Change Repurchase Notice in accordance with Section 19.02;

(c) Notes that have been paid pursuant to Section 2.07 or Notes in lieu of
which, or in substitution for which, other Notes shall have been authenticated and
delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the
Trustee is presented that any such Notes are held by protected purchasers in due
course; and

(d) Notes converted pursuant to Article 15.

“Paying Agent” shall have the meaning specified in Section 5.02.

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

“Portal Market” means The Portal Market operated by Nasdaq Stock Market, Inc. or any successor
thereto.

“Predecessor Note” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 2.07 in lieu of or in exchange for a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note that it replaces.

“Publicly Traded Securities” means shares of common stock that are traded on a national
securities exchange or that will be so traded when issued or exchanged in connection with a
transaction described in clause (a) or (b) of the definition of Fundamental Change.

“Purchase Agreement” means that certain Purchase Agreement, dated April 2, 2008, among the
Company and the Initial Purchasers.

“Record Date” shall have the meaning specified in Section 15.04(f).

“Reference Property” shall have the meaning specified in Section 15.06(b).

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of
April 8, 2008, among the Company and the Initial Purchasers, as amended from time to time.

“Representative” means any administrative agent or representative (if any) under the Bank
Credit Facility or the Hedging Obligations.

“Resale Restriction Termination Date” shall have the meaning specified in Section 2.06(d).

“Responsible Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

“Restricted Securities” shall have the meaning specified in Section 2.06(d).

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

“Scheduled Trading Day” means any day that is scheduled to be a Trading Day.

“Secured Indebtedness” means any indebtedness of the Company secured by a Lien. “Secured
Indebtedness” of a Note Guarantor has a correlative meaning.

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

“Senior Indebtedness” means the principal of, interest (including interest, to the extent
allowable, accruing subsequent to the filing of a petition initiating any proceeding under any
state, federal or foreign bankruptcy law, whether or not a claim for post-petition interest is
allowable as a claim in any such proceeding) and rent payable on or termination payments with
respect to or in connection with, and all fees, costs, expenses, reimbursement amounts, indemnities
and other amounts accrued or due on or in connection with, Indebtedness of the Company, whether
outstanding on the date of this Indenture or thereafter created, incurred, assumed, guaranteed or
in effect guaranteed by the Company (including all deferrals, renewals, extensions or refundings
of, or amendments, modifications or supplements to, the foregoing), except for:

(i) Indebtedness that by its terms expressly provides that it shall not be senior in right of
payment to the Securities or expressly provides that such Indebtedness is equal with or junior to
the Securities; and

(ii) Indebtedness between or among the Company or any of the Subsidiaries of the Company.

“Senior Indebtedness” of a Note Guarantor has a correlative meaning.

“Settlement Amount” has the meaning specified in Section 15.02(b).

“Settlement Method” means, with respect to a conversion of Notes, the relative proportions of
cash and/or shares of Common Stock with which such conversion is settled under this Indenture, as
elected (or deemed elected) by the Company.

“Settlement Notice” has the meaning specified in Section 15.02(b)(iii).

“Significant Subsidiary” has the meaning specified in Regulation S-X under the Exchange Act.

“Specified Dollar Amount” means the amount of cash per $1,000 principal amount of converted
Note specified in the Settlement Notice related to such converted Note.

“Spin-Off” shall have the meaning specified in Section 15.04(c).

“Stock Price” means (a) in the case of a Make-Whole Fundamental Change described in clause (b)
of the definition of Fundamental Change in which holders of Common Stock receive solely cash
consideration in connection with such Make-Whole Fundamental Change, the amount of cash paid per
share of the Common Stock and (b) in the case of all other Make-Whole Fundamental Changes, the
average of the Last Reported Sale Prices per share of Common Stock over the period of ten
consecutive Trading Days ending on the Trading Day immediately preceding the Effective Date of such
Make-Whole Fundamental Change. The Board of Directors will make appropriate adjustments, in its
good faith determination, to account for any adjustment to the Conversion Rate that becomes
effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date
of the event occurs, during such ten consecutive Trading Days.

“Subordinated Indebtedness” means the notes and any other Indebtedness and any other
Indebtedness of ours that specifically provides that such Indebtedness is to rank pari passu with
the notes in right of payment and is not subordinated by its terms in right of payment to any
Indebtedness or other obligation of ours that is not Senior Indebtedness. “Subordinated
Indebtedness” of a Note Guarantor has a correlative meaning.

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

“Successor Company” shall have the meaning specified in Section 12.01(a).

“Supplementary Interest” shall have the meaning specified in Section 7.01.

“Trading Day” means any day during which trading on The Nasdaq Global Select Market, or the
principal national or regional securities exchange on which our common stock is listed, admitted
for trading or quoted, is open for trading and on which there is no Market Disruption Event or if
the Common Stock is not so listed, quoted or traded, any Business Day.

“Trading Price” with respect to $1,000 principal amount of Notes, on any date of determination
means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for
$5.0 million principal amount of Notes at approximately 3:30 p.m., New York City time, on such
determination date from three independent U.S. nationally recognized securities dealers selected by
the Company; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation
Agent, but two such bids are obtained, then the average of the two bids shall be used, and if only
one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used.
If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5.0 million principal
amount of Notes from any such nationally recognized securities dealer, then the Trading Price per
$1,000 principal amount of Notes will be deemed to be less than 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate.

“transfer” shall have the meaning specified in Section 2.06(d).

“Trigger Event” shall have the meaning specified in Section 15.04(c).

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at
the date of execution of this Indenture, except as provided in Section 11.03 and Section 15.06;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date
hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the
Trust Indenture Act of 1939, as so amended.

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder.

“Weighted Average Consideration” shall have the meaning specified in Section 15.06(c)(iv).

Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in, and made a part
of, this Indenture. The following TIA term used in this Indenture has the following meaning:

 “obligor” on the Notes means the Issuer, the Guarantors and any successor
obligor upon the Notes.

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

ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION

AND EXCHANGE OF NOTES

Section 2.01. Designation and Amount. The Notes shall be designated as the “5.75% Convertible
Notes due 2013.” The aggregate principal amount of Notes that may be authenticated and delivered
under this Indenture is initially limited to $125,000,000, subject to Section 2.11 and except for
Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of other Notes pursuant to Section 2.06, Section 2.07, Section 11.04, Section 15.02 and Section
19.04 hereof.

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, which
are incorporated in and made a part of this Indenture.

Any Global Note may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Indenture as may be required by
the Custodian, the Depositary or by Nasdaq Stock Market, Inc. to be tradable on The Portal Market
or as may be required for the Notes to be tradable on any other market developed for trading of
securities pursuant to Rule 144A or required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation
system upon which the Notes may be listed or traded or designated for issuance or to conform with
any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Notes are subject.

Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation
system on which the Notes may be listed or designated for issuance, or to conform to usage or to
indicate any special limitations or restrictions to which any particular Notes are subject.

The Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global
Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the holder of such Notes in accordance with this
Indenture. Payment of principal, accrued and unpaid interest, and Additional Interest, if any, on
the Global Note shall be made to the holder of such Note on the date of payment, unless a record
date or other means of determining holders eligible to receive payment is provided for herein.

The terms and provisions contained in the form of Note attached as Exhibit A hereto shall
constitute, and are hereby 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 to be bound thereby.

Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be
issuable in registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register
at the close of business on any Interest Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date. Interest
(including Additional Interest, if any) shall be payable at the office or agency of the Company
maintained by the Company for such purposes in The Borough of Manhattan, City of New York, which
shall initially be one such office of the Paying Agent at 101 Barclay Street, Floor 8 West, New
York, New York 10286, Attention: Corporate Trust Administration. The Company shall pay interest
(including Additional Interest, if any) (a) on any Notes in certificated form by check mailed to
the address of the Person entitled thereto as it appears in the Note Register (or upon written
application by such Person to the Trustee and Paying Agent (if different from the Trustee) not
later than the relevant Interest Record Date, by wire transfer in immediately available funds to
such Person’s account within the United States, if such Person is entitled to interest on an
aggregate principal in excess of $1,000,000, which application shall remain in effect until the
Noteholder notifies the Trustee and Paying Agent to the contrary) or (b) on any Global Note by wire
transfer of immediately available funds to the account of the Depositary or its nominee.

Any Defaulted Interest shall forthwith cease to be payable to the Noteholder on the relevant
Interest Record Date by virtue of its having been such Noteholder, and such Defaulted Interest
shall be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Notes (or their respective Predecessor Notes) are registered at the close of business on
a special record date for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not
less than twenty-five days after the receipt by the Trustee of such notice, unless the Trustee
shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of
the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Interest which shall be not more than fifteen
days and not less than ten days prior to the date of the proposed payment, and not less than ten
days after the receipt by the Trustee of the notice of the proposed payment. The Company shall
promptly notify the Trustee of such special record date and the Trustee, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and
the special record date therefor to be mailed, first-class postage prepaid, to each holder at its
address as it appears in the Note Register, not less than ten days prior to such special record
date. Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names
the Notes (or their respective Predecessor Notes) are registered at the close of business on such
special record date and shall no longer be payable pursuant to the following clause (2) of this
Section 2.03.

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

Section 2.04. Payments of Additional Interest and Supplemental Interest. If required by the
Registration Rights Agreement, the Company shall pay Additional Interest in the manner and to the
Persons set forth in the Registration Rights Agreement. The Company shall also pay Supplemental
Interest in the manner and under the circumstances set forth herein. Whenever in this Indenture
there is mentioned, in any context, the payment of interest on, or in respect of, any Note, such
mention shall be deemed to include mention of the payment of (i) “Additional Interest” provided for
in the Registration Rights Agreement to the extent that, in such context, Additional Interest is,
was or would be payable in respect thereof pursuant to the provisions of the Registration Rights
Agreement and (ii) “Supplementary Interest” provided for herein to the extent that, Supplementary
Interest is, was or would be payable hereunder, and in either case express mention of the payment
of Additional Interest (if applicable) or Supplementary Interest (if applicable) in any provisions
hereof shall not be construed as excluding Additional Interest or Supplementary Interest,
respectively, in those provisions hereof where such express mention is not made.

Section 2.05. Execution, Authentication and Delivery of Notes. The Notes shall be signed in
the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive
Officer, President, Treasurer, Secretary or any of its Executive or Senior Vice Presidents.

At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Notes executed by the Company to the Trustee for authentication, together with
a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance
with such Company Order shall authenticate and deliver such Notes, without any further action by
the Company hereunder.

Only such Notes as shall bear thereon a certificate of authentication substantially in the
form set forth on the form of Note attached as Exhibit A hereto, executed manually or by facsimile
by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as
provided by Section 20.11), shall be entitled to the benefits of this Indenture or be valid or
obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon
any Note executed by the Company shall be conclusive evidence that the Note so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of
this Indenture.

In case any officer of the Company who shall have signed any of the Notes shall cease to be
such officer before the Notes so signed shall have been authenticated and delivered by the Trustee,
or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Notes had not ceased to be such officer of the
Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date
of the execution of such Note, shall be the proper officers of the Company, although at the date of
the execution of this Indenture any such person was not such an officer.

Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the
register maintained in such office or in any other office or agency of the Company designated
pursuant to Section 5.02 being herein sometimes collectively referred to as the “Note Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Notes and of transfers of Notes. Such register shall be in written form or in
any form capable of being converted into written form within a reasonable period of time. The
Trustee is hereby appointed “Note Registrar” for the purpose of registering Notes and transfers of
Notes as herein provided. The Company may appoint one or more co-registrars in accordance with
Section 5.02.

Upon surrender for registration of transfer of any Note to the Note Registrar or any
co-registrar, and satisfaction of the requirements for such transfer set forth in this Section
2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Notes of any authorized denominations and of
a like aggregate principal amount and bearing such restrictive legends as may be required by this
Indenture.

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 5.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that
the Noteholder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.

All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Note Registrar or any
co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or its
attorney-in-fact duly authorized in writing.

No service charge shall be charged to the Noteholder for any exchange or registration of
transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax, assessments or other governmental charges that may be imposed in connection therewith as a
result of the name of the Noteholder of the new Notes issued upon such exchange or registration of
transfer of Notes being different from the name of the Noteholder of the old Notes presented or
surrendered for such exchange or registration of transfer.

None of the Company, the Trustee, the Note Registrar or any co-registrar shall be required to
exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any
Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with
Article 19 hereof.

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

(b) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.
The transfer and exchange of beneficial interests in a Global Note that does not involve the
issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Indenture (including the restrictions on transfer set forth
herein) and the procedures of the Depositary therefor.

(c) [Reserved.]

(d) Every Note that bears or is required under this Section 2.06(d) to bear the legend set
forth in this Section 2.06(d) (together with any Common Stock issued upon conversion of the Notes
and required to bear the legend set forth in Section 2.06(e), collectively, the “Restricted
Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.06(d)
(including the legend set forth below), unless such restrictions on transfer shall be eliminated or
otherwise waived by written consent of the Company, and the holder of each such Restricted
Security, by such holder’s acceptance thereof, agrees to be bound by all such restrictions on
transfer. As used in Section 2.06(d) and Section 2.06(e), the term “transfer” encompasses any
sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

Until the date (subject to the provision set forth in the second paragraph of the text of the
legend set forth below, the “Resale Restriction Termination Date”) that is the later of (1) the
date that is one year after the last date of original issuance of the Notes and (2) such later
date, if any, as may be required by applicable laws, any certificate evidencing such Note (and all
securities issued in exchange therefor or substitution thereof, other than Common Stock, if any,
issued upon conversion thereof which shall bear the legend set forth in Section 2.06(e), if
applicable) shall bear a legend in substantially the following form (unless such Notes have been
transferred pursuant to a registration statement that has become or been declared effective under
the Securities Act and that continues to be effective at the time of such transfer, pursuant to the
exemption from registration provided by Rule 144 or any similar provision then in force under the
Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the
Trustee):

THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
ACQUIRER:

(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED
INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE
(SUBJECT TO THE PROVISIONS OF THE NEXT PARAGRAPH, THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW,
EXCEPT:

(A) TO ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. (THE “COMPANY”) OR ANY
SUBSIDIARY THEREOF, OR

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT, OR

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

NOTWITHSTANDING THE FOREGOING, THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE THAT
IS SIX MONTHS AFTER THE LAST ORIGINAL ISSUANCE OF THIS SECURITY UNLESS THE COMPANY NOTIFIES
THE HOLDERS OF THIS SECURITY AND THE TRUSTEE, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN
THE REGISTRATION RIGHTS AGREEMENT RELATING TO THIS SECURITY, THAT THE COMPANY NO LONGER
SATISFIES THE CURRENT REPORTING REQUIREMENTS OF RULE 144(C)(1) UNDER THE SECURITIES ACT OR
THAT THIS SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY ARE NOT
OTHERWISE FREELY TRADABLE (BY HOLDERS OF SUCH SECURITY OR COMMON STOCK OTHER THAN AFFILIATES
OF THE COMPANY) WITHOUT VOLUME RESTRICTIONS PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.
IF THE COMPANY PROVIDES SUCH NOTIFICATION, THEN THE RESALE RESTRICTION TERMINATION DATE WILL
BE THE DATE PROVIDED FOR ABOVE (UNLESS THE COMPANY NOTIFIES HOLDERS AND THE TRUSTEE, IN
ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE REGISTRATION RIGHTS AGREEMENT RELATING TO
THIS SECURITY, THAT THE SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS
SECURITY HAVE BECOME FREELY TRADABLE (BY HOLDERS OF SUCH SECURITY OR COMMON STOCK OTHER THAN
AFFILIATES OF THE COMPANY) WITHOUT VOLUME RESTRICTIONS PURSUANT TO RULE 144 UNDER THE
SECURITIES ACT PRIOR TO SUCH DATE, IN WHICH CASE THE RESALE RESTRICTION TERMINATION DATE
WILL BE THE DATE SPECIFIED IN SUCH NOTICE).

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND
THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

No transfer of any Note prior to the Resale Restriction Termination Date will be registered by
the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been
checked.

Promptly after one-year has elapsed following (1) the last date of original issuance of the
Notes or (2) if there has been a reopening of the Notes under Section 2.11 of this Indenture, the
last original issue date of such reopening, if the Notes (including any additional notes with the
same terms and the same CUSIP number as the Notes) and Common Stock issued upon conversion of the
Notes are freely tradable pursuant to Rule 144 under the Securities Act without volume restrictions
by holders who are not Affiliates of the Company, the Company shall:

(i) Notify the Trustee to remove the restrictive legends described in this Section
2.06(d) and in Section 2.06(e) from the Notes and Common Stock issued upon conversion of the
Notes, respectively, and upon such notice the restrictive legend shall be deemed removed
from any Global Securities without further action on the part of holders;

(ii) Notify holders of the Notes and Common Stock issued upon conversion of the Notes
that the restrictive legend has been removed or deemed removed; and

(iii) Notify the Trustee and DTC to change the CUSIP number for the Notes and the
Common Stock issued upon conversion of the Notes to the unrestricted CUSIP number.

In no event will the failure of the Company to provide any notice set forth in this paragraph or of
the Trustee to remove the restrictive legend constitute a failure by the Company to comply with any
of its covenants or agreements set forth in this Indenture for purposes of Section 7.01 of this
Indenture or otherwise.

Any Note (or security issued in exchange or substitution therefor) as to which such
restrictions on transfer shall have expired in accordance with their terms may, upon surrender of
such Note for exchange to the Note Registrar in accordance with the provisions of this Section
2.06, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which
shall not bear the restrictive legend required by this Section 2.06(d). The Company shall notify
the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a
Registration Statement with respect to the Notes or any Common Stock issued upon conversion of the
Notes has been declared effective under the Securities Act.

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in
this Section 2.06(d)), a Global Note may not be transferred as a whole or in part except (i) by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or
another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global
Note in certificated form made upon request of a member of, or a participant in, the Depositary
(for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on
behalf of the Depositary in accordance with customary procedures of the Depositary and in
compliance with this Section.

The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to the Global
Note. Initially, the Global Note shall be issued to the Depositary, registered in the name of Cede
& Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or
unable to continue as depositary for the Global Notes and a successor depositary is not appointed
within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange
Act and a successor depositary is not appointed within 90 days or (iii) an Event of Default in
respect of the Notes has occurred and is continuing, upon the request of the beneficial owner of
the Notes, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate and
a Company Order for the authentication and delivery of Notes, will authenticate and deliver Notes
in definitive form to each such beneficial owner of the related Notes (or a portion thereof) in an
aggregate principal amount equal to the principal amount of such Global Note, in exchange for such
Global Note, and upon delivery of the Global Note to the Trustee such Global Note shall be
canceled.

Definitive Notes issued in exchange for all or a part of the Global Note pursuant to this
Section 2.06(d) shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive
Notes to the Persons in whose names such definitive Notes are so registered.

At such time as all interests in a Global Note have been converted, canceled, repurchased or
transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance
with standing procedures and instructions existing between the Depositary and the Custodian. At
any time prior to such cancellation, if any interest in a Global Note is exchanged for definitive
Notes, converted, canceled, repurchased or transferred to a transferee who receives definitive
Notes therefor or any definitive Note is exchanged or transferred for part of such Global Note, the
principal amount of such Global Note shall, in accordance with the standing procedures and
instructions existing between the Depositary and the Custodian, be appropriately reduced or
increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee
or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.

None of the Company, the Trustee nor any agent of the Company or the Trustee will have any
responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

(e) Until the Resale Restriction Termination Date, any stock certificate representing Common
Stock issued upon conversion of such Note shall bear a legend in substantially the following form
(unless the Note or such Common Stock has been transferred pursuant to a registration statement
that has become or been declared effective under the Securities Act and that continues to be
effective at the time of such transfer or pursuant to the exemption from registration provided by
Rule 144 under the Securities Act or any similar provision then in force under the Securities Act,
or such Common Stock has been issued upon conversion of Notes that have been transferred pursuant
to a registration statement that has become or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer or pursuant to the exemption from
registration provided by Rule 144 under the Securities Act, or unless otherwise agreed by the
Company with written notice thereof to the Trustee and any transfer agent for the Common Stock):

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:

(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED
INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND
THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

(2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE
(THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS THE LATER OF (X) ONE YEAR AFTER
THE LAST ORIGINAL ISSUE DATE HEREOF AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE
REQUIRED BY APPLICABLE LAW, EXCEPT:

(A) TO ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. (THE “COMPANY”) OR ANY
SUBSIDIARY THEREOF, OR

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT, OR

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

NOTWITHSTANDING THE FOREGOING, THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE THAT
IS SIX MONTHS AFTER THE LAST ORIGINAL ISSUANCE OF THIS SECURITY UNLESS THE COMPANY NOTIFIES
THE HOLDERS OF THIS SECURITY AND THE TRUSTEE, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN
THE REGISTRATION RIGHTS AGREEMENT RELATING TO THIS SECURITY, THAT THE COMPANY NO LONGER
SATISFIES THE CURRENT REPORTING REQUIREMENTS OF RULE 144(C)(1) UNDER THE SECURITIES ACT OR
THAT THIS SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY ARE NOT
OTHERWISE FREELY TRADABLE (BY HOLDERS OF SUCH SECURITY OR COMMON STOCK OTHER THAN AFFILIATES
OF THE COMPANY) WITHOUT VOLUME RESTRICTIONS PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.
IF THE COMPANY PROVIDES SUCH NOTIFICATION, THEN THE RESALE RESTRICTION TERMINATION DATE WILL
BE THE DATE PROVIDED FOR ABOVE (UNLESS THE COMPANY NOTIFIES HOLDERS AND THE TRUSTEE, IN
ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE REGISTRATION RIGHTS AGREEMENT RELATING TO
THIS SECURITY, THAT THE SECURITY AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS
SECURITY HAVE BECOME FREELY TRADABLE (BY HOLDERS OF SUCH SECURITY OR COMMON STOCK OTHER THAN
AFFILIATES OF THE COMPANY) WITHOUT VOLUME RESTRICTIONS PURSUANT TO RULE 144 UNDER THE
SECURITIES ACT PRIOR TO SUCH DATE, IN WHICH CASE THE RESALE RESTRICTION TERMINATION DATE
WILL BE THE DATE SPECIFIED IN SUCH NOTICE).

