Document:

Indenture dated September 20, 2004

 EXHIBIT 4.1 
  
 EXECUTION COPY 

 Fisher Communications, Inc. 
  
 8 5/8% SENIOR NOTES DUE 2014 
  

  
 Indenture 
  
 Dated as of September 20, 2004

  

  
 U.S. Bank National Association 
  
 Trustee 
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture
 Act
Section

	  	Indenture
Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.06
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.06,
7.07
	       (c)
	  	7.06,
12.02
	       (d)
	  	7.06
	 314(a)
	  	4.03,
4.04,
12.05
	       (b)
	  	N.A.
	       (c)(1)
	  	N.A.
	       (c)(2)
	  	N.A.
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a) (last sentence)
	  	N.A.
	       (a)(1)(A)
	  	N.A.
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07

	*	N.A. means not applicable. 

	    	This Cross-Reference Table is not part of the Indenture 

			
	 Trust Indenture
 Act
Section

	  	Indenture Section

	       (c)
	  	12.14
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.05
	 318(a)
	  	12.01
	       (b)
	  	N.A.
	       (c)
	  	N.A.

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE ONE
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	  	 
			
	 Section 1.01.
	 	Definitions	  	1
			
	 Section 1.02.
	 	Other Definitions	  	24
			
	 Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	24
			
	 Section 1.04.
	 	Rules of Construction	  	25
		
	 ARTICLE TWO
 THE NOTES
	  	 
			
	 Section 2.01.
	 	Form and Dating	  	25
			
	 Section 2.02.
	 	Execution and Authentication	  	26
			
	 Section 2.03.
	 	Methods of Receiving Payments on the Notes	  	27
			
	 Section 2.04.
	 	Registrar and Paying Agent	  	27
			
	 Section 2.05.
	 	Paying Agent to Hold Money in Trust	  	28
			
	 Section 2.06.
	 	Holder Lists	  	28
			
	 Section 2.07.
	 	Transfer and Exchange	  	28
			
	 Section 2.08.
	 	Replacement Notes	  	40
			
	 Section 2.09.
	 	Outstanding Notes	  	41
			
	 Section 2.10.
	 	Treasury Notes	  	41
			
	 Section 2.11.
	 	Temporary Notes	  	41
			
	 Section 2.12.
	 	Cancellation	  	41
			
	 Section 2.13.
	 	Defaulted Interest	  	42
			
	 Section 2.14.
	 	CUSIP Numbers	  	42
		
	 ARTICLE THREE
 REDEMPTION AND OFFERS TO
 PURCHASE
	  	 
			
	 Section 3.01.
	 	Notices to Trustee	  	42
			
	 Section 3.02.
	 	Selection of Notes to Be Redeemed	  	43
			
	 Section 3.03.
	 	Notice of Redemption	  	43
			
	 Section 3.04.
	 	Effect of Notice of Redemption	  	44
			
	 Section 3.05.
	 	Deposit of Redemption Price	  	44
			
	 Section 3.06.
	 	Notes Redeemed in Part	  	44
			
	 Section 3.07.
	 	Optional Redemption	  	44
			
	 Section 3.08.
	 	Repurchase Offers	  	45
			
	 Section 3.09.
	 	Mandatory Redemption	  	47

  

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	 ARTICLE FOUR
 COVENANTS
	  	 
			
	 Section 4.01.
	  	Payment of Notes	  	47
			
	 Section 4.02.
	  	Maintenance of Office or Agency	  	48
			
	 Section 4.03.
	  	Reports	  	48
			
	 Section 4.04.
	  	Compliance Certificate	  	49
			
	 Section 4.05.
	  	Taxes	  	50
			
	 Section 4.06.
	  	Stay, Extension and Usury Laws	  	50
			
	 Section 4.07.
	  	Restricted Payments	  	50
			
	 Section 4.08.
	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	53
			
	 Section 4.09.
	  	Incurrence of Indebtedness	  	54
			
	 Section 4.10.
	  	Asset Sales	  	56
			
	 Section 4.11.
	  	Transactions with Affiliates.	  	58
			
	 Section 4.12.
	  	Liens.	  	59
			
	 Section 4.13.
	  	Business Activities.	  	60
			
	 Section 4.14.
	  	Offer to Repurchase upon a Change of Control.	  	60
			
	 Section 4.15.
	  	Issuance and Sales of Equity Interests in Restricted Subsidiaries	  	61
			
	 Section 4.16.
	  	Designation of Restricted and Unrestricted Subsidiaries	  	61
			
	 Section 4.17.
	  	Payments for Consent	  	63
			
	 Section 4.18.
	  	Guarantees	  	63
			
	 Section 4.19.
	  	Sale and Leaseback Transactions	  	63
			
	 Section 4.20.
	  	Termination of Forward Transaction	  	64
		
	 ARTICLE FIVE
 SUCCESSORS
	  	 
			
	 Section 5.01.
	  	Merger, Consolidation or Sale of Assets	  	64
			
	 Section 5.02.
	  	Successor Corporation Substituted	  	65
		
	 ARTICLE SIX
 DEFAULTS AND REMEDIES
	  	 
			
	 Section 6.01.
	  	Events of Default	  	66
			
	 Section 6.02.
	  	Acceleration	  	67
			
	 Section 6.03.
	  	Other Remedies	  	68
			
	 Section 6.04.
	  	Waiver of Past Defaults	  	68
			
	 Section 6.05.
	  	Control by Majority	  	69
			
	 Section 6.06.
	  	Limitation on Suits	  	69
			
	 Section 6.07.
	  	Rights of Holders of Notes to Receive Payment	  	70
			
	 Section 6.08.
	  	Collection Suit by Trustee	  	70
			
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	70
			
	 Section 6.10.
	  	Priorities	  	70
			
	 Section 6.11.
	  	Undertaking for Costs	  	71

  

 ii 

					
	 ARTICLE SEVEN
 TRUSTEE
	  	 
			
	 Section 7.01.
	  	Duties of Trustee	  	71
			
	 Section 7.02.
	  	Certain Rights of Trustee	  	72
			
	 Section 7.03.
	  	Individual Rights of Trustee	  	73
			
	 Section 7.04.
	  	Trustee’s Disclaimer	  	73
			
	 Section 7.05.
	  	Notice of Defaults	  	73
			
	 Section 7.06.
	  	Reports by Trustee to Holders of the Notes	  	74
			
	 Section 7.07.
	  	Compensation and Indemnity	  	74
			
	 Section 7.08.
	  	Replacement of Trustee	  	75
			
	 Section 7.09.
	  	Successor Trustee by Merger, Etc	  	76
			
	 Section 7.10.
	  	Eligibility; Disqualification	  	76
			
	 Section 7.11.
	  	Preferential Collection of Claims Against Company	  	76
		
	 ARTICLE EIGHT
 DEFEASANCE AND COVENANT DEFEASANCE
	  	 
			
	 Section 8.01.
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	76
			
	 Section 8.02.
	  	Legal Defeasance and Discharge	  	76
			
	 Section 8.03.
	  	Covenant Defeasance	  	77
			
	 Section 8.04.
	  	Conditions to Legal or Covenant Defeasance	  	77
			
	 Section 8.05.
	  	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	79
			
	 Section 8.06.
	  	Repayment to the Company	  	79
			
	 Section 8.07.
	  	Reinstatement	  	80
		
	 ARTICLE NINE
 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 
			
	 Section 9.01.
	  	Without Consent of Holders of Notes	  	80
			
	 Section 9.02.
	  	With Consent of Holders of Notes	  	81
			
	 Section 9.03.
	  	Compliance with Trust Indenture Act	  	83
			
	 Section 9.04.
	  	Revocation and Effect of Consents	  	83
			
	 Section 9.05.
	  	Notation on or Exchange of Notes	  	83
			
	 Section 9.06.
	  	Trustee to Sign Amendments, Etc	  	83
		
	 ARTICLE TEN
 NOTE GUARANTEES
	  	 
			
	 Section 10.01.
	  	Guarantee	  	84
			
	 Section 10.02.
	  	Limitation on Guarantor Liability	  	85
			
	 Section 10.03.
	  	Execution and Delivery of Note Guarantee	  	85
			
	 Section 10.04.
	  	Guarantors May Consolidate, Etc., on Certain Terms	  	86
			
	 Section 10.05.
	  	Release of Guarantor	  	87

  

 iii 

					
	 ARTICLE ELEVEN
 SATISFACTION AND DISCHARGE
	  	 
			
	 Section 11.01.
	 	Satisfaction and Discharge	  	87
			
	 Section 11.02.
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	88
			
	 Section 11.03.
	 	Repayment to the Company	  	89
		
	 ARTICLE TWELVE
 MISCELLANEOUS
	  	 
			
	 Section 12.01.
	 	Trust Indenture Act Controls	  	89
			
	 Section 12.02.
	 	Notices	  	89
			
	 Section 12.03.
	 	Communication by Holders of Notes with Other Holders of Notes	  	91
			
	 Section 12.04.
	 	Certificate and Opinion as to Conditions Precedent	  	91
			
	 Section 12.05.
	 	Statements Required in Certificate or Opinion	  	91
			
	 Section 12.06.
	 	Rules by Trustee and Agents	  	91
			
	 Section 12.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	92
			
	 Section 12.08.
	 	Governing Law	  	92
			
	 Section 12.09.
	 	Consent to Jurisdiction	  	92
			
	 Section 12.10.
	 	No Adverse Interpretation of Other Agreements	  	92
			
	 Section 12.11.
	 	Successors	  	92
			
	 Section 12.12.
	 	Severability	  	92
			
	 Section 12.13.
	 	Counterpart Originals	  	93
			
	 Section 12.14.
	 	Acts of Holders	  	93
			
	 Section 12.15.
	 	Benefit of Indenture	  	94
			
	 Section 12.16.
	 	Table of Contents, Headings, Etc	  	94

  
 EXHIBITS

  

			
	 Exhibit A
	  	FORM OF NOTE
		
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER
		
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE
		
	 Exhibit D
	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
		
	 Exhibit E
	  	FORM OF NOTATION OF GUARANTEE
		
	 Exhibit F
	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  

 iv 

 INDENTURE dated as of September 20, 2004 among Fisher Communications, Inc., a Washington
corporation (the “Company”), the initial Guarantors (as defined below) listed on the signature pages hereto and U.S. Bank National Association as trustee. 
  
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time
of its 8 5/8% Senior Notes due 2014 to be issued in one or more series as provided in this Indenture. The initial
Guarantors have duly authorized the execution and delivery of this Indenture to provide for a guarantee of the Notes and of certain of the Company’s obligations hereunder. All things necessary to make this Indenture a valid agreement of the
Company and the initial Guarantors, in accordance with its terms, have been done. 
  
 The Company, the Guarantors and the Trustee (as defined below) agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the 8 5/8% Senior Notes due 2014: 
  
 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “144A Global Note” means a global note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, that shall be issued in a denomination equal to the outstanding principal amount at maturity of the Notes sold in reliance on
Rule 144A. 
  
 “Acquired Debt” means, with
respect to any specified Person: 
  

	 	(1)	Indebtedness of any other Person existing at the time such other Person is merged with or into, or becomes a Subsidiary of, such specified Person, whether or not such Indebtedness
is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

  

	 	(2)	Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

  
 “Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than the Notes
issued on the date hereof) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof. 
  
 “Affiliate” of any specified Person means (1) any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person or (2) any executive officer or director of such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies 

 of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in
any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Sale” means: 
  

	 	(1)	the sale, lease, conveyance or other disposition of any property or assets; provided that the sale, lease, conveyance or other disposition of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.14 and/or Section 5.01 and not by Section 4.10; and 

  

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

  

Notwithstanding the preceding part of this definition, the following items shall be deemed not to be Asset Sales: 
  

	 	(1)	any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $2.0 million; 

  

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

  

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

  

	 	(4)	the sale or lease of equipment, inventory, accounts receivable or other assets in the ordinary course of business; 

  

	 	(5)	the lease of all or any part of Fisher Plaza in the ordinary course of business to the Company, the Company’s Restricted Subsidiaries or third parties, provided, that
any lease to third parties shall be on arms-length terms; 

  

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

  

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

  

	 	(8)	any sale or disposition of any property or equipment that has become damaged, worn out, obsolete or otherwise unsuitable for use in connection with the business of the Company or
its Restricted Subsidiaries; and 

  

 2 

	 	(9)	non-exclusive licenses of IP Rights in the ordinary course of business and substantially consistent with past practice for terms not exceeding five years. 

 
 “Attributable Debt” in respect of a sale and leaseback
transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction, including any period for which such
lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar
federal or state law for the relief of debtors. 
  
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is
currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” shall have a corresponding meaning. 
  
 “Board of Directors” means: 
  

	 	(1)	with respect to a corporation, the board of directors of the corporation; 

  

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

  

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

  
 “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. 
  
 “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Business Day” means any day other than a Legal Holiday.

  
 “Capital Lease Obligation” means, at the time
any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
  
 “Capital Stock” means: 
  

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

  

 3 

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

  

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

  

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

  
 “Cash Equivalents” means:

  

	 	(1)	United States dollars; 

  

	 	(2)	securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and
credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of acquisition; 

  

	 	(3)	certificates of deposit and eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six
months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; 

  

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

  

	 	(5)	commercial paper having the highest rating obtainable from Moody’s or S&P and in each case maturing within six months after the date of acquisition;

  

	 	(6)	securities issued and fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, rated at
least “A” by Moody’s or S&P and having maturities of not more than six months from the date of acquisition; and 

  

	 	(7)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition. 

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

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

  

 4 

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

  

	 	(3)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Principals, becomes the ultimate Beneficial
Owner, directly or indirectly, of 40% or more of the voting power of the Voting Stock of the Company; 

  

	 	(4)	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company, together with any new directors whose
election to such Board of Directors, or whose nomination for election by the stockholders of the Company, was approved by a vote of a majority of the directors then in office who were either directors at the beginning of such period or whose
election or nomination for election was approved by a majority of the directors at the beginning of such period, cease for any reason to constitute a majority of such Board of Directors; or 

  

	 	(5)	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into the Company, in any such event pursuant to a transaction
in which any of the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the Voting Stock of the Company
outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such
surviving or transferee Person (immediately after giving effect to such issuance) and (B) immediately after such transaction, no “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other
than the Principals, becomes, directly or indirectly, the ultimate Beneficial Owner of 40% or more of the voting power of the Voting Stock of the surviving or transferee Person. 

  
 “Clearstream” means Clearstream Banking,
société anonyme, Luxembourg (formerly Cedel Bank, société anonyme), and any successor thereto. 
  
 “Closing Date” means September 20, 2004. 
  
 “Common Stock” means, with respect to any Person, any Capital Stock (other than Preferred Stock) of such Person, whether outstanding on
the Issue Date or issued thereafter. 
  
 “Company” means the corporation named as “the Company” in the first paragraph of this Indenture, not including any of its subsidiaries, until a successor corporation shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter, the “Company” shall mean such successor corporation. 
  
 “Consolidated Interest Expense” means, with respect to any period, the sum of: 
  

	 	(1)	the interest expense of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP consistently 

  

 5 

 applied, including, without limitation, (a) amortization of debt discount, (b) the net payments, if any,
under interest rate contracts (including amortization of discounts) and (c) accrued interest, plus 
  

	 	(2)	the interest component of the Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by the Company during such period, and all capitalized interest of the
Company and its Subsidiaries, in each case as determined on a consolidated basis in accordance with GAAP consistently applied. 

  
 “Consolidated Net Income” means, for any period, the consolidated net income (or loss) of the Company and its consolidated Restricted
Subsidiaries for such period as determined in accordance with GAAP consistently applied, adjusted, to the extent included in calculating such net income (or loss), by excluding, without duplication: 
  

	 	(1)	all extraordinary gains but not losses; 

  

	 	(2)	all gains and losses arising from the Forward Transaction, including without limitation, as a result of termination or settlement thereof; 

  

	 	(3)	the portion of net income (or loss) of the Company and its consolidated Restricted Subsidiaries allocable to interests in unconsolidated Persons or Unrestricted Subsidiaries, except
to the extent of the amount of dividends or distributions actually paid to the Company or its consolidated Restricted Subsidiaries by such other Person during such period; 

  

	 	(4)	net income (or loss) of any Person acquired during the specified period for any period prior to the date of acquisition; 

  

	 	(5)	any gain or loss, net of taxes, realized upon the termination of any employee pension benefit plan; 

  

	 	(6)	net gains but not losses (less all fees and expenses relating thereto) in respect of dispositions of assets other than in the ordinary course of business; 

 

	 	(7)	the net income of any Restricted Subsidiary to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is not at the time
permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its shareholders;

  

	 	(8)	the net income of any Qualified Joint Venture in excess of the dividends and distributions paid by such Qualified Joint Venture to the Company or a Guarantor;

  

	 	(9)	an amount of net loss of any Qualified Joint Venture that is equal to the total net loss of such Qualified Joint Venture multiplied by a percentage that reflects the pro rata
share of the Qualified Joint Venture Partner’s Equity Interest in the Qualified Joint Venture; and 

  

 6 

	 	(10)	net income attributable to the cumulative effect of a change in accounting principles. 

  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02
hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Agreement” means that certain Credit Agreement, dated as of the date of this Indenture between the Company and Wachovia Bank, National Association providing for up to $20.0 million in
revolving credit borrowings, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as such agreements may be amended (including any amendment and restatement
thereof), supplemented or otherwise modified from time to time, including any agreement extending the maturity of, refinancing, replacing, increasing or otherwise restructuring all or any portion of the Indebtedness under such agreements with the
same financial institutions, other commercial banks or insurance companies; provided, that such agreement shall be a credit agreement or an instrument executed in connection therewith. 
  
 “Credit Facilities” means, one or more debt facilities
(including, without limitation, the Credit Agreement), letter of credit, commercial paper facilities or other borrowing or lending arrangements, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in
part from time to time, whether by or with the same or any other agent, lenders or other institutions providing credit. 
  
 “Cumulative Consolidated Interest Expense” means, as of any date of determination, Consolidated Interest Expense from September 30, 2004
to the end of the Company’s most recently ended full fiscal quarter prior to such date, taken as a single accounting period. 
  
 “Cumulative Operating Cash Flow” means, as of any date of determination, Operating Cash Flow from September 30, 2004 to the end of the
Company’s most recently ended full fiscal quarter prior to such date, taken as a single accounting period. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
  
 “Debt to Operating Cash Flow Ratio” means, as of any date of
determination, the ratio of 
  
 (a) the aggregate principal amount
of all outstanding Indebtedness of the Company and its Restricted Subsidiaries as of such date on a consolidated basis plus the aggregate liquidation preference or redemption amount of all Disqualified Stock of the Company (excluding any such
Disqualified Stock held by the Company or a Wholly Owned Restricted Subsidiary of the Company) to 
  

 7 

 (b) Operating Cash Flow of the Company and its Restricted Subsidiaries on a consolidated basis for the
four most recent full fiscal quarters ending immediately prior to such date, determined on a pro forma basis and after giving pro forma effect to: 
  
 (1) the incurrence of such Indebtedness and (if applicable) the application of the net proceeds therefrom, including to refinance other
Indebtedness, as if such Indebtedness was incurred, and the application of such proceeds occurred, at the beginning of such four-quarter period; 
  
 (2) the incurrence, repayment or retirement of any other Indebtedness by the Company and its Restricted Subsidiaries since the first day
of such four-quarter period as if such Indebtedness was incurred, repaid or retired at the beginning of such four-quarter period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be
computed based upon the average of the balance of such Indebtedness at the end of each month for the twelve months within such four-quarter period); 
  
 (3) in the case of Acquired Debt, the related acquisition as if such acquisition had occurred at the beginning of such four-quarter
period; and 
  
 (4) any acquisition or
disposition by the Company and its Restricted Subsidiaries of any company or any business or any assets out of the ordinary course of business, or any related repayment of Indebtedness, in each case since the first day of such four-quarter period,
assuming such acquisition or disposition had been consummated on the first day of such four-quarter period. 
  
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 

 
 “Definitive Note” means a certificated Note registered in
the name of the Holder thereof and issued in accordance with Section 2.07 hereof, substantially in the form of Exhibit A hereto, and such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
thereof, in whole or in part, on or prior to the date that is one year after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof
have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that 
  

 8 

 the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to
be redeemed, prior to the date that is one year after the date on which the Notes mature. 
  
 “Domestic Subsidiary” means any Restricted Subsidiary of the Company other than a Restricted Subsidiary that is (1) a “controlled foreign corporation” under Section 957 of the Internal
Revenue Code or (2) a Subsidiary of any such controlled foreign corporation. 
  
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital
Stock). 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
  
 “Exchange
Notes” means the Notes issued in the Registered Exchange Offer in accordance with subsection 2.07(f) hereof. 
  
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Existing Indebtedness” means (1) the obligations of the
Company, if any, in connection with the Forward Transaction, and (2) other Indebtedness of the Company and its Subsidiaries of up to $1.0 million in existence on the date of this Indenture after giving effect to the application of the proceeds of
the Notes, until such amounts are repaid. 
  
 “Fair Market
Value” means the price that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by
the Board of Directors, whose determination, unless otherwise specified, shall be conclusive if evidenced by a Board Resolution. 
  
 “Fisher Plaza” means the real property located at 100 4th Avenue North in Seattle, Washington, and the personal property owned by the Company or any Subsidiary of the Company and used in connection with such real
property. 
  
 “Fisher Plaza Liens” means Liens on
Fisher Plaza, including without limitation the assignment for security purposes of leases or services agreements relating to Fisher Plaza. 
  
 “Forward Transaction” means the OTC variable forward sale transactions described and effected pursuant to the three Amended and Restated
Confirmations dated April 5, 2002 between the Company and Merrill Lynch International (ML Ref. Nos. 0281606, 0281652 and 0281674), and the Confirmation dated June 3, 2002 between the Company and Merrill Lynch International (ML Ref. No. 0281695).

  
 “GAAP” means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American 
  

 9 

 Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight
Board and in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date
of this Indenture. 
  
 “Global Note Legend” means
the legend set forth in clause (2) of subsection 2.07(g) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially
in the form of Exhibit A hereto, issued in accordance with Section 2.01, subsection 2.07(b), 2.07(d) or 2.07(f) of this Indenture. 
  
 “Government Securities” means securities that are direct obligations of the United States of America for the timely payment of which its
full faith and credit is pledged. 
  
 “Guarantee”
means, as to any Person, a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person. 
  
 “Guarantors” means: 
  

	 	(1)	each direct or indirect Domestic Subsidiary of the Company on the date of this Indenture; and 

  

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

  
 and their respective successors and assigns until released from their obligations under their Note Guarantees and this Indenture in
accordance with the terms of this Indenture. 
  
 “Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under: 
  

	 	(1)	interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other agreements or arrangements designed for the purpose of fixing, hedging or
swapping interest rate risk (whether such interest rates are fixed or variable); 

  

	 	(2)	commodity swap agreements, commodity option agreements, forward contracts and other agreements or arrangements designed for the purpose of fixing, hedging or swapping commodity
price risk; 

  

	 	(3)	foreign exchange contracts, currency swap agreements and other agreements or arrangements designed for the purpose of fixing, hedging or swapping foreign currency exchange rate
risk; and 

  

 10 

	 	(4)	the Forward Transaction. 

