Document:

MOBILE
      SATELLITE VENTURES LP

    and

    MSV
      FINANCE CO.,

    as
      Issuers,

     

    the
      GUARANTORS named herein

     

    and

     

    THE
      BANK
      OF NEW YORK, as Trustee

     

    _____________________

     

    INDENTURE

     

    Dated
      as
      of January 7, 2008

     

    _____________________

     

    16.5%
      Senior Notes due 2013

     

     

    
      

      

    

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    Page

    ARTICLE
      1

    

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

    

    
      	
              Section
                1.01.

            	
              Definitions.

            	
              1

            
	
              Section
                1.02.

            	
              Other
                Definitions.

            	
              27

            
	
              Section
                1.03.

            	
              Incorporation
                by Reference of Trust Indenture Act.

            	
              27

            
	
              Section
                1.04.

            	
              Rules
                of Construction.

            	
              27

            

    

    

    ARTICLE
      2

    

    THE
      NOTES

    

    
      	
              Section
                2.01.

            	
              Form
                and Dating.

            	
              28

            
	
              Section
                2.02.

            	
              Execution
                and Authentication.

            	
              29

            
	
              Section
                2.03.

            	
              Registrar
                and Paying Agent.

            	
              30

            
	
              Section
                2.04.

            	
              Paying
                Agent to Hold Money in Trust.

            	
              30

            
	
              Section
                2.05.

            	
              Holder
                Lists.

            	
              31

            
	
              Section
                2.06.

            	
              Transfer
                and Exchange.

            	
              31

            
	
              Section
                2.07.

            	
              Replacement
                Notes.

            	
              41

            
	
              Section
                2.08.

            	
              Outstanding
                Notes.

            	
              42

            
	
              Section
                2.09.

            	
              Temporary
                Notes.

            	
              42

            
	
              Section
                2.10.

            	
              Cancellation.

            	
              42

            
	
              Section
                2.11.

            	
              Defaulted
                Interest.

            	
              42

            
	
              Section
                2.12.

            	
              Deposit
                of Moneys.

            	
              42

            
	
              Section
                2.13.

            	
              CUSIP
                Number.

            	
              43

            

    

    

    ARTICLE
      3

    

    REDEMPTION

    

    
      	
              Section
                3.01.

            	
              Notices
                to Trustee.

            	
              43

            
	
              Section
                3.02.

            	
              Selection
                by Trustee 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.

            	
              45

            

    

    

    ARTICLE
      4

    

    COVENANTS

    

    
      	
              Section
                4.01.

            	
              Payment
                of Notes.

            	
              45

            
	
              Section
                4.02.

            	
              SEC
                Reports.

            	
              45

            
	
              Section
                4.03.

            	
              Waiver
                of Stay, Extension or Usury Laws.

            	
              46

            
	
              Section
                4.04.

            	
              Compliance
                Certificate.

            	
              47

            

    

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

    

    
      	 	 	Page 
	 	 	 
	
              Section
                4.05.

            	
              Taxes.

            	
              47

            
	
              Section
                4.06.

            	
              Limitation
                on Indebtedness.

            	
              47

            
	
              Section
                4.07.

            	
              Limitation
                on Issuance or Sale of Capital Stock of Restricted
                Entities.

            	
              51

            
	
              Section
                4.08.

            	
              Limitation
                on Restricted Payments.

            	
              51

            
	
              Section
                4.09.

            	
              Limitation
                on Liens.

            	
              55

            
	
              Section
                4.10.

            	
              Limitation
                on Sale of Assets and Subsidiary Stock.

            	
              56

            
	
              Section
                4.11.

            	
              Limitation
                on Transactions with Affiliates.

            	
              59

            
	
              Section
                4.12.

            	
              Future
                Guarantors.

            	
              60

            
	
              Section
                4.13.

            	
              Limitation
                on Restrictions on Distributions from Restricted Subsidiaries and
                Restricted Entities.

            	
              60

            
	
              Section
                4.14.

            	
              Payments
                for Consent.

            	
              62

            
	
              Section
                4.15.

            	
              Corporate
                Existence.

            	
              62

            
	
              Section
                4.16.

            	
              Change
                of Control.

            	
              62

            
	
              Section
                4.17.

            	
              Maintenance
                of Office or Agency.

            	
              63

            
	
              Section
                4.18.

            	
              Maintenance
                of Insurance.

            	
              64

            
	
              Section
                4.19.

            	
              Limitation
                on Business Activities of Finance Co.

            	
              64

            
	
              Section
                4.20.

            	
              Certain
                Matters in Connection with Licenses.

            	
              65

            
	
              Section
                4.21.

            	
              Limitation
                on Line of Business.

            	
              65

            
	
              Section
                4.22.

            	
              Calculation
                of Original Issue Discount.

            	
              65

            

    

    

    ARTICLE
      5

    

    SUCCESSOR
      CORPORATION

    

    
      	
              Section
                5.01.

            	
              Limitation
                on Consolidation, Merger and Sale of Property.

            	
              65

            
	
              Section
                5.02.