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND
THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

Any such Common Stock as to which such restrictions on transfer shall have expired in
accordance with their terms may, upon surrender of the certificates representing such shares of
Common Stock for exchange in accordance with the procedures of the transfer agent for the Common
Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of
Common Stock, which shall not bear the restrictive legend required by this Section 2.06(e).

(f) Any Note or Common Stock issued upon the conversion or exchange of a Note that is
purchased or owned by the Company or any Affiliate thereof may not be resold by the Company or such
Affiliate unless registered under the Securities Act or resold pursuant to an exemption from the
registration requirements of the Securities Act in a transaction that results in such Notes or
Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule
144).

(g) Notwithstanding any provision of Section 2.06 to the contrary, in the event Rule 144 as
promulgated under the Securities Act (or any successor rule) is amended to change the one-year
holding period thereunder (or the corresponding period under any successor rule), from and after
receipt by the Trustee of the Officers’ Certificate and Opinion of Counsel provided for in this
Section 2.06(g), (i) each reference in Section 2.06(d) to “one year” and in the restrictive legend
set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be references
to such changed period, (ii) each reference in Section 2.06(e) to “one year” and in the restrictive
legend set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be
references to such changed period and (iii) all corresponding references in the Notes (including
the definition of Resale Restriction Termination Date) and the restrictive legends thereon shall be
deemed for all purposes hereof to be references to such changed period, provided that such changes
shall not become effective if they are otherwise prohibited by, or would otherwise cause a
violation of, the then-applicable federal securities laws. The provisions of this Section 2.06(g)
will not be effective until such time as the Opinion of Counsel and Officers’ Certificate have been
received by the Trustee hereunder. This Section 2.06(g) shall apply to successive amendments to
Rule 144 (or any successor rule) changing the holding period thereunder.

Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become
mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its
written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate
and deliver, a new Note, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed,
lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company,
to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may
be required by them to save each of them harmless from any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, the
applicant shall also furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note
and of the ownership thereof.

The Trustee or such authenticating agent may authenticate any such substituted Note and
deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if
applicable, such authenticating agent may require. Upon the issuance of any substitute Note, the
Company or the Trustee may require the payment by the holder of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in relation thereto and any other
expenses connected therewith. In case any Note that has matured or is about to mature or has been
tendered for repurchase upon a Fundamental Change or is about to be converted into cash, shares of
Common Stock or a combination of cash and shares of Common Stock, as applicable, shall become
mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of
issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion
of the same (without surrender thereof except in the case of a mutilated Note), as the case may be,
if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and,
if applicable, to such authenticating agent such security or indemnity as may be required by them
to save each of them harmless for any loss, liability, cost or expense caused by or connected with
such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the
Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their
satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the
fact that any Note is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any
time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set
forth in) this Indenture equally and proportionately with any and all other Notes duly issued
hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment or
conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and
all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment or conversion of negotiable instruments or
other securities without their surrender.

Section 2.08. Temporary Notes. Pending the preparation of Notes in certificated form, the
Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon
written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of
the Notes in certificated form but with such omissions, insertions and variations as may be
appropriate for temporary Notes, all as may be determined by the Company. Every such temporary
Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent
upon the same conditions and in substantially the same manner, and with the same effect, as the
Notes in certificated form. Without unreasonable delay the Company will execute and deliver to the
Trustee or such authenticating agent Notes in certificated form (other than any Global Note) and
thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange
therefor, at each office or agency maintained by the Company pursuant to Section 5.02 and the
Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary
Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be
made by the Company at its own expense and without any charge therefor. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits and subject to the same
limitations under this Indenture as Notes in certificated form authenticated and delivered
hereunder.

Section 2.09. Cancellation of Notes Paid, Etc. All Notes surrendered for the purpose of
payment, repurchase, conversion, exchange or registration of transfer, shall, if surrendered to the
Company or any Paying Agent or any Note Registrar or any Conversion Agent, be surrendered to the
Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled
by it, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its
customary procedures and, after such disposition, shall deliver a certificate of such disposition
to the Company, at the Company’s written request. If the Company shall acquire any of the Notes,
such acquisition shall not operate as satisfaction of the indebtedness represented by such Notes
unless and until the same are delivered to the Trustee for cancellation.

Section 2.10. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to
Noteholders as a convenience to holders of the Notes; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Notes or
on such notice and that reliance may be placed only on the other identification numbers printed on
the Notes. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
numbers, including, without limitation, at such time as the restricted CUSIP shall be removed from
the Notes.

Section 2.11. Additional Notes; Repurchases. The Company may, without the consent of the
Noteholders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes
hereunder with the same terms and with the same CUSIP number as the Notes initially issued
hereunder in an unlimited aggregate principal amount, which will form the same series with the
Notes initially issued hereunder, provided that no such additional Notes may be issued unless they
will be fungible with the original Notes for U.S. federal income tax and securities law purposes.
Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a
Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and
Opinion of Counsel to cover such matters, in addition to those required by Section 20.05, as the
Trustee shall reasonably request. The Company may also from time to time repurchase the Notes in
open market purchases or negotiated transactions without prior notice to Noteholders.

ARTICLE 3

[INTENTIONALLY OMITTED]

ARTICLE 4

SATISFACTION AND DISCHARGE

Section 4.01. Satisfaction and Discharge. This Indenture shall upon request of the Company
contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than (x)
Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 2.07 and (y) Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 5.04(d)) have been delivered to the Trustee for cancellation;
and (ii) the Company has deposited with the Trustee or delivered to Noteholders, as applicable,
after the Notes have become due and payable, whether at the Maturity Date, any Fundamental Change
Repurchase Date, upon conversion or otherwise, cash or cash and shares of Common Stock, if any
(solely to satisfy the Company’s Conversion Obligation, if applicable), sufficient to pay all of
the outstanding Notes and all other sums due payable under this Indenture by the Company; and (b)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with. Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company to the Trustee under Section 8.06 shall
survive.

ARTICLE 5

PARTICULAR COVENANTS OF THE COMPANY

Section 5.01. Payment of Principal, Interest and Additional Interest. The Company covenants
and agrees that it will cause to be paid the principal of and accrued and unpaid interest and
Additional Interest, if any, on each of the Notes at the places, at the respective times and in the
manner provided herein and in the Notes. Each installment of accrued and unpaid interest, and
Additional Interest, if any, on the Notes due on any Additional Interest Payment Date (as defined
in the Registration Rights Agreement), may be paid by mailing checks for the amount payable to
Noteholders entitled thereto as they shall appear on the registry books of the Company; provided
that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at
the application of such holder in writing to the Trustee and Paying Agent (if different from the
Trustee) not later than the relevant Interest Record Date, accrued and unpaid interest and
Additional Interest, if any, on such holder’s Notes shall be paid by wire transfer in immediately
available funds to such holder’s account in the United States, which application shall remain in
effect until the Noteholder notifies the Trustee and Paying Agent to the contrary; provided,
further, that payment of accrued and unpaid interest and Additional Interest, if any, made to the
Depositary shall be paid by wire transfer in immediately available funds in accordance with such
wire transfer instructions and other procedures provided by the Depositary from time to time.

Section 5.02. Maintenance of Office or Agency. The Company will maintain in the Borough of
Manhattan, The City of New York, an office or agency where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”)
or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in
respect of the Notes and this Indenture may be served. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company 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 or the office or agency of the Trustee in the
Borough of Manhattan, The City of New York.

The Company may also from time to time designate co-registrars 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 that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, The City of New York, for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such
additional or other offices or agencies, as applicable.

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar,
Custodian and Conversion Agent and the Corporate Trust Office and the office or agency of the
Trustee in the Borough of Manhattan each shall be considered as one such office or agency of the
Company for each of the aforesaid purposes.

Section 5.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided
in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder.

Section 5.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent
other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section 5.04:

(i) that it will hold all sums held by it as such agent for the payment of the
principal of and accrued and unpaid interest and Additional Interest, if any, on the Notes
in trust for the benefit of the holders of the Notes;

(ii) that it will give the Trustee prompt notice of any failure by the Company to make
any payment of the principal of and accrued and unpaid interest and Additional Interest, if
any, on the Notes when the same shall be due and payable; and

(iii) that at any time during the continuance of an Event of Default, upon request of
the Trustee, it will forthwith pay to the Trustee all sums so held in trust.

The Company shall, on or before each due date of the principal of or accrued and unpaid
interest or Additional Interest, if any, on the Notes, deposit with the Paying Agent a sum
sufficient to pay such principal or accrued and unpaid interest or Additional Interest, if any, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any
failure to take such action, provided that if such deposit is made on the due date, such deposit
must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

(b) If the Company shall act as its own Paying Agent, it will, on or before each due date of
the principal of, accrued and unpaid interest and Additional Interest, if any, on the Notes, set
aside, segregate and hold in trust for the benefit of the holders of the Notes a sum sufficient to
pay such principal, accrued and unpaid interest and Additional Interest, if any, so becoming due
and will promptly notify the Trustee in writing of any failure to take such action and of any
failure by the Company to make any payment of the principal of accrued and unpaid interest and
Additional Interest, if any, on the Notes when the same shall become due and payable.

(c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying
Agent hereunder as required by this Section 5.04, such sums to be held by the Trustee upon the
trusts herein contained and upon such payment by the Company or any Paying Agent to the Trustee,
the Company or such Paying Agent shall be released from all further liability with respect to such
sums.

(d) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or accrued and unpaid interest and Additional Interest,
if any, on any Note and remaining unclaimed for two years after such principal, interest or
Additional Interest has become due and payable shall be paid to the Company on request of the
Company contained in an Officers’ Certificate, or (if then held by the Company) shall be discharged
from such trust; and the holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Company cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of
general circulation in The Borough of Manhattan, The City of New York, New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than
thirty days from the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

Section 5.05. Existence. Subject to Article 12, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence.

Section 5.06. Rule 144A Information Requirement and Annual Reports. (a) At any time the
Company is not subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as
any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such
time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, promptly provide to the Trustee and shall, upon written request, provide to any holder,
beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issued upon
conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant
to Rule 144A under the Securities Act. The Company shall take such further action as any holder or
beneficial owner of such Notes or such Common Stock may reasonably request to the extent required
from time to time to enable such holder or beneficial holder to sell such Notes or shares of Common
Stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time
to time.

(b) The Company shall deliver to the Trustee within ten Business Days after the same is
required to be filed with the Commission, copies of the quarterly and annual reports and of the
information, documents and other reports, if any, that the Company is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act, and, to the extent required by
Section 20.08, the Company shall otherwise comply with the requirements of Trust Indenture Act
section 314(a). Notwithstanding the provisions of Section 20.08, any such report, information or
document that the Company files with the Commission through the Commission’s EDGAR database shall
be deemed delivered to the Trustee for purposes of this Section 5.06(b) at the time of such filing
through the EDGAR database.

(c) Delivery of the reports, information and documents described in clause (b) above to the
Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate).

Section 5.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law or other law that would
prohibit or forgive the Company from paying all or any portion of the principal of or interest on
the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that
may affect the covenants or the performance of this Indenture; and the Company (to the extent it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

Section 5.08. Compliance Certificate; Statements as to Defaults. The Company shall deliver to
the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the
fiscal year ending on December 31, 2008) an Officers’ Certificate stating whether or not the signer
thereof has knowledge of any failure by the Company to comply with all conditions and covenants
then required to be performed under this Indenture and, if so, specifying each such failure and the
nature thereof.

In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event
within thirty days after the Company becomes aware of the occurrence of any Event of Default or
Default, an Officers’ Certificate setting forth the details of such Event of Default or Default,
its status and the action that the Company proposes to take with respect thereto.

Section 5.09. Additional Interest. If Additional Interest is payable by the Company pursuant
to the Registration Rights Agreement, the Company shall deliver to the Trustee an Officers’
Certificate to that effect stating (a) the amount of such Additional Interest that is payable and
(b) the date on which such interest is payable. Unless and until a Responsible Officer of the
Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without
inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest
directly to the Persons entitled to them, the Company shall deliver to the Trustee an Officers’
Certificate setting forth the particulars of such payment.

Section 5.10. Further Instruments and Acts. Upon request of the Trustee, or as necessary the
Company will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

Section 5.11. Future Note Guarantors. So long as any Notes remain outstanding, unless all the
Note Guarantors have been released under Section 17.03, the Company shall cause any future Domestic
Subsidiary, other than a Subsidiary whose sole assets consist of FCC and other regulatory licenses,
to become a Note Guarantor, and, if applicable, execute and deliver to the Trustee a supplemental
indenture pursuant to which such Subsidiary will Guarantee payment of the Notes.

ARTICLE 6

LISTS OF NOTEHOLDERS AND REPORTS BY

THE COMPANY AND THE TRUSTEE

Section 6.01. Lists of Noteholders. The Company covenants and agrees that it will furnish or
cause to be furnished to the Trustee, semi-annually, not more than fifteen days after each March 1
and September 1 in each year beginning with March 1, 2008, and at such other times as the Trustee
may request in writing, within thirty days after receipt by the Company of any such request (or
such lesser time as the Trustee may reasonably request in order to enable it to timely provide any
notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require
of the names and addresses of the Noteholders as of a date not more than fifteen days (or such
other date as the Trustee may reasonably request in order to so provide any such notices) prior to
the time such information is furnished, except that no such list need be furnished so long as the
Trustee is acting as Note Registrar.

Section 6.02. Preservation and Disclosure of Lists. (a) The Trustee shall preserve, in as
current a form as is reasonably practicable, all information as to the names and addresses of the
Noteholders contained in the most recent list furnished to it as provided in Section 6.01 or
maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy
any list furnished to it as provided in Section 6.01 upon receipt of a new list so furnished.

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

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

Section 6.03. Reports by Trustee. (a) The Trustee shall transmit to holders such reports
concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15
following the date of this Indenture, deliver to holders a brief report, dated as of such May 15,
that complies with the provisions of such Section 313(a).

(b) A copy of each such report shall, at the time of such transmission to Noteholders, be
filed by the Trustee with each stock exchange and automated quotation system upon which the Notes
are listed and with the Company. The Company will notify the Trustee in writing within a
reasonable time when the Notes are listed on any stock exchange or automated quotation system and
when any such listing is discontinued.

ARTICLE 7

DEFAULTS AND REMEDIES

Section 7.01. Events of Default. The following events shall be “Events of Default” with
respect to the Notes:

(a) default in any payment of interest, including any Additional Interest, on any Note when
due and payable, and the default continues for a period of thirty days;

(b) default in the payment of principal of any Note when due and payable on the Maturity Date,
upon required repurchase, upon declaration of acceleration or otherwise;

(c) failure by the Company to comply with its obligation to convert the Notes into cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, upon
exercise of a holder’s conversion right and such failure continues for a period of five days;

(d) failure by the Company or a Note Guarantor to comply with its obligations under Article
12;

(e) failure by the Company to issue a Fundamental Change Company Notice when due in accordance
with Section 19.02(b);

(f) failure by the Company for thirty days after written notice from the Trustee or the
holders of at least 25% in principal amount of the Notes then outstanding (a copy of which notice,
if given by holders, also to be given to the Trustee) has been received by the Company to comply
with any of its other agreements contained in the Notes or this Indenture, which notice shall state
that it is a “Notice of Default” hereunder;

(g) failure by the Company or any Significant Subsidiary of the Company to pay when due at
maturity or a default that results in the acceleration of any indebtedness for borrowed money of
the Company or any Subsidiary of the Company in an aggregate amount of $10 million or more;

(h) a failure by the Company or any Significant Subsidiary of the Company or Note Guarantor to
pay final judgments aggregating in excess of $10 million (after giving effect to insurance
payments, if any), which judgments are not paid, discharged or stayed for a period of 30 days from
the dates such judgments are entered;

(i) the Company or any Significant Subsidiary of the Company or any group of Subsidiaries of
the Company that in the aggregate would constitute such a Significant Subsidiary shall commence a
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to the Company or any such Significant Subsidiary or group of Subsidiaries or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such
Significant Subsidiary or group of Subsidiaries or any substantial part of its or their property,
or shall consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it or them, or shall make a
general assignment for the benefit of creditors, or shall fail generally to pay its or their debts
as they become due;

(j) an involuntary case or other proceeding shall be commenced against the Company or any
Significant Subsidiary of the Company or any group of Subsidiaries of the Company that in the
aggregate would constitute a Significant Subsidiary seeking liquidation, reorganization or other
relief with respect to the Company or such Significant Subsidiary or group of Subsidiaries or its
or their debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
the Company or such Significant Subsidiary or group of Subsidiaries or any substantial part of its
or their property, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of thirty consecutive days; or

(k) the failure of any Note Guarantee to be in full force and effect (except as contemplated
by the terms hereof) or any Note Guarantor or person acting on behalf of such Note Guarantor denies
or disaffirms such Note Guarantor’s obligations under the Indenture or any Note Guarantee and such
default continues for ten days after receipt of the notice specified in the following paragraph.

In case one or more Events of Default shall have occurred and be continuing (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), then, and in each and every such case
(other than an Event of Default specified in Section 7.01(i) or Section 7.01(j) with respect to the
Company (and not solely with respect to such a Significant Subsidiary or a group of Subsidiaries of
the Company that in aggregate would constitute a Significant Subsidiary of the Company), unless the
principal of all of the Notes shall have already become due and payable, either the Trustee or the
holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in
accordance with Section 9.04, by notice in writing to the Company (and to the Trustee if given by
Noteholders) and the Lenders, may declare 100% of the principal of and accrued and unpaid interest
and accrued and unpaid Additional Interest, if any, on all the Notes to be due and payable on the
later to occur of five Business Days after the signing of such written notice to the Lenders and
the date of such declaration, and there upon the same shall become and shall automatically be
immediately due and payable, anything in this Indenture (other than Article 16 hereof) or in the
Notes contained to the contrary notwithstanding. If an Event of Default specified in Section
7.01(i) or Section 7.01(j) with respect to the Company (and not solely with respect to a
Significant Subsidiary of the Company, or a group of Subsidiaries of the Company that in aggregate
would constitute such a Significant Subsidiary of the Company) occurs and is continuing, the
principal of all the Notes and accrued and unpaid interest and accrued and unpaid Additional
Interest, if any, shall be immediately due and payable. This provision, however, is subject to the
conditions that if, at any time after the principal of the Notes shall have been so declared due
and payable, and before any judgment or decree for the payment of the monies due shall have been
obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay installments of accrued and unpaid interest and accrued and unpaid
Additional Interest, if any, upon all Notes and the principal of any and all Notes that shall have
become due otherwise than by acceleration (with interest on overdue installments of accrued and
unpaid interest and accrued and unpaid Additional Interest, if any, (to the extent that payment of
such interest is enforceable under applicable law) and on such principal at the rate borne by the
Notes at such time) and amounts due to the Trustee pursuant to Section 8.06, and if (1) rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and
all Events of Defaults under this Indenture, other than the nonpayment of principal of and accrued
and unpaid interest and accrued and unpaid Additional Interest, if any, on Notes that shall have
become due solely by such acceleration, shall have been cured or waived pursuant to Section 7.07,
then and in every such case the holders of a majority in aggregate principal amount of the Notes
then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or
Events of Default with respect to the Notes (other than a Default or an Event of Default resulting
from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to
deliver, upon conversion, cash, shares of Common Stock or a combination of cash and shares of
Common Stock, as applicable, due upon conversion) and rescind and annul such declaration and its
consequences (other than a declaration or consequences, as the case may be, resulting from a
failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver,
upon conversion, cash, shares of Common Stock or a combination of cash and shares of Common Stock,
as applicable, due upon conversion) and such Default (other than a Default resulting from a failure
to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon
conversion, cash, shares of Common Stock or a combination of cash and shares of Common Stock, as
applicable, due upon conversion) shall cease to exist, and any Event of Default arising therefrom
(other than a Default resulting from a failure to repurchase any Notes when required upon a
Fundamental Change or a failure to deliver, upon conversion, cash, shares of Common Stock or a
combination of cash and shares of Common Stock, as applicable, due upon conversion) shall be deemed
to have been cured for every purpose of this Indenture; but no such waiver or rescission and
annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall
impair any right consequent thereon.

Notwithstanding anything in this Indenture or in the Notes to the contrary, for the first 180
days immediately following any violation of any obligations the Company may be deemed to have
pursuant to (1) Section 314(a)(1) of the Trust Indenture Act, or (2) Section 5.06(b), and the
continuation thereof, the sole remedy for any such violation shall be the accrual of additional
interest on the Notes at a rate per year equal to 0.50% of the outstanding principal amount of the
Notes (“Supplementary Interest”), payable semi-annually at the same time and in the same manner as
regular interest on the Notes pursuant to Section 2.03 and Section 5.01. In no event shall
Supplementary Interest accrue under the Indenture and the Registration Rights Agreement, taken
together, at a rate per year in excess of 0.50%, in the aggregate, for any violation or default
caused by the failure of the Company to be current in respect of its Exchange Act reporting
obligations (it being understood that the provisions of this sentence shall in no way prejudice the
Company’s election to pay Supplementary Interest as the sole remedy for a violation of Section
314(a)(1) of the Trust Indenture Act or Section 5.06(b) as set forth in this paragraph). In
addition to the accrual of Supplementary Interest, on and after the 180th day, any violation of any
obligations the Company may be deemed to have pursuant to (1) Section 314(a)(1) of the Trust
Indenture Act or (2) Section 5.06(b), either the Trustee or the Noteholders of not less than 25% in
aggregate principal amount of the Notes then outstanding may declare the principal amount of the
Notes and any accrued and unpaid interest, including any Additional Interest, through the date of
such declaration, to be immediately due and payable. Whenever in this Indenture there is
mentioned, in any context, the payment of interest on, or in respect of, any Note, such mention
shall be deemed to include mention of the payment of “Supplementary Interest” provided for in this
paragraph to the extent that, in such context, Supplementary Interest is, was or would be payable
in respect thereof pursuant to the provisions of this paragraph, and express mention of the payment
of Supplementary Interest (if applicable) in any provisions hereof shall not be construed as
excluding Supplementary Interest in those provisions hereof where such express mention is not made.