  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of such
date, are less than $100,000 and whose total revenues for the most recent 12-month period do not exceed $100,000. 
  
 “incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become directly or indirectly
liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the
Company will be deemed to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Company and (2) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the
form of additional Indebtedness with the same terms and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock (to the extent provided for when the Indebtedness or Disqualified Stock
on which such interest or dividend is paid was originally issued) shall be considered an incurrence of Indebtedness; provided that in each case the amount thereof is for all other purposes included in the Consolidated Interest Expense and
Indebtedness of the Company or its Restricted Subsidiary as accrued. 
  
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 
  

	 	(1)	in respect of borrowed money; 

  

	 	(2)	evidenced by bonds, notes, debentures or similar instruments; 

  

	 	(3)	evidenced by letters of credit (or reimbursement agreements in respect thereof), but excluding obligations with respect to letters of credit (including trade letters of credit)
securing obligations (other than obligations described in clauses (1) or (2) above or clauses (5), (6) or (8) below) entered into or otherwise arising in the ordinary course of business of such Person to the extent such letters of credit are not
drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement; 

  

	 	(4)	in respect of banker’s acceptances; 

  

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

  

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

  

	 	(7)	representing Hedging Obligations; or 

  

 11 

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

  
 In addition, the term “Indebtedness” includes (A) all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person), provided that the amount of such Indebtedness shall be the lesser of (i) the Fair Market Value of such asset at such
date of determination and (ii) the amount of such Indebtedness, and (B) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. For purposes hereof, the “maximum fixed repurchase
price” of any Disqualified Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were repurchased on any date on which Indebtedness shall be
required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Stock, such fair market shall be determined in good faith by the Board of Directors of the issuer of
such Disqualified Stock. 
  
 The amount of any Indebtedness
outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation, and shall be: 
  

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

  

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

  
 provided that Indebtedness shall not include: 
  

	 	(i)	any liability for federal, state, local or other taxes, 

  

	 	(ii)	obligations incurred in connection with worker’s compensation, unemployment insurance or other social security obligations, performance, surety or appeal bonds, in each case
incurred or provided in the ordinary course of business, 

  

	 	(iii)	any liability arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of
business, provided, however, that such liability is extinguished within five Business Days of its incurrence, or 

  

	 	(iv)	agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any
obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness incurred by
any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal amount does not exceed the gross proceeds actually received by the Company or any
Restricted Subsidiary in connection with such disposition. 

  

 12 

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

  
 “Indirect Participant” means a Person who
holds a beneficial interest in a Global Note through a Participant. 
  
 “Initial Purchaser” means Wachovia Capital Markets, LLC. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB.

  
 “Investments” means, with respect to any
Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans or other extensions of credit (including Guarantees, but excluding advances and other extensions of credit to customers or
suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or
deposit arising in the ordinary course of business), advances (excluding commission, payroll, travel and similar advances to officers and employees made consistent with past practices), capital contributions (by means of any transfer of cash or
other property to others or any payment for property or services for the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP. 
  
 If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company that is a Guarantor such that, after giving
effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company and a Guarantor, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market
Value of the Investment in such Subsidiary not sold or disposed of in an amount determined as provided in subsection 4.07(c). The acquisition by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third
Person shall be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in such third Person in an amount determined as
provided in subsection 4.07(c). 
  
 “IP Rights”
means trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights. 
  
 “Issue Date” means the date of original issuance of the Notes under this Indenture. 
  

 13 

 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The
City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. 
  
 “Legended Regulation S Global Note” means a global Note in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of
Regulation S. 
  
 “Letter of Transmittal” means
the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Registered Exchange Offer. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
  
 “Liquidated Damages” means all liquidated damages then owing
pursuant to the Registration Rights Agreement. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Net Proceeds” means the aggregate cash proceeds, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not the interest component, thereof)
received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the
direct costs relating to such Asset Sale, including, without limitation, legal, accounting, investment banking and brokerage fees, and sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result
thereof, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, (3) amounts required to be applied to the repayment of Indebtedness or other liabilities, secured by a Lien on the asset or
assets that were the subject of such Asset Sale, or is required to be paid as a result of such sale, (4) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP and (5) appropriate amounts
to be provided by the Company or its Restricted Subsidiaries as a reserve against liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined in accordance with GAAP. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
  
 “Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture. 
  

 14 

 “Notes” means the 8 5/8% Senior Notes due 2014 of the Company issued on the date hereof and any Additional Notes, including any Exchange Notes. The Notes and the Additional Notes, if any, shall be
treated as a single class for all purposes under this Indenture. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering Memorandum” means the final offering memorandum
dated September 15, 2004 relating to the offering of the Notes. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by at least two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of the Company, that meets the requirements of this Indenture. 
  
 “Operating Cash Flow” means, with respect to any period, the Consolidated Net Income for such period, plus: 
  

	 	(1)	extraordinary net losses and net losses realized on any sale of assets during such period, to the extent such losses were deducted in computing Consolidated Net Income, plus

  

	 	(2)	provision during such period for taxes based on income or profits, to the extent such provision for taxes was included in computing such Consolidated Net Income, and any provision
for taxes utilized in computing the net losses under clause (1) of this definition, plus 

  

	 	(3)	Consolidated Interest Expense of the Company and its Subsidiaries for such period, to the extent deducted in computing such Consolidated Net Income, plus

  

	 	(4)	depreciation, amortization and all other non-cash charges for such period, to the extent such depreciation, amortization and other non-cash charges were deducted in computing such
Consolidated Net Income (including amortization of goodwill and other intangibles including Program Contracts and write-downs of Program Contracts), but excluding any such charges which represent any accrual of, or a reverse for, cash charges for a
future period, minus 

  

	 	(5)	any cash payments contractually required to be made during such period with respect to Program Contracts (to the extent not previously included in computing such Consolidated Net
Income), minus 

  

 15 

	 	(6)	non-cash items increasing Consolidated Net Income for such period (to the extent included in computing such Consolidated Net Income). 

  
 “Opinion of Counsel” means an opinion from legal counsel who
is reasonably acceptable to the Trustee (who may be counsel to or an employee of the Company) that meets the requirements of this Indenture. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear
or Clearstream, respectively (and with respect to DTC (as defined in Section 2.01), shall include Euroclear and Clearstream). 
  
 “Permitted Business” means any media business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries as
described in the Offering Memorandum and other businesses reasonably related thereto, including without limitation, the operation of Fisher Plaza; provided that such businesses are conducted by the Company or a Restricted Subsidiary.

  
 “Permitted Investments” means: 
  

	 	(1)	any Investment in the Company, a Restricted Subsidiary of the Company or any Qualified Joint Venture (as defined below); 

  

	 	(2)	any Investment in Cash Equivalents; 

  

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

  

	 	(a)	such Person becomes a Wholly Owned Restricted Subsidiary of the Company and a Guarantor; or 

  

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

  

	 	(4)	Investments to the extent acquired in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 

  

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

  

 16 

	 	(6)	Investments received as a result of the bankruptcy or reorganization of any Person or taken in satisfaction of judgments or in settlement of or other resolution of claims or
disputes; 

  

	 	(7)	Investments existing as of the Issue Date and Investments purchased or received in exchange for such Investments, provided that any additional consideration provided by the
Company or any Restricted Subsidiary in such purchase or exchange shall not be permitted by this clause (7); 

  

	 	(8)	Investments made by the Company or its Restricted Subsidiaries as a result of consideration not constituting Cash Equivalents permitted to be received in connection with an Asset
Sale made in compliance with Section 4.10 hereof; 

  

	 	(9)	Guarantees of the Indebtedness under the Notes; 

  

	 	(10)	Guarantees of Indebtedness otherwise permitted by Section 4.09 hereof; and 

  

	 	(11)	other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause (11) since the date of this Indenture, not to exceed $10.0 million. 

  
 “Permitted Liens” means: 
  

	 	(1)	Liens securing Indebtedness under the Credit Agreement; 

  

	 	(2)	Liens securing Hedging Obligations that are otherwise permitted under this Indenture; 

  

	 	(3)	Liens in favor of the Company or any Restricted Subsidiary that is a Guarantor; 

  

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

  

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

  

	 	(6)	Liens existing on the date of this Indenture; 

  

	 	(7)	Liens securing Indebtedness under the Notes; 

  

 17 

	 	(8)	Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary of the Company with respect to obligations that do not exceed $ 10.0 million at any one
time outstanding; 

  

	 	(9)	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (4) of subsection 4.09(b) hereof, provided that any such Lien (i) covers only the
assets acquired, constructed or improved with such Indebtedness and (ii) is created within 180 days of such acquisition, construction or improvement; 

  

	 	(10)	Liens on cash or Cash Equivalents securing Hedging Obligations of the Company or any of its Restricted Subsidiaries that do not constitute Indebtedness or securing letters of credit
that support such Hedging Obligations; 

  

	 	(11)	Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other social security obligations and
leases, appeal bonds and other obligations of like nature incurred by the Company or its Restricted Subsidiary in the ordinary course of business; 

  

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

  

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

  

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

  

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

  

	 	(16)	Liens on property or assets used to defease Indebtedness that was not incurred in violation of this Indenture; 

  

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

  

 18 

	 	(18)	any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense; 

  

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

  

	 	(20)	Liens of franchisors in the ordinary course of business not securing Indebtedness; 

  

	 	(21)	Fisher Plaza Liens; 

  

	 	(22)	Liens of carriers, warehousemen, mechanics suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent
or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof; and 

  

	 	(23)	Liens for ad valorem, income or property taxes or assessments and similar charges that either are not delinquent or are being contested in good faith by appropriate proceedings for
which the Company has set aside on its books reserves to the extent required by GAAP. 

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

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

  

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

  

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

  

 19 

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

  

	 	(5)	such Permitted Refinancing Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded. 

  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
  
 “Preferred Stock” means, with respect to any Person, any
Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions upon liquidation. 
  

“Principals” means (1) any of the lineal descendants (including adopted persons) of O.W. Fisher; (2) the spouses of such lineal
descendants; (3) in the event of the incompetence or death of any of the Persons described in clauses (1) and (2), such Person’s estate, executor, administrator or other personal representative, in each case who at any particular date shall
beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company; (4) any trusts created for the benefit of the Persons described in clause (1), (2) or (3) or any trust for the benefit of any such trust; or (5) any
Person controlled by any of the Persons described in clause (1), (2), (3) or (4). For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through ownership of voting securities or by contract or otherwise. 
  
 “Private Placement Legend” means the legend set forth in clause (1) of subsection 2.07(g) to be placed on all Notes issued under this
Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “Program Contracts” means contracts with suppliers that convey the right to broadcast whether by radio or television, specified films, videotape motion pictures, syndicated television programs or
sports or other programming. 
  
 “Public Equity
Offering” means an underwritten public offering of Capital Stock (other than Disqualified Stock) of the Company, pursuant to an effective registration statement filed under the Securities Act, the net proceeds of which to the Company (after
deducting any underwriting discounts and commissions) exceed $25,000,000. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Joint Venture” means a newly formed, majority owned Subsidiary where the Capital Stock of the Subsidiary is issued to a
Qualified Joint Venture Partner in consideration of the contribution of assets used or useful in a Permitted Business. 
  

 20 

 “Qualified Joint Venture Partner” means a Person who is not an Affiliate of the Company.

  
 “Registered Exchange Offer” has the meaning
set forth in the Registration Rights Agreement. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, to be dated the date hereof, among the Company, the Guarantors, and Wachovia Capital Markets, LLC. 
  
 “Regulation S” means Regulation S promulgated under the
Securities Act. 
  
 “Regulation S Global Note”
means a Legended Regulation S Global Note or an Unlegended Regulation S Global Note, as appropriate. 
  
 “Replacement Assets” means (1) assets that will be used or useful in a Permitted Business, including, without limitation, all or less
than all of the assets of an existing television or radio business, franchise or station or (2) a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Wholly Owned
Restricted Subsidiary that is a Guarantor. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject. 
  
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
  
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
  
 “Restricted Investment” means an Investment other than a
Permitted Investment. 
  
 “Restricted Period”
means the 40-day distribution compliance period as such term is used in Rule 903(b)(2) of Regulation S. 
  
 “Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. 
  
 “Rule 144” means Rule 144 promulgated under the Securities
Act. 
  
 “Rule 144A” means Rule 144A promulgated
under the Securities Act. 
  
 “Rule 903” means
Rule 903 promulgated under the Securities Act. 
  

 21 

 “Rule 904” means Rule 904 promulgated the Securities Act. 
  
 “S&P” means Standard & Poor’s Rating Services.

  
 “Safeco Corporation Stock” means (1) shares
of Common Stock of Safeco Corporation, and (2) any shares of another Person’s Capital Stock received by Safeco shareholders in connection with any sale, consolidation, merger, recapitalization or liquidation, the effect of which is a material
change to the capital structure or ownership of Safeco Corporation. 
  
 “sale and leaseback transaction” means, with respect to any Person, any transaction involving any of the assets or properties of such Person whether now owned or hereafter acquired, whereby such Person sells or transfers
such assets or properties and then or thereafter leases such assets or properties or any part thereof or any other assets or properties which such Person intends to use for substantially the same purpose or purposes as the assets or properties sold
or transferred. 
  
 “SEC” means the United States
Securities and Exchange Commission. 
  
 “Securities
Act” means the Securities Act of 1933, as amended. 
  
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 
  
 “Significant Subsidiary” means any Subsidiary that would constitute a “significant subsidiary” within the meaning of Article 1
of Regulation S-X of the Securities Act; provided, however, that for purposes of this Indenture and the Notes, 5% shall be substituted for 10% in each place that it appears in such definition. 
  
 “Stated Maturity” means, with respect to any installment of
interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to
repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
  
 “Subsidiary” means, with respect to any specified Person: 
  

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

  

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

  

 22 

 “TIA” means the Trust Indenture Act of 1939, as in effect on the date on which this
Indenture is qualified under the TIA. 
  
 “Trustee” means U.S. Bank National Association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “Unlegended Regulation S Global Note” means a global Note in
the form of Exhibit A hereto bearing the Global Note Legend, deposited with or on behalf of and registered in the name of the Depositary or its nominee and issued following expiration of the Restricted Period. 
  
 “Unrestricted Definitive Note” means one or more Definitive
Notes that do not bear and are not required to bear the Private Placement Legend. 
  
 “Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing a series of Notes, and that does not bear the Private Placement Legend. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the
Company that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution in compliance with Section 4.16 hereof and any Subsidiary of such Subsidiary. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(k)
under the Securities Act. 
  
 “Voting Stock” of
any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
  

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

  

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

  

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

  
 “Wholly Owned Restricted Subsidiary” of any specified Person means a Restricted Subsidiary of such Person all of the outstanding Capital
Stock or other ownership interests of which (other than directors’ qualifying shares or Investments by foreign nationals mandated by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Restricted
Subsidiaries of such Person and one or more Wholly Owned Restricted Subsidiaries of such Person. 
  

 23 

 Section 1.02. Other Definitions. 
  

			
	 Term

	  	Defined in
Section

	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.01
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.08
	 “Offer Period”
	  	3.08
	 “offshore transaction”
	  	2.07
	 “Paying Agent”
	  	2.04
	 “Payment Default”
	  	6.01
	 “Permitted Debt”
	  	4.09
	 “Purchase Date”
	  	3.08
	 “Registrar”
	  	2.04
	 “Related Proceedings”
	  	12.09
	 “Repurchase Offer”
	  	3.08
	 “Restricted Payments”
	  	4.07
	 “Safeco Shares”
	  	4.12
	 “Specified Courts”
	  	12.09

  
 Section 1.03. Incorporation by
Reference of Trust Indenture Act. 
  
 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security Holder” means a Holder of a Note; 
  
 “indenture to be qualified” means this Indenture;

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

 24 

 “obligor” on the Notes means the Company and any successor obligor upon
the Notes. 
  
 All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  
 Section 1.04. Rules of Construction. Unless the context otherwise requires: 
  

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

  

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

  

	 	(c)	“or” is not exclusive; 

  

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

  

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

  

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

  
 ARTICLE TWO 
 THE NOTES 
  
 Section 2.01. Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in registered, global form without interest coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 
  
 The terms and provisions contained in the Notes shall constitute, and are
hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  
 (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (and shall include the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note represents such of the outstanding Notes as shall be 
  

 25 

 specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or, if the Custodian and the Trustee are not the same Person, by the Custodian at the direction of
the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.07 hereof. 
  
 (c) Regulation S Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Legended Regulation
S Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for The Depository Trust Company (“DTC”) in New York, New York, and registered in the name of the
Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Following the termination of the
Restricted Period, beneficial interests in the Legended Regulation S Global Note may be exchanged for beneficial interests in Unlegended Regulation S Global Notes pursuant to Section 2.07 and the Applicable Procedures. Simultaneously with the
authentication of Unlegended Regulation S Global Notes, the Trustee shall cancel the Legended Regulation S Global Note. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
  
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held
by Participants through Euroclear or Clearstream. 
  
 Section 2.02. Execution
and Authentication. 
  
 At least one Officer of the Company
shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. Such signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. 
  
 The aggregate principal
amount of Notes which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Company may, subject to Article Four of this Indenture and applicable law, issue Additional Notes under this Indenture, including Exchange Notes. The Notes issued on the Closing Date and any Additional Notes
subsequently issued shall be treated as a single class for all purposes under this Indenture. 
  

 26 

 The Trustee shall, upon a written order of the Company signed by two Officers of the Company (an
“Authentication Order”), authenticate Notes for original issue on the date hereof of $150 million. At any time and from time to time after the execution of this Indenture, the Trustee shall, upon receipt of an Authentication Order,
authenticate Notes for original issue in an aggregate principal amount specified in such Authentication Order. The Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

  
 The Trustee may appoint an authenticating agent acceptable to
the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with Holders or an Affiliate of the Company. 
  
 Section 2.03. Methods of Receiving Payments on the Notes. 
  
 If a Holder of Notes has given wire transfer instructions to the Company, the Company shall pay all principal, interest and premium and Liquidated Damages, if any, on that Holder’s Notes in accordance with those
instructions. All other payments on Notes shall be made at the office or agency of the Paying Agent and Registrar within the City and State of New York unless the Company elects to make interest payments by check mailed to the Holders at their
addresses set forth in the register of Holders. 
  
 Section 2.04. Registrar and
Paying Agent. 
  
 (a) The Company shall maintain a registrar
with an office or agency where Notes may be presented for registration of transfer or for exchange (a “ Registrar”) and a paying agent with an office or agency where Notes may be presented for payment (a “Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and address
of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

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

 27 

 Section 2.05. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and shall notify the Trustee of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Company or one of its Subsidiaries) shall have no further liability for the money. If the Company or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
  
 Section 2.06. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each
interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise
comply with TIA Section 312(a). 
  
 Section 2.07. Transfer and Exchange.

  
 (a) Transfer and Exchange of Global Notes. A Global
Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or the Company becomes aware that DTC has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the
Depositary or the date the Company becomes aware of such circumstance; (2) the Company at its option notifies the Trustee in writing that it elects to exchange the Global Notes (in whole but not in part) for Definitive Notes; or (3) there shall have
occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the occurrence of any of the preceding events in clause (1), (2) or (3) immediately above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.07 or Section 2.08 or 2.11 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this subsection
2.07(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in subsection 2.07(b), (c) or (f) hereof. 
  

 28 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange
of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either clause (1) or (2) of this subsection, as
applicable, as well as one or more of the other following clauses, as applicable: 
  
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Legended Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests
in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to
effect the transfers described in this clause (1) of subsection 2.07(b). 
  
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to clause (1) of this subsection
2.07(b), the transferor of such beneficial interest must deliver to the Registrar either (A) (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase or (B) (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name
such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(i) immediately above. Upon consummation of an Registered Exchange Offer by the Company in accordance with subsection 2.07(f) hereof, the requirements of
this clause (2) of subsection 2.07(b) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the holder of such beneficial interests in the Restricted Global
Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount at maturity of the relevant Global Notes pursuant to subsection 2.07(h) hereof. 
  

 29 

 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of clause (2) of this
subsection 2.07(b) and the Registrar receives the following: 
  
 (A) if the transferee shall take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and 
  
 (B)
if the transferee shall take delivery in the form of a beneficial interest in a Legended Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2)
thereof. 
  
 (4) Transfer and Exchange of
Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of clause (2) of this subsection 2.07(b) and:

  
 (A) such exchange or transfer is effected
pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that (1) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (2)
it is not an affiliate (as defined in Rule 144) of the Company and (3) it is acquiring the Exchange Notes in its ordinary course of business; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  

 30 

 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
  
 and, in each such case set forth in this
subclause (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subclause (B) or (D) immediately
above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subclause (B) or (D) immediately above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Restricted Global Note. 
  
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
  
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
  
 (B) if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such beneficial interest is being transferred to an
Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than that listed in subclause (B) above, a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and opinion of counsel required by item (3) thereof, if applicable; or 
  

 31 

 (D) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof, 
  
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to subsection 2.07(h) hereof, and
the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this subsection 2.07(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this clause (1) of subsection 2.07(c) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if: 
  
 (A) such exchange or transfer is
effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that (1) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange
Offer, (2) it is not an affiliate (as defined in Rule 144) of the Company and (3) it is acquiring the Exchange Notes in its ordinary course of business; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive

  

 32 

 Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of
Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subclause (D), if the Registrar or
the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder
of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note, then, upon satisfaction of the conditions set forth in clause (2) of subsection 2.07(b) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to subsection
2.07(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note in the appropriate principal amount. Any Unrestricted Definitive Note issued in
exchange for a beneficial interest pursuant to this clause (3) of subsection 2.07(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this clause (3) of subsection 2.07(c) shall not bear the Private Placement Legend. 
  
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. 
  
 (1) Restricted Definitive Notes to Beneficial Interests
in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; or 
  

 33 

 (B) if such Restricted Definitive Note is being transferred in accordance with Rule 144A
under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; or 
  
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an “offshore transaction” in accordance with
Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof, 
  
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount
of, in the case of subclause (A) above, the appropriate Restricted Global Note, in the case of subclause (B) above, the 144A Global Note, and in the case of subclause (C) above, the Regulation S Global Note, in accordance with Section 2.07(h)
hereof. 
  
 (2) Restricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (1) it is not engaged in, and does not intend to engage in,
and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (2) it is not an affiliate (as defined in Rule 144) of the Company and (3) it is acquiring the
Exchange Notes in its ordinary course of business; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or 
  
 (D) the Registrar
receives the following: 
  
 (i) if the Holder of
such Restricted Definitive Note proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

  

 34 

 (ii) if the Holder of such Restricted Definitive Note proposes to transfer such Notes to
a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subclause (D), if the Registrar or
the Company so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subclauses in this clause (2) of subsection 2.07(d), the Trustee shall
cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of
a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
  
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subclause (2)(B), (2)(D) or clause (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this subsection 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this subsection 2.07(e). 
  

 35 

 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  
 (A) if such Restricted Definitive Note is being transferred in accordance with Rule 144A under the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an “offshore transaction” in accordance with
Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item 2 thereof; 
  
 (C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or 
  
 (D) if such Restricted Definitive Note is being transferred
to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B, including the certifications in item 3(a) thereof. 
  