            	
              Substitution
                of Company.

            	
              67

            

    

    

    ARTICLE
      6

    

    DEFAULTS
      AND REMEDIES

    

    
      	
              Section
                6.01.

            	
              Events
                of Default.

            	
              68

            
	
              Section
                6.02.

            	
              Acceleration.

            	
              69

            
	
              Section
                6.03.

            	
              Other
                Remedies.

            	
              70

            
	
              Section
                6.04.

            	
              Waiver
                of Past Defaults and Events of Default.

            	
              70

            
	
              Section
                6.05.

            	
              Control
                by Majority.

            	
              70

            
	
              Section
                6.06.

            	
              Limitation
                on Suits.

            	
              70

            
	
              Section
                6.07.

            	
              Rights
                of Holders to Receive Payment.

            	
              71

            
	
              Section
                6.08.

            	
              Collection
                Suit by Trustee.

            	
              71

            
	
              Section
                6.09.

            	
              Trustee
                May File Proofs of Claim.

            	
              71

            
	
              Section
                6.10.

            	
              Priorities.

            	
              72

            
	
              Section
                6.11.

            	
              Undertaking
                for Costs.

            	
              72

            

    

    

    ARTICLE
      7

    

    TRUSTEE

    

    
      	
              Section
                7.01.

            	
              Duties
                of Trustee.

            	
              72

            
	
              Section
                7.02.

            	
              Rights
                of Trustee.

            	
              74

            
	
              Section
                7.03.

            	
              Individual
                Rights of Trustee.

            	
              75

            
	
              Section
                7.04.

            	
              Trustee’s
                Disclaimer.

            	
              75

            

    

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    

    
      	 	 	Page 
	 	 	 
	
              Section
                7.05.

            	
              Notice
                of Defaults.

            	
              75

            
	
              Section
                7.06.

            	
              Reports
                by Trustee to Holders.

            	
              75

            
	
              Section
                7.07.

            	
              Compensation
                and Indemnity.

            	
              76

            
	
              Section
                7.08.

            	
              Replacement
                of Trustee.

            	
              77

            
	
              Section
                7.09.

            	
              Successor
                Trustee by Consolidation, Merger or Conversion.

            	
              78

            
	
              Section
                7.10.

            	
              Eligibility;
                Disqualification.

            	
              78

            
	
              Section
                7.11.

            	
              Preferential
                Collection of Claims Against Company.

            	
              78

            
	
              Section
                7.12.

            	
              Paying
                Agents.

            	
              78

            
	 	 	 

    

    ARTICLE
      8

    

    AMENDMENTS,
      SUPPLEMENTS AND WAIVERS

    

    
      	
              Section
                8.01.

            	
              Without
                Consent of Holders.

            	
              79

            
	
              Section
                8.02.

            	
              With
                Consent of Holders.

            	
              80

            
	
              Section
                8.03.

            	
              Revocation
                and Effect of Consents.

            	
              81

            
	
              Section
                8.04.

            	
              Notation
                on or Exchange of Notes.

            	
              81

            
	
              Section
                8.05.

            	
              Trustee
                to Sign Amendments, etc.

            	
              81

            

    

    

    ARTICLE
      9

    

    DISCHARGE
      OF INDENTURE; DEFEASANCE

    

    
      	
              Section
                9.01.

            	
              Discharge
                of Indenture.

            	
              82

            
	
              Section
                9.02.

            	
              Legal
                Defeasance.

            	
              83

            
	
              Section
                9.03.

            	
              Covenant
                Defeasance.

            	
              83

            
	
              Section
                9.04.

            	
              Conditions
                to Defeasance or Covenant Defeasance.

            	
              83

            
	
              Section
                9.05.

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

            	
              84

            
	
              Section
                9.06.

            	
              Reinstatement.

            	
              85

            
	
              Section
                9.07.

            	
              Moneys
                Held by Paying Agent.

            	
              85

            
	
              Section
                9.08.

            	
              Moneys
                Held by Trustee.

            	
              85

            

    

     

    ARTICLE
      10

    

    GUARANTEE
      OF SECURITIES

    

    
      	
              Section
                10.01.

            	
              Guarantee.

            	
              86

            
	
              Section
                10.02.

            	
              Execution
                and Delivery of Guarantees.

            	
              87

            
	
              Section
                10.03.

            	
              Limitation
                of Guarantee.

            	
              87

            
	
              Section
                10.04.

            	
              Additional
                Guarantors.

            	
              87

            
	
              Section
                10.05.

            	
              Release
                of Guarantor.

            	
              87

            
	
              Section
                10.06.

            	
              Waiver
                of Subrogation.

            	
              88

            
	
              Section
                10.07.

            	
              Taxes.

            	
              88

            

    

     

    ARTICLE
      11

    

    MISCELLANEOUS

    

    
      	
              Section
                11.01.

            	
              Notices.

            	
              89

            
	
              Section
                11.02.

            	
              Communications
                by Holders with Other Holders.

            	
              90

            
	 	 	 

    

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

    

    
      	 	 	Page 
	 	 	 
	
              Section
                11.03.