In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such waiver or rescission and
annulment or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case the Company, the Noteholders, and the Trustee shall, subject to any
determination in such proceeding, be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of the Company, the Noteholders, and the Trustee
shall continue as though no such proceeding had been instituted.

Section 7.02. Payments of Notes on Default; Suit Therefor. If an Event of Default described
in clause (a) or (b) of Section 7.01 shall have occurred, the Company shall, upon demand of the
Trustee, pay to it, for the benefit of the holders of the Notes, the whole amount then due and
payable on the Notes for principal and interest and Additional Interest, if any, with interest on
any overdue principal, interest and Additional Interest, if any, at the rate borne by the Notes at
such time, and, in addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under Section 8.06. If the Company shall fail to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute
such proceeding to judgment or final decree and may enforce the same against the Company or any
other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other obligor upon the Notes, wherever
situated.

In the event there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other obligor on the Notes under title 11 of the United States Code, or any
other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Company or such other obligor, the property of the Company or such other obligor, or in the
event of any other judicial proceedings relative to the Company or such other obligor upon the
Notes, or to the creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made
any demand pursuant to the provisions of this Section 7.02, shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and accrued and unpaid interest and accrued and unpaid Additional Interest, if
any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents and to take such other actions as it may deem 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 of
the Noteholders allowed in such judicial proceedings relative to the Company or any other obligor
on the Notes, its or their creditors, or its or their property, and to collect and receive any
monies or other property payable or deliverable on any such claims, and to distribute the same
after the deduction of any amounts due the Trustee under Section 8.06; and any receiver, assignee
or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby
authorized by each of the Noteholders to make such payments to the Trustee, as administrative
expenses, 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 it for reasonable compensation, expenses,
advances and disbursements, including agents and counsel fees, and including any other amounts due
to the Trustee under Section 8.06 hereof, incurred by it up to the date of such distribution. To
the extent that such payment of reasonable compensation, expenses, advances and disbursements out
of the estate in any such proceedings shall be denied for any reason, payment of the same shall be
secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies,
securities and other property that the holders of the Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or
otherwise.

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment
or composition affecting the Noteholder 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 proceeding.

All rights of action and of asserting claims under this Indenture, or under any of the Notes,
may be enforced by the Trustee without the possession of any of the Notes, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the holders of the Notes.

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation
of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held
to represent all the holders of the Notes, and it shall not be necessary to make any holders of the
Notes parties to any such proceedings.

Section 7.03. Application of Monies Collected by Trustee. Any monies collected by the Trustee
pursuant to this Article 7 with respect to the Notes shall be applied in the order following, at
the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of
the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender
thereof, if fully paid:

First, to the payment of all amounts due the Trustee under Section 8.06;

Second, in case the principal of the outstanding Notes shall not have become due and be
unpaid, to the payment of interest on the Notes, including Additional Interest, if any, in default
in the order of the date due of the installments of such interest, with interest (to the extent
that such interest has been collected by the Trustee) upon the overdue installments of interest at
the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled
thereto;

Third, in case the principal of the outstanding Notes shall have become due, by declaration or
otherwise, and be unpaid to the payment of the whole amount including the payment of the
Fundamental Change Repurchase Price and the cash component of the Conversion Obligation, if any,
then owing and unpaid upon the Notes for principal and interest, including Additional Interest, if
any, with interest on the overdue principal and (to the extent that such interest has been
collected by the Trustee) upon overdue installments of interest at the rate borne by the Notes at
such time, and in case such monies shall be insufficient to pay in full the whole amounts so due
and unpaid upon the Notes, then to the payment of such principal and interest without preference or
priority of principal or of interest over principal or of any installment of interest over any
other installment of interest, or of any Note over any other Note, ratably to the aggregate of such
principal and accrued and unpaid interest; and

Fourth, to the payment of the remainder, if any, to the Company.

Section 7.04. Proceedings by Noteholders. No holder of any Note shall have any right by
virtue of or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture, or for the
appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any
other remedy hereunder, unless such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless
also the holders of not less than 25% in aggregate principal amount of the Notes then outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such security or indemnity
reasonably satisfactory to it against any loss, liability or expense to be incurred therein or
thereby, and the Trustee for sixty days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have
been given to the Trustee by the holders of a majority in principal amount of the Notes outstanding
within such sixty-day period pursuant to Section 7.07; it being understood and intended, and being
expressly covenanted by the taker and holder of every Note with every other taker and holder and
the Trustee that no one or more Noteholders shall have any right in any manner whatever by virtue
of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of
any other Noteholder, or to obtain or seek to obtain priority over or preference to any other such
holder, or to enforce any right under this Indenture, except in the manner herein provided and for
the equal, ratable and common benefit of all Noteholders (except as otherwise provided herein).
For the protection and enforcement of this Section 7.04, each and every Noteholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

Notwithstanding any other provision of this Indenture and any provision of any Note, the right
of any Noteholder to receive payment of the principal of and accrued and unpaid interest and
accrued and unpaid Additional Interest, if any, on such Note, on or after the respective due dates
expressed or provided for in such Note or in this Indenture, or to institute suit for the
enforcement of any such payment on or after such respective dates against the Company shall not be
impaired or affected without the consent of such Noteholder.

Anything in this Indenture or the Notes to the contrary notwithstanding, the holder of any
Note, without the consent of either the Trustee or the holder of any other Note, in its own behalf
and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to
enforce, its rights of conversion as provided herein.

Section 7.05. Proceedings by Trustee. In case of an Event of Default the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either
by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture or in aid of the
exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

Section 7.06. Remedies Cumulative and Continuing. Except as provided in the last paragraph of
Section 2.07, all powers and remedies given by this Article 7 to the Trustee or to the Noteholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the holders of the Notes, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any holder of any of the
Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any
such right or power, or shall be construed to be a waiver of any such Default or any acquiescence
therein; and, subject to the provisions of Section 7.04, every power and remedy given by this
Article 7 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as
often as shall be deemed expedient, by the Trustee or by the Noteholders.

Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The
holders of a majority in aggregate principal amount of the Notes at the time outstanding determined
in accordance with Section 9.04 shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to Notes; provided, however, that (a) such direction shall
not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction. The
Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights
of any other holder or that would involve the Trustee in personal liability. The holders of a
majority in aggregate principal amount of the Notes at the time outstanding determined in
accordance with Section 9.04 may on behalf of the holders of all of the Notes waive any past
Default or Event of Default hereunder and its consequences except (i) a default in the payment of
accrued and unpaid interest or accrued and unpaid Additional Interest, if any, on, or the principal
(including any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured
pursuant to the provisions of Section 7.01, (ii) a failure by the Company to deliver cash, shares
of Common Stock or a combination of cash and shares of Common Stock, as applicable, upon conversion
of the Notes or (iii) a default in respect of a covenant or provision hereof which under Article 11
cannot be modified or amended without the consent of each holder of an outstanding Note affected.
Upon any such waiver the Company, the Trustee and the holders of the Notes shall be restored to
their former positions and rights hereunder; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereon. Whenever any Default or
Event of Default hereunder shall have been waived as permitted by this Section 7.07, said Default
or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been
cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon.

Section 7.08. Notice of Defaults. The Trustee shall, within ninety days after the occurrence
and continuance of a Default of which a Responsible Officer has actual knowledge, mail to all
Noteholders as the names and addresses of such holders appear upon the Note Register, notice of all
Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived
before the giving of such notice; and provided that, except in the case of a Default in the payment
of the principal of, accrued and unpaid interest or accrued and unpaid Additional Interest, if any,
on any of the Notes, including without limiting the generality of the foregoing any Default in the
payment of any Fundamental Change Repurchase Price, then in any such event the Trustee shall be
protected in withholding such notice if and so long as a committee of Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the interests of the
Noteholders.

Section 7.09. Undertaking to Pay Costs. All parties to this Indenture agree, and each holder
of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its
discretion, require, 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, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; provided that the provisions of this Section 7.09
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 10% in
principal amount of the Notes at the time outstanding determined in accordance with Section 9.04,
or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of,
accrued and unpaid interest or accrued and unpaid Additional Interest, if any, on any Note
(including, but not limited to, the Fundamental Change Repurchase Price with respect to the Notes
being repurchased as provided in this Indenture) on or after the due date expressed or provided for
in such Note or to any suit for the enforcement of the right to convert any Note in accordance with
the provisions of Article 15.

ARTICLE 8

CONCERNING THE TRUSTEE

Section 8.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of
an Event of Default and after the curing or waiver of all Events of Default that may have occurred,
undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default has occurred (which has not been cured or waived) 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 circumstances in the conduct of such person’s own affairs; provided that if an Event of Default
occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or
powers under this Indenture at the request or direction of any of the holders unless such holders
have offered to the Trustee indemnity or security satisfactory to it against the costs, expenses
and liabilities that might be incurred by it in compliance with such request or direction.

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

(a) prior to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default that may have occurred:

(i) the duties and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture and, after it has been qualified thereunder, the Trust
Indenture Act, and the Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture and the Trust Indenture Act against the
Trustee; and

(ii) in the absence of bad faith and willful misconduct on the part of the Trustee, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any 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 that by any provisions hereof are specifically required to be furnished to the
Trustee, the Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of any mathematical calculations or other facts stated therein);

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

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the holders of not less than a majority in
principal amount of the Notes at the time outstanding determined as provided in Section 9.04
relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

(d) whether or not therein provided, every provision of this Indenture relating to the conduct
or affecting the liability of, or affording protection to, the Trustee shall be subject to the
provisions of this Section;

(e) the Trustee shall not be liable in respect of any payment (as to the correctness of
amount, entitlement to receive or any other matters relating to payment) or notice effected by the
Company or any Paying Agent or any records maintained by any co-registrar with respect to the
Notes;

(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to
this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its
failure to receive such notice as reason to act as if no such event occurred, unless such
Responsible Officer of the Trustee had actual knowledge of such event;

(g) in the absence of written investment direction from the Company, all cash received by the
Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee
be liable for the selection of investments or for investment losses incurred thereon or for losses
incurred as a result of the liquidation of any such investment prior to its maturity date or the
failure of the party directing such investments prior to its maturity date or the failure of the
party directing such investment to provide timely written investment direction, and the Trustee
shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such
written investment direction from the Company; and

(h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent,
Conversion Agent or transfer agent hereunder, the rights and protections afforded to the Trustee
pursuant to this Article 8 shall also be afforded to such Custodian, Note Registrar, Paying Agent,
Conversion Agent or transfer agent.

None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers.

Section 8.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section
8.01:

(a) the Trustee may conclusively rely and shall be fully protected in acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
bond, Note, coupon or other paper or document believed by it in good faith to be genuine and to
have been signed or presented by the proper party or parties;

(b) any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the Company;

(c) the Trustee may consult with counsel and require an opinion of counsel and any advice of
such counsel or Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken or omitted by it hereunder in good faith and in accordance with such
advice or Opinion of Counsel;

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Noteholders pursuant to the
provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred
therein or thereby;

(e) 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 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
expense of the Company and shall incur no liability of any kind by reason of such inquiry or
investigation;

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

(g) the permissive rights of the Trustee enumerated herein shall not be construed as duties.

In no event shall the Trustee be liable for any consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action other than any such loss or
damage caused by the Trustee’s willful misconduct or negligence. The Trustee shall not be charged
with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a
Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written
notice of such Default or Event of Default shall have been given to the Trustee by the Company or
by any holder of the Notes.

Section 8.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the
Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for the correctness of the same. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes
or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the
provisions of this Indenture.

Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes. The
Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other
capacity, may become the owner or pledgee of Notes with the same rights it would have if it were
not the Trustee, Paying Agent, Conversion Agent or Note Registrar.

Section 8.05. Monies to Be Held in Trust. All monies received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received.
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no liability for interest on any money received
by it hereunder except as may be agreed from time to time by the Company and the Trustee.

Section 8.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay
to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for
all services rendered by it hereunder in any capacity (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in
writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon
its request for all reasonable expenses, disbursements and advances reasonably incurred or made by
the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder
(including the reasonable compensation and the expenses and disbursements of its agents and counsel
and of all Persons not regularly in its employ) except any such expense, disbursement or advance as
shall have been caused by its negligence, willful misconduct or bad faith. Each of the Company and
the Note Guarantors, jointly and severally, also covenants to indemnify the Trustee in any capacity
under this Indenture and any other document or transaction entered into in connection herewith and
its agents and any authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability or expense incurred without negligence, willful misconduct or bad faith on the
part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating
agent, as the case may be, and arising out of or in connection with the acceptance or
administration of this trust or in any other capacity hereunder, including the costs and expenses
of defending themselves against any claim of liability in the premises. The obligations of the
Company under this Section 8.06 to compensate or indemnify the Trustee and to pay or reimburse the
Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the
Notes are hereby made subordinate on all money or property held or collected by the Trustee,
except, subject to the effect of Section 7.03, funds held in trust herewith for the benefit of the
holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this
Section 8.06 shall not be subordinate to any other liability or indebtedness of the Company (even
though the Notes may be so subordinated). The obligation of the Company under this Section 8.06
shall survive the satisfaction and discharge of this Indenture and the earlier resignation or
removal or the Trustee. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. The indemnification provided in this Section
8.06 shall extend to the officers, directors, agents and employees of the Trustee.

Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee and its agents and any authenticating agent incur expenses or render services after an
Event of Default specified in Section 7.01(i) or Section 7.01(j) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any
bankruptcy, insolvency or similar laws.

Section 8.07. Officers’ Certificate as Evidence. Except as otherwise provided in Section
8.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence, willful misconduct, recklessness and bad faith on
the part of the Trustee, be deemed to be conclusively proved and established by an Officers’
Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of negligence,
willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to
the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the
faith thereof.

Section 8.08. Conflicting Interests of Trustee. After qualification of this Indenture under
the Trust Indenture Act, if the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either (a) eliminate such interest within
ninety days, (b) apply to the Commission for permission to continue as Trustee or (c) resign, to
the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Indenture.

Section 8.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a
combined capital and surplus of at least $50,000,000. If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of any supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

Section 8.10. Resignation or Removal of Trustee. (a) The Trustee may at any time resign by
giving written notice of such resignation to the Company and by mailing notice thereof to the
Noteholders at their addresses as they shall appear on the Note Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument
shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within sixty days after the
mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon ten
Business Days’ notice to the Company and the Noteholders, petition at the expense of the Company
any court of competent jurisdiction for the appointment of a successor trustee, or any Noteholder
who has been a bona fide holder of a Note or Notes for at least six months may, subject to the
provisions of Section 7.09, on behalf of himself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

(b) In case at any time any of the following shall occur:

(i) the Trustee shall fail to comply with Section 8.08 within a reasonable time after
written request therefor by the Company or by any Noteholder who has been a bona fide holder
of a Note or Notes for at least six months, or

(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 8.09 and shall fail to resign after written request therefor by the Company or by
any such Noteholder, or

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

then, in any such case, the Company may by a Board Resolution remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the
successor trustee, or, subject to the provisions of Section 7.09, any Noteholder who has been a
bona fide holder of a Note or Notes for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

(c) The holders of a majority in aggregate principal amount of the Notes at the time
outstanding, as determined in accordance with Section 9.04, may at any time remove the Trustee and
nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten
days after notice to the Company of such nomination the Company objects thereto, in which case the
Trustee so removed, at the expense of the Company, or any Noteholder, upon the terms and conditions
and otherwise as in Section 8.10(a) provided, may petition any court of competent jurisdiction for
an appointment of a successor trustee.

(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant
to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment
by the successor trustee as provided in Section 8.11.

Section 8.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in
Section 8.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor trustee, the trustee
ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section
8.06, execute and deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company
shall execute any and all instruments in writing for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or
property held or collected by such trustee as such, except for funds held in trust for the benefit
of holders of particular Notes, to secure any amounts then due it pursuant to the provisions of
Section 8.06.

No successor trustee shall accept appointment as provided in this Section 8.11 unless at the
time of such acceptance such successor trustee shall be qualified under the provisions of Section
8.08 and be eligible under the provisions of Section 8.09.

Upon acceptance of appointment by a successor trustee as provided in this Section 8.11, each
of the Company and the successor trustee, at the written direction and at the expense of the
Company shall mail or cause to be mailed notice of the succession of such trustee hereunder to the
Noteholders at their addresses as they shall appear on the Note Register. If the Company fails to
mail such notice within ten days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the Company.

Section 8.12. Succession by Merger, Etc. Any corporation or other entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any corporation or
other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation or other entity succeeding to all or substantially all of the corporate
trust business of the Trustee (including the administration of this Indenture), shall be the
successor to the Trustee hereunder without the execution or filing of any paper or any further act
on the part of any of the parties hereto, provided that in the case of any corporation or other
entity succeeding to all or substantially all of the corporate trust business of the Trustee such
corporation or other entity shall be qualified under the provisions of Section 8.08 and eligible
under the provisions of Section 8.09.

In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to
the Trustee may adopt the certificate of authentication of any predecessor trustee or
authenticating agent appointed by such predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any
successor to the Trustee or an authenticating agent appointed by such successor trustee may
authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of
the successor trustee; and in all such cases such certificates shall have the full force which it
is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall
have; provided, however, that the right to adopt the certificate of authentication of any
predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply
only to its successor or successors by merger, conversion or consolidation.

Section 8.13. Limitation on Rights of Trustee as Creditor. If and when the Trustee shall be
or become a creditor of the Company (or any other obligor upon the Notes), after qualification
under the Trust Indenture Act, the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of the claims against the Company (or any such other
obligor).

Section 8.14. Trustee’s Application for Instructions from the Company. Any application by the
Trustee for written instructions from the Company (other than with regard to any action proposed to
be taken or omitted to be taken by the Trustee that affects the rights of the holders of the Notes
under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed
to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such
action shall be taken or such omission shall be effective. The Trustee shall not be liable for any
action taken by, or omission of, the Trustee in accordance with a proposal included in such
application on or after the date specified in such application (which date shall not be less than
three Business Days after the date any officer that the Company has indicated to the Trustee should
receive such application actually receives such application, unless any such officer shall have
consented in writing to any earlier date), unless, prior to taking any such action (or the
effective date in the case of any omission), the Trustee shall have received written instructions
in accordance with this Indenture in response to such application specifying the action to be taken
or omitted.

ARTICLE 9

CONCERNING THE NOTEHOLDERS

Section 9.01. Action by Noteholders. Whenever in this Indenture it is provided that the
holders of a specified percentage in aggregate principal amount of the Notes may take any action
(including the making of any demand or request, the giving of any notice, consent or waiver or the
taking of any other action), the fact that at the time of taking any such action, the holders of
such specified percentage have joined therein may be evidenced (a) by any instrument or any number
of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in
writing, or (b) by the record of the Noteholders voting in favor thereof at any meeting of
Noteholders duly called and held in accordance with the provisions of Article 10, or (c) by a
combination of such instrument or instruments and any such record of such a meeting of Noteholders.
Whenever the Company or the Trustee solicits the taking of any action by the holders of the Notes,
the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation,
a date as the record date for determining Noteholders entitled to take such action. The record
date if one is selected shall be not more than fifteen days prior to the date of commencement of
solicitation of such action.

Section 9.02. Proof of Execution by Noteholders. Subject to the provisions of Section 8.01,
Section 8.02 and Section 10.05, proof of the execution of any instrument by a Noteholder or its
agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations
as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The
holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar.
The record of any Noteholders’ meeting shall be proved in the manner provided in Section 10.06.

Section 9.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating
agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose
name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute
owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of
ownership or other writing thereon made by any Person other than the Company or any Note Registrar)
for the purpose of receiving payment of or on account of the principal of and (subject to Section
2.03) accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on such Note,
for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor
any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to
the contrary. All such payments so made to any holder for the time being, or upon its order, shall
be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for monies payable upon any such Note. Notwithstanding anything to the contrary in this
Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a
Global Note may directly enforce against the Company, without the consent, solicitation, proxy,
authorization or any other action of the Depositary or any other Person, such holder’s right to
exchange such beneficial interest for a Note in certificated form in accordance with the provisions
of this Indenture.

Section 9.04. Company-Owned Notes Disregarded. In determining whether the holders of the
requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or
other action under this Indenture, Notes that are owned by the Company or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company
shall be disregarded and deemed not to be outstanding for the purpose of any such determination;
provided that for the purposes of determining whether the Trustee shall be protected in relying on
any such direction, consent, waiver or other action only Notes that a Responsible Officer knows are
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be
regarded as outstanding for the purposes of this Section 9.04 if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the
pledgee is not the Company or a Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company. In the case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.
Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’
Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by
or for the account of any of the above described Persons; and, subject to Section 8.01, the Trustee
shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any
such determination.

Section 9.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not
after) the evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by
the holders of the percentage in aggregate principal amount of the Notes specified in this
Indenture in connection with such action, any holder of a Note that is shown by the evidence to be
included in the Notes the holders of which have consented to such action may, by filing written
notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in
Section 9.02, revoke such action so far as concerns such Note. Except as aforesaid, any such
action taken by the holder of any Note shall be conclusive and binding upon such holder and upon
all future holders and owners of such Note and of any Notes issued in exchange or substitution
therefor or upon registration of transfer thereof, irrespective of whether any notation in regard
thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon
registration of transfer thereof.

ARTICLE 10

NOTEHOLDERS’ MEETINGS

Section 10.01. Purpose of Meetings. A meeting of Noteholders may be called at any time and
from time to time pursuant to the provisions of this Article 10 for any of the following purposes:

(a) to give any notice to the Company or to the Trustee or to give any directions to the
Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of
Default hereunder and its consequences, or to take any other action authorized to be taken by
Noteholders pursuant to any of the provisions of Article 7;

(b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article 8;

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 11.02; or

(d) to take any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of the Notes under any other provision of this Indenture or
under applicable law.

Section 10.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of
Noteholders to take any action specified in Section 10.01, to be held at such time and at such
place as the Trustee shall determine. Notice of every meeting of the Noteholders, setting forth
the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting and the establishment of any record date pursuant to Section 9.01, shall be mailed to
holders of such Notes at their addresses as they shall appear on the Note Register. Such notice
shall also be mailed to the Company. Such notices shall be mailed not less than twenty nor more
than ninety days prior to the date fixed for the meeting.