 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  

(A) such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (1) it is not engaged in, and does not intend to
engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (2) it is not an affiliate (as defined in Rule 144) of the Company and (3) it is acquiring
the Exchange Notes in its ordinary course of business; 
  
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the
Registration Rights Agreement; or 
  
 (D) the
Registrar receives the following: 
  
 (i) if the
Holder of such Restricted Definitive Note proposes to exchange such Note for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

 

 36 

 (ii) if the Holder of such Restricted Definitive Note proposes to transfer such Note to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subclause (D), if the Registrar so
requests, an opinion of counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof. 
  
 (f) Exchange Offer. Upon the occurrence
of the Registered Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate (1) one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (A) they are not
engaged in, and do not intend to engage in, and have no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (B) they are not affiliates (as defined in Rule 144) of
the Company, and (C) they are acquiring the Exchange Notes in their ordinary course of business, and (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for
exchange in the Registered Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and
the Trustee shall authenticate and deliver to the Persons designated by the Holders of Restricted Global Notes so accepted Unrestricted Global Notes in the appropriate principal amount. 
  
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under
this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  

 37 

 (1) Private Placement Legend. Except as permitted below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
  
 THIS NOTE AND THE GUARANTEES ENDORSED HEREON HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR THE GUARANTEES ENDORSED HEREON NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE AND THE GUARANTEES ENDORSED HEREON BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE AND THE GUARANTEES ENDORSED HEREON (OR ANY PREDECESSOR
OF THIS NOTE AND THE GUARANTEES ENDORSED HEREON) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG
AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i)
PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  
 Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to clause (b)(4), (c)(3), (c)(4), (d)(2), (d)(3),
(e)(2), (e)(3) or subsection (f) to this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 
  

 38 

 (2) Global Note Legend. Each Global Note shall bear a legend in substantially the
following form: 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if any beneficial
interest in a Global Note is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall
be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  
 (i) General Provisions Relating to Transfers and Exchanges. 
  
 (1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 
  
 (2) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 3.07, 3.08, 4.10, 4.14 and 9.05 hereof). 
  

 39 

 (3) The Registrar shall not be required to register the transfer of or exchange any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid and legally binding obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

  
 (5) The Company shall not be required (A) to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date or (D) to register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of Control Offer or an Asset Sale Offer. 
  
 (6) Prior to due presentment for the registration of a
transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and
for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
  
 (7) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

 
 (8) All certifications, certificates and Opinions of
Counsel required to be submitted to the Registrar pursuant to this Section 2.07 to effect a registration of transfer or exchange may be submitted by facsimile with the original to follow by first class mail. 
  
 Section 2.08. Replacement Notes. 
  
 (a) If any mutilated Note is surrendered to the Trustee or the Company and
the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
  
 (b) Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  

 40 

 Section 2.09. Outstanding Notes. 
  
 (a) The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not
outstanding. Except as set forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; provided, however, that Notes held by the Company or a Subsidiary of the
Company shall not be deemed to be outstanding for purposes of subsection 3.07(b) hereof. 
  
 (b) If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser or protected
purchaser. 
  
 (c) If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
  
 (d) If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of any of the foregoing) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
  
 Section 2.10. Treasury Notes. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
  
 Section 2.11. Temporary Notes. 
  
 (a) Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of
an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
  
 (b) Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
  
 Section 2.12. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent, if different Persons from the Trustee, shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee 
  

 41 

 and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall dispose of canceled Notes in accordance with its procedures for the disposition of canceled securities in effect as of the date of such disposition (subject to the record retention requirement of the Exchange Act).
Certification of the disposition of all canceled Notes shall be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  
 Section 2.13. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall pay
the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section
4.01 hereof. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and
payment date, provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of
the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 Section 2.14. CUSIP Numbers. 
  
 The Company in issuing the Notes may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP” numbers. 
  
 ARTICLE THREE 
 REDEMPTION AND OFFERS TO 
 PURCHASE 
  
 Section 3.01. Notices to Trustee. 
  
 (a) If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least
45 days but not more than 75 days before a redemption date, an Officers’ Certificate setting forth (1) the clause of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the principal amount of Notes to be
redeemed, (4) the redemption price and (5) whether the Company requests that the Trustee give the notice of redemption in the Company’s name and at its expense. 
  

 42 

 Section 3.02. Selection of Notes to Be Redeemed. 
  
 (a) If less than all of the Notes are to be redeemed at any time, the
Trustee shall select the Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro
rata basis, by lot or in accordance with any other method the Trustee shall deem fair and appropriate. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, by the
Trustee from the outstanding Notes not previously called for redemption. 
  
 (b) The Trustee shall notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount at maturity thereof to be redeemed, within 15
days of receiving the Officers’ Certificate pursuant to Section 3.01 hereof. No Notes in amounts of $1,000 or less shall be redeemed in part. Notes and portions of Notes selected shall be in amounts of $1,000 or whole multiples of $1,000,
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Section 3.03. Notice of Redemption. 
  
 (a) At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Notes are to be redeemed at its registered address. 
  
 The notice shall identify the Notes to be redeemed and shall state: 
  
 (1) the redemption date; 
  
 (2) the redemption price; 
  
 (3) if any Note is being redeemed in part, the portion of the principal amount at maturity of such Note to
be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued in the name of the Holder thereof upon cancellation of the
original Note; 
  
 (4) the name and address of
the Paying Agent; 
  
 (5) that Notes called for
redemption must be surrendered to the Paying Agent to collect the redemption price and become due on the date fixed for redemption; 
  
 (6) that, unless the Company defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases to accrue
on and after the redemption date; 
  

 43 

 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and 
  
 (8) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
  
 (b) The notice of redemption, if mailed in the manner provided herein, shall be presumed to have been given, whether or not the Holder receives such
notice. 
  
 Section 3.04. Effect of Notice of
Redemption. 
  
 Once notice of redemption is mailed in
accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 Section 3.05. Deposit of Redemption Price.

  
 (a) Not later than 11:00 am Eastern Time on the redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued and unpaid interest and Liquidated Damages, if any, on all Notes to be redeemed on that date. The Trustee or the
Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest and Liquidated Damages on, all Notes to
be redeemed. 
  
 (b) If the Company complies with the provisions
of subsection 3.05(a), on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest
payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with subsection 3.05(a), interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder at the expense of the Company
a new Note equal in principal amount to the unredeemed portion of the Note surrendered. No Notes in denominations of $1,000 or less shall be redeemed in part. 
  

Section 3.07. Optional Redemption. 
  
 (a) Except as set forth in subsection 3.07(b), the Company shall not have the option to redeem the Notes pursuant to this Section 3.07 prior to September
15, 2009. On September 15, 2009 and thereafter, the Company may redeem all or a part of the Notes upon not 
  

 44 

 less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount)
set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on September 15 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	104.3125	%
	 2010
	  	102.8750	%
	 2011
	  	101.4375	%
	 2012 and thereafter
	  	100.0000	%

  
 (b) At any time prior
to September 15, 2007, the Company may redeem up to 35% of the aggregate principal amount of Notes issued hereunder (including any Additional Notes) at a redemption price of 108.625% of the principal amount thereof, plus accrued and unpaid interest
and Liquidated Damages, if any, thereon to the redemption date, with the net cash proceeds of one or more Public Equity Offerings; provided that (1) at least 65% of the aggregate principal amount of the Notes issued under this Indenture
(including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or its Subsidiaries); and (2) the redemption must occur within 45 days of the date of the closing of such
Public Equity Offering. 
  
 (c) Any redemption pursuant to this
Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
  
 Section 3.08. Repurchase Offers. 
  
 (a) In the event that, pursuant to Section 4.10 or 4.14 hereof, the Company shall be required to commence an offer to all Holders to purchase all or a
portion of their respective Notes (a “Repurchase Offer”), it shall follow the procedures specified in such Sections and, to the extent not inconsistent therewith, the procedures specified in this Section 3.08. 
  
 (b) The Repurchase Offer shall remain open for a period of no less than 30
days and no more than 60 days from the date a notice is mailed in accordance with subsection 4.14(a), except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days
after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10 or 4.14 hereof (the “Offer Amount”) or, if
less than the Offer Amount has been tendered, all Notes tendered in response to the Repurchase Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
  

 45 

 (c) If the Purchase Date is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the
Repurchase Offer. 
  
 (d) Upon the commencement of a Repurchase
Offer, the Company shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the
Repurchase Offer. The Repurchase Offer shall be made to all Holders. The notice, which shall govern the terms of the Repurchase Offer, shall state: 
  
 (1) that the Repurchase Offer is being made pursuant to this Section 3.08 and Section 4.10 or Section 4.14 hereof, and the length of time
the Repurchase Offer shall remain open; 
  
 (2)
the Offer Amount, the purchase price and the Purchase Date; 
  
 (3) that any Note not tendered or accepted for payment shall continue to accrue interest and Liquidated Damages, if any; 
  
 (4) that, unless the Company defaults in making such payment, any Note (or portion thereof) accepted for payment pursuant to the
Repurchase Offer shall cease to accrue interest and Liquidated Damages, if any, on and after the Purchase Date; 
  
 (5) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may elect to have Notes purchased in integral multiples
of $1,000 only; 
  
 (6) that Holders electing to
have a Note purchased pursuant to any Repurchase Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the
Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
  
 (7) that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased; 
  
 (8) that, if the aggregate amount of Notes surrendered by Holders exceeds the Offer Amount, the Trustee shall, subject in the case of a Repurchase Offer made pursuant to the provisions of Section 4.10, select the
Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $1,000, or integral multiples thereof, shall be purchased); and 
  

 46 

 (9) that Holders whose Notes were purchased only in part shall be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 (e) On the Purchase Date, the Company shall, to the extent lawful, subject in the case of a Repurchase Offer made pursuant to the provisions of Section
4.10, accept for payment on a pro rata basis to the extent necessary, the Offer Amount of Notes (or portions thereof) tendered pursuant to the Repurchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall
deliver to the Trustee an Officers’ Certificate stating that such Notes (or portions thereof) were accepted for payment by the Company in accordance with the terms of this Section 3.08. The Company, the Depositary or the Paying Agent, as the
case may be, shall promptly (but in any case not later than three days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of Notes tendered by such Holder, as the case may be, and accepted by the
Company for purchase. If a Holder tendered a portion of a Note or if only a portion of a Noted tendered by a Holder was purchased by the Company, the Company shall promptly issue a new Note and the Trustee, upon written request from the Company,
shall authenticate and mail or deliver such new Note to such Holder, in a principal amount at maturity equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the
respective Holder thereof. The Company shall publicly announce the results of the Repurchase Offer on the Purchase Date. 
  
 (f) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the
extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Repurchase Offer and shall not be deemed to have breached its obligations under Section 3.08, 4.10 or 4.14 by virtue of such compliance.

  
 Section 3.09. Mandatory Redemption.

  
 Except as set forth in Sections 4.10 and 4.14 hereof, the
Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  
 ARTICLE FOUR 
 COVENANTS 
  
 Section 4.01. Payment of Notes. 
  
 (a) The Company shall pay or cause to be paid the principal of, premium, if
any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds
as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company shall pay all Liquidated Damages,
if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
  

 47 

 (b) The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest, and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 Section 4.02. Maintenance of Office or Agency. 
  
 (a) The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an
office of the Trustee or an agent of the Trustee, Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.
The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, The City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 (c) The Company hereby designates the Corporate Trust Office of the Trustee
as one such office or agency of the Company in accordance with Section 2.04 of this Indenture. 
  
 Section 4.03. Reports. 
  
 (a) Whether or not required by the SEC, the Company shall file a copy of all of the information and reports referred to in clauses (1) and (2) below with
the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing) and, upon request, furnish such information to the Holders of the Notes and prospective
investors: 
  
 (1) all quarterly and annual
financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 
  
 (2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were
required to file such reports. 
  

 48 

 (b) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the
quarterly and annual information required by this Section 4.03 shall include a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the financial condition and results of operations of the Company
and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company and a presentation in the footnotes to the financial statements, with substantially the same format and
level of detail as is required by Rule 3-10 of Regulation S-X, promulgated pursuant to the Securities Act (as such Regulation may be amended), with respect to the Company and the Guarantors separate from the Company’s Subsidiaries that are not
Guarantors. 
  
 (c) The Company and the Guarantors will, for so
long as any Notes remain outstanding, furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  
 Section 4.04. Compliance Certificate. 
  
 (a) The Company and each Guarantor (to the extent that such Guarantor is so
required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has
been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge, the Company has kept, observed, performed and fulfilled its obligations under this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions
of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and
that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then-current recommendations of the American Institute of Certified Public Accountants, the year-end financial statements delivered pursuant to subsection 4.03(a) above shall be
accompanied by a written statement of the Company’s independent public accountants (which shall be a firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has
come to their attention that would lead them to believe that the Company has failed to comply with any of the provisions of Article Four or Article Five hereof insofar as they relate to financial or accounting matters or, if any such noncompliance
has come to their attention, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation.

  
 (c) The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, promptly upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take
with respect thereto. 
  

 49 

 Section 4.05. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, any taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the
Notes. 
  
 Section 4.06. Stay, Extension and
Usury Laws. 
  
 The Company and each of the Guarantors
covenant (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

  
 Section 4.07. Restricted Payments.

  
 (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any
merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than
dividends, payments or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary of the Company); 
  
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection
with any merger or consolidation involving the Company) any Equity Interests of the Company or any Restricted Subsidiary held by Persons other than the Company or any of its Restricted Subsidiaries; 
  
 (3) make any voluntary payment on or with respect to, or
purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated to the Notes or any Note Guarantee; or 
  
 (4) make any Restricted Investment (all such payments and other actions described in clauses (1) through (4) in this subsection 4.07(a)
being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
  
 (A) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; and 
  

 50 

 (B) the Company would have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Debt to Operating Cash Flow Ratio test set forth in subsection 4.09(a); and 
  
 (C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries after the date of this Indenture (excluding Restricted Payments permitted by clauses (2), (3) and (5) of subsection 4.07(b) hereof), is less than the sum, without duplication, of: 
  
 (i) an amount equal to the Company’s Cumulative
Operating Cash Flow less 1.5 times the Company’s Cumulative Consolidated Interest Expense, plus 
  
 (ii) to the extent such proceeds are not included in the calculation of Cumulative Operating Cash Flow, 100% of the aggregate net cash
proceeds received by the Company since the date of this Indenture as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or
exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a
Subsidiary of the Company), plus 
  
 (iii) to the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash or otherwise liquidated or repaid for cash (except to the extent such payment or proceeds are included in the calculation of
Cumulative Operative Cash Flow), the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment. 
  
 (b) So long as no Default has occurred and is continuing or would be caused
thereby, subsection 4.07(a) shall not prohibit: 
  
 (1) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture; 
  
 (2) the redemption, repurchase, retirement, defeasance or
other acquisition of any subordinated Indebtedness of the Company or any Guarantor or of any Equity Interests of the Company or any Guarantor in exchange for, or out of the net cash 
  

 51 

 proceeds of a contribution to the common equity of the Company or a substantially concurrent sale (other
than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock); provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or
other acquisition shall be excluded from paragraph 4.07(a)(4)(C)(ii); 
  
 (3) the defeasance, redemption, repurchase or other acquisition of subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;

  
 (4) the payment of any dividend by a
Restricted Subsidiary of the Company to the holders of its common Equity Interests on a pro rata basis; 
  
 (5) Investments acquired as a capital contribution to, or in exchange for, or out of the net cash proceeds of a substantially concurrent
offering of, Equity Interests (other than Disqualified Stock) of the Company; provided that the amount of any such net cash proceeds that are utilized for any such acquisition or exchange shall be excluded from paragraph 4.07(a)(4)(C)(ii);

  
 (6) the repurchase of Capital Stock deemed to
occur upon the exercise of options or warrants if such Capital Stock represents all or a portion of the exercise price thereof; 
  
 (7) the repurchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company held by employees;
provided, that the aggregate price paid for such repurchased, redeemed, acquired or retired Capital Stock may not exceed the sum of $250,000 in any calendar year; 
  
 (8) the payment of any dividend or distribution by a Subsidiary that is a Qualified Joint Venture to the
holders of its Capital Stock on a pro rata basis; or 
  
 (9) Restricted Payments (not otherwise included in clauses (1) through (8) of this subsection 4.07(b)) in an aggregate amount not to exceed $10.0 million. 
  
 (c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted
Payment of the asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. The Board of Directors’ determination of Fair Market Value must be based
upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $5.0 million. Not later than the date of making any Restricted Payment, the Company shall deliver to the
Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed, together with a copy of any opinion or appraisal required by
this Indenture. 
  

 52 

 Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries. 
  
 (a) The Company shall not, and shall not
permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  
 (1) pay dividends or make any other distributions on its
Capital Stock (or with respect to any other interest or participation in, or measured by, its profits) to the Company or any of its Restricted Subsidiaries or pay any liabilities owed to the Company or any of its Restricted Subsidiaries; 

 
 (2) make loans or advances to the Company or any of its
Restricted Subsidiaries; or 
  
 (3) transfer any
of its properties or assets to the Company or any of its Restricted Subsidiaries. 
  
 (b) Subsection 4.08(a) shall not apply to encumbrances or restrictions: 
  
 (1) existing under, by reason of or with respect to the Credit Agreement, Existing Indebtedness or any other agreements in effect on the
date of this Indenture and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that the encumbrances and restrictions in any such amendment, modification,
restatement, renewal, extension, supplement, refunding, replacement or refinancing are no more restrictive, in the aggregate, than those contained in the Credit Agreement, Existing Indebtedness or such other agreements as in effect on the date of
this Indenture; 
  
 (2) set forth in this
Indenture, the Notes and the Note Guarantees; 
  
 (3) existing under, by reason of or with respect to applicable law; 
  
 (4) with respect to any Person or the property or assets of a Person acquired by the Company or any of its Restricted Subsidiaries existing at the time of such acquisition and not incurred in connection with or in
contemplation of such acquisition, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, and any amendments,
modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof, provided that the encumbrances and restrictions in any such amendment, modification, restatement, renewal, extension,
supplement, refunding, replacement or refinancing are no more restrictive, in the aggregate, than those in effect on the date of the acquisition; 
  
 (5) in the case of clause (3) of subsection 4.08(a): 
  

	 	(A)	that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset;

  

 53 

	 	(B)	existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary thereof
not otherwise prohibited by this Indenture; or 

  

	 	(C)	arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or
assets of the Company or any Restricted Subsidiary thereof in any manner material to the Company or any Restricted Subsidiary thereof; 

  
 (6) existing under, by reason of or with respect to any agreement for the sale or other disposition of all or substantially all of the
Capital Stock of, or property and assets of, a Restricted Subsidiary that restrict distributions by that Restricted Subsidiary pending such sale or other disposition; 
  
 (7) restrictions on cash or other deposits or net worth imposed by customers or required by insurance,
surety or bonding companies, in each case, under contracts entered into in the ordinary course of business; and 
  
 (8) existing under or by reason of or with respect to Indebtedness permitted to be incurred pursuant to clause 4.09(b)(4). 
  
 Section 4.09. Incurrence of Indebtedness. 

 
 (a) The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, incur any Indebtedness (including Acquired Debt); provided, however, that the Company and a Guarantor may incur Indebtedness if in each case, the Debt to Operating Cash Flow Ratio of the Company
and its Restricted Subsidiaries at the time of the incurrence of such Indebtedness, after giving pro forma effect thereto, is 7:1 or less. 
  
 (b) So long as no Default shall have occurred and be continuing or would be caused thereby, regardless of whether the Debt to Operating Cash Flow Ratio of
the Company and its Restricted Subsidiaries as set forth in subsection 4.09(a) is met, the following items of Indebtedness (collectively, “Permitted Debt”) may be incurred: 
  
 (1) the incurrence by the Company of Indebtedness under
Credit Facilities (and the incurrence by the Guarantors of Guarantees thereof) in an aggregate principal amount at any one time outstanding pursuant to this clause (1) (with letters of credit being deemed to have a principal amount equal to the
maximum liability of the Company and its Restricted Subsidiaries thereunder) not to exceed $20.0 million, less the aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any Restricted Subsidiary to permanently repay
any such Indebtedness (and, in the case of any revolving credit Indebtedness, to effect a corresponding commitment reduction thereunder) pursuant to Section 4.10; 
  
 (2) the incurrence of Existing Indebtedness; 
  

 54 

 (3) the incurrence by the Company and the Guarantors of Indebtedness represented by the
Notes and the related Note Guarantees to be issued on the date of this Indenture and the Exchange Notes and the related Note Guarantees to be issued pursuant to this Indenture and the Registration Rights Agreement; 
  
 (4) the incurrence by the Company or any Restricted
Subsidiary of the Company of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction
or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any
Indebtedness incurred pursuant to this clause (4), not to exceed $5.0 million aggregate principal amount at any time outstanding; 
  
 (5) the incurrence by the Company or any Restricted Subsidiary of the Company of Permitted Refinancing Indebtedness in exchange for, or
the net proceeds of which are used to refund, refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under subsection 4.09(a) or clauses (2), (3), (4), (5) or (9) of this
subsection 4.09(b); 
  
 (6) the incurrence by the
Company or any of its Restricted Subsidiaries of intercompany Indebtedness owing to and held by the Company or any of its Restricted Subsidiaries; provided, however, that: 
  

	 	(A)	if the Company or any Guarantor is the obligor on such Indebtedness, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full in cash of all
Obligations with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; 

  

	 	(B)	Indebtedness owed to the Company or any Guarantor must be evidenced by an unsubordinated promissory note, unless the obligor under such Indebtedness is the Company or a Guarantor;
and 

  

	 	(C)	(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary thereof
and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such
Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

  
 (7) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred for the purpose of
fixing, hedging or swapping interest rates (whether the interest rates are fixed or variable), commodity price or foreign 
  

 55 

 currency exchange rate risk or to reverse or amend any such agreements previously made for such purposes,
and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees,
indemnities and compensation payable thereunder; 
  
 (8) the Guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; or 
  
 (9) the incurrence by the Company or any Guarantor of
additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this
clause (9) of this subsection 4.09(b), not to exceed $20.0 million. 
  
 (c) For purposes of determining compliance with this Section 4.09, in the event that any proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (9) of subsection
4.09(b), or is entitled to be incurred pursuant to subsection 4.09(a), the Company shall be permitted to classify at the time of its incurrence such item of Indebtedness in any manner that complies with this Section 4.09. Indebtedness under Credit
Facilities outstanding on the date on which Notes are first issued under this Indenture shall be deemed to have been incurred on such date in reliance on the exception provided by clause (1) of Subsection 4.09(b). In addition, any Indebtedness
originally classified as incurred pursuant to clauses (2) through (9) of subsection 4.09(b) may later be reclassified by the Company such that it will be deemed as having been incurred pursuant to another of such clauses to the extent that such
reclassified Indebtedness could be incurred pursuant to such new clause at the time of such reclassification. 
  
 (d) Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 shall
not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies. 
  
 (e) The Company shall not incur any Indebtedness that is subordinate or junior in right of payment to any other Indebtedness of the Company unless it is
subordinate in right of payment to the Notes to the same extent. The Company shall not permit any Guarantor to incur any Indebtedness that is subordinate or junior in right of payment to any other Indebtedness of such Guarantor unless it is
subordinate in right of payment to such Guarantor’s Note Guarantee to the same extent. 
  