Any meeting of Noteholders shall be valid without notice if the holders of all Notes then
outstanding are present in person or by proxy or if notice is waived before or after the meeting by
the holders of all Notes outstanding, and if the Company and the Trustee are either present by duly
authorized representatives or have, before or after the meeting, waived notice.

Section 10.03. Call of Meetings by Company or Noteholders. In case at any time the Company,
pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the
Notes then outstanding, shall have requested the Trustee to call a meeting of Noteholders, by
written request setting forth in reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have mailed the notice of such meeting within twenty days after receipt
of such request, then the Company or such Noteholders may determine the time and the place for such
meeting and may call such meeting to take any action authorized in Section 10.01, by mailing notice
thereof as provided in Section 10.02.

Section 10.04. Qualifications for Voting. To be entitled to vote at any meeting of
Noteholders a Person shall (a) be a holder of one or more Notes on the record date pertaining to
such meeting or (b) be a Person appointed by an instrument in writing as proxy by a holder of one
or more Notes on the record date pertaining to such meeting. The only Persons who shall be
entitled to be present or to speak at any meeting of Noteholders shall be the Persons entitled to
vote at such meeting and their counsel and any representatives of the Trustee and its counsel and
any representatives of the Company and its counsel.

Section 10.05. Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Noteholders, in regard to proof of the holding of Notes and of the appointment of proxies, and in
regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall think fit.

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Noteholders as provided in Section
10.03, in which case the Company or the Noteholders calling the meeting, as the case may be, shall
in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the holders of a majority in principal amount of the Notes
represented at the meeting and entitled to vote at the meeting.

Subject to the provisions of Section 9.04, at any meeting of Noteholders each Noteholder or
proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or
represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be
not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of
Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on
behalf of other Noteholders. Any meeting of Noteholders duly called pursuant to the provisions of
Section 10.02 or Section 10.03 may be adjourned from time to time by the holders of a majority of
the aggregate principal amount of Notes represented at the meeting, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice.

Section 10.06. Voting. The vote upon any resolution submitted to any meeting of Noteholders
shall be by written ballot on which shall be subscribed the signatures of the Noteholders or of
their representatives by proxy and the outstanding principal amount of the Notes held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and
file with the secretary of the meeting their verified written reports in duplicate of all votes
cast at the meeting. A record in duplicate of the proceedings of each meeting of Noteholders shall
be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 10.02. The record shall show the
principal amount of the Notes voting in favor of or against any resolution. The record shall be
signed and verified by the affidavits of the permanent chairman and secretary of the meeting and
one of the duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

Any record so signed and verified shall be conclusive evidence of the matters therein stated.

Section 10.07. No Delay of Rights by Meeting. Nothing contained in this Article 10 shall be
deemed or construed to authorize or permit, by reason of any call of a meeting of Noteholders or
any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in
the exercise of any right or rights conferred upon or reserved to the Trustee or to the Noteholders
under any of the provisions of this Indenture or of the Notes.

ARTICLE 11

SUPPLEMENTAL INDENTURES

Section 11.01. Supplemental Indentures Without Consent of Noteholders. The Company, when
authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense,
may from time to time and at any time enter into an indenture or indentures supplemental hereto for
one or more of the following purposes:

(a) to cure any ambiguity, omission, defect or inconsistency in this Indenture or conform the
terms of the Indenture or the Notes to the description thereof in the Offering Memorandum;

(b) to provide for the assumption by a Successor Company of the obligations of the Company or
any Note Guarantor under this Indenture pursuant to Article 12;

(c) to add guarantees with respect to the Notes or release a Guarantor in accordance with the
terms of this Indenture;

(d) to secure the Notes;

(e) to add to the covenants of the Company such further covenants, restrictions or conditions
for the benefit of the Noteholders or surrender any right or power conferred upon the Company;

(f) to make any other change that does not materially adversely affect the rights of any
holder; or

(g) to comply with any requirements of the Commission in connection with the qualification of
this Indenture under the Trust Indenture Act.

The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations that may be
therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into
any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Any supplemental indenture authorized by the provisions of this Section 11.01 may be executed
by the Company and the Trustee without the consent of the holders of any of the Notes at the time
outstanding, notwithstanding any of the provisions of Section 11.02.

Section 11.02. Supplemental Indentures With Consent of Noteholders. With the consent
(evidenced as provided in Article 9) of the holders of at least a majority in aggregate principal
amount of the Notes at the time outstanding (determined in accordance with Article 9 and including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and
the Trustee, at the Company’s expense, may from time to time and at any time enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture
or of modifying in any manner the rights of the holders of the Notes; provided, however, that no
such supplemental indenture shall:

(a) reduce the percentage in aggregate principal amount of Notes outstanding necessary to
modify or amend this Indenture or to waive any past Default or Event of Default;

(b) reduce the rate of or extend the stated time for payment of interest, including Additional
Interest, on any Note;

(c) reduce the principal of, or extend the Maturity Date of, any Note;

(d) make any change that impairs or adversely affects the conversion rights of any Notes;

(e) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any
manner adverse to the holders of the Notes the Company’s obligation to make such payments, whether
through an amendment or waiver of provisions in the covenants, definitions or otherwise;

(f) make any Note payable in a currency other than that stated in the Note;

(g) make any change in this Article 11 or in the waiver provisions in Section 7.01 or Section
7.07 that requires each holder’s consent;

(h) modify the subordination provisions of this Indenture in a manner that is adverse to the
holder of the Notes;

(i) impair the right of any holder to receive payment of principal of and interest, including
Additional Interest, if any, 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 such holder’s Note; or

(j) release any Note Guarantor from any of its obligations under its Note Guarantee and the
Indenture other than in accordance with the terms of the Indenture,

in each case without the consent of each holder of an outstanding Note affected.

Upon the written request of the Company, and upon the filing with the Trustee of evidence of
the consent of Noteholders as aforesaid and subject to Section 11.05, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
indenture.

It shall not be necessary for the consent of the Noteholders under this Section 11.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof. After an amendment under this Indenture becomes
effective, the Company shall mail to the holders a notice briefly describing such amendment.
However, the failure to give such notice to all the holders, or any defect in the notice, will not
impair or affect the validity of the amendment.

Section 11.03. Effect of Supplemental Indentures. Any supplemental indenture executed
pursuant to the provisions of this Article 11 shall comply with the Trust Indenture Act, as then in
effect; provided that this Section 11.03 shall not require such supplemental indenture to be
qualified under the Trust Indenture Act prior to the time such qualification is in fact required
under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust
Indenture Act, if ever, nor shall any such qualification constitute any admission or acknowledgment
by any party to such supplemental indenture that any such qualification is required prior to the
time such qualification is in fact required under the terms of the Trust Indenture Act or this
Indenture has been qualified under the Trust Indenture Act. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 11, this Indenture shall be and be deemed to
be modified and amended in accordance therewith and the respective rights, limitation of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

Section 11.04. Notation on Notes. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to the provisions of this Article 11 may, at the Company’s
expense, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as
to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared
and executed by the Company, authenticated by the Trustee (or an authenticating agent duly
appointed by the Trustee pursuant to Section 20.11) and delivered in exchange for the Notes then
outstanding, upon surrender of such Notes then outstanding.

Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In
addition to the documents required by Section 20.05, the Trustee shall receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant hereto complies with the requirements of this Article 11 and is permitted or
authorized by the Indenture.

ARTICLE 12

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

Section 12.01. Company May Consolidate, Etc. on Certain Terms.

(a) Subject to the provisions of Section 12.02, the Company shall not consolidate with, merge
with or into, convey, transfer or lease its properties and assets substantially as an entirety to,
or enter into a binding share exchange with another Person, unless: (i) the resulting, surviving or
transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized
and existing under the laws of the United States of America, any State thereof or the District of
Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental
indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the
obligations of the Company under the Notes, this Indenture and, to the extent that it is otherwise
still operative, the Registration Rights Agreement; and (ii) immediately after giving effect to
such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture.

(b) The Company shall not permit any Note Guarantor to consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its assets to another Person unless: (i)
in the case of any Note Guarantor, the resulting, surviving or transferee Person will be a
corporation existing under the laws of the United States of America, any State thereof or the
District of Columbia, and such Person (if not such Note Guarantor) shall expressly assume, by a
supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee,
all the obligations of such Note Guarantor under its Note Guarantee; (ii) immediately after giving
effect to such transaction (and treating any indebtedness which becomes an obligation of the
resulting, surviving or transferee Person as a result of such transaction as having been Incurred
by such Person at the time of such transaction), no Default shall have occurred and be continuing;
and (iii) 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; provided, however, that the foregoing shall not
apply to any Note Guarantor which ceases to be a Note Guarantor as provided in this Indenture as a
result of any transaction to which provision of this paragraph would otherwise apply or otherwise.

Upon any such consolidation, merger, conveyance, transfer or lease the Successor Company (if
not the Company) shall succeed to, and may exercise every right and power of, the Company under
this Indenture.

For purposes of this Section 12.01, the conveyance, transfer or lease of the properties and
assets of one or more Subsidiaries of the Company substantially as an entirety to another Person,
which properties and assets, if held by the Company instead of such Subsidiaries, would constitute
the properties and assets of the Company substantially as an entirety on a consolidated basis,
shall be deemed to be the transfer of the properties and assets of the Company substantially as an
entirety to another Person.

Section 12.02. Successor Corporation to Be Substituted. In case of any such consolidation,
merger, conveyance, transfer or lease and upon the assumption by the Successor Company, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of, accrued and unpaid interest and
accrued and unpaid Additional Interest, if any, on all of the Notes, the due and punctual delivery
or payment, as the case may be, of any consideration due upon conversion of the Notes and the due
and punctual performance of all of the covenants and conditions of this Indenture to be performed
by the Company, such Successor Company shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the first part. Such Successor
Company thereupon may cause to be signed, and may issue either in its own name or in the name of
the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead
of the Company and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and
delivered, any Notes that previously shall have been signed and delivered by the officers of the
Company to the Trustee for authentication, and any Notes that such Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Notes
theretofore or thereafter issued in accordance with the terms of this Indenture as though all of
such Notes had been issued at the date of the execution hereof. In the event of any such
consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as
the “Company” in the first paragraph of this Indenture or any successor that shall thereafter have
become such in the manner prescribed in this Article 12 may be dissolved, wound up and liquidated
at any time thereafter and, except in the case of a lease, such Person shall be released from its
liabilities as obligor and maker of the Notes and from its obligations under this Indenture.

In case of any such consolidation, merger, conveyance, transfer or lease, such changes in
phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may
be appropriate.

Section 12.03. Opinion of Counsel to Be Given Trustee. No merger, consolidation, conveyance,
transfer or lease shall be effective unless the Trustee shall receive an Officers’ Certificate and
an Opinion of Counsel as conclusive evidence that any such consolidation, merger, conveyance,
transfer or lease and any such assumption and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture, complies with the provisions of this
Article 12.

ARTICLE 13

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

Section 13.01. Indenture and Notes Solely Corporate Obligations. No recourse for the payment
of the principal of or accrued and unpaid interest and accrued and unpaid Additional Interest, if
any, on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this Indenture or in any
supplemental indenture or in any Note, nor because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director
or Subsidiary, as such, past, present or future, of the Company or of any successor corporation or
entity, either directly or through the Company or any successor corporation or entity, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issue of the Notes.

ARTICLE 14

[INTENTIONALLY OMITTED]

ARTICLE 15

CONVERSION OF NOTES

Section 15.01. Conversion Privilege. (a) Upon compliance with the provisions of this Article
15, a Noteholder shall have the right, at such holder’s option, to convert all or any portion (if
the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such
Note (i) subject to satisfaction of the conditions described in Section 15.01(b) below, at any time
prior to November 1, 2012 under the circumstances and during the periods set forth in Section
15.01(b) below, and (ii) irrespective of the conditions described in Section 15.01(b) below, on or
after November 1, 2012 and prior to the close of business on the second Scheduled Trading Day
immediately preceding the Maturity Date, in each case, at an initial conversion rate (the
“Conversion Rate”) of 77.5014 shares of Common Stock (subject to adjustment as provided in Section
15.04 of this Indenture) per $1,000 principal amount of Notes (subject to the settlement provisions
of Section 15.02, the “Conversion Obligation”). Upon any determination by the Company that holders
are or will be entitled to convert their Notes in accordance with the following provisions, the
Company shall issue a press release and publish the information on its website or through such
other public medium as it may use at that time.

(b) (i) The Notes may be surrendered for conversion during the five Business Day period
immediately after any five consecutive Trading Day period (the “Measurement Period”) in which the
Trading Price per $1,000 principal amount of Notes for each day of such Measurement Period was less
than 98% of the product of the then-applicable Conversion Rate on such Trading Day and the Last
Reported Sale Price of the Common Stock on such Trading Day. The Trading Prices shall be
determined by the Bid Solicitation Agent pursuant to this clause and the definition of Trading
Price set forth in this Indenture. The Company shall provide written notice to the Bid
Solicitation Agent of the three independent nationally recognized securities dealers selected by
the Company pursuant to the definition of Trading Price, along with appropriate contact information
for each. The Bid Solicitation Agent shall have no obligation to determine the Trading
Price of the Notes unless requested by the Company, and the Company shall have no obligation to
make such request unless a Noteholder provides the Company with reasonable evidence that the
Trading Price per $1,000 principal amount of the Notes would be less than 98% of the product of the
then-applicable Conversion Rate and the Last Reported Sale Price of the Common Stock at such time,
at which time the Company shall instruct the Trustee to determine the Trading Price of the Notes
beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
Note is greater than or equal to 98% of the product of the then-applicable Conversion Rate and the
Last Reported Sale Price of the Common Stock on such Trading Day. If the Company does not, when
obligated, instruct the Bid Solicitation Agent to determine the Trading Price of the Notes as
provided in the preceding sentence, or if the Company gives such instruction to the Bid
Solicitation Agent , and the Bid Solicitation Agent fails to make such determination, then the
Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the then-applicable Conversion
Rate. If, at any time after the Trading Price condition set forth above has been met, the Trading
Price per $1,000 principal amount of Notes is greater than 98% of the product of the
then-applicable Conversion Rate and the Last Reported Sale Price of the Common Stock on such
Trading Day, the Company shall so notify the Trustee and the Conversion Agent and shall issue a
press release and publish such information on its website or through such other public medium it
may use at that time. In either case, the Company shall promptly publish a notice indicating that
the Trading Price condition set forth above has been met or, at any time after the Trading Price
condition set forth above has been met, that the Trading Price per $1,000 principal amount of Notes
is greater than 98% of the product of the then-applicable Conversion Rate and the Last Reported
Sale Price of the Common Stock on the relevant Trading Day, as the case may be, in a newspaper of
general circulation in The City of New York or publish such information on its website or through
such other public medium as the Company may use at that time.

(ii) In the event that the Company elects to:

(A) distribute to all or substantially all holders of its Common Stock rights,
options or warrants entitling them, for a period of not more than sixty calendar
days from the declaration date of such distribution, to subscribe for or purchase
its Common Stock, at a price per share less than the Last Reported Sale Price of the
Common Stock on the Trading Day immediately preceding the declaration date for such
distribution; or

(B) distribute to all or substantially all holders of its Common Stock the
Company’s assets, debt securities, or rights to purchase securities of the Company,
which distribution has a per share value (as determined by the Board of Directors)
exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day
immediately preceding the date of declaration for such distribution,

then, in each case, the Company shall notify all holders of the Notes, the Trustee and the
Conversion Agent not less than thirty-five Business Days prior to the Ex-Dividend Date for such
distribution. Once the Company has given such notice, the Notes may be surrendered for conversion
at any time until the earlier of (1) 5:00 p.m., New York City time, on the Scheduled Trading Day
immediately prior to such Ex-Dividend Date and (2) the Company’s announcement that such
distribution will not take place. No Noteholder may exercise this right to convert if the holder
otherwise could participate in the distribution without conversion.

(iii) In the event of a Fundamental Change, a Noteholder may surrender Notes for
conversion at any time from and after the thirty-fifth Business Day prior to the anticipated
effective date of such Fundamental Change until the Business Day immediately preceding the
Fundamental Change Repurchase Date corresponding to such Fundamental Change. The Company
shall give notice of the anticipated effective date of any Fundamental Change as promptly as
practicable after the Company first determines the anticipated effective date of such
Fundamental Change, but in any event at least thirty-five Business Days prior to such
anticipated effective date.

(iv) The Notes may be surrendered for conversion in any Fiscal Quarter after the Fiscal
Quarter ending June 30, 2008 and only during any such Fiscal Quarter, if the Last Reported
Sale Price of the Common Stock for at least twenty Trading Days in a period of thirty
consecutive Trading Days ending on the last Trading Day of the immediately preceding Fiscal
Quarter is equal to or more than 130% of the then-applicable Conversion Price on each
applicable Trading Day (such price, the “Conversion Trigger Price”). The Conversion Agent,
on behalf of the Company, shall determine at the beginning of each Fiscal Quarter commencing
after June 30, 2008 whether the Notes may be surrendered for conversion in accordance with
this clause (iv) and shall notify the Company and the Trustee of such determination.

Section 15.02. Conversion Procedure.

(a) [Reserved].

(b) Subject to this Section 15.02, upon any conversion of any Note, the Company shall deliver
to converting Noteholders, in respect of each $1,000 principal amount of Notes being converted,
solely cash, solely shares of Common Stock or a combination of cash and Common Stock (the
“Settlement Amount”), at its election, as set forth in this Section 15.02.

(i) All conversions after August 1, 2012 will be settled using the same Settlement
Method.

(ii) On or prior to August 1, 2012, the Company will elect (or be deemed to have
elected) the same Settlement Method for all conversions occurring on any given Conversion
Date. Except for any conversions that occur on or after August 1, 2012, the Company need
not elect the same Settlement Method with respect to conversions that occur on different
Conversion Dates.

(iii) If, in respect of any Conversion Date (or the period beginning on, but excluding,
August 1, 2012 and ending on, and including, the second Scheduled Trading Day immediately
preceding the Maturity Date, as the case may be), the Company elects to deliver a notice
(the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion
Date (or such period, as the case may be), the Company, through the Trustee, shall deliver
such Settlement Notice to converting Noteholders no later than the second Trading Day
immediately following the relevant Conversion Date. Such Settlement Notice shall specify
whether the Company shall satisfy its Conversion Obligation by (A) delivering solely shares
of Common Stock, (B) paying solely cash or (C) paying and delivering, as the case may be, a
combination of cash and shares of Common Stock. In the case of an election to pay and
deliver, as the case may be, a combination of cash and shares of Common Stock, the relevant
Settlement Notice shall indicate the Specified Dollar Amount. With respect to any
Conversion Date on or prior to August 1, 2012, if the Company does not deliver a Settlement
Notice, the Company will be deemed to have elected to deliver shares of Common Stock in
respect of its Conversion Obligation. With respect to any Conversion Date after August 1,
2012, if the Company does not deliver a Settlement Notice, the Company will be deemed to
have elected to deliver a combination of cash and shares of Common Stock in respect of its
Conversion Obligation, and the Specified Dollar Amount shall be deemed to be equal to
$1,000. If, with respect to any Conversion Date, the Company delivers a Settlement Notice
electing to pay and deliver, as the case may be, a combination of cash and shares of Common
Stock in respect of its Conversion Obligation but does not indicate a Specified Dollar
Amount in such Settlement Notice, the Specified Dollar Amount shall be deemed to be equal to
$1,000.

(iv) The Settlement Amount in respect of any conversion of Notes shall be computed as
follows:

(A) if the Company elects to satisfy its Conversion Obligation in respect of
such conversion by delivering solely Common Stock, the Company will deliver to the
converting Noteholder a number of shares of Common Stock equal to (1) the aggregate
principal amount of Notes to be converted, divided by $1,000, multiplied by (2) the
then-applicable Conversion Rate;

(B) if the Company elects to satisfy its Conversion Obligation in respect of
such conversion by paying solely cash, the Company shall pay to the converting
Noteholder cash in an amount per $1,000 principal amount of Notes being converted
equal to the sum of the Daily Conversion Values for each of the sixty consecutive
Trading Days during the related Cash Settlement Averaging Period; and

(C) if the Company elects to satisfy its Conversion Obligation in respect of
such conversion by paying and delivering, as the case may be, a combination of cash
and shares of Common Stock, if any, the Company shall pay and deliver, as the case
may be, in respect of each $1,000 principal amount of Notes being converted, a
Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the
sixty consecutive Trading Days during the related Cash Settlement Averaging Period.

(v) The Company will also deliver to each converting Noteholder cash in lieu of
fractional shares of Common Stock as set forth pursuant to clause (l) below.

(vi) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if
applicable) shall be determined by the Company promptly following the last day of the Cash
Settlement Averaging Period. Promptly after such determination of the Daily Settlement
Amounts or the Daily Conversion Values, as the case may be, and the amount of cash
deliverable in lieu of fractional shares (if any), the Company shall notify the Trustee and
the Conversion Agent of the Daily Settlement Amounts or the Daily Conversion Values, as the
case may be, and the amount of cash deliverable in lieu of fractional shares of Common
Stock. The Trustee and the Conversion Agents shall have no responsibility for any such
determination.

(c) [Reserved.]

(d) Before any holder of a Note shall be entitled to convert the same as set forth above, such
holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in
effect at that time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such holder is not entitled as set forth in Section 15.02(j) and, if
required, all transfer or similar taxes, if any, and (ii) in the case of a Note issued in
certificated form, (1) complete and manually sign and deliver an irrevocable notice to the
Conversion Agent in the form on the reverse of such certificated Note (or a facsimile thereof)
(Exhibit B hereto) (a “Notice of Conversion”) at the office of the Conversion Agent and shall state
in writing therein the principal amount of Notes to be converted and the name or names (with
addresses) in which such holder wishes the certificate or certificates for any shares of Common
Stock, if any, to be delivered upon settlement of the Conversion Obligation to be registered, (2)
surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, pay
funds equal to interest payable on the next Interest Payment Date to which such holder is not
entitled as set forth in Section 15.02(j), (4) if required, furnish appropriate endorsements and
transfer documents, and (5) if required, pay all transfer or similar taxes, if any as set forth in
Section 15.02(g). The Trustee (and if different, the relevant Conversion Agent) shall notify the
Company of any conversion pursuant to this Article 15 on the date of such conversion. No Notice of
Conversion with respect to any Notes may be surrendered by a holder thereof if such holder has also
delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and not
validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 19.03.

If more than one Note shall be surrendered for conversion at one time by the same holder, the
Conversion Obligation with respect to such Notes, if any, that shall be payable upon conversion
shall be computed on the basis of the aggregate principal amount of the Notes (or specified
portions thereof to the extent permitted thereby) so surrendered.

(e) A Note shall be deemed to have been converted immediately prior to the close of business
on the date (the “Conversion Date”) that the holder has complied with the requirements set forth in
clause (d). If the Company elects to satisfy the related Conversion Obligation solely in shares
of Common Stock, the Company shall deliver the shares of Common Stock due in respect of it
Conversion Obligation on the third Trading Day immediately following the relevant Conversion Date;
provided that if calculating the adjustment to the Conversion Rate in accordance with the
anti-dilution adjustments set forth in Section 15.04 cannot be accomplished prior to such third
Trading Day following the relevant Conversion Date, the Company will deliver the amount of
additional shares of its Common Stock resulting from that adjustment on the third Trading Day after
the earliest Trading Day on which such calculation can be made. In the case of any other
Settlement Method, the Company shall pay and deliver, as the case may be, the cash and/or shares of
Common Stock by the third Trading Day immediately following the last Trading Day of the Cash
Settlement Averaging Period. If any shares of Common Stock are due to converting Noteholders, the
Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such
Noteholder, or such Noteholder’s nominee or nominees, certificates or a book-entry transfer through
the Depositary for the number of full shares of Common Stock to which such Noteholder shall be
entitled in satisfaction of such Conversion Obligation.

(f) In case any Note shall be surrendered for partial conversion, the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the holder of the
Note so surrendered, without charge to such holder, a new Note or Notes in authorized denominations
in an aggregate principal amount equal to the unconverted portion of the surrendered Note.

(g) If a holder submits a Note for conversion, the Company shall pay all stamp and other
duties, if any, that may be imposed by the United States or any political subdivision thereof or
taxing authority thereof or therein with respect to the issuance of shares of Common Stock, if any,
upon the conversion. However, the holder shall pay any such tax that is due because the holder
requests any shares of Common Stock to be issued in a name other than the holder’s name. The
Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock
being issued in a name other than the holder’s name until the Trustee receives a sum sufficient to
pay any tax that will be due because the shares are to be issued in a name other than the holder’s
name. Nothing herein shall preclude any tax withholding required by law or regulations.

(h) Except as provided in Section 15.04, no adjustment shall be made for dividends on any
shares issued upon the conversion of any Note as provided in this Article.

(i) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
conversion of Notes effected through any Conversion Agent other than the Trustee.

(j) Upon conversion, a Noteholder shall not receive any separate cash payment for accrued and
unpaid interest and Additional Interest, if any, except as set forth below. The Company’s
settlement of the Conversion Obligations as described above shall be deemed to satisfy its
obligation to pay the principal amount of the Note and accrued and unpaid interest and Additional
Interest, if any, to, but not including, the Conversion Date. As a result, accrued and unpaid
interest and Additional Interest, if any, to, but not including, the Conversion Date shall be
deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the
preceding sentence, if Notes are converted after the close of business on a Interest Record Date,
holders of such Notes as of the close of business on the Interest Record Date will receive the
interest and Additional Interest, if any, payable on such Notes on the corresponding Interest
Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period
from the close of business on any Interest Record Date to the opening of business on the
corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest and Additional Interest, if any, payable on the Notes so converted; provided, however,
that no such payment shall be required (1) if the Company has specified a Fundamental Change
Repurchase Date that is after a Interest Record Date but on or prior to the corresponding Interest
Payment Date, (2) to the extent of any overdue interest, if any, existing at the time of conversion
with respect to such Note or (3) if the Notes are surrendered for conversion after the close of
business on the Interest Record Date immediately preceding the Maturity Date. Except as described
above, no payment or adjustment will be made for accrued and unpaid interest and Additional
Interest, if any, on converted Notes.

(k) The Person in whose name the certificate for any shares of Common Stock delivered upon
conversion is registered shall be treated as a stockholder of record as of the close of business on
the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation
solely in shares of Common Stock) or the last Trading Day of the related Cash Settlement Averaging
Period (in the case of any other Settlement Method), as the case may be; provided, however, if such
Conversion Date or such last Trading Day of the Cash Settlement Averaging Period occurs on any date
when the stock transfer books of the Company shall be closed, such occurrence shall not be
effective to constitute the Person or Persons entitled to receive any such shares of Common Stock
due upon conversion as the record holder or holders of such shares of Common Stock on such date,
but such occurrence shall be effective to constitute the Person or Persons entitled to receive such
shares of Common Stock as the record holder or holders thereof for all purposes at the close of
business on the next succeeding day on which such stock transfer books are open. Upon conversion
of Notes, such Person shall no longer be a Noteholder.

(l) For each Note surrendered for conversion, if the Company has elected to deliver a
combination of cash and shares of Common Stock in respect of its Conversion Obligation, the number
of full shares that shall be issued upon conversion thereof shall be computed on the basis of the
aggregate Daily Settlement Amounts for the applicable Cash Settlement Averaging Period and any
fractional shares remaining after such computation shall be paid in cash. The Company shall not
issue fractional shares of Common Stock upon conversion of Notes. Instead, the Company shall pay
cash in lieu of fractional shares based on the Daily VWAP on the relevant Conversion Date (if the
Company elects to satisfy its Conversion Obligation solely in shares of Common Stock) or based on
the Daily VWAP on the last Trading Day of the relevant Cash Settlement Averaging Period (in the
case of any other Settlement Method). If more than one Note shall be surrendered for conversion at
one time by the same holder, the number of full shares that shall be issued upon conversion thereof
shall be computed on the basis of the aggregate principal amount of the Notes (or specified
portions thereof) so surrendered.

Section 15.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection
with Make-Whole Fundamental Changes. (a) Notwithstanding anything herein to the contrary, the
Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with this
Article 15, at any time from, and including, the effective date of a Make-Whole Fundamental Change
until, and including, the close of business on the Business Day immediately prior to the related
Fundamental Change Repurchase Date corresponding to such Make-Whole Fundamental Change, shall be
increased to an amount equal to the Conversion Rate that would, but for this Section 15.03,
otherwise apply to such Note pursuant to this Article 15, plus an amount equal to the Make-Whole
Conversion Rate Adjustment.

As used herein, “Make-Whole Conversion Rate Adjustment” shall mean, with respect to a
Make-Whole Fundamental Change, the amount set forth in the following table that corresponds to the
effective date of such Make-Whole Fundamental Change (the “Effective Date”) and the Stock Price for
such Make-Whole Fundamental Change, all as determined by the Company:

Make-Whole Conversion Rate Adjustment

(per $1,000 principal amount of Notes)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date
	 	$	11.73		 	$	12.00		 	$	12.90		 	$	14.00		 	$	18.00		 	$	20.00		 	$	22.00		 	$	24.00		 	$	26.00		 	$	30.00		 	$	35.00		 	$	40.00	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	April 2, 2008
	 		7.75		 		7.75		 		5.47		 		4.01		 		1.51		 		1.01		 		0.70		 		0.51		 		0.39		 		0.24		 		0.15		 		0.09	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	April 2, 2009
	 		7.75		 		7.08		 		5.35		 		4.00		 		1.18		 		0.75		 		0.51		 		0.37		 		0.28		 		0.18		 		0.11		 		0.07	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	April 2, 2010
	 		7.75		 		6.83		 		5.35		 		3.93		 		0.85		 		0.53		 		0.36		 		0.27		 		0.21		 		0.15		 		0.10		 		0.07	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	April 2, 2011
	 		7.75		 		6.25		 		5.27		 		3.93		 		0.55		 		0.35		 		0.26		 		0.21		 		0.18		 		0.13		 		0.09		 		0.07	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	April 2, 2012
	 		7.75		 		6.00		 		5.19		 		3.32		 		0.34		 		0.26		 		0.22		 		0.19		 		0.17		 		0.13		 		0.09		 		0.07	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	March 1, 2013
	 		7.75		 		5.92		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00		 		0.00	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

provided, however, that:

(i) if the actual Stock Price of such Make-Whole Fundamental Change is between two
Stock Prices listed in the table above under the column titled “Stock Price,” or if the
actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates
listed in the table above in the row immediately below the title “Effective Date,” then the
Make-Whole Conversion Rate Adjustment for such Make-Whole Fundamental Change shall be
determined by the Company by straight-line interpolation between the Make-Whole Conversion
Rate Adjustment set forth for such higher and lower Stock Prices, or for such earlier and
later Effective Dates based on a 365 day year, as applicable;

(ii) if the actual Stock Price of such Make-Whole Fundamental Change is greater than
$40.00 per share (subject to adjustment in the same manner as the Stock Price as provided in
clause (iii) below), or if the actual Stock Price of such Make-Whole Fundamental Change is
less than $11.73 per share (subject to adjustment in the same manner as the Stock Price as
provided in clause (iii) below), then the Make-Whole Conversion Rate Adjustment shall be
equal to zero and this Section 15.03 shall not require the Company to increase the
Conversion Rate with respect to such Make-Whole Fundamental Change;

(iii) if an event occurs that requires, pursuant to this Article 15 (other than solely
pursuant to this Section 15.03), an adjustment to the Conversion Rate, then, on the date and
at the time such adjustment is so required to be made, each price set forth in the table
above under the column titled “Stock Price” shall be deemed to be adjusted so that such
Stock Price, at and after such time, shall be equal to the product of (1) such Stock Price
as in effect immediately before such adjustment to such Stock Price and (2) a fraction whose
numerator is the Conversion Rate in effect immediately before such adjustment to the
Conversion Rate and whose denominator is the Conversion Rate to be in effect, in accordance
with this Article 15, immediately after such adjustment to the Conversion Rate;

(iv) [Reserved.];

(v) each Make-Whole Conversion Rate Adjustment set forth in the table above shall be
adjusted in the same manner in which, and for the same events for which, the Conversion Rate
is to be adjusted pursuant to Section 15.04; and

(vi) in no event will the total number of shares of Common Stock issuable upon
conversion of the Notes exceed 85.2514 per $1,000 principal amount of Notes, subject to
adjustment in the same manner as the Conversion Rate pursuant to Section 15.04.

(b) As soon as practicable after the Company determines the anticipated Effective Date of any
proposed Make-Whole Fundamental Change, but in any event at least thirty-five Business Days prior
to such anticipated Effective Date, the Company shall mail to each Noteholder, the Trustee and the
Conversion Agent written notice of, and shall issue a press release indicating, and publicly
announce, through a public medium that is customary for such announcements, and publish on the
Company’s website, the anticipated effective date of such proposed Make-Whole Fundamental Change.
Each such press release notice, announcement and publication shall also state that in connection
with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the
Conversion Rate applicable to Notes entitled as provided herein to such increase (along with a
description of how such increase shall be calculated and the time periods during which Notes must
be surrendered in order to be entitled to such increase). No later than the actual Effective Date
of each Make-Whole Fundamental Change, the Company shall mail to each Noteholder, the Trustee and
the Conversion Agent written notice of, and shall issue a press release indicating, and publicly
announce, through a public medium that is customary for such announcements, and publish on the
Company’s website, such Effective Date and the amount by which the Conversion Rate has been so
increased.

Nothing in this Section 15.03 shall prevent an adjustment to the Conversion Rate pursuant to
Section 15.04 in respect of a Make-Whole Fundamental Change.

Section 15.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time
to time by the Company as follows:

(a) If the Company issues shares of Common Stock as a dividend or distribution to all holders
of the outstanding Common Stock on shares of Common Stock, or if the Company effects a share split
or share combination, the Conversion Rate will be adjusted based on the following formula:

where

	 	 	 	CR0 = the applicable Conversion Rate in effect immediately prior to the open of
business on the Record Date for such dividend or distribution, or the open of business
on the effective date of such share split or share combination, as the case may be;

	 	 	 	CR’ = the applicable Conversion Rate in effect immediately after the open of
business on the Record Date for such dividend or distribution, or the open of business
on the effective date of such share split or share combination, as the case may be;

	 	 	 	OS0 = the number of shares of Common Stock outstanding immediately prior to the
open of business on the Record Date for such dividend or distribution, or the open of
business on the effective date of such share split or share combination, as the case
may be; and

	 	 	 	OS’ = the number of shares of Common Stock outstanding immediately after such
dividend or distribution, or the effective date of such share split or share
combination, as the case may be.

Such adjustment shall become effective immediately after the opening of business on the Record Date
for such dividend or distribution, or the effective date for such share split or share combination.
If any dividend or distribution of the type described in this Section 15.04(a) is declared but not
so paid or made, or the outstanding shares of Common Stock are not split or combined, as the case
may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of
Directors determines not to pay such dividend or distribution, or split or combine the outstanding
shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if
such dividend, distribution, share split or share combination had not been declared or announced.

(b) In case the Company shall distribute to all or substantially all holders of its Common
Stock any rights, options or warrants entitling them for a period of not more than sixty calendar
days after the declaration date of such distribution to subscribe for or purchase shares of the
Common Stock, at a price per share less than the Last Reported Sale Price of the Common Stock on
the Trading Day immediately preceding the declaration date for such distribution, the Conversion
Rate shall be adjusted based on the following formula:

where

	 	 	 	CR0 = the applicable Conversion Rate in effect immediately prior to the open of
business on the Ex-Dividend Date for such distribution;

	 	 	 	CR’ = the applicable Conversion Rate in effect immediately after the open of
business on the Ex-Dividend Date for such distribution;

	 	 	 	OS0 = the number of shares of the Common Stock that are outstanding immediately
prior to the open of business on the Ex-Dividend Date for such distribution;

	 	 	 	X = the total number of shares of the Common Stock issuable pursuant to such
rights, options or warrants; and

	 	 	 	Y = the number of shares of the Common Stock equal to the aggregate price payable
to exercise such rights, options or warrants, divided by the average of the Last
Reported Sale Prices of Common Stock over the ten consecutive Trading Day period ending
on the Trading Day immediately preceding the Ex-Dividend Date relating to such
distribution of such rights, options or warrants.

Such adjustment shall be successively made whenever any such rights, options or warrants are
distributed and shall become effective immediately after the opening of business on the Ex-Dividend
Date for such distribution. The Company shall not issue any such rights, options or warrants in
respect of shares of the Common Stock held in treasury by the Company. To the extent that shares
of the Common Stock are not issued, or if issued not exercised and delivered after the expiration
of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate
that would then be in effect had the adjustments made upon the issuance of such rights, options or
warrants been made on the basis of delivery of only the number of shares of Common Stock actually
delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall again
be adjusted to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for
such distribution had not been fixed.

In determining whether any rights, options or warrants entitle the holders to subscribe for or
purchase shares of the Common Stock at less than such Last Reported Sale Price of the Common Stock,
and in determining the aggregate offering price of such shares of the Common Stock, there shall be
taken into account any consideration received by the Company for such rights, options or warrants
and any amount payable on exercise or conversion thereof, the value of such consideration, if other
than cash, to be determined by the Board of Directors. In no event shall the Conversion Rate be
decreased pursuant to this Section 15.04(b) (subject to the readjustment provision set forth in
this Section 15.04(b)).

(c) In case the Company shall distribute shares of its Capital Stock, evidences of its
indebtedness or other of its assets or property other than (i) dividends or distributions covered
by Section 15.04(a) and Section 15.04(b), (ii) dividends or distributions paid exclusively in cash,
and (iii) Spin-Offs to which the provisions set forth below in this Section 15.04(c) shall apply
(any of such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this
Section 15.04(c) called the “Distributed Property”), to all or substantially all holders of its
Common Stock, then, in each such case the applicable Conversion Rate shall be adjusted based on the
following formula:

where

	 	 	 	CR0 = the applicable Conversion Rate in effect immediately prior to the open of
business on the Ex-Dividend Date for such distribution;

	 	 	 	CR’ = the applicable Conversion Rate in effect immediately after the open of
business on the Ex-Dividend Date for such distribution;

	 	 	 	SP0 = the average of the Last Reported Sale Prices of the Common Stock over the
ten consecutive Trading Day period ending on the Trading Day immediately preceding the
Ex-Dividend Date for such distribution; and

	 	 	 	FMV = the fair market value (as determined by the Board of Directors) of the shares
of Capital Stock, evidences of indebtedness, assets or property distributed with
respect to each outstanding share of the Common Stock as of the open of business on the
Ex-Dividend Date for such distribution.

Such adjustment shall become effective immediately after to the opening of business on the
Ex-Dividend Date for such distribution; provided that if “FMV” as set forth above is equal to or
greater than “SP0” as set forth above, in lieu of the foregoing adjustment, adequate
provision shall be made so that each Noteholder shall receive on the date on which the Distributed
Property is distributed to holders of Common Stock, for each $1,000 principal amount of Notes the
amount of Distributed Property such holder would have received had such holder owned a number of
shares of Common Stock equal to the Conversion Rate on the Record Date for such distribution. If
such distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the
Conversion Rate that would then be in effect if such dividend or distribution had not been
declared. If the Board of Directors determines “FMV” for purposes of this Section 15.04(c) by
reference to the actual or when issued trading market for any securities, it must in doing so
consider the prices in such market over the same period used in computing the Last Reported Sale
Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day
immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section 15.04(c) where there has been a
dividend or other distribution on the Common Stock of shares of Capital Stock of any class or
series, or similar equity interest, of or relating to a Subsidiary or other business unit of the
Company (a “Spin-Off”), the Conversion Rate in effect immediately before the close of business on
the tenth Trading Day immediately following, and including, the effective date of the Spin-Off will
be increased based on the following formula:

where

	 	 	 	CR0 = the Conversion Rate in effect immediately prior to the close of business on
the tenth Trading Day immediately following, and including, the effective date of the
Spin-Off;

	 	 	 	CR’ = the Conversion Rate in effect immediately after the close of business on the
effective date of the Spin-Off;

	 	 	 	FMV0 = the average of the Last Reported Sale Prices of the Capital Stock or
similar equity interest distributed to holders of the Common Stock applicable to one
share of the Common Stock over the first ten consecutive Trading Day period immediately
following, and including, the effective date of the Spin-Off; and

	 	 	 	MP0 = the average of the Last Reported Sale Prices of the Common Stock over the
first ten consecutive Trading Day period immediately following and including the
effective date of the Spin-Off.

The adjustment to the applicable Conversion Rate under the preceding paragraph will be given
effect at the close of business on the Effective Date of the Spin-Off. If the Effective Date of
the Spin-Off is less than twelve Trading Days prior to the Settlement Date in respect of any
conversion, references within this paragraph (3) to ten Trading Days shall be deemed replaced, for
purposes of calculating the affected Daily Conversion Values in respect of that conversion, with
such lesser number of Trading Days as elapse between the date such tender or exchange offer expires
and the Trading Day immediately preceding such Settlement Date.

If any such dividend or distribution described in this Section 15.04(c) is declared but not
paid or made, the new Conversion Rate shall be readjusted to be the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared.

Subject in all respect to Section 15.10, rights, options or warrants distributed by the
Company to all holders of its Common Stock entitling the holders thereof to subscribe for or
purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under
certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common
Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the
Common Stock, shall be deemed not to have been distributed for purposes of this Section 15.04 (and
no adjustment to the Conversion Rate under this Section 15.04 will be required) until the
occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to
have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate
shall be made under this Section 15.04(c). If any such right, option or warrant, including any
such existing rights, options or warrants distributed prior to the date of this Indenture, are
subject to events, upon the occurrence of which such rights, options or warrants become exercisable
to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and
Ex-Dividend Date with respect to new rights, options or warrants with such rights (and a
termination or expiration of the existing rights, options or warrants without exercise by any of
the holders thereof). In addition, in the event of any distribution (or deemed distribution) of
rights, options or warrants, or any Trigger Event or other event (of the type described in the
preceding sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this Section 15.04 was
made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or
repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon
such final redemption or repurchase to give effect to such distribution or Trigger Event, as the
case may be, as though it were a cash distribution, equal to the per share redemption or repurchase
price received by a holder or holders of Common Stock with respect to such rights, options or
warrants (assuming such holder had retained such rights or warrants), made to all holders of Common
Stock as of the date of such redemption or repurchase, and (2) in the case of such rights, options
or warrants that shall have expired or been terminated without exercise by any holders thereof, the
Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.

For purposes of this Section 15.04(c), Section 15.04(a), and Section 15.04(b), any dividend or
distribution to which this Section 15.04(c) is applicable that also includes shares of Common
Stock, or rights, options or warrants to subscribe for or purchase shares of Common Stock to which
Section 15.04(a) or Section 15.04(b) (or both) applies, shall be deemed instead to be (1) a
dividend or distribution of the evidences of indebtedness, assets or shares of capital stock other
than such shares of Common Stock or rights, options or warrants to which Section 15.04(c) applies
(and any Conversion Rate adjustment required by this Section 15.04(c) with respect to such dividend
or distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights, options or warrants (and any further Conversion Rate
adjustment required by Section 15.04(a) and Section 15.04(b) with respect to such dividend or
distribution shall then be made), except (A) the Ex-Dividend Date of such dividend or distribution
shall be substituted as “the Ex-Dividend Date,” “the Ex-Dividend Date relating to such distribution
of such rights, options or warrants,” the “Record Date for such dividend or distribution” within
the meaning of Section 15.04(a) and “the Ex-Dividend Date for such distribution” within the meaning
of Section 15.04(b) and (B) any shares of Common Stock included in such dividend or distribution
shall not be deemed “outstanding immediately prior to the Ex-Dividend Date for such dividend or
distribution, or the effective date of such share split or share combination, as the case may be”
within the meaning of Section 15.04(a) or “outstanding immediately prior to the Ex-Dividend Date
for such dividend or distribution” within the meaning of Section 15.04(b).