 Section 4.10. Asset Sales. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) the Company (or the Restricted Subsidiary, as the case
may be) receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; 
  

 56 

 (2) the Company’s Board of Directors’ determination of such Fair Market Value
is set forth in an Officers’ Certificate delivered to the Trustee; and 
  
 (3) at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of Cash Equivalents or Replacement Assets or a combination of both. For purposes of this clause (3),
each of the following shall be deemed to be Cash Equivalents: 
  
 (A) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities, Indebtedness
that is by its terms subordinated to the Notes or any Note Guarantee and liabilities to the extent owed to the Company or any Affiliate of the Company) that are assumed by the transferee of any such assets pursuant to a customary written novation
agreement that releases the Company or such Restricted Subsidiary from further liability; and 
  
 (B) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are
contemporaneously (subject to ordinary settlement periods) converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion). 
  
 (b) Notwithstanding clause (3) of subsection 4.10(a), the Company may, and may permit its Subsidiaries to sell or issue
shares of Capital Stock in a Qualified Joint Venture to a Qualified Joint Venture Partner without regard to such clause (3); provided, that after giving effect to such Asset Sale, (i) no Default or Event of Default shall have occurred or be
continuing, and (ii) the Net Proceeds of any such Asset Sale, if any, are applied in accordance with this Section 4.10. 
  
 (c) Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company or its Restricted Subsidiary, as the case may be, may apply such
Net Proceeds at its option: 
  
 (1) to
permanently repay secured Indebtedness of the Company and the Guarantors and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; or 
  
 (2) to purchase Replacement Assets or make expenditures in
or that are used or useful in a Permitted Business; or 
  
 (3) to make an Investment in the Company or a Restricted Subsidiary or to make a Permitted Investment as described under clause (3) of the definition of “Permitted Investments” herein. 
  

 57 

 (d) Pending the final application of any such Net Proceeds, the Company may temporarily reduce revolving
credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. 
  
 (e) Any Net Proceeds from Asset Sales that are not applied or invested as provided in subsection 4.10(b) above shall constitute “Excess
Proceeds.” Within 10 days after the aggregate amount of Excess Proceeds exceeds $5.0 million, the Company shall make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is
pari passu with the Notes or any Note Guarantee containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum principal amount of Notes and
such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued
and unpaid interest and Liquidated Damages, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness
shall be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness tendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
  
 Section 4.11. Transactions with Affiliates.

  
 (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into, make, amend, renew or extend any transaction, contract,
agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), unless: 
  
 (1) such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable arm’s-length transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company; and 
  
 (2) the Company delivers to the Trustee: 
  
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $1.0 million, a resolution of the Board of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section
4.11 and that such Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors; and 
  
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $5.0 million, 
  

 58 

 an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction
or series of related Affiliate Transactions from a financial point of view issued by an independent accounting, appraisal or investment banking firm of national standing. 
  
 (b) The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to the
provisions of subsection 4.11(a): 
  
 (1)
transactions between or among the Company and/or its Restricted Subsidiaries; 
  
 (2) payment of reasonable and customary fees and compensation to, and reasonable and customary indemnification and similar payments on behalf of, executive officers or directors of the Company or any Restricted
Subsidiary in accordance with applicable law; 
  
 (3) loans and advances to executive officers or directors of the Company or any Restricted Subsidiary for travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business in accordance with
applicable law; 
  
 (4) Restricted Payments that
are permitted by the provisions of Section 4.07; 
  
 (5) any sale of Capital Stock (other than Disqualified Stock) of the Company; 
  
 (6) services provided by the Company and/or its Restricted Subsidiaries to Affiliates on a direct cost basis not to exceed $300,000 in any
calendar year; and 
  
 (7) transactions pursuant
to agreements existing on the date of this Indenture that are described in the section entitled “Certain Transactions” in the Offering Memorandum. 
  
 Section 4.12. Liens. 
  
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become
effective (a) any Lien of any kind upon Safeco Corporation Stock (other than a Lien pursuant to the Forward Transaction) now owned or hereafter acquired by the Company or any of its Restricted Subsidiaries (the “Safeco Shares”); or
(b) any Lien of any kind upon any of their property or assets other than the Safeco Shares (other than Permitted Liens), now owned or hereafter acquired, unless in each case of (a) or (b), all payments due under this Indenture and the Notes, or, in
the case of a Restricted Subsidiary, its Guarantee of the Notes, are secured on an equal and ratable basis with the obligations so secured until such time as such obligations are no longer secured by a Lien. 
  

 59 

 Section 4.13. Business Activities. 
  
 The Company shall not, and shall not permit any Restricted Subsidiary
thereof to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 
  
 Section 4.14. Offer to Repurchase upon a Change of Control. 
  
 (a) If a Change of Control occurs, each Holder of Notes shall have the right
to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of that Holder’s Notes pursuant to an offer by the Company (a “Change of Control Offer”) at an offer price (a
“Change of Control Payment”) in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon, to the Change of Control Payment Date (as defined below). Within
ten days following any Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on a date (the “Change of Control
Payment Date”) specified in such notice, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures described in Section 3.08 (including the notice required thereby).

  
 (b) On the Change of Control Payment Date, the Company shall,
to the extent lawful: 
  
 (1) accept for payment
all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 
  
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so
tendered; and 
  
 (3) deliver or cause to be
delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
  
 (c) The Paying Agent shall promptly mail or wire transfer to each Holder of
Notes so tendered the Change of Control Payment for such Notes, and Company shall promptly issue, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry), to each Holder a new Note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $1,000 or an integral multiple thereof. 
  
 (d) The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date. 
  
 (e) Notwithstanding anything
to the contrary in this Section 4.14, the Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.14 and all other provisions of this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

  

 60 

 Section 4.15. Issuance and Sales of Equity Interests in Restricted Subsidiaries.

  
 (a) The Company shall not transfer, convey, sell, lease or
otherwise dispose of, and will not permit any of its Restricted Subsidiaries to, issue, transfer, convey, sell, lease or otherwise dispose of any Equity Interests in any Restricted Subsidiary of the Company to any Person (other than the Company or a
Restricted Subsidiary of the Company or, if necessary, shares of its Capital Stock constituting directors’ qualifying shares or issuances of shares of Capital Stock of foreign Restricted Subsidiaries to foreign nationals, to the extent required
by applicable law), except: 
  
 (1) if,
immediately after giving effect to such issuance, transfer, conveyance, sale, lease or other disposition, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person remaining after giving effect
to such issuance or sale would have been permitted to be made under Section 4.07 if made on the date of such issuance or sale and the cash Net Proceeds from such transfer, conveyance, sale, lease or other disposition are applied in accordance with
Section 4.10; 
  
 (2) transfers, sales or
issuances of Equity Interests of a Restricted Subsidiary by the Company or a Restricted Subsidiary; provided that the Company or such Restricted Subsidiary complies with Section 4.10; or 
  
 (3) transfers, sales or issuances of Equity Interests of
Capital Stock in a Qualified Joint Venture to a Qualified Joint Venture Partner; provided that the Company or such Restricted Subsidiary complies with Section 4.10. 
  
 Section 4.16. Designation of Restricted and Unrestricted Subsidiaries. 
  
 (a) The Board of Directors of the Company may designate any Restricted
Subsidiary of the Company to be an Unrestricted Subsidiary, provided that: 
  
 (1) any Guarantee by the Company or any Restricted Subsidiary thereof of any Indebtedness of the Subsidiary being so designated shall be
deemed to be an incurrence of Indebtedness by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation, and such incurrence of Indebtedness would be permitted under Section 4.09; 
  
 (2) the aggregate Fair Market Value of all outstanding
Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary being so designated (including any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of such Subsidiary) shall be deemed to be a Restricted
Investment made as of the time of such designation and such Investment would be permitted under Section 4.07; 
  
 (3) such Subsidiary does not own any Equity Interests of, or hold any Liens on any property of, the Company or any Restricted Subsidiary
thereof; 
  

 61 

 (4) the Subsidiary being so designated: 
  
 (A) is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be
obtained at the time from Persons who are not Affiliates of the Company; 
  
 (B) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Equity Interests or (ii) to maintain or preserve
such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 
  
 (C) has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its
Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation; and 
  
 (D) has at least one director on its Board of Directors that is not a director or officer of the Company or any of its Restricted
Subsidiaries and has at least one executive officer that is not a director or officer of the Company or any of its Restricted Subsidiaries; and 
  
 (5) no Default or Event of Default would be in existence following such designation. 
  
 (b) Any designation of a Restricted Subsidiary of the Company as an
Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with the preceding conditions and was permitted by this Indenture. If, at any time, any Unrestricted Subsidiary would fail to meet any of the requirements described in subclause (A), (B) or (C) of clause (4) of subsection 4.16(a), or fails
to meet the requirement described in subclause (D) thereof and such failure continues for a period of 30 days, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness, Investments, or Liens on
the property, of such Subsidiary shall be deemed to be incurred or made by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness, Investments or Liens are not permitted to be incurred or made as of such date under this
Indenture, the Company shall be in default under this Indenture. 
  
 (c) The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary, provided that: 
  

(1) such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if such Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable
four-quarter reference period; 
  

 62 

 (2) all outstanding Investments owned by such Unrestricted Subsidiary shall be deemed to
be made as of the time of such designation and such Investments shall only be permitted if such Investments would be permitted under Section 4.07; 
  
 (3) all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under
Section 4.12; and 
  
 (4) no Default or Event of
Default would be in existence following such designation. 
  
 Section 4.17. Payments for Consent. 
  
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement
to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set
forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.18. Guarantees. 
  
 (a) If the Company or any of its Restricted Subsidiaries acquires or creates another Domestic Subsidiary on or after the date of this Indenture, then that
newly acquired or created Domestic Subsidiary must become a Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel to the Trustee. The Company will not permit any of its Restricted Subsidiaries, directly or indirectly, to
Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company or any Restricted Subsidiary thereof unless such Restricted Subsidiary is a Guarantor or simultaneously executes and delivers a supplemental indenture
providing for the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee shall be senior to or pari passu with such Subsidiary’s Guarantee of such other Indebtedness. The form of the Note Guarantee is
attached as Exhibit E hereto and the form of the Supplemental Indenture is attached as Exhibit F hereto. 
  
 (b) Notwithstanding subsection 4.18(a), any Note Guarantee may provide by its terms that it will be automatically and unconditionally released and
discharged under the circumstances described under Section 10.05 hereof. 
  
 Section 4.19. Sale and Leaseback Transactions. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback transaction, provided that the Company or any Restricted Subsidiary may enter into a sale
and leaseback transaction if: 
  
 (1) the Company
or that Restricted Subsidiary, as applicable, could have incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under the Debt to Operating Cash Flow Ratio test in subsection 4.09(a);

  

 63 

 (2) the gross cash proceeds of that sale and leaseback transaction are at least equal to
the Fair Market Value (where the Board of Directors’ determination of Fair Market Value is set forth in an Officers’ Certificate delivered to the Trustee) of the property that is the subject of that sale and leaseback transaction; and

  
 (3) the transfer of assets in that sale and
leaseback transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section 4.10. 
  
 Section 4.20. Termination of Forward Transaction. 
  
 (a) The Company shall terminate and/or settle the Forward Transaction on the date of this Indenture, or, if after
consultation with counsel, the Company determines in good faith that termination and/or settlement at such time would be imprudent or otherwise inadvisable in light of applicable securities laws and other legal considerations, as soon as practicable
thereafter, but in no event later than the termination date or maturity date of the applicable Forward Transaction. In connection with such termination and/or settlement, the Company shall procure the release of all Liens on the Safeco Shares
created pursuant to the Forward Transaction. 
  
 (b) If the
Company does not terminate the Forward Transaction on the date of this Indenture in accordance with subsection 4.20(a) hereof, the Company shall: 
  
 (1) segregate and hold in trust Cash Equivalents, and if necessary, maintain availability under the Credit Agreement, in an amount
reasonably estimated by the Company to be sufficient to terminate the Forward Transaction and pay related expenses, until such time as the Company terminates the Forward Transaction in accordance with subsection 4.20(a) hereof; and 
  
 (2) not request Payment Amounts (as such term is defined in
the agreements governing the Forward Transaction) to be made to the Company or any of its Subsidiaries after the date of this Indenture. 
  
 ARTICLE FIVE 
 SUCCESSORS

  
 Section 5.01. Merger, Consolidation or
Sale of Assets. 
  
 (a) The Company shall not, directly or
indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation) or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties and assets of
the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person or Persons, unless: 
  
 (1) either: (A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if
other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made (i) is a corporation organized or existing under the laws of the United States, any state thereof or the District of Columbia
and (ii) assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee; 
  

 64 

 (2) immediately after giving effect to such transaction, no Default or Event of Default
exists; 
  
 (3) immediately after giving effect
to such transaction on a pro forma basis, the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition shall have been
made will, on the date of such transaction, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Debt to Operating Cash Flow Ratio test set forth in subsection 4.09(a) hereof; 
  
 (4) each Guarantor, unless such Guarantor is the Person with
which the Company has entered into a transaction under this Section 5.01, shall have by amendment to its Note Guarantee confirmed that its Note Guarantee shall apply to the obligations of the Company or the surviving Person in accordance with the
Notes and this Indenture; and 
  
 (5) the Company
delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computation to demonstrate compliance with clause (3) of this subsection 5.01(a)) and Opinion of Counsel, in each case stating that such transaction and such agreement
comply with this Section 5.01 and that all conditions precedent provided for herein relating to such transaction have been complied with. 
  
 (b) Clause (3) of subsection 5.01(a) shall not apply to any merger, consolidation or sale, assignment, transfer, lease, conveyance or other disposition of
assets between or among the Company and any of its Restricted Subsidiaries. 
  
 Section 5.02. Successor Corporation Substituted. 
  
 In the event of any transaction (other than a lease) in compliance with the conditions listed in subsections 5.01(a) and 5.01(b) in which the Company is not the surviving Person and the surviving Person has assumed
all the obligations of the Company under the Notes and this Indenture such surviving Person shall succeed to, and be substituted for (so that from and after the date of such transaction, the provisions of this Indenture referring to the
“Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of, the Company, and the Company shall be discharged from its obligations under this Indenture or the Notes;
provided, however, that in the case of a transfer by lease, the predecessor Company shall not be relieved from the payment of principal, interest and Liquidated Damages, if any, or other obligations on the Notes. 
  

 65 

 ARTICLE SIX 
 DEFAULTS AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 (a) Each of the following is an “Event of Default”: 
  
 (1) default for 30 days in the payment when due of interest on, or Liquidated Damages with respect to, the Notes; 
  
 (2) default in payment when due (whether at maturity, upon
acceleration, redemption or otherwise) of the principal of, or premium, if any, on the Notes; 
  
 (3) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.10, 4.14 or 5.01 or subsection 10.04(a);

  
 (4) failure by the Company or any of its
Restricted Subsidiaries for 30 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes outstanding to comply with any of the other agreements in this Indenture; 
  
 (5) default under any mortgage, indenture or instrument
under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted
Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: 
  
 (A) is caused by a failure to make any payment when due at the final maturity of such Indebtedness (a “Payment Default”);
or 
  
 (B) results in the acceleration of such
Indebtedness prior to its express maturity, 
  
 and, in each case
of clause (A) or clause (B) above, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated,
aggregates $5.0 million or more; 
  
 (6) failure
by the Company or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $5.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; 
  
 (7) except as permitted by this Indenture, any Note
Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations
under its Note Guarantee; 
  

 66 

 (8) the Company, any Guarantor or any Significant Subsidiary of the Company (or
Restricted Subsidiaries that together would constitute a Significant Subsidiary) pursuant to or within the meaning of Bankruptcy Law: 
  
 (A) commences a voluntary case, 
  
 (B) consents to the entry of an order for relief against it in an involuntary case, 
  
 (C) makes a general assignment for the benefit of its
creditors, or 
  
 (D) generally is not paying its
debts as they become due; and 
  
 (9) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against the Company, any Guarantor or any of its Restricted Subsidiaries that is a Significant Subsidiary (or Restricted
Subsidiaries that together would constitute a Significant Subsidiary), in an involuntary case; or 
  
 (B) appoints a custodian of the Company, any Guarantor or any of its Restricted Subsidiaries that is a Significant Subsidiary (or
Restricted Subsidiaries that together would constitute a Significant Subsidiary) or for all or substantially all of the property of the Company, any Guarantor or any of its Restricted Subsidiaries that is a Significant Subsidiary (or Restricted
Subsidiaries that together would constitute a Significant Subsidiary), or 
  
 (C) orders the liquidation of the Company, any Guarantor or any of its Restricted Subsidiaries that is a Significant Subsidiary (or Restricted Subsidiaries that together would constitute a Significant Subsidiary);

  
 and the order or decree remains unstayed and in effect for 60
consecutive days. 
  
 Section 6.02.
Acceleration. 
  
 (a) In the case of an Event of Default
specified in clause (8) or (9) of subsection 6.01(a) hereof, with respect to the Company, any Guarantor or any Significant Subsidiary of the Company (or Restricted Subsidiaries that together would constitute a Significant Subsidiary), all
outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. 
  
 (b) In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the Company with the
intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 hereof, an equivalent premium shall 
  

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 also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an
Event of Default occurs during any time that the Notes are outstanding, by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes, then
the premium specified in subsection 3.07(b) shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
  
 Section 6.03. Other Remedies. 
  
 (a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any,
interest, and Liquidated Damages, if any, with respect to, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 (b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law. 
  
 Section 6.04.
Waiver of Past Defaults. 
  
 (a) Subject to Sections 6.07
and 9.02, Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee, may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder,
except a continuing Default or Event of Default in the payment of interest or Liquidated Damages on, or the principal of, the Notes; provided, however, that the Holders of a majority in principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration if: 
  
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
  
 (A) all overdue interest on all outstanding Notes,

  
 (B) all unpaid principal of (and premium, if
any, on) any outstanding Notes that has become due otherwise than by such declaration of acceleration, 
  
 (C) to the extent that payment of such interest is lawful, interest on overdue interest and overdue principal at the rate borne by such
Notes, and 
  
 (D) all sums paid or advanced by
the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
  
 (2) all Events of Default, other than the non-payment of amounts of principal (or premium, if any, on) or interest on Notes which have
become due solely by such declaration of acceleration, have been cured or waived as provided in subsection 6.04(a). 
  

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 (b) The Company shall deliver to the Trustee an Officers’ Certificate stating that the requisite
percentage of Holders have consented to the waiver provided in subsection 6.04(a) and attaching copies of such consents. In case of any such waiver, the Company, the Trustee and the Holders shall be restored to their former positions and rights
hereunder and under the Notes, respectively. This Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereon 
  
 Section 6.05.
Control by Majority. 
  
 The Holders of a majority in
principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may
take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
  
 Section 6.06. Limitation on Suits. 
  
 (a) A Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 
  
 (1) the Holder gives the Trustee written notice of a continuing Event of Default; 
  
 (2) the Holders of at least 25% in aggregate principal
amount of outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (3) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense; 
  
 (4) the Trustee does not comply with the request within 60
days after receipt of the request and the offer of indemnity; and 
  
 (5) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
  
 (b) A Holder of a Note may not use this Indenture to prejudice the rights of
another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  

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 Section 6.07. Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of the principal of, premium or Liquidated Damages, if any, or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be
impaired or affected without the consent of the Holder. 
  
 Section 6.08. Collection Suit by Trustee. 
  
 If an Event of Default specified in clause (1) or (2) of subsection 6.01(a) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount of principal of, premium, if any, interest, and Liquidated Damages, if any, remaining unpaid on the Notes and interest on overdue principal and premium, if any, and, to the extent lawful, interest and Liquidated Damages,
if any, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 Section 6.09. Trustee May File Proofs of Claim.

  
 The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
of the Notes allowed in any judicial proceedings relative to the Company or any Guarantor (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
securities or property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10. Priorities. 
  
 (a) If the Trustee collects any money pursuant to this Article Six, it shall
pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of
collection; 
  

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 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, if any, interest and Liquidated Damages, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest, and Liquidated Damages, if any,
respectively; and 
  
 Third: to the Company or to
such party as a court of competent jurisdiction shall direct. 
  
 (b) The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  
 Section 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section
6.07 hereof, or a suit by Holders of more than ten percent in principal amount of the then outstanding Notes. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  
 Except to
the extent, if any, provided otherwise in the Trust Indenture Act of 1939 (as from time to time in effect): 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, 
  

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 upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (1) this subsection does not limit the
effect of subsection (b) of this Section 7.01; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a),
(b) and (c) of this Section 7.01. 
  
 (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder
shall have offered to the Trustee security and indemnity satisfactory to it against any loss, costs, liability or expense that might be incurred by it in connection with the request or direction. 
  
 (f) Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law. 
  
 Section 7.02. Certain Rights of Trustee. 
  
 (a)
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

  
 (c) The Trustee may act through its attorneys and agents and
shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  

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 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  
 (f) The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might
be incurred by it in compliance with such request or direction. 
  
 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such event is sent to the Trustee in accordance with
Section 12.02 hereof, and such notice references the Notes. 
  
 Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the same rights it would
have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as described in the Trust Indenture Act of 1939 (as in effect at such time), it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 Section 7.04. Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall
not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection
with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.05. Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal, premium, interest or Liquidated Damages on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  

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 Section 7.06. Reports by Trustee to Holders of the Notes. 
  
 (a) Within 60 days after each May 15 beginning with the May 15 following the
date hereof, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA Section 313(c).

  
 (b) A copy of each report at the time of its mailing to the
Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA Section 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock
exchange or any delisting thereof. 
  
 Section
7.07. Compensation and Indemnity. 
  
 (a) The Company
shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the Company. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
  
 (b) The Company shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by either of the
Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, bad
faith or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless the failure to
notify the Company impairs the Company’s ability to defend such claim. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Company need not pay for any settlement made without its consent. 
  
 (c) The obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture and resignation of removal of the Trustee. 
  
 (d) To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay
principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. 
  

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 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in clause
(8) of subsection 6.01(a) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 (f) The Trustee shall comply with the provisions of TIA Section 313(b)(2) to
the extent applicable. 
  
 Section 7.08.
Replacement of Trustee. 
  
 (a) A resignation or removal
of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
  
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the
Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (1) the Trustee fails to comply with Section 7.10 hereof;

  
 (2) the Trustee is adjudged a bankrupt or an
insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (4) the Trustee becomes incapable of acting. 
  
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company. 
  
 (d)
If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition at
the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring
Trustee shall promptly transfer all property held by it as 
  

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 Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to
the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09. Successor Trustee by Merger, Etc.

  
 If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee. 
  
 Section 7.10. Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section
310(b). 
  
 Section 7.11. Preferential
Collection of Claims Against Company. 
  
 The Trustee is
subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. The Trustee hereby waives any right
to set-off any claim that it may have against the Company in any capacity (other than as Trustee and Paying Agent) against any of the assets of the Company held by the Trustee; provided, however, that if the Trustee is or becomes a
lender of any other Indebtedness permitted hereunder to be pari passu with the Notes, then such waiver shall not apply to the extent of such Indebtedness. 
  
 ARTICLE EIGHT 
  
 DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at its option, at any time, elect to have either Section
8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight. 
  