In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(c) (subject
to the readjustment provisions set forth in this Section 15.04(c)).

(d) If the Company shall make any cash dividend or distribution to all or substantially all
holders of its Common Stock during any quarterly fiscal period in an amount that exceeds the
Initial Dividend Threshold, the applicable Conversion Rate shall be adjusted based on the following
formula:

where

	 	 	 	CR0 = the applicable Conversion Rate in effect immediately prior to
the open of business on the Ex-Dividend Date for such dividend or distribution;

	 	 	 	CR’ = the applicable Conversion Rate in effect immediately
after the open of business on the Ex-Dividend Date for such dividend or
distribution;

	 	 	 	SP0 = the Last Reported Sale Price of the Common Stock on the Trading
Day immediately preceding the Ex-Dividend Date for such dividend or
distribution; and

	 	 	 	C = the amount in cash per share the Company distributes
to holders of its Common Stock in excess of the Initial Dividend Threshold.

If any dividend or distribution described in this Section 15.04(d) is declared but not so paid
or made, the new Conversion Rate shall be readjusted to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared.

The Initial Dividend Threshold is subject to adjustment in a manner inversely proportional to
adjustments to the Conversion Rate, provided that no adjustment will be made to the Initial
Dividend Threshold for any adjustment made to the Conversion Rate under this Section 15.04(d).

Notwithstanding the foregoing, if an adjustment is required to be made under this Section
15.04(d) as a result of a distribution that is not a regular quarterly dividend, the Initial
Dividend Threshold will be deemed to be zero.

Such adjustment shall become effective immediately after the opening of business on the
Ex-Dividend Date for such dividend or distribution; provided that if “C” as set forth above is
equal to or greater than “SP0” as set forth above, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Noteholder shall have the right to
receive on the date on which the relevant cash dividend or distribution is distributed to holders
of Common Stock, for each $1,000 principal amount of Notes, the amount of cash such holder would
have received had such holder owned a number of shares equal to the Conversion Rate on the Record
Date for such distribution. If such dividend or distribution is not so paid or made, the
Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if
such dividend or distribution had not been declared.

For the avoidance of doubt, for purposes of this Section 15.04(d), in the event of any
reclassification of the Common Stock, as a result of which the Notes become convertible into more
than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to
this Section 15.04(d), references in this Section to one share of Common Stock or Last Reported
Sale Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a
unit consisting of the number of shares of each class of Common Stock into which the Notes are then
convertible equal to the numbers of shares of such class issued in respect of one share of Common
Stock in such reclassification. The above provisions of this paragraph shall similarly apply to
successive reclassifications.

(e) If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for the Common Stock and the cash and value of any other consideration included in
the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of
the Common Stock over the ten consecutive Trading-Day period commencing on, and including, the
Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to
such tender or exchange offer, the Conversion Rate shall be increased based on the following
formula:

where

	 	 	 	CR0 = the applicable Conversion Rate in effect at the close of business on the
last Trading Day of the period of ten consecutive Trading Days commencing on, and
including, the Trading Day next succeeding the date such tender or exchange offer
expires;

	 	 	 	CR’ = the applicable Conversion Rate in effect immediately after the close of
business on the Trading Day next succeeding the date such tender or exchange offer
expires;

	 	 	 	AC = the aggregate value of all cash and any other consideration (as determined by
the Board of Directors) paid or payable for shares of Common Stock purchased in such
tender or exchange offer;

	 	 	 	OS0 = the number of shares of Common Stock outstanding immediately prior to the
date such tender or exchange offer expires (prior to giving effect to such tender offer
or exchange offer);

	 	 	 	OS’ = the number of shares of Common Stock outstanding immediately after the date
such tender or exchange offer expires (after giving effect to such tender offer or
exchange offer); and

	 	 	 	SP’ = the average of the Last Reported Sale Prices of Common Stock over the ten
consecutive Trading Day period commencing on, and including, the Trading Day next
succeeding the date such tender or exchange offer expires.

Such adjustment shall become effective at the close of business on the Trading Day next succeeding
the date such tender or exchange offer expires. If a tender or exchange offer expires less than
twelve Trading Days prior to the Settlement Date in respect of any conversion, references in this
Section 15.04(e) to ten Trading Days shall be deemed replaced, for purposes of calculating the
affected daily conversion values in respect of that conversion, with such lesser number of Trading
Days as have elapsed between the date that such tender or exchange offer expires and the Trading
Day immediately preceding such Settlement Date. If the Company is obligated to purchase shares
pursuant to any such tender or exchange offer, but the Company is permanently prevented by
applicable law from effecting any or all or any portion of such purchases or all such purchases are
rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be
in effect if such tender or exchange offer had not been made or had been made only in respect of
the purchases that had been effected. In no event shall the Conversion Rate be decreased pursuant
to this Section 15.04(e) (except to the extent provided in the preceding sentence).

(f) The term “Record Date” shall mean, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock (or other security) have the right to
receive any cash, securities or other property or in which the Common Stock (or other applicable
security) is exchanged for or converted into any combination of cash, securities or other property,
the date fixed for determination of stockholders entitled to receive such cash, securities or other
property (whether such date is fixed by the Board of Directors or by statute, contract or
otherwise).

(g) Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance
of shares of its Common Stock or any securities convertible into or exchangeable for shares of its
Common Stock or the right to purchase shares of its Common Stock or such convertible or
exchangeable securities.

(h) Notwithstanding this Section 15.03 or any other provision of this Indenture or the Notes,
if any Conversion Rate adjustment becomes effective, or any Ex-Dividend Date for any issuance,
dividend or distribution (relating to a required Conversion Rate adjustment) occurs, during the
period beginning on, and including, the open of business on a Conversion Date and ending on, and
including, (x) the close of business on the third Trading Day immediately following the relevant
Conversion Date (if the Company elects to satisfy the related Conversion Obligation solely in
shares of Common Stock) or (y) the close of business on the last Trading Day of a related Cash
Settlement Averaging Period (in the case of any other Settlement Method), the Board of Directors
shall make adjustments to the Conversion Rate and the amount of cash or number of shares of Common
Stock issuable upon conversion of the Notes, as the case may be, as is be necessary or appropriate
to effect the intent of this Section 15.03 and the other provisions of Article 15 and to avoid
unjust or inequitable results, as determined in good faith by the Board of Directors. Any
adjustment made pursuant to this Section 15.03(h) shall apply in lieu of the adjustment or other
term that would otherwise be applicable.

(i) In addition to those required by clauses (a), (b), (c), (d) and (e) of this Section 15.04,
and to the extent permitted by applicable law and subject to the applicable rules of the Nasdaq
Global Select Market, the Company from time to time may increase the Conversion Rate by any amount
for a period of at least twenty Business Days if the Board of Directors determines that such
increase would be in the Company’s best interest. In addition, the Company may also (but is not
required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common
Stock or rights to purchase Common Stock in connection with any dividend or distribution of shares
(or rights to acquire shares) or similar event. Whenever the Conversion Rate is increased pursuant
to the preceding sentence, the Company shall mail to the holder of each Note at its last address
appearing on the Note Register provided for in Section 2.06 a notice of the increase at least
fifteen days prior to the date the increased Conversion Rate takes effect, and such notice shall
state the increased Conversion Rate and the period during which it will be in effect.

(j) If the application of the formulas in the foregoing sections would result in a decrease in
the Conversion Rate (other than in respect of a share combination), no adjustment to the Conversion
Rate will be made (other than readjustments provided for herein in the event that any declared
dividend or distribution is not thereafter paid or delivered). In addition, in no event will the
Company adjust the Conversion Rate to the extent that the adjustment would reduce the Conversion
Price below the par value per share of its Common Stock.

(k) The applicable Conversion Rate will not be adjusted:

(i) upon the issuance of any shares of the Common Stock pursuant to any present or
future plan providing for the reinvestment of dividends or interest payable on the Company’s
securities and the investment of additional optional amounts in shares of the Common Stock
under any plan;

(ii) upon the issuance of any shares of the Common Stock pursuant to any present or
future employee, director or consultant benefit plan or program of or assumed by the Company
or any of the Company’s Subsidiaries;

(iii) upon the issuance of any shares of the Common Stock pursuant to any option,
warrant, right or exercisable, exchangeable or convertible security not described in clause
(ii) of this subsection and outstanding as of the date the Notes were first issued;

(iv) for a change in the par value of the Common Stock;

(v) for accrued and unpaid interest, including Additional Interest, if any; or

(vi) for any transactions described in this Section 15.04 if Noteholders participate
(as a result of holding the Notes, and at the same time as holders of Common Stock
participate) in such transactions as if such Noteholders held a number shares of Common
Stock equal to the Conversion Rate at the time such adjustment would be required, multiplied
by the principal amount (expressed in thousands) of Notes held by such Noteholder, without
having to convert their Notes.

(l) All calculations and other determinations under this Article 15 shall be made by the
Company and shall be made to the nearest one-ten thousandth (1/10,000) of a share. No adjustment
in the Conversion Rate shall be required unless such adjustment would require an increase or
decrease of at least 1% in such Conversion Rate; provided, however, that any adjustments which by
reason of this Section 15.04 are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. Notwithstanding the foregoing, upon any conversion of Notes
by a Noteholder (solely with respect to the Notes to be converted), the Company shall give effect
to all adjustments that it has otherwise deferred pursuant to the immediately preceding sentence,
and those adjustments will no longer be carried forward and taken into account in any future
adjustment.

(m) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly
file with the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate
setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have
received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any
adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of
which it has knowledge is still in effect. Promptly after delivery of such certificate, the
Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted
Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice
of such adjustment of the Conversion Rate to the holder of each Note at its last address appearing
on the Note Register provided for in Section 2.06 of this Indenture, within ten days of the
effective date of such adjustment. Failure to deliver such notice shall not affect the legality or
validity of any such adjustment.

(n) For purposes of this Section 15.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.
The Company will not pay any dividend or make any distribution on shares of Common Stock held in
the treasury of the Company.

Section 15.05. Shares to Be Fully Paid. The Company shall provide, free from preemptive
rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of
Common Stock to provide for conversion of the Notes from time to time as such Notes are presented
for conversion.

Section 15.06. Effect of Reclassification, Consolidation, Merger or Sale. Upon the occurrence
of (i) any reclassification or change of the outstanding shares of Common Stock (other than a
change in par value, or from par value to no par value, or from no par value to par value, or as a
result of a split, subdivision or combination covered by Section 15.04(a)), (ii) any consolidation,
merger or combination involving the Company, or (iii) any sale or conveyance of all or
substantially all of the property and assets of the Company to any other Person, in each case
pursuant to which Common Stock shall be converted into, or exchanged for, securities or other
property (any such event a “Merger Event”), then:

(a) the Company or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force
at the date of execution of such supplemental indenture if such supplemental indenture is then
required to so comply) permitted under Section 11.01(f) providing for the conversion and settlement
of the Notes as set forth in this Indenture. Such supplemental indenture shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article 15. If, in the case of any Merger Event, the Reference Property includes
shares of stock or other securities and assets of a corporation other than the successor or
purchasing corporation, as the case may be, in such reclassification, change, consolidation,
merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by
such other corporation and shall contain such additional provisions to protect the interests of the
holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the
foregoing, including to the extent required by the Board of Directors and practicable the
provisions providing for the repurchase rights set forth in Article 19 herein.

In the event the Company shall execute a supplemental indenture pursuant to this Section
15.06, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating
the reasons therefore, the kind or amount of cash, securities or property or asset that will
comprise the Reference Property after any such Merger Event, any adjustment to be made with respect
thereto and that all conditions precedent have been complied with, and shall promptly mail notice
thereof to all Noteholders. The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each Noteholder, at its address appearing on the Note Register provided
for in this Indenture, within twenty days after execution thereof. Failure to deliver such notice
shall not affect the legality or validity of such supplemental indenture.

(b) Notwithstanding the provisions of Section 15.02(b), and subject to the provisions of
Section 15.01 and Section 15.03, at and after the effective time of such Merger Event, (i) the
right to convert each $1,000 principal amount of Notes into cash, shares of Common Stock or a
combination of cash and shares of Common Stock at the Company’s election as set forth in Section
15.02 will be changed to a right to convert such Note into cash, the kind and amount of shares of
stock, securities or other property or assets (including cash or any combination thereof) that a
holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such
transaction would have owned or been entitled to receive (the “Reference Property”) and (ii) the
related Conversion Obligation shall be settled as set forth under clause (c) below, it being
understood and agreed that for purposes of Section 15.01(b), references therein to “the Last
Reported Sale Price of the Common Stock” shall be deemed at and after the effective time of such
Merger Event to be references to “the Last Reported Sale Price of a unit of Reference Property
comprised of the kind and amount of shares of stock, securities or other property or assets
(including cash or any combination thereof) that a holder of one share of Common Stock immediately
prior to such Merger Event would have owned or been entitled to receive based on the Weighted
Average Consideration.” The Company shall not become a party to any Merger Event unless its terms
are consistent with this Section 15.06. None of the foregoing provisions shall affect the right of
a holder of Notes to convert its Notes into cash, shares of Common Stock or a combination of cash
and shares of Common Stock, as applicable, as set forth in Section 15.01 and Section 15.02 prior to
the effective date of such Merger Event.

(c) With respect to each $1,000 principal amount of Notes surrendered for conversion after the
effective date of any such Merger Event, the Company’s Conversion Obligation shall be settled in
cash or units of Reference Property, at the Company’s election, in accordance with Section 15.02(b)
as follows:

(i) (A) if the Company elects to satisfy its Conversion Obligation in respect of such
conversion by delivering solely Reference Property, the Company shall deliver to the
converting Noteholder a number of units of Reference Property (each such unit comprised of
the kind and amount of shares of stock, securities or other property or assets (including
cash or any combination thereof) that a holder of one share of Common Stock immediately
prior to such Merger Event would have owned or been entitled to receive based on the
Weighted Average Consideration) equal to (1) the aggregate principal amount of Notes to be
converted, divided by $1,000, multiplied by (2) the then-applicable Conversion Rate; (B) if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by
paying solely cash, the Company shall pay to the converting Noteholder cash in an amount,
per $1,000 principal amount of Notes equal to the sum of the Daily Conversion Values for
each of the sixty consecutive Trading Days during the related Cash Settlement Averaging
Period, such Daily Conversion Values determined as if the reference to “the Daily VWAP of
the Common Stock” in definition thereof were instead a reference to “the Daily VWAP of a
unit of Reference Property comprised of the kind and amount of shares of stock, securities
or other property or assets (including cash or any combination thereof) that a holder of one
share of Common Stock immediately prior to such Merger Event would have owned or been
entitled to receive based on the Weighted Average Consideration”; and (C) if the Company
elects to satisfy its Conversion Obligation through delivery of a combination of cash and
Reference Property, the Company shall deliver in respect of each $1,000 principal amount of
Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts
for each of the sixty consecutive Trading Days during the Cash Settlement Averaging Period
for such Note, such Daily Settlement Values determined as if the reference to “the Daily
VWAP of the Common Stock” in definition of Daily Conversion Value and Daily Share Amount
were instead a reference to “the Daily VWAP of a unit of Reference Property comprised of the
kind and amount of shares of stock, securities or other property or assets (including cash
or any combination thereof) that a holder of one share of Common Stock immediately prior to
such Merger Event would have owned or been entitled to receive based on the Weighted Average
Consideration.”

(ii) The Company will deliver the cash in lieu of fractional units of Reference
Property as set forth pursuant to Section 15.02(l) (provided that the amount of such cash
shall be determined as if references in such Section to “the Last Reported Sale Price of the
Common Stock” were instead a reference to “the Last Reported Sale Price of a unit of
Reference Property comprised of the kind and amount of shares of stock, securities or other
property or assets (including cash or any combination thereof) that a holder of one share of
Common Stock immediately prior to such Merger Event would have owned or been entitled to
receive based on the Weighted Average Consideration”).

(iii) The Daily Settlement Amounts (if applicable) and Daily Conversion Values (if
applicable) shall be determined by the Company promptly following the last day of the Cash
Settlement Averaging Period.

(iv) For purposes of this Section 15.06, if the Merger Event causes the Common Stock to
be converted into the right to receive more than a single type of consideration (determined
based in part upon any form of stockholder election), the Reference Property into which the
notes will be convertible will be deemed to be the weighted average of the types and amounts
of consideration received by the holders of Common Stock that affirmatively make such an
election (the “Weighted Average Consideration”).

(v) The Company shall notify the holders of the Weighted Average Consideration as soon
as practicable after the Weighted Average Consideration is determined.

(d) The above provisions of this Section shall similarly apply to successive Merger Events.

Section 15.07. Certain Covenants. (a) The Company covenants that all shares of Common Stock
issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from
all taxes, liens and charges with respect to the issue thereof.

(b) The Company covenants that, if any shares of Common Stock to be provided for the purpose
of conversion of Notes hereunder require registration with or approval of any governmental
authority under any federal or state law before such shares may be validly issued upon conversion,
the Company will, to the extent then permitted by the rules and interpretations of the Commission,
secure such registration or approval, as the case may be.

(c) The Company further covenants that if at any time the Common Stock shall be listed on any
national securities exchange or automated quotation system the Company will list and keep listed,
so long as the Common Stock shall be so listed on such exchange or automated quotation system, any
Common Stock issuable upon conversion of the Notes.

Section 15.08. Responsibility of Trustee. The Trustee and any other Conversion Agent shall
not at any time be under any duty or responsibility to any Noteholder to determine the Conversion
Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment
(including any increase) of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed, or herein or
in any supplemental indenture provided to be employed, in making the same. The Trustee and any
other Conversion Agent shall not be accountable with respect to the validity or value (or the kind
or amount) of any shares of Common Stock, or of any securities, property or cash that may at any
time be issued or delivered upon the conversion of any Note; and the Trustee and any other
Conversion Agent make no representations with respect thereto. Neither the Trustee nor any
Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver
any shares of Common Stock or stock certificates or other securities or property or cash upon the
surrender of any Note for the purpose of conversion or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article. Without limiting the
generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any supplemental
indenture entered into pursuant to Section 15.06 relating either to the kind or amount of shares of
stock or securities or property (including cash) receivable by Noteholders upon the conversion of
their Notes after any event referred to in such Section 15.06 or to any adjustment to be made with
respect thereto, but, subject to the provisions of Section 8.01, may accept (without any
independent investigation) as conclusive evidence of the correctness of any such provisions, and
shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether
any event contemplated by Section 15.01(b) has occurred that makes the Notes eligible for
conversion or no longer eligible therefor until the Company has delivered to the Trustee and the
Conversion Agent the notices referred to in Section 15.01(b) with respect to the commencement or
termination of such conversion rights, on which notices the Trustee and the Conversion Agent may
conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion
Agent immediately after the occurrence of any such event or at such other times as shall be
provided for in Section 15.01(b).

Section 15.09. Notice to Holders Prior to Certain Actions. In case: (a) the Company shall
declare a dividend (or any other distribution) on its Common Stock that would require an adjustment
in the Conversion Rate pursuant to Section 15.04; or

(b) the Company shall authorize the granting to all of the holders of its Common Stock of
rights, options or warrants to subscribe for or purchase any share of any class or any other
rights, options or warrants; or

(c) of any reclassification of the Common Stock of the Company (other than a subdivision or
combination of its outstanding Common Stock, or a change in par value, or from par value to no par
value, or from no par value to par value), or of any consolidation or merger to which the Company
is a party and for which approval of any stockholders of the Company is required, or of the sale or
transfer of all or substantially all of the assets of the Company; or

(d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company;

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at its
address appearing on the Note Register, provided for in Section 2.06 of this Indenture, as promptly
as possible but in any event at least twenty days prior to the applicable date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such
dividend, distribution or rights, options or warrants, or, if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such dividend, distribution or
rights are to be determined, or (ii) the date on which such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of
such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding-up.

Section 15.10. Stockholder Rights Plans. To the extent that the Company has a stockholder
rights plan or other “poison pill” in effect upon conversion of the Notes, each share of Common
Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of
rights, if any, and the certificates representing the Common Stock issued upon such conversion
shall bear such legends, if any, in each case as may be provided by the terms of any such
stockholder rights plan or poison pill, as the same may be amended from time to time. If at the
time of conversion, however, the rights have separated from the shares of Common Stock in
accordance with the provisions of the applicable stockholder rights agreement so that the holders
of the Notes would not be entitled to receive any rights in respect of Common Stock, if any,
issuable upon conversion of the Notes, the Conversion Rate will be adjusted at the time of
separation as if the Company has distributed to all holders of Common Stock, shares of Capital
Stock of the Company, evidence of indebtedness or assets as provided in Section 15.04(c), subject
to readjustment in the event of the expiration, termination or redemption of such rights.

Section 15.11. Exchange in Lieu of Conversion. When a holder surrenders its Notes for
conversion, the Company may, at its election, direct the Conversion Agent to surrender, on or prior
to the second Business Day following the relevant Conversion Date, such Notes to a financial
institution designated by the Company (the “Designated Institution”) for exchange in lieu of
conversion. In order to accept any Notes surrendered for conversion for exchange in lieu of
conversion, the Designated Institution must agree to timely deliver, in exchange for such Notes,
cash, the shares of Common Stock or a combination of cash and Common Stock that would otherwise be
due upon conversion as described in Section 15.02 above and in respect of which the Company has
notified to converting Noteholders. If the Company makes the election described above, the Company
shall, by the close of business on the second Business Day following the relevant Conversion Date
as part of its Settlement Notice, notify the holder surrendering its Notes for conversion that it
has made such election. In addition, the Company shall concurrently notify the Designated
Institution of the Settlement Method (and, if applicable, the Specified Dollar Amount) that Company
has elected with respect to such conversion and the relevant deadline for delivery of the
consideration due upon conversion. Any Notes exchanged by the Designated Institution will remain
outstanding.

(a) If the Designated Institution agrees to accept any Notes for exchange but does not timely
deliver the related consideration due upon conversion to the Conversion Agent, or if the Designated
Institution does not accept such Notes for exchange, the Company shall, within the time period
specified in Section 15.02(e), convert such Notes into cash and/or shares of Common Stock, as
applicable in accordance with the provisions of Section 15.02.