 Section 8.02. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and all obligations of the Guarantors shall be deemed to have been
discharged with respect to their obligations under the Note Guarantees on the date the conditions set forth 
  

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 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and Note Guarantees, respectively, which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the
trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, interest and Liquidated Damages, if any, on such Notes when such payments are due, (b) the
Company’s obligations with respect to such Notes under Article 2 concerning issuing temporary Notes, registration of Notes and mutilated, destroyed, lost or stolen Notes and the Company’s obligations under Section 4.02 hereof, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may exercise
its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
  
 Section 8.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 4.19 and 4.20 hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company and the Guarantors may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, clauses (3) through (7) of subsection 6.01(a)
shall not constitute Events of Default. 
  
 Section 8.04. Conditions to Legal or Covenant Defeasance. 
  
 (a) The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
  
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium and Liquidated
Damages, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

 

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 (2) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a
result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of Covenant Defeasance, the Company shall
have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (4) no Default or Event of Default shall have occurred and
be continuing either: (A) on the date of such deposit; or (B) insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 123rd day after the date of deposit; 
  
 (5) such Legal Defeasance or Covenant Defeasance will not
result in a breach or violation of, or constitute a default under any material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (6) the Company must have delivered to the Trustee an
Opinion of Counsel to the effect that, (A) assuming no intervening bankruptcy of the Company or any Guarantor between the date of deposit and the date that is 123 days following the deposit and assuming that no Holder is an “insider” of
the Company under applicable bankruptcy law, after the date that is 123 days following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally, including Section 547 of the United States Bankruptcy Code and (B) the creation of the defeasance trust does not violate the Investment Company Act of 1940; 
  

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 (7) the Company must deliver to the Trustee an Officers’ Certificate stating that
the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; 
  
 (8) if the Notes are to be redeemed prior to their Stated
Maturity, the Company must deliver to the Trustee irrevocable instructions to redeem all of the Notes on the specified redemption date; and 
  
 (9) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  
 Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
  
 (a) Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium and Liquidated Damages, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 (b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

  
 (c) Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under subsection 8.04(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section 8.06. Repayment to the Company. 
  

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any,
interest, or Liquidated Damages, if any, on any Note and remaining unclaimed for two years after such principal, and premium, if any, interest, or Liquidated Damages, if any, has become due and payable shall be paid to the Company on its request or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,

  

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 and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  
 Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars
or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof and, in the case of a Legal Defeasance, the Guarantors’ obligations
under their respective Note Guarantees shall be revised and reinstated as though no deposit had occurred pursuant to Section 8.02 hereof, in each case until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  
 ARTICLE NINE 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
  
 Section 9.01. Without
Consent of Holders of Notes. 
  
 (a) Notwithstanding
subsection 9.02(e) of this Indenture, the Company, the Guarantors, and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder of a Note: 
  
 (1) to cure any ambiguity, defect or inconsistency; 
  
 (2) to provide for uncertificated Notes in addition to or in
place of certificated Notes; 
  
 (3) to provide
for the assumption of the Company’s or any Guarantor’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets; 
  
 (4) to make any change that would provide any additional
rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under this Indenture of any such Holder; 
  
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act; 
  

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 (6) to comply with Sections 4.18, 10.04 and 10.05 hereof; 
  
 (7) to add a Guarantor; 
  
 (8) to evidence and provide for the acceptance of
appointment of a successor Trustee; or 
  
 (9) to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of its date. 
  
 (b) Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of any documents requested under subsection 7.02(b) hereof, the Trustee shall join with the Company in the execution of any amended or supplemental Indenture authorized or permitted by the terms of this
Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties or immunities
under this Indenture or otherwise. 
  
 Section
9.02. With Consent of Holders of Notes. 
  
 (a) Except as
otherwise provided in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any
provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes). 
  
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such
record date, or its duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided that unless such consent shall have
become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of
no further effect. 
  
 (c) Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amendment or supplement to this Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of such amendment or supplement unless such amendment or supplement directly affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the 
  

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 Trustee may in its discretion, but shall not be obligated to, enter into such amendment or supplement. 
  
 (d) It shall not be necessary for the consent of the Holders of Notes under
this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 (e) After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of
Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) may waive compliance in a particular instance by the Company
with any provision of this Indenture, or the Notes. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (1) reduce the principal amount of Notes whose Holders must
consent to an amendment, supplement or waiver; 
  
 (2) reduce the principal of or change the fixed maturity of any Note or alter the provisions, or waive any payment, with respect to the redemption of the Notes; 
  
 (3) reduce the rate of or change the time for payment of interest on any Note; 
  
 (4) waive a Default or Event of Default in the payment of
principal of, or interest, or premium or Liquidated Damages, if any, on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default
that resulted from such acceleration); 
  
 (5)
make any Note payable in money other than U.S. dollars; 
  
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium or Liquidated Damages, if any,
on, the Notes; 
  
 (7) release any Guarantor from
any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
  
 (8) impair the right to institute suit for the enforcement of any payment on or with respect to the Notes or the Note Guarantees;

  
 (9) amend, change or modify the obligation of
the Company to make and consummate an Asset Sale Offer with respect to any Asset Sale in accordance with Section 4.10 after the obligation to make such Asset Sale Offer has arisen, or the obligation of the Company to make and consummate a Change of
Control Offer in the 
  

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 event of a Change of Control in accordance with Section 4.14 after such Change of Control has occurred,
including, in each case, amending, changing or modifying any definition relating thereto; 
  
 (10) except as otherwise permitted under Sections 5.01 and 10.04, consent to the assignment or transfer by the Company or any Guarantor of
any of their rights or obligations under this Indenture; 
  
 (11) amend or modify any of the provisions of this Indenture or the related definitions affecting the ranking of the Notes or any Note Guarantee in any manner adverse to the holders of the Notes or any Note Guarantee;
or 
  
 (12) make any change in the preceding
amendment and waiver provisions. 
  
 Section
9.03. Compliance with Trust Indenture Act. 
  
 Every
amendment or supplement to this Indenture or the Notes shall be set forth in a document that complies with the TIA as then in effect. 
  
 Section 9.04. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by
the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or
subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05. Notation on or Exchange of Notes. 
  
 (a) The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of
an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 (b) Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

  
 Section 9.06. Trustee to Sign Amendments,
Etc. 
  
 The Trustee shall sign any amendment or supplement
to this Indenture or any Note authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental
Indenture or Note until its Board of Directors approves it. In executing any amendment or supplement or Note, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amendment or supplement is authorized or permitted by this Indenture. 
  

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 ARTICLE TEN 
 NOTE GUARANTEES 
  
 Section 10.01. Guarantee. 
  
 (a) Subject to this
Article Ten, each of the Guarantors hereby, jointly and severally, and fully and unconditionally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of, this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (1) the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes will be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes, if lawful (subject in all cases to any applicable grace
period provided herein), and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (2) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee
of payment and not a guarantee of collection. 
  
 (b) The
Guarantors hereby agree that, to the maximum extent permitted under applicable law, their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a Guarantor. Subject to Section 6.06 hereof, each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture. 
  
 (c) If any Holder
or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by any of them
to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
  
 (d) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until 
  

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 payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six hereof for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or
not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does
not impair the rights of the Holders under the Note Guarantee. 
  
 Section 10.02. Limitation on Guarantor Liability. 
  
 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute (a) a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to its Note Guarantee or (b) an unlawful distribution under any
applicable state law prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to its Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that
the obligations of such Guarantor will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Ten, result in the obligations of such Guarantor under its Note Guarantee not
constituting a fraudulent transfer or conveyance or such an unlawful shareholder distribution. 
  
 Section 10.03. Execution and Delivery of Note Guarantee. 
  
 (a) To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Note
Guarantee substantially in the form included in Exhibit E shall be endorsed by an Officer of such Guarantor by manual or facsimile signature on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on
behalf of such Guarantor by one of its Officers. 
  
 (b) Each
Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 (c) If an Officer whose signature is on this Indenture or on the Note
Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee shall be valid nevertheless. 
  
 (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of
the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
  

 85 

 (e) If required by Section 4.18 hereof, the Company shall cause such Subsidiaries to execute supplemental
indentures to this Indenture and Note Guarantees in accordance with Section 4.18 hereof and this Article Ten, to the extent applicable. 
  
 Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms. 
  
 (a) A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge
with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 
  
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
  
 (2) either 
  
 (A) the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) is a corporation organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all
the obligations of that Guarantor under this Indenture, its Note Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 
  
 (B) such sale or other disposition or consolidation or
merger complies with Section 4.10 hereof. 
  
 (b) In case of any
such consolidation, merger, sale or disposition and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Note Guarantee endorsed upon
the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by a Guarantor, such successor Person shall succeed to and be substituted for a Guarantor with the same effect as if it had been
named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all
of such Note Guarantees had been issued at the date of the execution hereof. 
  
 (c) Except as set forth in Articles Five of this Indenture, and notwithstanding clauses (1) and (2) of subsection 10.04(a) above, nothing contained in this Indenture or in any of the Notes shall prevent any
consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

  

 86 

 Section 10.05. Release of Guarantor. 
  
 (a) Any Guarantor will be released and relieved of any obligations under its
Note Guarantee, (1) in connection with any sale or other disposition of all of the Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Company, if the sale of all
such Capital Stock of that Guarantor complies with Section 4.10 hereof, (2) if the Company properly designates that Guarantor as an Unrestricted Subsidiary under Section 4.16 hereof; (3) solely in the case of a Note Guarantee created pursuant to the
second sentence of subsection 4.18(a) hereof, upon the release or discharge of the Guarantee which resulted in the creation of such Note Guarantee pursuant to Section 4.18 hereof, except a discharge or release by or as a result of payment under such
Guarantee; (4) if there is a Legal Defeasance of the Notes as described in Article Eight hereof or (5) upon the dissolution or winding-up of a Guarantor, provided that the Company shall deliver an Officers’ Certificate to the Trustee
certifying that such Guarantor qualifies as an Immaterial Subsidiary. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the foregoing requirements has been satisfied and
the conditions to the release of a Guarantor under this Section 10.05 have been met, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guarantor from its obligations under its Note Guarantee.

  
 (b) Any Guarantor not released from its obligations under its
Note Guarantee shall remain liable for the full amount of principal of and interest and Liquidated Damages, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article Ten. 
  
 ARTICLE ELEVEN 
 SATISFACTION AND DISCHARGE 
  
 Section 11.01. Satisfaction and Discharge. 
  
 (a) This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when:

  
 (1) either: 
  
 (A) all Notes that have been authenticated (except lost,
stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or 
  
 (B) all Notes that have not been delivered to the Trustee
for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest,
to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption; 
  

 87 

 (2) no Default or Event of Default shall have occurred and be continuing on the date of
such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound; 
  
 (3) the Company or any
Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
  
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or the redemption date, as the case may be. 
  
 (b) In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 (c) Notwithstanding the above, the Trustee shall pay to the Company from time
to time upon its request any cash or Government Securities held by it as provided in this section which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee,
are in excess of the amount thereof that would then be required to be deposited to effect a satisfaction and discharge under this Article Eleven. 
  
 (d) After the conditions to discharge contained in this Article Eleven have been satisfied, and the Company has paid or caused to be paid all other sums
payable hereunder by the Company, and delivered to the Trustee an Officers’ Certificate and Opinion of Counsel, each stating that all conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon written request shall
acknowledge in writing the discharge of the obligations of the Company and the Guarantors under this Indenture. 
  
 Section 11.02. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 11.03 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium and Liquidated Damages, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  

 88 

 Section 11.03. Repayment to the Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium and Liquidated Damages, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium or Liquidated Damages, if any, or interest has become
due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  
 ARTICLE TWELVE 
 MISCELLANEOUS

  
 Section 12.01. Trust Indenture Act
Controls. 
  
 If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties shall control. 
  
 Section 12.02. Notices. 
  
 (a) Any notice or communication by the Company or any Guarantor, on the one hand, or the Trustee on the other hand, to the other is duly given if in
writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Company and/or any Guarantor: 
  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, Washington 98109 
 Facsimile: (206) 404-6765 
 Attention: Chief Executive Officer and Chief Financial Officer 
  
 With a copy to: 
  
 Graham & Dunn PC 
 Pier 70, 2801 Alaskan Way, Suite 300 
 Seattle, Washington 98121 
 Facsimile: (206) 340-9599 
 Attention: Mark A. Finkelstein, Esq. 
  
 and 
  

 89 

 Perkins Coie LLP 
 1201 Third Avenue, Suite 4800 
 Seattle, Washington 98101 
 Facsimile: (206) 359-4584 
 Attention: David F. McShea 
  
 If to the Trustee: 
  
 60, Livingston Avenue 
 St. Paul, MN 55107-2292 
 Facsimile: (651) 495-8097 
 Attention: Corporate Trust Administration 
  
 (b) The Company, the Guarantors or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or
communications. 
  
 (c) All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 (d) Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 (e) Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance on
such waiver. 
  
 (f) In case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder. 
  
 (g) If a notice or communication is mailed in the
manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
  
 (h) If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  

 90 

 Section 12.03. Communication by Holders of Notes with Other Holders of Notes.

  
 Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to its rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c). 
  
 Section 12.04. Certificate and Opinion as to Conditions Precedent. 
  
 (a) Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee: 
  
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel (who may rely upon and Officers’ Certificate as to matters of fact), all such conditions precedent and covenants have been satisfied. 
  
 Section 12.05. Statements Required in Certificate or
Opinion. 
  
 (a) Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
  
 (1) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as
is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  
 Section 12.06. Rules by Trustee and Agents.

  
 The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  

 91 

 Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
  
 No director, officer, employee,
incorporator or stockholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes and the Note Guarantees. The waiver may
not be effective to waive liabilities under the federal securities laws. 
  
 Section 12.08. Governing Law. 
  
 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 
  
 Section 12.09. Consent to Jurisdiction. 
  

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby (“Related
Proceedings”) may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the
laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court has been brought in an inconvenient forum. 
  
 Section 12.10. No Adverse Interpretation of Other
Agreements. 
  
 This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or any of its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.11. Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.04. 
  
 Section 12.12. Severability. 
  
 In case any provision in this Indenture or the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 92 

 Section 12.13. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
  
 Section 12.14. Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Holders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive
in favor of the Trustee and the Company if made in the manner provided in this Section 12.14. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such witness, notary or officer the execution thereof. Where such execution is by a signer acting in a capacity other than his
individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in
any other manner which the Trustee deems sufficient. 
  
 (c)
Notwithstanding anything to the contrary contained in this Section 12.14, the principal amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar
as provided in Section 2.04 hereof. 
  
 (d) If the Company shall
solicit from the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a resolution of its Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the
record date specified in or pursuant to such resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith or the date of the most recent list of Holders forwarded to
the Trustee prior to such solicitation pursuant to Section 2.06 hereof and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite 
  

 93 

 proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be
deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration or transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Note. 
  
 (f)
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  
 Section 12.15. Benefit of Indenture. 
  
 Nothing, in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar
and its successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 12.16. Table of Contents, Headings, Etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 [SIGNATURE PAGES FOLLOW] 
  

 94 

			
	Very truly yours,
	
	FISHER COMMUNICATIONS, INC.
		
	By:	 	 /s/ William W. Krippaehne, Jr.

	Name:	 	William W. Krippaehne, Jr.
	Title:	 	President and Chief Executive Officer

  

 S-1 

			
	Fisher Broadcasting Company
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Seattle TV, L.L.C.
	By:	 	Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Seattle Radio, L.L.C.
	By:	 	Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Portland TV, L.L.C.
	By:	 	Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Portland Radio, L.L.C.
	By:	 	Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President

  

 S-2 

			
	Fisher Broadcasting – Oregon TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President

  

			
	Fisher Broadcasting – Washington TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Idaho TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – S.E. Idaho TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Georgia, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President

  

 S-3 

			
	Fisher Mills Inc.
		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Pathways, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Properties, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Sam Wylde Flour Company, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Civia, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Radio Regional Group Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

  

 S-4 

			
	Fisher Media Services Company
		
	By:	 	 /s/ Kirk G. Anderson

	Name:	 	Kirk G. Anderson
	Title:	 	President
	
	Fisher Entertainment, L.L.C.
	By:	 	Fisher Media Services Company, Its Manager
		
	By:	 	 /s/ Kirk G. Anderson

	Name:	 	Kirk G. Anderson
	Title:	 	President

  

 S-5 

			
	U.S. BANK NATIONAL ASSOCIATION, as
Trustee
		
	 By:
	 	 /s/ Laurie Howard

	 Name:
	 	 Laurie Howard

	 Title:
	 	 Vice President

  

 S-6 

 EXHIBIT A 
  

[Face of Note] 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY. 
  
 THIS NOTE AND THE GUARANTEES ENDORSED HEREON
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR THE GUARANTEES ENDORSED HEREON NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE AND
THE GUARANTEES ENDORSED HEREON BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE AND THE GUARANTEES ENDORSED HEREON (OR ANY PREDECESSOR OF THIS NOTE AND THE GUARANTEES ENDORSED HEREON) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S

  

 A-1 

 UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED
BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
  

 A-2 

 CUSIP
[                    ] 
  

			
	 No.
	 	**$             **

  
 FISHER COMMUNICATIONS,
INC. 
  
 [    ]% SENIOR NOTES DUE 2014

  
 Issue Date: 
  
 Fisher Communications, Inc., a Washington corporation (the “Company”, which term includes any successor
under the Indenture hereinafter referred to), for value received, promises to pay to CEDE & CO., or its registered assigns, the principal sum of [Amount of Note] ($             ) on
[    ], 2014. 
  
 Interest Payment Dates:
[    ] and [    ], commencing [    ], [    ]. 
  
 Record Dates: [    ] and [    ]. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
  
 [SIGNATURE PAGE
FOLLOWS] 
  
 [Attach Notation of Guarantee for each
Guarantor] 
  

 A-3 

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

			
	 FISHER COMMUNICATIONS, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 A-4 

 (Trustee’s Certificate of Authentication) 
  
 This is one of the [    ]% Senior Notes due 2014 described in the
within-mentioned Indenture. 
  
 Dated: 
  

			
	 U.S. Bank National Association,

	 as Trustee

		
	 By:
	 	  

	 	 	Authorized Signatory

  

 A-5 

 [Reverse Side of Note] 
  
 FISHER COMMUNICATIONS, INC. 
  
 [    ]% Senior Notes due 2014 
  
 Capitalized terms used herein shall have the meanings assigned to them in this Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Company promises to pay interest on the principal
amount of this Note at [    ]% per annum from the date hereof until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. The Company shall
pay interest and Liquidated Damages, if any, semi-annually in arrears on [    ] and [    ] of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further
that the first Interest Payment Date shall be [    ]. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is 1% per annum in excess of the rate then in effect, to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated
Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. Method of Payment. The Company shall pay interest on the Notes
(except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on the record date immediately preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. If a Holder of Notes has given wire transfer instructions to the Company, the Company shall pay all
principal, interest and premium and Liquidated Damages, if any, on that Holder’s Notes in accordance with those instructions. All other payments on Notes shall be made at the office or agency of the Paying Agent and Registrar within the City
and State of New York unless the Company elects to make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The
Company or any of its Subsidiaries may act in any such capacity. 
  

 A-6 

 4. Indenture. The Company issued the Notes under an Indenture dated as of September
[    ], 2004 (“Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Indenture pursuant to which this Note is issued provides that an unlimited aggregate principal amount of Additional Notes may be issued thereunder. 
  
 5. Optional Redemption. (a) Except as set forth in paragraph 5(b)
below, the Company shall not have the option to redeem any Notes prior to [    ], 2009. On [    ], 2009 and thereafter, the Company shall have the option to redeem the Notes, in whole or in part, upon not less
than 30 nor more than 60 days’ prior notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, if
redeemed during the twelve-month period beginning on [    ], of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	[    	]%
	 2010
	  	[    	]%
	 2011
	  	[    	]%
	 2012 and thereafter
	  	100.000	%

  
 (b) Notwithstanding
the foregoing, at any time prior to [    ], 2007, the Company may redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of
[    ]% of the principal amount thereof, plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the redemption date, with the net cash proceeds of one or more Public Equity Offerings; provided that (A)
at least 65% of the aggregate principal amount of the Notes issued under the Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption, excluding Notes held by the Company or its Subsidiaries;
and (B) the redemption must occur within 45 days of the date of the closing of such Public Equity Offering. 
  
 6. Mandatory Redemption. Except as set forth in paragraph 7 below, the Company shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes. 
  
 7. Repurchase at Option
of Holder. 
  
 (a) Repurchase Upon a Change of
Control. If a Change of Control occurs, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of that Holder’s Notes pursuant to an offer by the
Company (a “Change of Control Offer”) at an offer price (a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if
any, thereon, up to, but not including, the Change of Control Payment Date (as defined below). Within ten days following any Change of Control, the 
  

 A-7 

 Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of
Control and offering to repurchase Notes on a date (the “Change of Control Payment Date”) specified in such notice, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to
the procedures required by the Indenture and described in such notice. 
  
 (b) Repurchase with Proceeds from Asset Sale. Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the Restricted Subsidiary that consummated the Asset Sale and received the Net Proceeds, as the
case may be, may apply such Net Proceeds at its option: to permanently repay secured Indebtedness of the Company or the Guarantors and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect
thereto; to purchase Replacement Assets or make expenditures in or that are used or useful in a Permitted Business; or make an Investment in the Company or a Restricted Subsidiary or to make a Permitted Investment as described under clause (3) of
the definition of “Permitted Investment” in the Indenture. Pending the final application of any such Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is
not prohibited by the Indenture. 
  
 Any Net Proceeds from Asset
Sales that are not applied or invested as provided in the preceding paragraph shall constitute “Excess Proceeds.” Within 10 days after the aggregate amount of Excess Proceeds exceeds $5.0 million, the Company shall make an offer (an
“Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes or any Note Guarantee containing provisions similar to those set forth in the Indenture with respect to
offers to purchase with the proceeds of sales of assets, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will
be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest and Liquidated Damages, if any, up to, but not including, the date of purchase, and will be payable in cash. If any
Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and such other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of Notes and such other pari
passu Indebtedness tendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
  
 8. Denominations, Transfer, Exchange. The Notes are in registered form without interest coupons in denominations of $1,000 and integral multiples
of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company is not required to transfer or exchange any Note or portion of a Note selected for redemption. Also, the Company is not required to
transfer or exchange any Note (1) for a period of 15 days before a selection of Notes to be redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or an Asset Sale Offer. Transfer may be restricted as provided in the
Indenture. 
  

 A-8 

 9. Persons Deemed Owners. The registered Holder of a Note will be treated as its owner for all
purposes. 
  
 10. Amendment, Supplement and Waiver. Subject
to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, the Notes), and subject to certain exceptions, an existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority
in principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Without the consent of any Holder of a Note, the Indenture or
the Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency, or to make any change that does not adversely affect the legal rights under the Indenture of any such Holder. 
  
 11. Defaults and Remedies. In the case of an Event of Default arising
from certain events of bankruptcy or insolvency with respect to the Company, any Guarantor or any Significant Subsidiary of the Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), all outstanding Notes
will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes
to be due and payable immediately by notice in writing to the Company specifying the Event of Default. Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a
majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. However, the Trustee may refuse to follow any direction that conflicts with law or the Indenture, that may involve the Trustee
in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction, and may take any other action it deems proper that is not inconsistent with
any such direction received from Holders of Notes. The Trustee may withhold from Holders of the Notes notice of any Default or Event of Default (except a Default or Event of Default relating to the payment of principal, premium, interest or
Liquidated Damages) if it determines that withholding notice is in their interest. Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind and annul
a declaration of acceleration pursuant to Section 6.02 of the Indenture, and its consequences if certain conditions are satisfied, and waive any related existing Default or Event of Default, except an Event of Default in the payment of interest or
Liquidated Damages on, or the principal of, the Notes, if certain conditions are satisfied. 
  
 In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would
have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the
Notes. If an Event of Default occurs during any time that the Notes are outstanding, by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of
the Notes, then the premium specified in subsection 3.07(b) of the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
  

 A-9 

 12. Trustee Dealings with Company. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the same rights it would have if it were not Trustee. 
  
 13. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

  
 14. Authentication. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 15. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to Holders under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of September [    ], 2004, between the Company, the Guarantors and the parties named on the signature pages thereof or, in the
case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes shall have the rights set forth in one or more registration rights agreements, if any, between the Company, the Guarantors and the other parties thereto,
relating to rights given by the Company and the Guarantors to the purchasers of Additional Notes (the “Registration Rights Agreement”). 
  
 16. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee will use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 17. Guarantees. The Company’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.

  
 18. Copies of Documents. The Company shall furnish to
any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  
 If to the Company and/or any Guarantor: 
  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, Washington 98109 
 Facsimile: (206) 404-6765 
 Attention: Chief Executive Officer and Chief Financial Officer

  

 A-10 

 With a copy to: 
  
 Graham & Dunn PC 
 Pier 70, 2801 Alaskan Way, Suite 300 
 Seattle, Washington 98121 
 Facsimile: (206) 340-9599 
 Attention: Mark A. Finkelstein, Esq. 
  
 and 
  
 Perkins Coie LLP 
 1201 Third Avenue, Suite 4800 
 Seattle, Washington 98101 
 Facsimile: (206) 359-3584 
 Attention: David F. McShea, Esq. 
  

 A-11 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  

	
	 (I) or (we) assign and transfer this Note to:
                                        
                                        
                                        
                                        
                

	        (INSERT ASSIGNEE’S LEGAL NAME)
	  

	        (Insert assignee’s soc. sec. or tax I.D. no.)
	  

	  

	  

	  

	        (Print or type assignee’s name, address and zip code)
	 and irrevocably appoint 

  
 to transfer this Note on the books of
the Company. The agent may substitute another to act for him. 
  

					
	 Date:                     
	 	 	 	 
	 	 	Your Signature:	 	  

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

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the
appropriate box below: 
  
  ̈  Section 4.10                  ̈  Section 4.14 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
  
 $                             
  

					
	 Date:                     
	 	 	 	 
	 	 	Your Signature:	 	  

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

		
	 	 	 Tax Identification No.:

  

			
	 Signature Guarantee*:
	 	  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-13 

 [To be inserted for Rule 144A Global Note] 
  
 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	  	 Amount of Decrease in
 Principal Amount at
Maturity
 of this Global Note

	  	 Amount of Increase in
 Principal Amount at
Maturity
 of this Global Note

	  	 Principal Amount at
Maturity
 of this Global Note
 Following such
 decrease (or increase)

	  	 Signature of
 Authorized Officer
 of Trustee or
 Note Custodian

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  
 [To be
inserted for Regulation S Global Note] 
  
 SCHEDULE
OF EXCHANGES OF LEGENDED REGULATION S GLOBAL NOTE 
  
 The
following exchanges of a part of this Legended Regulation S Global Note for an interest in another Global Note or of other Restricted Global Notes for an interest in this Legended Regulation S Global Note, have been made: 
  

									
	 Date of Exchange

	  	 Amount of Decrease in
 Principal Amount at
Maturity
 of this Global Note

	  	 Amount of Increase in
 Principal Amount at
Maturity
 of this Global Note

	  	 Principal Amount at
Maturity
 of this Global Note
 Following such
 decrease (or increase)

	  	 Signature of
 Authorized Officer
 of Trustee or
 Note Custodian

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  

 A-14 

 EXHIBIT B 
  

FORM OF CERTIFICATE OF TRANSFER 
  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, Washington 98109 
 Attention: Chief Executive Officer and Chief Financial Officer 
  
 60, Livingston Avenue 
 St. Paul, MN 55107-2292 
 Attention: Corporate Trust Administration 
  
 Re: [    ]% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of September [    ], 2004 (the “Indenture”), among Fisher
Communications, Inc., a Washington corporation (the “Company”), the Guarantors, and U.s. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  
                      (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s]
specified in Annex A hereto, in the principal amount at maturity of $             in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY]

  
  ̈    1. Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is
being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
  ̈     2. Check if
Transferee will take delivery of a beneficial interest in a Legended Regulation S Global Note, or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the 
  

 B-1 

 Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the
transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Legended Regulation S
Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
  ̈    3. Check and complete if Transferee will take delivery of a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
  ̈    (a) such Transfer is being effected to the Company or a subsidiary thereof; or 
  
  ̈    (b) such Transfer is
being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not
engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to Restricted Definitive Notes and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an opinion of counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to
this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Definitive Note and in the Indenture and the Securities Act. 
  
 4. Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

  
  ̈    (a) Check if Transfer is Pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the 
  

 B-2 

 terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  

 ̈    (b) Check if
Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and, in the case of a transfer from a Restricted Global Note or a Restricted Definitive Note, the Transferor hereby further certifies that (a) the Transfer is not being made to a
person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in
the United States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act and (d) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person, and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
  ̈    (c) Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule
144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  

 B-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
	 Dated:
                    

		
	 	 	  

	 	 	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  
 1. The Transferor owns and proposes to transfer the following: 
  
 [CHECK ONE OF (a) OR (b)] 
  

						
			
	  ̈
	  	(A	)	 	a beneficial interest in the:
			
	 	  	(i	)	 	144A Global Note (CUSIP                     ); or
			
	 	  	(ii	)	 	Regulation S Global Note (CUSIP                     ); or
			
	  ̈
	  	(B	)	 	a Restricted Definitive Note.

  
 2. After the Transfer the Transferee
will hold: 
  
 [CHECK ONE] 
  

						
			
	  ̈
	  	(A	)	 	a beneficial interest in the:
			
	 	  	(i	)	 	144A Global Note (CUSIP                     ); or
			
	 	  	(ii	)	 	Regulation S Global Note (CUSIP                     ); or
			
	 	  	(iii	)	 	Unrestricted Global Note (CUSIP                     ); or
			
	  ̈
	  	(B	)	 	a Restricted Definitive Note; or
			
	  ̈
	  	(C	)	 	an Unrestricted Definitive Note,

  
 in accordance with the terms of the
Indenture. 
  

 B-5 

 EXHIBIT C 
  

FORM OF CERTIFICATE OF EXCHANGE 
  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, Washington 98109 
 Attention: [General Counsel] 
  
 [name of address of trustee] 
 Attention: [    ] 
  
 Re: [    ]% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of September
[    ], 2004 (the “Indenture”), among Fisher Communications, Inc., a Washington corporation (the “Company”), the Guarantors and [    ], as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                      (the “Owner”) owns and proposes to exchange the Note[s] or interest in
such Note[s] specified herein, in the principal amount at maturity of $                     in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
  
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note 
  
  ̈    (a) Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount at maturity, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the
United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
  ̈    (b) Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  

 C-1 

  ̈    (c) Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
  ̈    (d) Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes 
  
  ̈    (a) Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount at maturity, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
  ̈    (b) Check if Exchange
is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] : 
  
          ̈    144A Global Note, : 
  
          ̈    Regulation S Global Note, : 
  
 with an equal
principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes 
  

 C-2 

 and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws
of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

					
	 Dated:
                

	
	  

 [Insert
Name of Transferor]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 C-3 

 EXHIBIT D 
  

FORM OF CERTIFICATE FROM 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 
  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, Washington 98109 
 Attention: [General Counsel] 
  
 [name and address of trustee] 
 Attention: [    ] 
  
 Re: [    ]% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of September [    ], 2004 (the “Indenture”), among Fisher Communications, Inc., a Washington corporation (the “Company”), the
Guarantors and [    ], as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
 In connection with our proposed purchase of
$                     aggregate principal amount of: 
  

(a)     ̈     beneficial interest in a Global Note, or 
  
 (b)     ̈     a Definitive Note, 
  
 we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes or any interest
therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 
  
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may
not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we shall do so
only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the
Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities
Act 
  

 D-1 

 or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any
person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as
stated herein. 
  
 3. We understand that, on any proposed resale
of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies
with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
  
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our
or its investment. 
  
 5. We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

					
	 Dated:                 
	 	  

	 	 	 [Insert Name of Accredited Investor]

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 D-2 

 EXHIBIT E 
  

FORM OF NOTATION OF GUARANTEE 
  
 For value received, each Guarantor (as defined in the Indenture, which term includes any successor Person under the Indenture) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in and subject to the provisions in the Indenture dated as of September [    ], 2004 (the “Indenture”) among Fisher Communications, Inc., the other Guarantors
(as defined in the Indenture) and U.S. Bank National Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes (as
defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, and the due and punctual payment of interest on overdue principal, premium, if any, and interest and Liquidated Damages, if any, on the Notes, if lawful
(subject in all cases to any applicable grace period provided herein), and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and the Notes and (b)
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee (as defined in the Indenture) and the Indenture are expressly set forth in Article Ten of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 E-1 

 IN WITNESS HEREOF, each Guarantor has caused this Notation of Guarantee to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	 [NAME OF GUARANTOR]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 E-2 

 EXHIBIT F 
  

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS 
  
 Supplemental
Indenture (this “Supplemental Indenture”), dated as of                     , among
                             (the “Guaranteeing Subsidiary”), a subsidiary of Fisher
Communications, Inc. (or its permitted successor), a Washington corporation (the “Company”), and [    ] (or its permitted successor), as trustee under the Indenture referred to below (the
“Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company and the other Guarantors party thereto have heretofore
executed and delivered to the Trustee an indenture (the “Indenture”), dated as of September [    ], 2004 providing for the issuance of [    ]% Senior Notes due 2014 (the
“Notes”); 
  
 WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall, subject to Article Ten of the Indenture, unconditionally guarantee
all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental
Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

 
 1. Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture. 
  
 2. Agreement to Guarantee. 
  
 (a) Subject to
Article Ten of the Indenture, the Guaranteeing Subsidiary, along with all other Guarantors, jointly and severally, and fully and unconditionally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and
its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 
  
 (i) the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes will be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes, if lawful (subject in all cases to any applicable
grace period provided herein), and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  

 F-1 

 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. The Guaranteeing Subsidiary agrees that this is a guarantee of payment and not a guarantee of collection. 

 
 (b) The Guaranteeing Subsidiary hereby agrees that, to the maximum extent
permitted under applicable law, its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance that might otherwise constitute a legal or equitable discharge or
defense of a Guarantor. 
  
 (c) The Guaranteeing Subsidiary,
subject to Section 6.06 of the Indenture, hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture. 
  
 (d) The Guaranteeing Subsidiary agrees that if any Holder or the Trustee is
required by any court or otherwise to return to the Company, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by any of them to the Trustee or
such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
  
 (e) The Guaranteeing Subsidiary agrees that the Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
  
 (f) The Guaranteeing Subsidiary agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable
by the Guarantors for the purpose of this Note Guarantee. 
  

 F-2 

 (g) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of Holders under the Note Guarantee. 
  
 (h) The Guaranteeing Subsidiary confirms, pursuant to Section 10.02 of the Indenture, that it is the intention of such Guaranteeing Subsidiary that its
Note Guarantee not constitute (i) a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to its Note
Guarantee or (ii) an unlawful distribution under any applicable state law prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to its Note Guarantee, and, to effectuate the foregoing intention, agrees hereby
irrevocably that the obligations of such Guaranteeing Subsidiary will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guaranteeing Subsidiary that are relevant under such laws, and
after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article Ten of the Indenture, result in the
obligations of such Guaranteeing Subsidiary under its Note Guarantee not constituting a fraudulent transfer or conveyance or such an unlawful shareholder distribution. 
  
 3. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 4. Guaranteeing Subsidiary May Consolidate, Etc., on Certain Terms. 
  
 (a) A Guarantor may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into (whether or not
such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 
  
 (i) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
  
 (ii) either 
  
 (A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving
any such consolidation or merger (if other than the Guarantor) is a corporation or limited liability company organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all the obligations of
that Guarantor under the Indenture, its Note Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 
  
 (B) such sale or other disposition or consolidation or merger complies with Section 4.10 of the Indenture.

  
 (b) In case of any such consolidation, merger, sale or
disposition and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Note Guarantee endorsed upon 
  

 F-3 

 the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by
a Guarantor, such successor Person shall succeed to and be substituted for a Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under the
Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 (c) Except as set forth in Article Five of the Indenture, and notwithstanding
clauses (i) and (ii) of Section 4(a) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of
the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
  
 5. Release. 
  
 (a) Any Guarantor will be released and relieved of any obligations under its Note Guarantee, (i) in connection with any sale or other disposition of all
of the Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Company, if the sale of all such Capital Stock of that Guarantor complies with Section 4.10 of the
Indenture; (ii) if the Company properly designates that Guarantor as an Unrestricted Subsidiary under Section 4.16 of the Indenture; (iii) solely in the case of a Note Guarantee created pursuant to the second sentence of subsection 4.18(a) of the
Indenture, upon the release or discharge of the Guarantee which resulted in the creation of such Note Guarantee pursuant to Section 4.18 of the Indenture, except a discharge or release by or as a result of payment under such Guarantee; (iv) if there
is a Legal Defeasance of the Notes as described in Article Eight of the Indenture; or (v) upon the dissolution or winding-up of a Guarantor; provided that the Company shall deliver an Officers’ Certificate to the Trustee certifying that
such Guarantor qualifies as an Immaterial Subsidiary. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the foregoing requirements has been satisfied and the conditions
to the release of a Guarantor under this Section 5 have been satisfied, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guarantor from its obligations under its Note Guarantee. 
  
 (b) Any Guarantor not released from its obligations under its Note Guarantee
shall remain liable for the full amount of principal of and interest and Liquidated Damages, if any, on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article Ten of the Indenture. 
  
 6. No Recourse Against Others. Pursuant to Section 12.07 of the
Indenture, no director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of such Guaranteeing Subsidiary under the Notes, the Indenture, the Note Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation. 
  

 F-4 

 7. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS SUPPLEMENTAL INDENTURE. 
  
 8. Counterparts. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 9. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction
hereof. 
  
 10. Trustee. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 F-5 

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

			
	 Very truly yours,

	
	 FISHER COMMUNICATIONS, INC.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 

  

 F-6 

					
	 	 	 Fisher Broadcasting Company

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Fisher Broadcasting – Seattle TV, L.L.C.

	 	 	 By: Fisher Broadcasting Company, Its Manager

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Fisher Broadcasting – Seattle Radio, L.L.C.

	 	 	 By: Fisher Broadcasting Company, Its Manager

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Fisher Broadcasting – Portland TV, L.L.C.

	 	 	 By: Fisher Broadcasting Company, Its Manager

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Fisher Broadcasting – Portland Radio, L.L.C.

	 	 	 By: Fisher Broadcasting Company, Its Manager

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Fisher Broadcasting – Oregon TV, L.L.C.

	 	 	 By: Fisher Broadcasting Company, Its Manager

			
	 	 	 By:
	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 F-7 

			
	 Fisher Broadcasting – Washington TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Broadcasting – Idaho TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Broadcasting – S.E. Idaho TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Broadcasting – Georgia, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 

  

 F-8 

			
	 Fisher Mills Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Pathways, Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Properties, Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Sam Wylde Flour Company, Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Civia, Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Radio Regional Group Inc.

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 

  

 F-9 

			
	 Fisher Media Services Company

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 
	
	 Fisher Entertainment, L.L.C.

	 By: Fisher Media Services Company, Its Manager

		
	 By:
	 	

	 Name:
	 	 
	 Title:
	 	 

  

 F-10Registration Rights Agreement dated September 20, 2004

 EXHIBIT 4.2 
  
 EXECUTION COPY 
  
 Fisher Communications, Inc. 
  
 $150,000,000 
  
 8 5/8% Senior Notes due 2014 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 September 20, 2004 
  
 Wachovia Capital Markets, LLC 
 One Wachovia Center 
 301 South College Street 
 Charlotte, North Carolina 28288-0604 
  
 Ladies and Gentlemen: 
  
 Fisher Communications, Inc., a Washington corporation (the “Company”), and the Company’s domestic subsidiaries listed on Schedule 1
hereto (the “Guarantors”) confirm their agreement with Wachovia Capital Markets, LLC (the “Initial Purchaser”) on the terms set forth herein. 
  
 This agreement (the “Registration Rights Agreement” or this “Agreement”) is being entered
into in connection with a certain purchase agreement, dated September 15, 2004, by and among the Company, the Guarantors and the Initial Purchaser (the “Purchase Agreement”), which provides for the issuance and sale by the Company
to the Initial Purchaser of $150,000,000 aggregate principal amount of the Company’s 8 5/8% Senior Notes due 2014 (the “Notes”) to be unconditionally guaranteed on a senior basis by the
Guarantors (the “Note Guarantees”). In order to induce the Initial Purchaser to enter into the Purchase Agreement, the Company and the Guarantors have agreed to provide the registration rights set forth in this Agreement for the
benefit of the Initial Purchaser and its direct and indirect transferees. The parties hereby agree as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used
in this Agreement, the following capitalized defined terms shall have the following meanings: 
  
 “Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Affiliate” means, with respect to any specified person, any other person that, directly or indirectly, is
in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, control of a person means the power, direct or indirect, to direct or cause the direction of the management and policies of
such person whether by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 “Agreement” has the meaning set forth in the preamble hereto. 
  
 “Business Day” means any day excluding Saturday, Sunday or
any other day which is a legal holiday under the laws of New York, New York or is a day on which banking institutions therein located are authorized or required by law or other governmental action to close. 
  
 “Commission” means the Securities and Exchange Commission.

  
 “Consummate” means, with respect to a
Registered Exchange Offer, the occurrence of (a) the filing and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Registered Exchange Offer, (b) the maintenance of such
Registration Statement continuously effective, the launching of the Registered Exchange Offer and the keeping of the Registered Exchange Offer open for a period not less than the minimum period required pursuant to Section 2(c)(ii) hereof, (c) the
Company’s acceptance for exchange of all Transfer Restricted Notes duly tendered and not validly withdrawn pursuant to the Registered Exchange Offer and (d) the delivery of Exchange Notes by the Company to the registrar under the Indenture in
the same aggregate principal amount as the aggregate principal amount of Transfer Restricted Notes duly tendered and not validly withdrawn by Holders thereof pursuant to the Registered Exchange Offer and the delivery of such Exchange Notes to such
Holders. The term “Consummation” has a meaning correlative to the foregoing. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Notes” means debt securities of the Company,
guaranteed by the Guarantors, substantially identical in all material respects to the Notes other than issue date (except that the Liquidated Damages provisions and the transfer restrictions pertaining to the Notes will be modified or eliminated, as
appropriate), to be issued under the Indenture in connection with the Registered Exchange Offer. 
  
 “Exchange Offer Registration Period” means the 180-day period following the Consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement or during which the Company has suspended the use of the Prospectus contained therein pursuant to Section 2(d);
provided, however, that in the event that all resales of Exchange Notes (including, subject to the time periods set forth herein, any resales by Participating Broker-Dealers) covered by such Exchange Offer Registration Statement have
been made, the Exchange Offer Registration Statement need not thereafter remain continuously effective for such period. 
  
 “Exchange Offer Registration Statement” means a registration statement of the Company and the Guarantors on an appropriate form under the
Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
  

 2 

 “Filing Date” has the meaning set forth in Section 2 hereto. 
  
 “Holder” means any holder from time to time of Transfer
Restricted Notes or Exchange Notes (including the Initial Purchaser). 
  
 “Indenture” means the indenture relating to the Notes and the Exchange Notes, dated as of September 20, 2004, among the Company, the Guarantors and U.S. Bank National Association, as trustee, as the same may be amended,
supplemented, waived or otherwise modified from time to time in accordance with the terms thereof. 
  
 “Initial Purchaser” has the meaning set forth in the preamble hereto. 
  
 “Issue Date” means September 20, 2004. 
  
 “Liquidated Damages” has the meaning set forth in Section 4 hereto. 
  
 “Losses” has the meaning set forth in Section 8(d) hereto.

  
 “Majority Holders” means the Holders of a
majority of the aggregate principal amount of Transfer Restricted Notes; provided that if action is being taken with respect to a Registration Statement, “Majority Holders” means the Holders of a majority of the aggregate principal
amount of Transfer Restricted Notes registered under such Registration Statement. 
  
 “Managing Underwriters” means the investment banker or investment bankers and manager or managers that shall administer an underwritten offering under a Shelf Registration Statement. 
  
 “Notes” has the meaning set forth in the preamble hereto.

  
 “Participating Broker-Dealer” means any
Holder (which may include the Initial Purchaser) that is a broker-dealer electing to exchange Notes acquired for its own account as a result of market-making activities or other trading activities for Exchange Notes. 
  
 “Private Exchange Notes” has the meaning set forth in
Section 2(g) hereof. 
  
 “Prospectus” means the
prospectus included in any Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act or any similar
rule that may be adopted by the Commission), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Transfer Restricted Notes covered by such Registration Statement, and all
amendments and supplements to the Prospectus. 
  
 “Purchase Agreement” has the meaning set forth in the preamble hereto. 
  
 “Registered Exchange Offer” means the proposed offer to the Holders to issue and deliver to such Holders, in exchange for the Notes, a
like aggregate principal amount of Exchange Notes. 
  

 3 

 “Registration Statement” means any Exchange Offer Registration Statement or Shelf
Registration Statement that covers any of the Transfer Restricted Notes (including the Note Guarantee) pursuant to the provisions of this Agreement, amendments and supplements to such registration statement, including post-effective amendments, in
each case including the Prospectus contained therein, all exhibits thereto, and all material incorporated by reference therein. 
  
 “Shelf Registration” means a registration of Transfer Restricted Notes with the Commission effected pursuant to Section 3 hereof.

  
 “Shelf Registration Period” has the meaning
set forth in Section 3(c) hereof. 
  
 “Shelf Registration
Statement” means a ”shelf” registration statement of the Company and the Guarantors filed pursuant to the provisions of Section 3 hereof, which covers some or all of the Transfer Restricted Notes, as applicable, on an appropriate
form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, and which may be in the format of an amendment to the Exchange Offer Registration Statement if permitted by the Commission, all amendments and supplements
to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
  
 “Transfer Restricted Notes” means each Note upon original
issuance thereof and at all times subsequent thereto, each Private Exchange Note as to which Section 3(a)(iii) or Section 3(a)(iv) applies upon original issuance and at all times subsequent thereto, until in the case of any such Note or Exchange
Note, as the case may be, the earliest to occur of (i) the date on which such Note has been exchanged by a person other than a Participating Broker-Dealer for an Exchange Note (other than with respect to an Exchange Note as to which Section
3(a)(iii) or Section 3(a)(iv) applies), (ii) with respect to Exchange Notes received by Participating Broker-Dealers in the Registered Exchange Offer, the date on which such Exchange Note has been sold by such Participating Broker-Dealer by means of
the Prospectus contained in the Exchange Offer Registration Statement, (iii) a Shelf Registration Statement covering such Note or Exchange Note, as the case may be, has been declared effective by the Commission and such Note or Exchange Note, as the
case may be, has been disposed of in accordance with such effective Shelf Registration Statement, (iv) the date on which such Note or Exchange Note, as the case may be, can be sold without any limitations under clauses (d), (e), (f) or (h) of Rule
144 under the Act or any similar rule that may be adopted by the Commission, (v) the date on which such Note or Exchange Note is transferred to the public pursuant to Rule 144 under the Act or (vi) such Note or Exchange Note, as the case may be,
ceases to be outstanding for purposes of the Indenture. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
  
 “Trustee” means the trustee with respect to the Notes and Exchange Notes under the Indenture. 
  