(b) For the avoidance of doubt, in no event will the Company’s designation of a Designated
Institution pursuant to this Section 15.11 require the Designated Institution to accept any Notes
for exchange.

Section 15.12. Limit on Issuance of Shares of Common Stock upon Conversion. Notwithstanding
anything contained elsewhere in this Indenture, if and to the extent required by the shareholder
approval rules or listing standards of any national or regional securities exchange that are
applicable to the Company at the time any Notes are converted hereunder, in no event will the
aggregate number of shares of Common Stock issuable upon conversion of the Notes exceed 19.99% of
the Common Stock outstanding as of April 12, 2008 (as applicable, the “Conversion Rate Cap”) and if
an event occurs that would otherwise result in an increase in the Conversion Rate above the
Conversion Rate Cap, if and to the extent required by the shareholder approval rules or listing
standards of any national or regional securities exchange that are applicable to the Company at the
time any Notes are converted hereunder, the Company will either obtain stockholder approval of any
issuance of Common Stock upon conversion of the Notes in excess such limitations or deliver cash in
lieu of any shares of Common Stock otherwise deliverable upon conversions in excess of such
limitations (such amount of cash to be based on the Last Reported Sale Price of the Company’s
Common Stock on the relevant Conversion Date or, if amounts owing on conversion are determined by
reference to a Cash Settlement Averaging Period, the last Trading Day of the related Cash
Settlement Averaging Period).

ARTICLE 16

SUBORDINATION

Section 16.01. Agreement to Subordinate. The Company agrees, and each Noteholder by accepting
a Note agrees, that the indebtedness evidenced by the Notes is an unsecured obligation and such
indebtedness and all rights with respect thereto will be subordinated in right of payment, to the
extent and in the manner provided in this Article 16, to the prior payment in full in cash of the
Company’s obligations under the Bank Credit Facility and the Hedging Obligations and that the
subordination is for the benefit of and enforceable by the Lenders and the Counterparties and their
Respective Representatives. The Notes shall in all respects rank pari passu in right of payment
with all other future Senior Indebtedness of the Company other than indebtedness under the Bank
Credit Facility and the Hedging Obligations and shall rank senior to all existing and future
Subordinated Obligations of the Company; and other than indebtedness under the Bank Credit Facility
and the Hedging Obligations only indebtedness of the Company that is Secured Indebtedness of the
Company shall rank senior to the Notes in accordance with the provisions set forth herein. All
provisions of this Article 16 shall be subject to Section 16.12.

Section 16.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or distribution of the
assets of the Company to its respective creditors upon a total or partial liquidation or a total or
partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or
similar proceeding relating to the Company or its property:

(a) the Lenders and the Counterparties shall be entitled to receive payment in full in cash of
such amounts owing under the Bank Credit Facility and the Hedging Obligations before Noteholders
shall be entitled to receive any payment of principal of or interest, if any, on, or any other
amounts in conjunction with, the Notes; and

(b) until the Lenders and the Counterparties are paid in full in cash, any payment or
distribution or other amount to which Noteholders would be entitled but for this Article 16 shall
be made to the Lenders and the Counterparties or their Respective Representatives as their
interests may appear, except that Noteholders may receive shares of stock and any debt securities
that are subordinated to the Bank Credit Facility and the Hedging Obligations to at least the same
extent as the Notes.

Section 16.03. Default on Bank Credit Facility and Hedging Obligations. The Company may not
pay the principal, interest (including Additional Interest) on the Notes, make any deposit pursuant
to Article 4 or otherwise repurchase, redeem or otherwise retire any Notes (collectively, “pay the
Notes”) if (a) any amount owing under the Bank Credit Facility and the Hedging Obligations is not
paid in cash when due or (b) any default under the Bank Credit Facility or the Hedging Obligations
occurs and the maturity of the Bank Credit Facility is accelerated in accordance with its terms
unless, in either case, (i) the default has been cured or waived and any such acceleration has been
rescinded or (ii) any amounts owing under the Bank Credit Facility and the Hedging Obligations have
been paid in full in cash; provided, however, that the Company may pay the Notes without regard to
the foregoing if the Company and the Trustee receive written notice approving such payment from the
Representative of the Lenders (who shall, unless the majority of the Lenders notify the Trustee
otherwise, be the Administrative Agent) with respect to which either of the events set forth in
clause (a) or (b) of this sentence has occurred and is continuing.

During the continuance of any default (other than a default described in clause (a) or (b) of
the preceding sentence) with respect to the Bank Credit Facility or the Hedging Obligations
pursuant to which the maturity thereof may be accelerated immediately without further notice
(except such notice as may be required to effect such acceleration) or the expiration of any
applicable grace periods, the Company may not pay the Notes for a period (a “Payment Blockage
Period”) commencing upon the receipt by the Trustee (with a copy to the Company) of written notice
(a “Blockage Notice”) of such default from the Administrative Agent specifying an election to
effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment
Blockage Period is terminated (a) by written notice to the Trustee and the Company from the Person
or Persons who gave such Blockage Notice, (b) by repayment in full in cash of all amounts owing
under the Bank Credit Facility and the Hedging Obligations or (c) because no default with respect
to the Bank Credit Facility and the Hedging Obligations is continuing). Notwithstanding the
provisions described in the immediately preceding sentence (but subject to the provisions contained
in the first sentence of this Section 16.03), the Company may resume payments on the Notes after
the end of such Payment Blockage Period, unless the Representative of the Lenders shall have
accelerated the maturity of the Bank Credit Facility, and such amounts owing under the Bank Credit
Facility and the Hedging Obligations have not been repaid in full in cash.

Section 16.04. Acceleration of Payment of Notes. If payment of the Notes is accelerated
because of an Event of Default, the Trustee (provided that the Trustee shall have received written
notice from the Company or its Representative) shall promptly notify the Representative of the
Lenders and the Counterparties. If any amounts owing under the Bank Credit Facility and the
Hedging Obligations are outstanding, the Company may not pay the Notes until five Business Days
after the Administrative Agent and the Counterparties receive notice of such acceleration and,
thereafter, may pay the Notes only if this Article 16 otherwise permits payment at that time.

Section 16.05. When Distribution Must Be Paid Over. If a payment or distribution is made to
Noteholders that because of this Article 16 should not have been made to them, the Noteholders who
receive the payment or distribution shall hold it in trust for the Lenders and the Counterparties
and pay it over to them and their Representatives as their interests may appear.

Section 16.06. Subrogation. After all amounts owing under the Bank Credit Facility and the
Hedging Obligations are paid in full in cash and until the Notes are paid in full, Noteholders
shall be subrogated to the rights of the Lenders and the Counterparties to receive distributions
applicable to the Bank Credit Facility and the Hedging Obligations. A distribution made under this
Article 16 to the Lenders and the Counterparties which otherwise would have been made to
Noteholders is not, as between the Company and Noteholders, a payment by the Company on the Bank
Credit Facility and the Hedging Obligations.

Section 16.07. Relative Rights. This Article 16 defines the relative rights of Noteholders
and the Lenders and the Counterparties. Nothing in this Indenture shall:

(a) impair, as between the Company and Noteholders, the obligation of the Company, which is
absolute and unconditional, to pay principal of and interest, if any, on the Notes in accordance
with their terms; or

(b) prevent the Trustee or any Noteholder from exercising its available remedies upon a
Default, subject to the rights of the Lenders and the Counterparties and their Representatives to
receive distributions otherwise payable to Noteholders.

Section 16.08. Subordination May Not Be Impaired by Company. No right of the Representative
of the Lenders, any Lender or Counterparty to enforce the subordination of the indebtedness
evidenced by the Notes shall be impaired by any act or failure to act by the Company or by its
failure to comply with this Indenture.

Section 16.09. Rights of Trustee and Paying Agent. Notwithstanding Section 16.03, the Trustee
or paying agent may continue to make payments on the Notes and shall not be charged with knowledge
of the existence of facts that would prohibit the making of any such payments unless, not less than
two Business Days prior to the date of such payment, a Responsible Officer of the Trustee receives
written notice satisfactory to it that payments may not be made under this Article 16. The
Company, the Note Registrar, the paying agent, the Administrative Agent, a Representative of the
Lenders and the Counterparties or any such Lender or counterparty (as identified by the Company)
may give the notice.

The Trustee in its individual or any other capacity may be a Lender or a Counterparty with the
same rights it would have if it were not Trustee. The Note Registrar and the paying agent may do
the same with like rights. The Trustee shall be entitled to all the rights set forth in this
Article 16 with respect to the Bank Credit Facility and the Hedging Obligations which may at any
time be held by it, to the same extent as any other Lender or Counterparty; and nothing in Article
8 shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 16 shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 8.06 or any other
Section of this Indenture.

Section 16.10. Distribution or Notice to Representative. Whenever a distribution is to be
made or a notice given to Lenders and the Counterparties, the distribution may be made and the
notice given to their Representative (if any).

Section 16.11. Article 16 Not to Prevent Events of Default or Limit Right to Accelerate. The
failure to make a payment pursuant to the Notes by reason of any provision in this Article 16 shall
not be construed as preventing the occurrence of a Default. Nothing in this Article 16 shall have
any effect on the right of the Noteholders or the Trustee to accelerate the maturity of the Notes.

Section 16.12. Trust Monies Not Subordinated. Notwithstanding anything contained herein to
the contrary, payments from money or the proceeds of U.S. Government Obligations held in trust
under Article 13 by the Trustee for the payment of principal of the Notes shall not be subordinated
to the prior payment of any amounts owing under the Bank Credit Facility or the Hedging Obligations
or subject to the restrictions set forth in this Article 16, and none of the Noteholders shall be
obligated to pay over any such amount to the Company or any Lender or Counterparty or any other
creditor of the Company.

Section 16.13. Trustee Entitled to Rely. Upon any payment or distribution pursuant to this
Article 16, the Trustee and the Noteholders shall be entitled to rely (a) upon any order or decree
of a court of competent jurisdiction in which any proceedings of the nature referred to in Section
16.02 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person
making such payment or distribution to the Trustee or to the Noteholders or (c) upon the
Representatives for the Lenders and the Counterparties for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the Lenders and the Counterparties and
other holders of indebtedness of the Company, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 16.
In the event that the Trustee determines, in good faith, that evidence is required with respect to
the right of any Person as a Lender or Counterparty to participate in any payment or distribution
pursuant to this Article 16, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amounts owing to such Person under the Bank Credit
Facility and the Hedging Obligations, the extent to which such Person is entitled to participate in
such payment or distribution and other facts pertinent to the rights of such Person under this
Article 16, and, if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive such payment. The
provisions of Sections 8.01 and 8.02 shall be applicable to all actions or omissions of actions by
the Trustee pursuant to this Article 16.

Section 16.14. Trustee to Effectuate Subordination. Each Noteholder by accepting a Note
authorizes and directs the Trustee on his behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination between the Noteholders and the Lenders
and the Counterparties as provided in this Article 16 and appoints the Trustee as attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of
debt in the form required in any proceeding referred to in Section 16.02 hereof at least 30 days
prior to the expiration of the time to file such claims the Representatives of the Lenders and the
Counterparties are hereby authorized to file an appropriate proof in any such proceeding.

Section 16.15. Trustee Not Fiduciary for Lenders or Counterparties. The Trustee shall not be
deemed to owe any fiduciary duty to the Lenders and the Counterparties and shall not be liable to
any such Lenders or counterparties if it shall mistakenly pay over or distribute to Noteholders or
the Company or any other Person, money or assets to which any Lenders and the Counterparties shall
be entitled by virtue of this Article 16 or otherwise.

Section 16.16. Reliance by Lenders and Counterparties on Subordination Provisions. Each
Noteholder by accepting a Note acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration to each Lender and Counterparty,
whether Indebtedness was created or acquired before or after the issuance of the Notes, to acquire
and continue to hold, or to continue to hold, such Indebtedness and such Lender and Counterparty
shall be deemed conclusively to have relied on such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Indebtedness.

ARTICLE 17

NOTE GUARANTEES

Section 17.01. Note Guarantees. (a) Each Note Guarantor hereby jointly and severally
irrevocably and unconditionally Guarantees, as a primary obligor and not merely as a surety, to
each Noteholder and to the Trustee and its successors and assigns the full and punctual payment
when due, whether at Maturity, by acceleration, by redemption or otherwise, of all obligations of
the Company under this Indenture (including obligations to the Trustee) and the Notes, whether for
payment of principal or interest (including Additional Interest) of the Notes and all other
monetary obligations of the Company under this Indenture and the Notes, whether for fees, expenses,
indemnification or otherwise (all the foregoing being hereinafter collectively called the
“Guaranteed Obligations”). Each Note Guarantor further agrees that the Guaranteed Obligations may
be extended or renewed, in whole or in part, without notice or further assent from each such Note
Guarantor, and that each such Note Guarantor shall remain bound under this Article 17
notwithstanding any extension or renewal of any Guaranteed Obligation.

(b) Each Note Guarantor waives presentation to, demand of payment from and protest to the
Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment.
Each Note Guarantor waives notice of any default under the Notes or the Guaranteed Obligations.
The obligations of each Note Guarantor hereunder shall not be affected by (i) the failure of any
Noteholder or the Trustee to assert any claim or demand or to enforce any right or remedy against
the Company or any other Person under this Indenture, the Notes or any other agreement or
otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Notes or any other agreement;
(iv) the release of any security held by any Noteholder or the Trustee for the Guaranteed
Obligations or any of them; (v) the failure of any Noteholder or Trustee to exercise any right or
remedy against any other Note Guarantor; or (vi) any change in the ownership of such Note
Guarantor, except as provided in Section 17.02(b).

(c) Each Note Guarantor hereby waives any right to which it may be entitled to have its
obligations hereunder divided among the Note Guarantors, such that such Note Guarantor’s
obligations would be less than the full amount claimed. Each Note Guarantor hereby waives any
right to which it may be entitled to have the assets of the Company first be used and depleted as
payment of the Company’s or such Note Guarantor’s obligations hereunder prior to any amounts being
claimed from or paid by such Note Guarantor hereunder. Each Note Guarantor hereby waives any right
to which it may be entitled to require that the Company be sued prior to an action being initiated
against such Note Guarantor.

(d) Each Note Guarantor further agrees that its Note Guarantee herein constitutes a guarantee
of payment when due (and not a guarantee of collection) and waives any right to require that any
resort be had by any Noteholder or the Trustee to any security held for payment of the Guaranteed
Obligations.

(e) The Note Guarantee of each Note Guarantor is, to the extent and in the manner set forth in
Article 18, subordinated and subject in right of payment to the prior payment in full in cash of
the principal of and interest on amounts owing under the Bank Credit Facility and the Hedging
Obligations by the relevant Note Guarantor and is made subject to such provisions of this
Indenture.

(f) Except as expressly set forth in Sections 17.02 and 17.06, the obligations of each Note
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination
for any reason (other than payment of the Guaranteed Obligations in full), including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of each Note Guarantor herein shall not be discharged
or impaired or otherwise affected by the failure of any Noteholder or the Trustee to assert any
claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by
any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the Guaranteed Obligations, or by any other act or thing or omission or delay
to do any other act or thing which may or might in any manner or to any extent vary the risk of any
Note Guarantor or would otherwise operate as a discharge of any Note Guarantor as a matter of law
or equity.

(g) Each Note Guarantor agrees that its Note Guarantee shall remain in full force and effect
until payment in full of all the Guaranteed Obligations. Each Note Guarantor further agrees that
its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of principal of or interest, if any, on any Guaranteed
Obligation is rescinded or must otherwise be restored by any Noteholder or the Trustee upon the
bankruptcy or reorganization of the Company or otherwise.

(h) In furtherance of the foregoing and not in limitation of any other right which any
Noteholder or the Trustee has at law or in equity against any Note Guarantor by virtue hereof, upon
the failure of the Company to pay the Guaranteed Obligation when and as the same shall become due,
whether at maturity, by acceleration, by redemption or otherwise, each Note Guarantor hereby
promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be
paid, in cash, to the Noteholders or the Trustee an amount equal to the unpaid amount of such
Guaranteed Obligations and interest, if any, accrued thereon.

(i) Each Note Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Noteholders in respect of any Guaranteed Obligations guaranteed hereby until
payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed
Obligations are subordinated as provided in Article 18. Each Note Guarantor further agrees that,
as between it, on the one hand, and the Noteholders and the Trustee, on the other hand, (i) the
maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article
7 for the purposes of any Note Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed
hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as
provided in Article 7, such Guaranteed Obligations (whether or not due and payable) shall forthwith
become due and payable by such Note Guarantor for the purposes of this Section 17.01.

(j) Each Note Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Noteholder in enforcing any
rights under this Section 17.01.

(k) Upon request of the Trustee, each Note Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

Section 17.02. Limitation on Liability. Any term or provision of this Indenture to the
contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed
hereunder by any Note Guarantor shall not exceed the maximum amount that can be hereby guaranteed
without rendering this Indenture, as it relates to such Note Guarantor, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights
of creditors generally.

Section 17.03. Release of Guarantor. Upon (i) the sale or other disposition (including by way
of consolidation, amalgamation or merger), in one transaction or a series of related transactions,
of a majority of the total voting power of the capital stock or other interests of a Guarantor or
(ii) the sale or other disposition of all or substantially all the assets of such Guarantor, such
Guarantor shall be deemed released from all obligations under this Article 17 without any further
action required on the part of the Trustee or any Holder; provided, however, that such sale or
disposition is to a Person other than the Company or any of its Affiliates. At the request of the
Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release.

Section 17.04. Successors and Assigns. This Article 17 shall be binding upon each Note
Guarantor and its successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee and the Noteholders and, in the event of any transfer or assignment of
rights by any Noteholder or the Trustee, the rights and privileges conferred upon that party in
this Indenture and in the Notes shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of this Indenture.

Section 17.05. No Waiver. Neither a failure nor a delay on the part of either the Trustee or
the Noteholders in exercising any right, power or privilege under this Article 17 shall operate as
a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the Noteholders herein expressly specified are cumulative and not exclusive of any other rights,
remedies or benefits which either may have under this Article 17 at law, in equity, by statute or
otherwise.

Section 17.06. Modification. No modification, amendment or waiver of any provision of this
Article 17, nor the consent to any departure by any Note Guarantor therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Trustee, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on any Note Guarantor in any case shall entitle such Note Guarantor to any
other or further notice or demand in the same, similar or other circumstances.

Section 17.07. Execution of Amendment or Supplemental Indenture for Future Note Guarantors.
Each Subsidiary which is required to become a Note Guarantor pursuant to Section 5.11 shall
promptly execute and deliver to the Trustee an amendment or supplemental indenture pursuant to
which such Subsidiary shall become a Note Guarantor under this Article 17 and shall guarantee the
Guaranteed Obligations. Concurrently with the execution and delivery of such amendment or
supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an
Officers’ Certificate to the effect that such amendment or supplemental indenture has been duly
authorized, executed and delivered by such Subsidiary and that, subject to the application of
bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws
relating to creditors’ rights generally and to the principles of equity, whether considered in a
proceeding at law or in equity, the Note Guarantee of such Note Guarantor is a legal, valid and
binding obligation of such Note Guarantor, enforceable against such Note Guarantor in accordance
with its terms and or to such other matters as the Trustee may reasonably request.

Section 17.08. Non-Impairment. The failure to endorse a Note Guarantee on any Note shall not
affect or impair the validity thereof.

ARTICLE 18

SUBORDINATION OF THE NOTE GUARANTEES

Section 18.01. Agreement to Subordinate. Each Note Guarantor agrees, and each Noteholder by
accepting a Note agrees, that the obligations of a Note Guarantor hereunder are subordinated in
right of payment, to the extent and in the manner provided in this Article 18, to the prior payment
in full in cash of all amounts owing by such Note Guarantor under the Bank Credit Facility and the
Hedging Obligations and that the subordination is for the benefit of and enforceable by the Lenders
and the Counterparties and their Respective Representatives. The obligations hereunder with
respect to a Note Guarantor shall in all respects rank pari passu in right of payment with all
other Senior Indebtedness of such Note Guarantor other than indebtedness under the Bank Credit
Facilities and the Hedging Obligations; will be senior to all existing and future Subordinated
Indebtedness of each Note Guarantor; and other than Indebtedness under the Bank Credit Facility and
the Hedging Obligations only indebtedness of such Note Guarantor that is Secured Indebtedness of
such Note Guarantor shall rank senior to the obligations of such Note Guarantor in accordance with
the provisions set forth herein to the extent of the value of the assets securing such Secured
Indebtedness.

Section 18.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or distribution of the
assets of a Note Guarantor to creditors upon a total or partial liquidation or a total or partial
dissolution of such Note Guarantor or in a bankruptcy, reorganization, insolvency, receivership or
similar proceeding relating to such Note Guarantor and its property:

(a) the Lenders and the Counterparties shall be entitled to receive payment in full in cash of
any amounts owing under the Bank Credit Facility and Hedging Obligations before Noteholders shall
be entitled to receive any payment pursuant to any Guaranteed Obligations from such Note Guarantor;
and

(b) until the Lenders and the Counterparties are paid in full in cash, any payment or
distribution or other amount to which Noteholders would be entitled but for this Article 18 shall
be made to the Lenders and the Counterparties or their Respective Representatives as their
interests may appear, except that Noteholders may receive shares of stock and any debt securities
that are subordinated to the Bank Credit Facility and the Hedging Obligations to at least the same
extent as the Note Guarantees.

Section 18.03. Default on Bank Credit Facility or Hedging Obligations of a Note Guarantor. A
Note Guarantor may not make any payment pursuant to any of the Guaranteed Obligations or
repurchase, redeem or otherwise retire any Notes (collectively, “pay its Guarantee”) if (a) any
amount owing under the Bank Credit Facility and the Hedging Obligations are not paid in cash when
due or (b) any default under the Bank Credit Facility and the Hedging Obligations occurs and the
maturity of the Bank Credit Facility is accelerated in accordance with its terms unless, in either
case, (i) the default has been cured or waived and any such acceleration has been rescinded or (ii)
such amounts owing under the Bank Credit Facility and the Hedging Obligations have been paid in
full in cash; provided, however, that such Note Guarantor may pay its Guarantee without regard to
the foregoing if such Note Guarantor and the Trustee receive written notice approving such payment
from the Representative of the Lenders respect to which either of the events in clause (a) or (b)
of this sentence has occurred and is continuing.