 2. Registered Exchange Offer; Resales of Exchange Notes by Participating
Broker-Dealers; Private Exchange. (a) The Company and the Guarantors shall use their 
  

 4 

 commercially reasonable efforts to prepare and, not later than 120 days from the Issue Date (or, if such 120th day is not
a Business Day, by the first Business Day thereafter), shall file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer (the date of such filing hereinafter referred to as the “Filing
Date”). The Company and the Guarantors shall use their reasonable best efforts (i) to cause the Exchange Offer Registration Statement to be declared effective under the Act within 180 days from the Issue Date (or, if such 180th day is not a
Business Day, by the first Business Day thereafter) and (ii) to Consummate the Registered Exchange Offer within 210 days from the Issue Date (or, if such 210th day is not a Business Day, by the first Business Day thereafter). 
  
 (b) The objective of the Registered Exchange Offer is to enable each Holder
electing to exchange Transfer Restricted Notes for Exchange Notes (assuming that such Holder (x) is not an “affiliate” of the Company or the Guarantors within the meaning of the Act, (y) is not a broker-dealer that acquired the Transfer
Restricted Notes in a transaction other than as a part of its market-making or other trading activities and (z) if such Holder is not a broker-dealer, acquires the Exchange Notes in the ordinary course of such Holder’s business, is not
participating in the distribution of the Exchange Notes and has no arrangements or intentions with any person to make a distribution of the Exchange Notes) to resell such Exchange Notes from and after their receipt without any limitations or
restrictions under the Act. Each Holder participating in the Registered Exchange Offer shall be required to represent to the Company and the Guarantors that at the time of the Consummation of the Registered Exchange Offer each of the items listed in
subsections (x), (y) and (z) of this Section 2(b) is true. 
  
 (c)
In connection with the Registered Exchange Offer, the Company and the Guarantors shall: 
  
 (i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents; 
  
 (ii) keep the Registered Exchange Offer open for acceptance for not less than 30 days (or longer if required by applicable law) after the date notice thereof is mailed to Holders; 
  
 (iii) permit Holders to withdraw tendered Notes at any time
prior to 5:00 p.m. New York City time on the last Business Day on which the Registered Exchange Offer shall remain open; 
  
 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New
York; and 
  
 (v) comply in all material respects
with all applicable laws relating to the Registered Exchange Offer. 
  
 (d) The Company and the Guarantors may suspend the use of the Prospectus for a period not to exceed 90 days in any six-month period or an aggregate of 120 days in any twelve-month period for valid business reasons (not including avoidance
of their obligations hereunder) to avoid premature public disclosure of a pending corporate transaction, including 
  

 5 

 pending acquisitions or divestitures of assets, mergers and combinations and similar events; provided that (i) the
Company and the Guarantors promptly thereafter comply with the requirements of Section 5(k) hereof, if applicable; (ii) the period during which the Registration Statement is required to be effective and usable shall be extended by the number of days
during which such Registration Statement was not effective or usable pursuant to the foregoing provisions; and (iii) Liquidated Damages shall accrue on the Notes as provided in Section 4 hereof. 
  
 (e) As soon as practicable after the Consummation of the Registered Exchange
Offer, the Company and the Guarantors shall: 
  
 (i) accept for exchange all the Notes validly tendered and not withdrawn pursuant to the Registered Exchange Offer; 
  
 (ii) deliver to the Trustee for cancellation all of the Notes so accepted for exchange; and 
  
 (iii) cause the Trustee promptly to authenticate and deliver
to each Holder Exchange Notes equal in principal amount to the Transfer Restricted Notes of such Holder so accepted for exchange. 
  
 (f) The Initial Purchaser, the Company and the Guarantors acknowledge that, pursuant to interpretations by the staff of the Commission of Section 5 of the
Act, and in the absence of an applicable exemption therefrom, each Participating Broker-Dealer is required to deliver a Prospectus in connection with a sale of any Exchange Notes received by such Participating Broker-Dealer pursuant to the
Registered Exchange Offer in exchange for Transfer Restricted Notes acquired for its own account as a result of market-making activities or other trading activities. Accordingly, the Company and the Guarantors will allow Participating Broker-Dealers
and other persons, if any, with similar prospectus delivery requirements to use the Prospectus contained in the Exchange Offer Registration Statement during the Exchange Offer Registration Period in connection with the resale of such Exchange Notes
and shall: 
  
 (i) include the information set
forth in (a) Annex A hereto on the cover of the Prospectus forming a part of the Exchange Offer Registration Statement; (b) Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the
Registered Exchange Offer; (c) Annex C hereto in the plan of distribution section of the Prospectus forming a part of the Exchange Offer Registration Statement; and (d) Annex D hereto in the letter of transmittal delivered pursuant to the Registered
Exchange Offer; and 
  
 (ii) use reasonable best
efforts to keep the Exchange Offer Registration Statement continuously effective (subject to Section 2(d)) under the Act during the Exchange Offer Registration Period for delivery of the Prospectus included therein by Participating Broker-Dealers in
connection with sales of Exchange Notes received pursuant to the Registered Exchange Offer, as contemplated by Section 5(h) below. 
  
 (g) In the event that the Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the
exchange of Transfer Restricted 
  

 6 

 Notes constituting any portion of an unsold allotment, upon the effectiveness of the Shelf Registration Statement as
contemplated by Section 3 hereof and at the request of the Initial Purchaser, the Company and the Guarantors shall issue and deliver to the Initial Purchaser, or to the party purchasing Transfer Restricted Notes registered under the Shelf
Registration Statement from the Initial Purchaser, in exchange for such Transfer Restricted Notes, a like principal amount of Exchange Notes to the extent permitted by applicable law (the “Private Exchange Notes”). The Company and
the Guarantors shall use their reasonable best efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for such Private Exchange Notes as for Exchange Notes issued pursuant to the Registered Exchange Offer. 
  
 3. Shelf Registration. (a) If (i) the Company and the Guarantors are
not permitted to file the Exchange Offer Registration Statement or to Consummate the Registered Exchange Offer because the Registered Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any other reason the Registered
Exchange Offer is not Consummated within 210 days (or if such 210th day is not a Business Day, by the first Business Day thereafter) of the Issue Date, (iii) the Initial Purchaser so requests with respect to Notes acquired by it directly from the
Company and the Guarantors, which have not been resold on or prior to the 20th day (or if such 20th day is not a Business Day, by the first Business Day thereafter) following the Consummation of the Registered Exchange Offer, (iv) any Holder
notifies the Company and the Guarantors on or prior to the 20th day (or if such 20th day is not a Business Day, by the first Business Day thereafter) following the Consummation of the Registered Exchange Offer that (A) such Holder is not eligible to
participate in the Registered Exchange Offer, due to applicable law or Commission policy, (B) the Exchange Notes such Holder would receive would not be freely tradable, (C) such Holder is a Participating Broker-Dealer that cannot publicly resell the
Exchange Notes that it acquires in the Registered Exchange Offer without delivering a Prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for resales following the completion of the
Registered Exchange Offer, or (D) the Holder is a broker-dealer and owns Notes it has not exchanged and that it acquired directly from the Company, one of its Affiliates or the Guarantors, or (v) in the case where the Initial Purchaser participates
in the Registered Exchange Offer or acquires Private Exchange Notes pursuant to Section 2(g) hereof, the Initial Purchaser does not receive freely tradable Exchange Notes in exchange for Notes constituting any portion of an unsold allotment and the
Initial Purchaser notifies the Company and the Guarantors on or prior to the 20th day following the Consummation of the Registered Exchange Offer (it being understood that, for purposes of this Section 3, (x) the requirement that the Initial
Purchaser deliver a Prospectus containing the information required by Items 507 and/or 508 of Regulation S-K under the Act in connection with sales of Exchange Notes acquired in exchange for such Transfer Restricted Notes shall result in such
Exchange Notes being not “freely tradable” and (y) the requirement that a Participating Broker-Dealer deliver a Prospectus in connection with sales of Exchange Notes acquired in the Registered Exchange Offer in exchange for Transfer
Restricted Notes acquired as a result of market-making activities or other trading activities shall result in such Exchange Notes being not “freely tradable”), the following provisions shall apply: 
  
 (b) The Company and the Guarantors shall use their reasonable best efforts
to prepare and file with the Commission a Shelf Registration Statement prior to the 45th day (or if such 45th day is not a Business Day, by the first Business Day thereafter) following the earliest to occur of (i) the date on which the Company and
the Guarantors determine that they are not 
  

 7 

 permitted to file the Exchange Offer Registration Statement or to Consummate the Registered Exchange Offer; (ii) 45 days
(or if such 45th day is not a Business Day, by the first Business Day thereafter) after the Exchange Offer Registration Statement has been declared effective if the Registered Exchange Offer has not been Consummated by such date and (iii) the date
notice is given pursuant to Section 3(a)(iii), (iv) or (v) above (or if either such 45th day is not a Business Day, by the first Business Day thereafter), and shall use their reasonable best efforts to cause the Shelf Registration Statement to be
declared effective by the Commission within 90 days after such filing (or if such 90th day is not a Business Day, by the first Business Day thereafter). With respect to Exchange Notes received by the Initial Purchaser in exchange for Notes
constituting any portion of an unsold allotment, the Company and the Guarantors may, if permitted by current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the
information required by Regulation S-K Items 507 and/or 508, as applicable, in satisfaction of their obligations under this paragraph (b) with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to
herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 
  
 (c) The Company and the Guarantors shall use their reasonable best efforts to keep such Shelf Registration Statement continuously effective (subject to
Section 3(d)) in order to permit the Prospectus forming a part thereof to be usable by Holders until the earliest of (i) such time as the Notes or Exchange Notes covered by the Shelf Registration Statement can be sold without any limitations under
clauses (c), (e), (f) and (h) of Rule 144 or similar rule adopted by the Commission, (ii) two years from the date the Shelf Registration Statement has been declared effective exclusive of any period during which any stop order shall be in effect
suspending the effectiveness of the Shelf Registration Statement or during which the Company has suspended the use of the Prospectus contained therein pursuant to Section 3(d) and (iii) such date as of which all the Transfer Restricted Notes have
been sold pursuant to the Shelf Registration Statement (in any such case, such period being called the “Shelf Registration Period”). The Company and the Guarantors shall be deemed not to have used their reasonable best efforts to
keep the Shelf Registration Statement effective during the Shelf Registration Period if one of them voluntarily takes any action that would result in Holders of Transfer Restricted Notes covered thereby not being able to offer and sell such notes
during that period, unless such action is (x) required by applicable law or (y) pursuant to Section 3(d) hereof, and, in either case, so long as the Company and the Guarantors promptly thereafter comply with the requirements of Section 5(k) hereof,
if applicable. 
  
 (d) The Company and the Guarantors may suspend
the use of the Prospectus for a period not to exceed 90 days in any six-month period or an aggregate of 120 days in any twelve-month period for valid business reasons (not including avoidance of their obligations hereunder) or to avoid premature
public disclosure of a pending corporate transaction, including pending acquisitions or divestitures of assets, mergers and combinations and similar events; provided that (i) the Company and the Guarantors promptly thereafter comply with the
requirements of Section 5(k) hereof, if applicable; (ii) the period during which the Registration Statement is required to be effective and usable shall be extended by the number of days during which such Registration Statement was not effective or
usable pursuant to the foregoing provisions; and (iii) Liquidated Damages shall accrue on the Notes as provided in Section 4 hereof. 
  

 8 

 (e) No Holder of Transfer Restricted Notes may include any of its Transfer Restricted Notes in any Shelf
Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company and the Guarantors in writing, within 10 days after receipt of a request therefor, such information as the Company and the Guarantors may
reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder of Transfer Restricted Notes as to which any Shelf Registration Statement is being effected agrees
to furnish promptly to the Company and the Guarantors all information required to be disclosed in order to make the information previously furnished to the Company and the Guarantors by such Holder not misleading. 
  
 4. Liquidated Damages. (a) The parties hereto agree that Holders of
Transfer Restricted Notes will suffer damages if the Company or the Guarantors fails to perform their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages. Accordingly, in the
event that (i) the applicable Registration Statement is not filed with the Commission on or prior to the date specified herein for such filing, (ii) the applicable Registration Statement has not been declared effective by the Commission on or prior
to the date specified herein for such effectiveness after such obligation arises, (iii) if the Registered Exchange Offer is required to be Consummated hereunder, the Registered Exchange Offer has not been Consummated by the Company and the
Guarantors within the time period set forth in Section 2(a) hereof, (iv) prior to the end of the Exchange Offer Registration Period or the Shelf Registration Period, the Commission shall have issued a stop order suspending the effectiveness of the
Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, or proceedings have been initiated with respect to the Registration Statement under Section 8(d) or 8(e) of the Act, or (v) the Company and the Guarantors
shall have initiated a suspension period pursuant to Section 2(d) or 3(d) (each such event referred to in clauses (i) through (v), a “Registration Default”), then additional interest with respect to the Transfer Restricted Notes
(“Liquidated Damages”) will accrue with respect to the first 90-day period immediately following the occurrence of the first Registration Default in an amount equal to 0.5% per annum per $1,000 principal amount of such Notes and
will increase by an additional 0.5% per annum per $1,000 principal amount of such Notes for each subsequent 90-day period until all Registration Defaults have been cured, up to an aggregate maximum amount of Liquidated Damages of 1.0% per annum per
$1,000 principal amount of Notes for all Registration Defaults. Following the cure of all Registration Defaults, the accrual of Liquidated Damages with respect to such Registration Defaults will cease and the interest rate on the Notes shall
thereafter be the coupon rate. Notwithstanding anything to the contrary in this Section 4(a), the Company and the Guarantors shall not be required to pay Liquidated Damages to a Holder of Restricted Transfer Notes if such Holder failed to comply
with its obligations to make the representations set forth in the second sentence of Section 2(b) or provide the requested information pursuant to Section 3(e). 
  

(b) The Company shall notify the Trustee and paying agent under the Indenture (or the trustee and paying agent under such other indenture under which
any Transfer Restricted Notes are issued) immediately upon the happening of each and every Registration Default. The Company and the Guarantors shall pay the Liquidated Damages due on the Transfer Restricted Notes by depositing with the paying agent
(which shall not be the Company or the Guarantors for these purposes) for the Transfer Restricted Notes, in trust, for the benefit of the Holders thereof, prior to 11:00 a.m. on the next interest payment date specified in the 
  

 9 

 Indenture (or such other indenture), sums sufficient to pay the Liquidated Damages then due. The Liquidated Damages due
shall be payable on each interest payment date specified by the Indenture (or such other indenture) to the record holders entitled to receive the interest payment to be made on such date. Each obligation to pay Liquidated Damages shall be deemed to
accrue from and include the date of the first applicable Registration Default to, but excluding, the relevant interest payment date. 
  
 (c) The parties hereto agree that the Liquidated Damages provided for in this Section 4 constitutes a reasonable estimate of the damages that will be
suffered by Holders of Transfer Restricted Notes by reason of the happening of any Registration Default and are intended to and shall constitute the sole remedy for damages that will be suffered by the Holders of the Transfer Restricted Notes by
reason of any of the failures listed in Section 4(a). 
  
 (d) All
Liquidated Damages which has accrued pursuant to this Section 4 and which is outstanding with respect to any Transfer Restricted Note shall remain outstanding until paid in full (notwithstanding termination of this Agreement, Consummation of the
Registered Exchange Offer or cessation of effectiveness of the Shelf Registration Period). 
  
 5. Registration Procedures. In connection with any Exchange Offer Registration Statement, and, to the extent applicable, any Shelf Registration Statement, the following provisions shall apply: 
  
 (a) The Company and the Guarantors shall furnish to the
Initial Purchaser, prior to the filing thereof with the Commission, a copy of any Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein and shall reflect in each such
document, when so filed with the Commission, such comments as the Initial Purchaser reasonably may propose. 
  
 (b) The Company and the Guarantors shall ensure that: 
  
 (i) any Registration Statement and any amendment thereto and any Prospectus contained therein and any
amendment or supplement thereto complies in all material respects with the Act; 
  
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and 
  
 (iii) any Prospectus forming part of any Registration Statement, including any amendment or supplement to such Prospectus, does not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 
  
 provided that no representation or agreement is made hereby with
respect to information with respect to the Initial Purchaser, any Underwriter or any Holder required to be included in any Registration Statement or Prospectus pursuant to the Act or provided by the Initial Purchaser, any Holder or any Underwriter
specifically for inclusion in any Registration Statement or Prospectus. 
  

 10 

 (c) (1) The Company and the Guarantors shall promptly advise the Initial Purchaser and,
in the case of a Shelf Registration Statement, the Holders of Transfer Restricted Notes covered thereby, and, if requested by the Initial Purchaser or any such Holder, confirm such advice in writing: 
  
 (i) when a Registration Statement and any amendment thereto
has been filed with the Commission and when the Registration Statement or any post effective amendment thereto has become effective; and 
  
 (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the Prospectus included therein or
for additional information. 
  
 (2) The Company
and the Guarantors shall promptly advise the Initial Purchaser and, in the case of a Shelf Registration Statement, the Holders of Transfer Restricted Notes covered thereby, and, in the case of an Exchange Offer Registration Statement, any
Participating Broker-Dealer that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by the Initial Purchaser or any such Holder or Participating Broker-Dealer, confirm such advice in
writing: 
  
 (i) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
  
 (ii) of the receipt by the Company or the Guarantors of any notification with respect to the suspension of the qualification of the
Transfer Restricted Notes included in any Registration Statement for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
  
 (iii) of the happening of any event that requires the making of any changes in the Registration Statement or
the Prospectus so that, as of the date of the issuance of such advice, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the
Prospectus, in light of the circumstances under which they were made) not misleading (which advice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made). 
  
 (d) The Company and the Guarantors shall use their
reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement at the earliest possible time. 
  

 11 

 (e) The Company and the Guarantors shall furnish to each Holder of Transfer Restricted
Notes included within the coverage of any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post effective amendment thereto, including financial statements and schedules, and, if the Holder
so requests in writing, all exhibits thereto (including those incorporated by reference). 
  
 (f) The Company and the Guarantors shall, during the Shelf Registration Period, deliver to each Holder of Transfer Restricted Notes
included within the coverage of any Shelf Registration Statement, without charge, as many copies of the Prospectus (including any preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such
Holder may reasonably request; and the Company and the Guarantors consent to the use of the Prospectus (including any preliminary prospectus) or any amendment or supplement thereto by each of the selling Holders of Transfer Restricted Notes in
connection with the offering and sale of the Transfer Restricted Notes covered by the Prospectus or any amendment or supplement thereto. 
  
 (g) The Company and the Guarantors shall furnish to each Participating Broker-Dealer that so requests, without charge, at least one copy
of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, any documents incorporated by reference therein and, if the Participating Broker-Dealer so requests in writing, all
exhibits thereto (including those incorporated by reference). 
  
 (h) The Company and the Guarantors shall, during the Exchange Offer Registration Period and pursuant to the requirements of the Act for the resale of the Exchange Notes during the period in which a prospectus is
required to be delivered under the Act (including any Commission no-action letters relating to the Registered Exchange Offer), deliver to each Participating Broker-Dealer, without charge, as many copies of the Prospectus (including any preliminary
Prospectus) included in such Exchange Offer Registration Statement and any amendment or supplement thereto as such Participating Broker-Dealer may reasonably request; and the Company and the Guarantors consent to the use of the Prospectus (including
any preliminary Prospectus) or any amendment or supplement thereto by any such Participating Broker-Dealer in connection with the offering and sale of the Exchange Notes, as provided in Section 2(f) above. 
  
 (i) Prior to the Registered Exchange Offer or any other
offering of Transfer Restricted Notes pursuant to any Registration Statement, the Company and the Guarantors shall use reasonable best efforts to register, qualify or cooperate with the Holders of Transfer Restricted Notes included therein and their
respective counsel in connection with the registration or qualification of such Transfer Restricted Notes for offer and sale under the securities or blue sky laws of such states as any such Holders reasonably request in writing and do any and all
other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Transfer Restricted Notes covered by such Registration Statement; provided, however, neither the Company nor the Guarantors will be
required to qualify generally to do business in any jurisdiction 
  

 12 

 in which it is not then so qualified, to file any general consent to service of process or to take any
action which would subject it to general service of process or to taxation in any such jurisdiction where it is not then so subject. 
  
 (j) The Company and the Guarantors shall cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Notes to be sold pursuant to any Registration Statement free of any restrictive legends and in denominations and registered in such names as Holders may appropriately request prior to sales of Transfer Restricted
Notes pursuant to such Registration Statement. 
  
 (k) Upon the occurrence of any event contemplated by Section 2(d), 3(d) or paragraph (c)(2)(iii) of this Section 5, the Company and the Guarantors shall promptly prepare and file a post-effective amendment to any Registration Statement or
an amendment or supplement to the related Prospectus or any other required document so that, as thereafter delivered to purchasers of the Transfer Restricted Notes included therein, the Prospectus will not include an untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (l) The Company and the Guarantors shall use their reasonable best efforts to cause The Depository Trust Company (“DTC”)
on the first Business Day following the effective date of any Registration Statement hereunder or as soon as possible thereafter to remove (i) from any existing CUSIP number assigned to the Transfer Restricted Notes or Exchange Notes, as the case
may be, any designation indicating that such notes are “restricted securities,” which efforts shall include delivery to DTC of a letter executed by the Company substantially in the form of Annex E hereto and (ii) any other stop or
restriction on DTC’s system with respect to the Transfer Restricted Notes or Exchange Notes, as the case may be. In the event the Company and the Guarantors are unable to cause DTC to take actions described in the immediately preceding
sentence, the Company and the Guarantors shall take such actions as the Initial Purchaser may reasonably request to provide, as soon as practicable, a new CUSIP number (if not already obtained) for the Transfer Restricted Notes or Exchange Notes
registered under such Registration Statement and to cause such CUSIP number to be assigned to the Transfer Restricted Notes or Exchange Notes (or to the maximum aggregate principal amount of the securities to which such number may be assigned).

  
 (m) The Company and the Guarantors shall use
their reasonable best efforts to comply with all applicable rules and regulations of the Commission and shall make generally available to the security holders as soon as practicable after the effective date of the applicable Registration Statement
an earnings statement satisfying the provisions of Section 11(a) of the Act and Rule 158 promulgated thereunder. 
  
 (n) The Company and the Guarantors shall use reasonable best efforts to cause the Indenture to be qualified under the Trust Indenture Act
in a timely manner. 
  

 13 

 (o) The Company and the Guarantors may require each Holder of Transfer Restricted Notes
to be sold pursuant to any Shelf Registration Statement to furnish to the Company and the Guarantors such information regarding the Holder and the distribution of such Transfer Restricted Notes as may, from time to time, be reasonably required by
the Act, and the obligations of the Company and the Guarantors to any Holder hereunder shall be expressly conditioned on the compliance of such Holder with such request. 
  