During the continuance of any default (other than a default described in clause (a) or (b) of
the preceding sentence) with respect to the Bank Credit Facility or the Hedging Obligations
pursuant to which the maturity thereof may be accelerated immediately without further notice
(except such notice as may be required to effect such acceleration) or the expiration of any
applicable grace periods, such Note Guarantor may not pay its Guarantee for a period (a “Guarantee
Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy to such Note
Guarantor and the Company) of written notice (a “Guarantee Blockage Notice”) of such default from
the Representative of the Lenders specifying an election to effect a Guarantee Payment Blockage
Period and ending 179 days thereafter (or earlier if such Guarantee Payment Blockage Period is
terminated (a) by written notice to the Trustee (with a copy to such Note Guarantor and the
Company) from the Person or Persons who gave such Guarantee Blockage Notice, (b) by repayment in
full in cash of all amounts owing under the Bank Credit Facility and the Hedging Obligations or (c)
because no default with respect to the Bank Credit Facility or the Hedging Obligations is
continuing). Notwithstanding the provisions described in the immediately preceding sentence (but
subject to the provisions contained in the first sentence of this Section 18.03), such Note
Guarantor may resume payments with respect to its Note Guarantee after the end of such Guarantee
Payment Blockage Period, unless the Lenders or the Representative of such Lenders shall have
accelerated the maturity of the Bank Credit Facility and amounts owing under the Bank Credit
Facility and the Hedging Obligations have not been repaid in full in cash.

Section 18.04. Demand for Payment. If payment of the Notes is accelerated because of an Event
of Default and a demand for payment is made on a Note Guarantor pursuant to Article 17, the Trustee
(provided that the Trustee shall have received written notice from the Company, such Note Guarantor
or its Representative) shall promptly notify the Administrative Agent and the Counterparties. If
any amounts owing under Bank Credit Facility and the Hedging Obligations are outstanding, such Note
Guarantor may not pay its Guarantee until five Business Days after the Administrative Agent and the
Counterparties receive notice of such demand and, thereafter, may pay its Guarantee only if this
Article 18 otherwise permits payment at that time.

Section 18.05. When Distribution Must Be Paid Over. If a payment or distribution is made to
Noteholders that because of this Article 18 should not have been made to them, the Noteholders who
receive the payment or distribution shall hold such payment or distribution in trust for the
Lenders and the Counterparties and pay it over to them and their Representatives as their
respective interests may appear.

Section 18.06. Subrogation. After all amounts owing under the Bank Credit Facility and the
Hedging Obligations are paid in full in cash and until the Notes are paid in full, Noteholders
shall be subrogated to the rights of the Lenders and the Counterparties to receive distributions
applicable to the Bank Credit Facility and the Hedging Obligations. A distribution made under this
Article 18 to the Lenders and the Counterparties which otherwise would have been made to
Noteholders is not, as between such Note Guarantor and Noteholders, a payment by such Note
Guarantor on the Bank Credit Facility and the Hedging Obligations.

Section 18.07. Relative Rights. This Article 18 defines the relative rights of Noteholders
and the Lenders and the Counterparties and their Representatives. Nothing in this Indenture shall:

(a) impair, as between a Note Guarantor and Noteholders, the obligation of a Note Guarantor
which is absolute and unconditional, to make payments with respect to the Guaranteed Obligations to
the extent set forth in Article 17; or

(b) prevent the Trustee or any Noteholder from exercising its available remedies upon a
default by a Note Guarantor under its obligations with respect to the Guaranteed Obligations,
subject to the rights of the Lenders and the Counterparties and their Representatives to receive
distributions otherwise payable to Noteholders.

Section 18.08. Subordination May Not Be Impaired by a Note Guarantor. No right of the
Administrative Agent, any Lender or Counterparty to enforce the subordination of the obligations of
such Note Guarantor hereunder shall be impaired by any act or failure to act by such Note Guarantor
or by its failure to comply with this Indenture.

Section 18.09. Rights of Trustee and Paying Agent. Notwithstanding Section 18.03, the Trustee
or the Paying Agent may continue to make payments on the Notes and shall not be charged with
knowledge of the existence of facts that would prohibit the making of any such payments unless, not
less than two Business Days prior to the date of such payment, a Responsible Officer of the Trustee
receives written notice satisfactory to it that payments may not be made under this Article 18. A
Note Guarantor, the Note Registrar or co-registrar, the Paying Agent, the Administrative Agent, a
Representative of the Lenders, any such Lender or Counterparty may give the notice.

The Trustee in its individual or any other capacity may be a Lender or a Counterparty with the
same rights it would have if it were not Trustee. The Note Registrar and co-registrar and the
Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set
forth in this Article 18 with respect to the Bank Credit Facility and the Hedging Obligations which
may at any time be held by it, to the same extent as any other Lender or counterparty to a Hedging
Obligation; and nothing in Article 8 shall deprive the Trustee of any of its rights as such holder.
Nothing in this Article 18 shall apply to claims of, or payments to, the Trustee under or pursuant
to Section 8.06 or any other Section of this Indenture.

Section 18.10. Distribution or Notice to Representative. Whenever a distribution is to be
made or a notice given to the Lenders and the Counterparties, the distribution may be made and the
notice given to their Representative (if any).

Section 18.11. Article 18 Not to Prevent Events of Default or Limit Right to Accelerate. The
failure of a Note Guarantor to make a payment on any of the Guaranteed Obligations by reason of any
provision in this Article 18 shall not be construed as preventing the occurrence of a default by
such Note Guarantor under such obligations. Nothing in this Article 18 shall have any effect on
the right of the Noteholders or the Trustee to make a demand for payment on a Note Guarantor
pursuant to Article 17.

Section 18.12. Trustee Entitled to Rely. Upon any payment or distribution pursuant to this
Article 18, the Trustee and the Noteholders shall be entitled to rely (a) upon any order or decree
of a court of competent jurisdiction in which any proceedings of the nature referred to in Section
18.02 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person
making such payment or distribution to the Trustee or to the Noteholders or (c) upon the
Representatives for the Lenders and the Counterparties for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the Lenders and the Counterparties and
other holders of Indebtedness of a Note Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 18. In the event that the Trustee determines, in good faith, that evidence is required
with respect to the right of any Person as a Lender or a Counterparty to participate in any payment
or distribution pursuant to this Article 18, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amounts owing to such Person under
the Bank Credit Facility or Hedging Obligation, the extent to which such Person is entitled to
participate in such payment or distribution and other facts pertinent to the rights of such Person
under this Article 18, and, if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to receive such payment.
The provisions of Sections 8.01 and 8.02 shall be applicable to all actions or omissions of actions
by the Trustee pursuant to this Article 18.

Section 18.13. Trustee to Effectuate Subordination. Each Noteholder by accepting a Note
authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination between the Noteholders and the Lenders
and the Counterparties as provided in this Article 18 and appoints the Trustee as attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of
debt in the form required in any proceeding referred to in Section 18.02 hereof at least 30 days
prior to the expiration of the time to file such claims the Representatives of the Lenders and the
Counterparties are hereby authorized to file an appropriate proof in any such proceeding.

Section 18.14. Trustee Not Fiduciary for Lenders or Counterparties. The Trustee shall not be
deemed to owe any fiduciary duty to the Lenders and the Counterparties and shall not be liable to
any such holders if it shall mistakenly pay over or distribute to Noteholders or the relevant Note
Guarantor or any other Person, money or assets to which any Lenders and the Counterparties shall be
entitled by virtue of this Article 18 or otherwise.

Section 18.15. Reliance by Lenders and Counterparties on Subordination Provisions. Each
Noteholder by accepting a Note acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration to each Lender and Counterparty,
whether Indebtedness was created or acquired before or after the issuance of the Notes, to acquire
and continue to hold, or to continue to hold, such Indebtedness and such Lender and Counterparty
shall be deemed conclusively to have relied on such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Indebtedness.

Section 18.16. Defeasance. The terms of this Article 18 shall not apply to payments from
money or the proceeds of U.S. Government Obligations held in trust by the Trustee for the payment
of principal of and interest, if any, on the Notes pursuant to the provisions described in Article
13.

ARTICLE 19

REPURCHASE OF NOTES AT OPTION OF HOLDERS

Section 19.01. [Reserved].

Section 19.02. Repurchase at Option of Holders upon a Fundamental Change. (a) If there shall
occur a Fundamental Change at any time prior to the Maturity Date, then each Noteholder shall have
the right, at such holder’s option, to require the Company to repurchase for cash all of such
holder’s Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, on
the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than
twenty Business Days and not more than thirty five Business Days after the date on which the
Company provides the Fundamental Change Company Notice (as defined below) at a repurchase price
equal to 100% of the principal amount thereof, together with accrued and unpaid interest, including
unpaid Additional Interest, if any, thereon to, but excluding, the Fundamental Change Repurchase
Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date is
after an Interest Record Date and on or prior to the related Interest Payment Date, in which case
interest accrued to the Interest Payment Date will be paid to holders of the Notes as of the
preceding Interest Record Date and the Fundamental Change Repurchase Price payable to the holder
surrendering the Note for repurchase pursuant to this Article 19 shall be equal to the principal
amount of Notes subject to repurchase. Repurchases of Notes under this Section 19.02 shall be
made, at the option of the holder thereof, upon:

(i) delivery to the Paying Agent by a holder of a duly completed notice (the
“Fundamental Change Repurchase Notice”) in the form set forth on the reverse of the Note on
or prior to the Scheduled Trading Day immediately preceding the Fundamental Change
Repurchase Date; and

(ii) delivery or book-entry transfer of the Notes to the Paying Agent at any time after
delivery of the Fundamental Change Repurchase Notice (together with all necessary
endorsements) at the Corporate Trust Office of the Paying Agent in The Borough of Manhattan,
such delivery being a condition to receipt by the holder of the Fundamental Change
Repurchase Price therefor; provided that such Fundamental Change Repurchase Price shall be
so paid pursuant to this Section 19.02 only if the Note so delivered to the Paying Agent
shall conform in all respects to the description thereof in the related Fundamental Change
Repurchase Notice.

The Fundamental Change Repurchase Notice shall state:

(A) if certificated, the certificate numbers of Notes to be delivered for
repurchase;

(B) the portion of the principal amount of Notes to be repurchased, which must
be $1,000 or an integral multiple thereof; and

(C) that the Notes are to be repurchased by the Company pursuant to the
applicable provisions of the Notes and the Indenture;

provided, however, that if the Notes are not in certificated form, the Fundamental Change
Repurchase Notice must comply with appropriate Depositary procedures.

Any repurchase by the Company contemplated pursuant to the provisions of this Section 19.02
shall be consummated by the payment of the Fundamental Change Repurchase Price on the later of the
Fundamental Change Repurchase Date and the time of the book-entry transfer or delivery of the Note
as described in Section 19.04(a).

Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 19.02 shall have the right to
withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the
close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date
by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 19.03
below.

The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof.

(b) As promptly as possible, but in no event later than the twentieth day after the occurrence
of the effective date of a Fundamental Change, the Company shall mail or cause to be mailed to all
holders of record of the Notes a notice (the “Fundamental Change Company Notice”) of the occurrence
of the effective date of the Fundamental Change and of the repurchase right at the option of the
holders arising as a result thereof. Such mailing shall be by first class mail. The Company shall
also deliver a copy of the Fundamental Change Company Notice to the Trustee, the Paying Agent and
the Conversion Agent within five Business Days after the effective date of the Fundamental Change.
Simultaneously with the providing of such notice, the Company will also publish a notice containing
the information set forth in the Fundamental Change Company Notice in a newspaper of general
circulation in The City of New York or publish such information on the Company’s website or through
such other public medium as the Company may use at that time. Each Fundamental Change Company
Notice shall specify:

(i) the events causing the Fundamental Change;

(ii) the effective date of the Fundamental Change;

(iii) the last date on which a holder may exercise the repurchase right pursuant to
this Article 16;

(iv) the Fundamental Change Repurchase Price;

(v) the Fundamental Change Repurchase Date;

(vi) the name and address of the Paying Agent and the Conversion Agent, if applicable;

(vii) if applicable, the applicable Conversion Rate, any adjustments to the applicable
Conversion Rate;

(viii) if applicable, that the Notes with respect to which a Fundamental Change
Repurchase Notice has been delivered by a holder may be converted only if the holder
withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the
Indenture;

(ix) that the holder must exercise the repurchase right on or prior to the close of
business on the Scheduled Trading Day immediately preceding the Fundamental Change
Repurchase Date (the “Fundamental Change Expiration Time”);

(x) that the holder shall have the right to withdraw any Notes surrendered prior to the
Fundamental Change Expiration Time; and

(xi) the procedures that holders must follow to require the Company to repurchase their
Notes.

No failure of the Company to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 19.02.

(c) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of
the holders upon a Fundamental Change if there has occurred and is continuing an Event of Default
with respect to the Notes, other than a default in payment of the Fundamental Change Repurchase
Price with respect to the Notes, on or prior to the Fundamental Change Repurchase Date.

(d) In connection with any purchase offer, the Company will:

(i) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer
rules under the Exchange Act, if required under the Exchange Act,

(ii) file a Schedule TO or any successor or similar schedule, if required under the
Exchange Act, and

(iii) otherwise comply with all federal and state securities laws in connection with
any offer by the Company to purchase the Notes.

Section 19.03. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change
Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the
Corporate Trust Office of the Paying Agent in accordance with this Section 19.03 at any time prior
to the close of business on the Business Day immediately preceding the Fundamental Change
Repurchase Date, specifying:

(i) the certificate number, if any, of the Note in respect of which such notice of
withdrawal is being submitted, or the appropriate Depositary information if the Note in
respect of which such notice of withdrawal is being submitted is represented by a Global
Note,

(ii) the principal amount of the Note with respect to which such notice of withdrawal
is being submitted, and

(iii) the principal amount, if any, of such Note that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

Section 19.04. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit
with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in Section 5.04) on or
prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of
money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental
Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying
Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn
prior to the Fundamental Change Expiration Time) will be made on the later of (i) the Fundamental
Change Repurchase Date with respect to such Note (provided the holder has satisfied the conditions
in Section 19.02) and (ii) the time of book-entry transfer or the delivery of such Note to the
Trustee (or other Paying Agent appointed by the Company) by the holder thereof in the manner
required by Section 19.02 by mailing checks for the amount payable to the holders of such Notes
entitled thereto as they shall appear in the Note Register, provided, however, that payments to the
Depositary shall be made by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand
by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase
Price.

(b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the
Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on
all the Notes or portions thereof that are to be repurchased as a result of the corresponding
Fundamental Change, then (i) such Notes will cease to be outstanding, (ii) interest, including
Additional Interest, if any, will cease to accrue on such Notes, and (iii) all other rights of the
holders of such Notes will terminate (other than the right to receive the Fundamental Change
Repurchase Price, and previously accrued but unpaid interest, including Additional Interest, if
any, upon delivery of the Notes), whether or not book-entry transfer of the Notes has been made or
the Notes have been delivered to the Trustee or Paying Agent.

(c) Upon surrender of a Note that is to be repurchased in part pursuant to 16.02, the Company
shall execute and the Trustee shall authenticate and deliver to the holder a new Note in an
authorized denomination equal in principal amount to the unrepurchased portion of the Note
surrendered.

ARTICLE 20

MISCELLANEOUS PROVISIONS

Section 20.01. Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements of the Company contained in this Indenture shall bind its successors and
assigns whether so expressed or not.

Section 20.02. Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force and effect by the like board,
committee or officer of any corporation or other entity that shall at the time be the lawful sole
successor of the Company.

Section 20.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on
the Company shall be deemed to have been sufficiently given or made, for all purposes if given or
served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed (until another address is filed by the Company with the Trustee) to Alaska
Communications Systems Group, Inc., 600 Telephone Avenue, Anchorage, Alaska 99503-6091, Attention:
General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or served by being
deposited postage prepaid by registered or certified mail in a post office letter box addressed to
the Corporate Trust Office.

The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications.

Any notice or communication mailed to a Noteholder shall be mailed to it by first class mail,
postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given
to it if so mailed within the time prescribed.

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 is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it.

The Trustee agrees to accept and act upon facsimile transmission of written instructions an/or
discretions pursuant to this Indenture given by the Company, provided, however, that: (i) the
Company, subsequent to such facsimile transmission of written instructions and/or directions, shall
provide the originally executed instructions and /or directions to the Trustee in a timely manner
and (ii) such originally executed instructions and/or directions shall be signed by an Authorized
“Officer” of the Company.

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

Section 20.04. Governing Law. THIS INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

Section 20.05. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of
Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, other than in connection with the actions
referred to in Section 2.05, the Company shall, if requested by the Trustee, furnish to the Trustee
an Officers’ Certificate stating that such action is permitted by the terms of this Indenture.

Each certificate provided for by or on behalf of the Company in this Indenture and delivered
to the Trustee with respect to compliance with this Indenture (other than the Officers’
Certificates provided for in Section 5.08) shall include (a) a statement that the Person making
such certificate is familiar with the requested action and this Indenture; (b) a brief statement as
to the nature and scope of the examination or investigation upon which the statement contained in
such certificate is based; (c) a statement that, in the judgment of such person, he or she has made
such examination or investigation as is necessary to enable him or her to express an informed
judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to
whether or not, in the judgment of such Person, such action is permitted by this Indenture.

Notwithstanding anything to the contrary in this Section 20.05, if any provision in this
Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in
connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall
be entitled to, or entitled to request, such Opinion of Counsel.

Section 20.06. Legal Holidays. In any case where any Interest Payment Date, Fundamental
Change Repurchase Date, Conversion Date or Maturity Date is not be a Business Day, then any action
to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such date, and no interest shall accrue
for the period from and after such date.

Section 20.07. No Security Interest Created. Nothing in this Indenture or in the Notes,
expressed or implied, shall be construed to constitute a security interest under the Uniform
Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction.

Section 20.08. Trust Indenture Act. This Indenture is hereby made subject to, and shall be
governed by, the provisions of the Trust Indenture Act required to be part of and to govern
indentures qualified under the Trust Indenture Act upon such qualification regardless of whether
this Indenture shall ever be so qualified; provided that this Section 20.08 shall not require that
this Indenture or the Trustee be qualified under the Trust Indenture Act prior to the time such
qualification is in fact required under the terms of the Trust Indenture Act, nor shall it
constitute any admission or acknowledgment by any party hereto that any such qualification is
required prior to the time such qualification is in fact required under the terms of the Trust
Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in an indenture qualified under the Trust Indenture Act,
such required provision shall control.

Section 20.09. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or
implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion
Agent, any authenticating agent, any Note Registrar and their successors hereunder or the
Noteholders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 20.10. Table of Contents, Headings, Etc. The table of contents and the titles 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.

Section 20.11. Authenticating Agent. The Trustee may appoint an authenticating agent that
shall be authorized to act on its behalf and subject to its direction in the authentication and
delivery of Notes in connection with the original issuance thereof and transfers and exchanges of
Notes hereunder, including under Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section
11.04 and Section 19.04 as fully to all intents and purposes as though the authenticating agent had
been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.
For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating
agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a
certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be
deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of
authentication. Such authenticating agent shall at all times be a Person eligible to serve as
trustee hereunder pursuant to Section 8.09.

Any corporation or other entity into which any authenticating agent may be merged or converted
or with which it may be consolidated, or any corporation or other entity resulting from any merger,
consolidation or conversion to which any authenticating agent shall be a party, or any corporation
or other entity succeeding to the corporate trust business of any authenticating agent, shall be
the successor of the authenticating agent hereunder, if such successor corporation or other entity
is otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the parties hereto or the authenticating agent or such successor
corporation or other entity.

Any authenticating agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating
agent by giving written notice of termination to such authenticating agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a
successor authenticating agent (which may be the Trustee), shall give written notice of such
appointment to the Company and shall mail notice of such appointment to all Noteholders as the
names and addresses of such holders appear on the Note Register.

The Company agrees to pay to the authenticating agent from time to time reasonable
compensation for its services although the Company may terminate the authenticating agent, if it
determines such agent’s fees to be unreasonable.

The provisions of Section 8.02, Section 8.03, Section 8.04, Section 9.03 and this Section
20.11 shall be applicable to any authenticating agent.

If an authenticating agent is appointed pursuant to this Section, the Notes may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

     ,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

By:      

Authorized Officer

Section 20.12. Execution in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

Section 20.13. Severability. In the event any provision of this Indenture or in the Notes
shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity,
legality or enforceability of the remaining provisions shall not in any way be affected or
impaired.

Section 20.14. Waiver of Jury Trial. 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 20.15. 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 that are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

3

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

	 	 	 
	ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

4

	 	 	 
	THE BANK OF NEW YORK TRUST
	COMPANY, N.A., as Trustee
	By: /s/ Teresa Pette
	Name: Teresa Pette
	Title: Vice President

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

	 	 	 
	ALASKA COMMUNICATIONS SYSTEMS
HOLDINGS, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

5

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

	 	 	 
	ACS OF THE NORTHLAND, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

6

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

	 	 	 
	ACS OF ALASKA, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financail Officer

7

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

	 	 	 
	ACS OF FAIRBANKS, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

8

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

	 	 	 
	ACS OF ANCHORAGE, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

9

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

	 	 	 
	ACS WIRELESS, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

10

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

	 	 	 
	ACS LONG DISTANCE, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

11

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

	 	 	 
	ACS INTERNET, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

12

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

	 	 	 
	ACS MESSAGING, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

13

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

	 	 	 
	ACS INFOSOURCE, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

14

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

	 	 	 
	ACS CABLE SYSTEMS, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

15

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

	 	 	 
	ACS SERVICE, INC.

	By:

	 	/s/ David Wilson
	
 
	 	 
	Name: David Wilson

	Title: Senior Vice
President and Chief
Financial Officer

16

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