 (p) The Company and the Guarantors shall, if requested, promptly incorporate in a Prospectus supplement or
post-effective amendment to a Shelf Registration Statement (i) such information as the Majority Holders or, if the Transfer Restricted Notes are being sold in an underwritten offering, as the Managing Underwriters and the Majority Holders,
reasonably provide to the Company or the Guarantors in writing for inclusion in the Shelf Registration Statement, or Prospectus, and (ii) such information as a Holder may reasonably provide from time to time to the Company or the Guarantors in
writing for inclusion in a Prospectus or any Shelf Registration Statement, in the case of clause (i) or (ii) above, concerning such Holder and/or underwriter and the distribution of such Holder’s Transfer Restricted Notes and, in either case,
shall make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after being notified in writing of the matters to be incorporated in such Prospectus supplement or post-effective amendment. 

 
 (q) In the case of any Shelf Registration Statement, the
Company and the Guarantors shall enter into such agreements (including underwriting agreements) and take all other customary and appropriate actions as may be reasonably requested in order to expedite or facilitate the registration or the
disposition of any Transfer Restricted Notes, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 8 (or such
other provisions and procedures reasonably acceptable to the Majority Holders and the Managing Underwriters, if any, with respect to all parties to be indemnified pursuant to Section 8). 
  
 (r) In the case of any Shelf Registration Statement, the Company and the Guarantors shall: 
  
 (i) make reasonably available for inspection by the Holders
of Transfer Restricted Notes to be registered thereunder, any Managing Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such
Managing Underwriter, all relevant financial and other records, pertinent corporate documents and properties of the Company and any of its subsidiaries reasonably requested by such persons; 
  
 (ii) cause the Company’s and the Guarantors’
officers, directors and employees to supply all relevant information reasonably requested by the Holders or any such Managing Underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar
due diligence examinations; provided, however, that any information that is designated in 
  

 14 

 writing by the Company and the Guarantors as confidential at the time of delivery of such information
shall be kept confidential by the Holders or any such Managing Underwriter, attorney, accountant or agent, unless (x) disclosure thereof is made in connection with a court proceeding or required by law; provided that each Holder and any such
Managing Underwriter, attorney, accountant or agent will, upon learning that disclosure of such information is sought in a court proceeding or required by law, give notice to the Company and the Guarantors with enough time to allow the Company and
the Guarantors to undertake appropriate action to prevent disclosure at the Company’s and the Guarantors’ sole expense, or (y) such information has previously been made or becomes available to the public generally through the Company, the
Guarantors or through a third party without an accompanying obligation of confidentiality or failure to safeguard such disclosure; 
  
 (iii) make such representations and warranties to the Holders of Transfer Restricted Notes registered thereunder and the Managing
Underwriters, if any, in form, substance and scope as are customarily made by the Company and the Guarantors to Managing Underwriters and covering matters including, but not limited to, those set forth in the Purchase Agreement; 
  
 (iv) obtain opinions of counsel to the Company and the
Guarantors and updates thereof (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the Managing Underwriters, if any, covering such
matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and Managing Underwriters; 
  
 (v) obtain “comfort” letters and updates thereof from the independent certified public accountants
of the Company and the Guarantors (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each selling Holder of the Transfer Restricted Notes covered by such Shelf Registration Statement (provided such Holder furnishes the accountants with such representations as the
accountants customarily require in similar situations) and the Managing Underwriters, if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with primary underwritten offerings;
and 
  
 (vi) deliver such documents and
certificates as may be reasonably requested by the Majority Holders and the Managing Underwriters, if any, including those to evidence compliance with Section 5(i) and with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Company and the Guarantors. 
  

 15 

 The foregoing actions set forth in this Section 5(r) shall be performed at (i) the effectiveness of such
Shelf Registration Statement and each post-effective amendment thereto and (ii) each pricing and closing, as applicable, under any underwriting or similar agreement as and to the extent required thereunder. 
  
 (s) The Company and the Guarantors shall, if and to the
extent required under the Act and/or the Trust Indenture Act and the rules and regulations thereunder in order to register the Note Guarantee under the Act and qualify the Indenture under the Trust Indenture Act, cause each Guarantor, if any, to
sign any Registration Statement and take all other action necessary to register the Note Guarantee under the applicable Registration Statement. 
  
 (t) If in the reasonable opinion of counsel to the Company there is a question as to whether the Registered Exchange Offer is permitted by
applicable law, the Company and the Guarantors hereby agree to seek a no-action letter or other favorable decision from the Securities Exchange Commission (the “Commission”) allowing the Company and the Guarantors to consummate a
Registered Exchange Offer for such Transfer Restricted Notes. The Company and the Guarantors each hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable
action to effect a change of Commission policy. The Company and the Guarantors each hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the
Company setting forth the legal bases, if any, upon which such counsel has concluded that such a Registered Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

 
 6. Registration Expenses. The Company and the Guarantors shall bear
all reasonable fees and expenses (including the reasonable fees and expenses, if any, of Shearman & Sterling LLP, counsel for the Initial Purchaser, incurred in connection with the Registered Exchange Offer) incurred in connection with the
performance of their obligations under Sections 2, 3, 4 and 5 hereof (other than brokers’, dealers’ and underwriters’ discounts and commissions and brokers’, dealers’ and underwriters’ counsel fees) and, in connection
with the Shelf Registration Statement, shall reimburse the Holders for the reasonable fees and disbursements of one firm or counsel designated by the Majority Holders to act as counsel for the Holders in connection therewith. 
  
 7. Rules 144 and 144A. The Company shall use reasonable best efforts
to file the reports required to be filed by it under the Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Transfer Restricted Notes, make
publicly available the applicable information necessary to permit sales of their securities pursuant to Rules 144 and 144A (or any successor rule adopted by the Commission). The Company covenants that it will take such further action as any Holder
of Transfer Restricted Notes may reasonably request, all to the extent required from time to time to enable such Holder to sell Transfer Restricted Notes without registration under the Securities Act within the limitations of the exemptions provided
by Rules 144 and 144A (including the requirements of Rule 144A(d)(4) if applicable). The Company will provide 
  

 16 

 a copy of this Agreement to prospective Purchaser of Transfer Restricted Notes identified to the Company by the Initial
Purchaser upon request. Upon the request of any Holder of Transfer Restricted Notes, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 
  
 8. Indemnification and Contribution. (a) (i) In connection with any
Registration Statement, the Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless each Holder of Transfer Restricted Notes covered thereby, the directors, officers, employees and agents of each such Holder and each
person who controls any such Holder within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange
Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, in any preliminary Prospectus or Prospectus or in any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agree to promptly reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company and the Guarantors will not be liable in any case to the
extent that any such loss, claim, damage or liability arises out of or is based upon (A) any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
relating to the Holder furnished to the Company and the Guarantors by or on behalf of any such Holder specifically for inclusion therein, (B) use of a Registration Statement or the related Prospectus during a period when a stop order has been issued
in respect of such Registration Statement or any proceedings for that purpose have been initiated or use of a Prospectus when use of such Prospectus has been suspended pursuant to Section 2(d), 3(d) or 5(c)(2); provided that in each case,
that such Holder received prior notice of such stop order, initiation of proceedings or suspension, or (C) such Holder’s failure to deliver a Prospectus in a circumstance in which such Holder was required to deliver a Prospectus. This indemnity
agreement will be in addition to any liability that the Company and the Guarantors may otherwise have. 
  
 (ii) The Company and the Guarantors also agree to indemnify or contribute to Losses, as provided in Section 8(d), of any Managing
Underwriters of Transfer Restricted Notes registered under a Registration Statement, their officers and directors and each person who controls such Managing Underwriters on substantially the same basis as that of the indemnification of the selling
Holders provided in this Section 8(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 5(q) hereof. 
  
 (b) Each Holder of Transfer Restricted Notes covered by a Registration Statement severally agrees to indemnify and hold
harmless the Company and the Guarantors and their respective directors, officers, employees and agents and each person who controls either of the Company or the Guarantors within the meaning of either the Act or the Exchange Act to the 

 

 17 

 same extent as the foregoing indemnity from the Company and the Guarantors to each such Holder, but only with reference
to (i) written information relating to such Holder furnished to the Company or the Guarantors by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity, or (ii) improper use by the Holder of a
Registration Statement or the related Prospectus during a period when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated or use of a Prospectus when use of such Prospectus
has been suspended pursuant to Section 2(d), 3(d) or 5(c)(2); provided that in each case with respect to clause (ii), that such Holder received prior notice of such stop order, initiation of proceedings or suspension. This indemnity agreement
will be in addition to any liability which any such Holder or person may otherwise have. 
  
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying
party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it
did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the
indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as
set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an
action, the indemnified parties collectively shall have the right to employ one separate counsel (in addition to local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel (and local
counsel) if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both
the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded, based on the advice of outside counsel, that there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the
institution of such action or (iv) the indemnifying party shall have authorized the indemnified party to employ separate counsel at the expense of the indemnifying party; provided further, that the indemnifying party shall not be
responsible for the fees and expenses of more than one separate counsel (not including one appropriate local counsel) representing all the indemnified parties under paragraph (a) or paragraph (b) above. An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising
out of such claim, action, suit or proceeding. 
  

 18 

 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to
or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall have a joint and several obligation to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is
appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Registration Statement which resulted in such Losses. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. The relative fault of the
parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one
hand or such Holder or such other indemnified person, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The relative benefits
received by the Company and the Guarantors on the one hand and the Holders on the other with respect to the Registration Statement shall be deemed to be in the same proportion as the sum of the net proceeds from the original issuance of the Notes
received by the Company, on the one hand, bear to the gain realized by the Holder with respect to its sale of Transfer Restricted Securities, on the other. Benefits received by the Initial Purchaser and any Managing Underwriter shall be deemed to be
equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement that resulted in such Losses. The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or
claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 8(d), the Holders of the Transfer Restricted Notes shall in no case be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Transfer Restricted Notes pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission and in no case shall any Managing Underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the Transfer Restricted Notes purchased by such Managing
Underwriter under the Registration Statement which resulted in such Losses pursuant to the terms of this Agreement. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method
of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent 
  

 19 

 misrepresentation. For purposes of this Section 8, each person who controls an indemnified party within the meaning of
either the Act or the Exchange Act and each director, officer, employee and agent of such indemnified party shall have the same rights to contribution as such indemnified party, and each person who controls the Company or the Guarantors within the
meaning of either the Act or the Exchange Act and each director, officer, employee and agent of the Company or the Guarantors shall have the same rights to contribution as the Company and the Guarantors, subject in each case to the applicable terms
and conditions of this paragraph (d). 
  
 (e) The provisions of
this Section 8 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder, the Company, the Guarantors or any of the officers, directors or controlling persons referred to in Section 8 hereof, and will
survive the sale by a Holder of Transfer Restricted Notes covered by a Registration Statement. 
  

	 	9.	Underwritten Registrations. 

  
 If any of the Transfer Restricted Notes covered by any Shelf Registration statement are to be sold in an underwritten offering, the Managing Underwriter
that will administer the offering will be selected by the Majority Holders of such Transfer Restricted Notes included in such offering, subject to the consent of the Company, which is not to be unreasonably withheld; it being expressly agreed that
the Initial Purchaser is an acceptable Managing Underwriter to the Company and such Holders shall be responsible for all underwriting commissions and discounts in connection therewith. 
  
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such
person’s Transfer Restricted Notes on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney,
custody agreements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 10. Miscellaneous. (a) No Inconsistent Agreements. The Company and the Guarantors have not, as of the date hereof, entered into nor shall
they, on or after the date hereof, enter into any agreement that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
  
 (b) (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company and the Guarantors have obtained the written consent of the Majority Holders; provided that
additional Guarantors may become parties to this Agreement pursuant to Section 10(h) hereof by executing an amendment hereto, which need not be signed by any of the other parties hereto to become effective. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of the Holders whose securities are being sold pursuant to an Exchange Offer Registration Statement or a Shelf Registration Statement and
that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by Holders of at least a majority in aggregate principal amount of the applicable notes being sold pursuant to such registration
statement. 
  

 20 

 (c) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery: 
  

	 	(i)	if to the Initial Purchaser, as follows: 

  
 Wachovia Capital Markets, LLC 
 One Wachovia Center 
 301 South College Street 
 Charlotte, NC 28288-0604 
 Fax: (704) 383-6596 
 Attention: High Yield Origination 
  
 With a copy to: 
  
 Bruce Czachor 
 Shearman & Sterling LLP 
 1080 Marsh Road 
 Menlo Park, CA 94025-1022 
 Fax: (650) 838-3699 
  
 (ii) if to any other Holder, at the most current address given by such Holder to the Company and the Guarantors in accordance with the
provisions of this Section 10(c), which address initially is, with respect to each Holder, the address of such Holder maintained by the registrar under the Indenture, with a copy in like manner to the Initial Purchaser; and 
  

	 	(iii)	if to the Company or the Guarantors, as follows: 

  
 Fisher Communications, Inc. 
 100 4th Avenue North 
 Seattle, WA 98109 
 Fax: (206) 404-6765 
 Attention: Chief Executive Officer 
                  Chief Financial Officer 
  
 With a copy to: 
  
 Perkins Coie LLP 
 1201 Third Avenue, Suite 4800 
 Seattle, WA 98101 
 Fax: (206) 359-4584 
 Attention: David F. McShea 
                  Andrew Bor 
  

 21 

 All such notices and communications shall be deemed to have been duly given when received, if delivered
by hand or air courier, and when sent, if sent by first-class mail, telex or telecopier. 
  
 The Company and the Guarantors by notice to the others may designate additional or different addresses for subsequent notices or communications. 
  
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without the need for an express assignment or any consent by the Company or the Guarantors thereto, subsequent Holders. The Company and the Guarantors hereby agree to extend the benefits of this Agreement
to any Holder that acquired the applicable Notes from a Holder and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
  
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (g) Governing Law and Consent to Jurisdiction. This
agreement shall be governed by and construed in accordance with the laws of the State of New York. The Company and the Guarantors (x) submit to the nonexclusive jurisdiction of the courts of the State of New York and of the United States sitting in
the Borough of Manhattan in respect of any action, claim or proceeding (“Proceeding”) arising out of or relating to this Agreement or the transactions contemplated hereby, (y) irrevocably waive, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any Proceeding in the Supreme Court of the State of New York, County of New York, or the United States District Court for the Southern District of New York,
and any claim that any Proceeding in any such court has been brought in an inconvenient forum, and (z) agree that any service of process or other legal summons in connection with any Proceeding may be served on it by mailing a copy thereof by
registered mail, or a form of mail substantially equivalent thereto, postage prepaid, addressed to the served party at its address as provided for in Section 10(c). Nothing in this section shall affect the right of the parties to serve process in
any other manner permitted by law. 
  
 (h) Obligations of New
Guarantors. If any person becomes a Guarantor (as defined in the Indenture) after the date hereof and while the Company has continuing obligations under this Agreement, the Company will cause such person to become a party hereto including for
purposes of registration obligations, the guarantee of Liquidated Damages on a joint and several basis and indemnification and contribution pursuant to Section 8. 
  
 (i) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every 
  

 22 

 other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being
intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  
 (j) Notes Held by the Company, Etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Transfer
Restricted Notes or Exchange Notes is required hereunder, Transfer Restricted Notes or Exchange Notes held by the Company, the Guarantors or any of their respective Affiliates (other than subsequent Holders of Transfer Restricted Notes or Exchange
Notes if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Notes) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 23 

 Please confirm that the foregoing correctly sets forth the agreement between and among the Company, the
Guarantors and the Initial Purchaser. 
  

			
	Very truly yours,
	
	FISHER COMMUNICATIONS, INC.
		
	By:	 	 /s/ William W. Krippaehne, Jr.

	Name:	 	William W. Krippaehne, Jr.
	Title:	 	President and Chief Executive Officer

  
 SIGNATURE PAGE
TO REGISTRATION RIGHTS AGREEMENT 

			
	Fisher Broadcasting Company
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Seattle TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Seattle Radio, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Portland TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Portland Radio, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President
	
	Fisher Broadcasting – Oregon TV, L.L.C.
	By: Fisher Broadcasting Company, Its Manager
		
	By:	 	 /s/ Benjamin W. Tucker

	Name:	 	Benjamin W. Tucker
	Title:	 	President

  
 SIGNATURE PAGE
TO REGISTRATION RIGHTS AGREEMENT 

			
	 Fisher Broadcasting – Washington TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	 /s/ Benjamin W. Tucker

	 Name:
	 	 Benjamin W. Tucker

	 Title:
	 	 President

	
	 Fisher Broadcasting – Idaho TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	 /s/ Benjamin W. Tucker

	 Name:
	 	 Benjamin W. Tucker

	 Title:
	 	 President

	
	 Fisher Broadcasting – S.E. Idaho TV, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	 /s/ Benjamin W. Tucker

	 Name:
	 	 Benjamin W. Tucker

	 Title:
	 	 President

	
	 Fisher Broadcasting – Georgia, L.L.C.

	 By: Fisher Broadcasting Company, Its Manager

		
	 By:
	 	 /s/ Benjamin W. Tucker

	 Name:
	 	 Benjamin W. Tucker

	 Title:
	 	 President

  
 SIGNATURE PAGE
TO REGISTRATION RIGHTS AGREEMENT 

			
	 Fisher Mills Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Pathways, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Properties, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Sam Wylde Flour Company, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Civia, Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

	
	 Fisher Radio Regional Group Inc.

		
	 By:
	 	 /s/ Robert C. Bateman

	 Name:
	 	 Robert C. Bateman

	 Title:
	 	 Vice President/Finance

  
 SIGNATURE PAGE
TO REGISTRATION RIGHTS AGREEMENT 

			
	 Fisher Media Services Company

		
	 By:
	 	 /s/ Kirk G. Anderson

	 Name:
	 	 Kirk G. Anderson

	 Title:
	 	 President

	
	 Fisher Entertainment, L.L.C.

	 By: Fisher Media Services Company, Its Manager

		
	 By:
	 	 /s/ Kirk G. Anderson

	 Name:
	 	 Kirk G. Anderson

	 Title:
	 	 President

  
 SIGNATURE PAGE
TO REGISTRATION RIGHTS AGREEMENT 

 The foregoing Agreement is hereby acknowledged and accepted as of the date first written above.

  

			
	 WACHOVIA CAPITAL MARKETS, LLC

		
	 By:
	 	 /s/ Jeff Gore

	 Name:
	 	 Jeff Gore

	 Title:
	 	 Director

  
 SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT 

 SCHEDULE 1 
  

GUARANTORS 
  

			
	 Guarantor Name

	 	 Incorporation/Organization

	 Fisher Broadcasting Company
	 	 Washington

	 Fisher Media Services Company
	 	 Washington

	 Fisher Mills Inc.
	 	 Washington

	 Fisher Pathways, Inc.
	 	 Washington

	 Fisher Properties, Inc.
	 	 Washington

	 Fisher Radio Regional Group Inc.
	 	 Washington

	 Sam Wylde Flour Company, Inc.
	 	 Washington

	 Fisher Broadcasting – Seattle TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Seattle Radio, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Portland TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Portland Radio, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Oregon TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Washington TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Idaho TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – S.E. Idaho TV, L.L.C.
	 	     Delaware

	 Fisher Broadcasting – Georgia, L.L.C.
	 	     Delaware

	 Fisher Entertainment, L.L.C.
	 	     Delaware

	 Civia, Inc.
	 	     Delaware

  

 SCH - 1 

 ANNEX A 
  
 Each broker-dealer that receives Exchange Notes for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer during the Exchange Offer Registration Period in connection with resales of Exchange Notes received in exchange for Notes
where such Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company and the Guarantors have agreed that, during the Exchange Offer Registration Period, it will make this Prospectus
available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 
  

 A-1 

 ANNEX B 
  
 Each broker-dealer that receives Exchange Notes for its own account in exchange for Notes, where such Notes were acquired by such broker-dealer as a
result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes during the Exchange Offer Registration Period. See “Plan of
Distribution.” 
  

 B-1 

 ANNEX C 
  
 PLAN OF DISTRIBUTION 
  
 Each broker-dealer that receives Exchange Notes for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes during the Exchange Offer Registration Period. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of
Exchange Notes received in exchange for Notes where such Notes were acquired as a result of market-making activities or other trading activities. The Company and the Guarantors have agreed that, during the Exchange Offer Registration Period, it will
make this Prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. 
  
 The Company and the Guarantors will not receive any proceeds from any sale of Exchange Notes by broker-dealers. Exchange Notes received by broker-dealers
for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Notes or a
combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to Purchaser or to or through brokers or dealers
who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the Purchaser of any such Exchange Notes. Any broker-dealer that resells Exchange Notes that were received by it for its own account pursuant
to the Registered Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning of the Act and any profit from any such resale of Exchange Notes
and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an ”underwriter” within the meaning of the Act. 
  
 During the Exchange Offer Registration Period, the Company and the Guarantors will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company and the Guarantors have agreed to pay all expenses incident to the Registered Exchange Offer (including the expenses of one
counsel for the holders of the Notes) other than dealers’ and brokers’ discounts, commissions and counsel fees and will indemnify the holders of the Notes (including any broker-dealers) against certain liabilities, including liabilities
under the Act. 
  
 [If applicable, add information required by
Regulation S-K Items 507 and/or 508.] 
  

 C-1 

 ANNEX D 
  

	 	 ̈	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 

  
  

					
	 	 	Name:	 	  

	 	 	Address:	 	  

	 	 	 	 	  

  
 The undersigned
represents that it is not an Affiliate of the Company or the Guarantors, that any Exchange Notes to be received by it will be acquired in the ordinary course of business and that at the time of the commencement of the Registered Exchange Offer it
had no arrangement with any person to participate in a distribution of the Exchange Notes. 
  
 In addition, if the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes. If the undersigned is a broker-dealer
that will receive Exchange Notes for its own account in exchange for Notes, it represents that the Notes to be exchanged for Exchange Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that
it will deliver a prospectus in connection with any resale of such Exchange Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an ”underwriter” within the meaning of
the Act. 
  

 D-1 

 ANNEX E 
  
 FORM OF LETTER TO BE PROVIDED BY THE COMPANY TO 
 THE DEPOSITORY TRUST COMPANY 
  
 The Depository Trust Company 

55 Water Street, 50th Floor 
 New York, NY 10041 
  

	 	Re:	8 5/8% Senior Notes due 2014 (the
“Notes”) 

 of Fisher Communications, Inc. 
  
 Ladies and Gentlemen: 
  
 Please be advised that the Securities and Exchange Commission has declared effective a Registration Statement on [Form S-3]
[Form S-4] under the Securities Act of 1933, as amended, with regard to all of the Notes referenced above. Accordingly, there is no longer any restriction as to whom such Notes may be sold and [any restrictions on the CUSIP designation are no longer
appropriate and may be removed] [the new CUSIP number for the Notes provided should be used]. I understand that upon receipt of this letter, DTC will remove any stop or restriction on its system with respect to this issue. 
  
 Please do not hesitate to call if we can be of further assistance.

  

			
	 Very truly yours,

	
	 FISHER COMMUNICATIONS, INC.

		
	 By:
	 	  

	 Authorized Officer

  

 E-1

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