            	
              Certificate
                and Opinion as to Conditions Precedent.

            	
              90

            
	
              Section
                11.04.

            	
              Statements
                Required in Certificate and Opinion.

            	
              90

            
	
              Section
                11.05.

            	
              When
                Treasury Notes Disregarded.

            	
              90

            
	
              Section
                11.06.

            	
              Rules
                by Trustee and Agents.

            	
              91

            
	
              Section
                11.07.

            	
              Legal
                Holidays.

            	
              91

            
	
              Section
                11.08.

            	
              Governing
                Law.

            	
              91

            
	
              Section
                11.09.

            	
              No
                Adverse Interpretation of Other Agreements.

            	
              91

            
	
              Section
                11.10.

            	
              No
                Recourse Against Others.

            	
              91

            
	
              Section
                11.11.

            	
              Successors.

            	
              91

            
	
              Section
                11.12.

            	
              Multiple
                Counterparts.

            	
              91

            
	
              Section
                11.13.

            	
              Table
                of Contents, Headings, etc.

            	
              92

            
	
              Section
                11.14.

            	
              Separability.

            	
              92

            
	
              Section
                11.15.

            	
              Waiver
                of Jury Trial.

            	
              92

            
	
              Section
                11.16.

            	
              Force
                Majeure.

            	
              92

            
	
              Section
                11.17.

            	
              Currency
                of Account; Conversion of Currency; Foreign Exchange
                Restrictions.

            	
              92

            
	
              Section
                11.18.

            	
              Agent
                for Service.

            	
              94

            
	
              Section
                11.19.

            	
              Interest
                Act (Canada).

            	
              94

            
	
              Section
                11.20.

            	
              Joint
                and Several Obligations.

            	
              94

            

    

    

    

    
      	
              Exhibits

            	 	 
	
              Exhibit
                A-1

            	
              Form
                of Face of Certificated Notes

            	
               A-1

            
	
              Exhibit
                A-2

            	
              Form
                of Restricted Global Note

            	
               A-2

            
	
              Exhibit
                A-3

            	
              Form
                of Regulation S Global Note

            	
               A-3

            
	
              Exhibit
                A-4

            	
              Form
                of Reverse of Notes

            	
               A-4

            
	
              Exhibit
                B

            	
              Form
                of Certificate of Transfer

            	
               B-1

            
	
              Exhibit
                C

            	
              Form
                of Certificate of Exchange

            	
               C-1

            
	
              Exhibit
                D

            	
              Form
                of Certificate of Acquiring Institutional

            	
               

            
	
               

            	
              
                Accredited
                  Investors

              

            	
               D-1

            

    

    

 

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

     

    INDENTURE,
      dated as of January 7 2008 (the “Indenture”),
      among
      MOBILE SATELLITE VENTURES LP, a Delaware limited partnership (the “Company”),
      MSV
      FINANCE CO., a Delaware corporation (“Finance
      Co.”
and,
      together with the Company, the “Issuers”),
      the
      GUARANTORS (as defined herein) parties hereto and THE BANK OF NEW YORK, a New
      York banking corporation, as Trustee (the “Trustee”).

     

    Each
      party agrees as follows for the benefit of the other parties and for the equal
      and ratable benefit of the holders of the Issuers’ 16.5% Senior Notes due 2013
      (collectively, the “Notes”):

     

    ARTICLE
      1

     

    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 Restricted Notes Legend and deposited with or on behalf
      of,
      and registered in the name of, the Depository or its nominee that will be issued
      in a denomination equal to the outstanding principal amount of the Notes resold
      in reliance on Rule 144A.

     

    “Additional
      Assets”
      means:

     

    (1) any
      property, plant, license, equipment or any other tangible asset or any
      improvement thereto (including improvements to existing assets) used or useful
      in a Related Business;

     

    (2) all
      or
      substantially all of the assets of, or the Capital Stock of a Person that
      becomes a Restricted Entity as a result of the acquisition of such Capital
      Stock
      by the Company or another Restricted Entity; or

     

    (3) Capital
      Stock constituting a minority interest in any Person that at such time is a
      Restricted Entity;

     

    provided,
      however,
      that
      any such Restricted Entity described in clause (2) or (3) above is primarily
      engaged in a Related Business.

     

    “Affiliate”
of
      any
      specified Person means any other Person, directly or indirectly, controlling
      or
      controlled by or under direct or indirect common control with such specified
      Person. For the purposes of this definition, “control” when used with respect to
      any Person means the power to direct the management and policies of such Person,
      directly or indirectly, whether through the ownership of voting securities,
      by
      contract or otherwise; and the terms “controlling” and “controlled” have
      meanings correlative to the foregoing. For purposes of Sections 4.08, 4.10
      and
      4.11 only, “Affiliate” shall also mean any beneficial owner of Capital Stock
      representing 20% or more of the total voting power of the Voting Stock (on
      a
      fully diluted basis) of the General Partner or the Capital Stock of the Company
      or of rights or warrants to purchase such Capital Stock (whether or not
      currently exercisable) and any Person who would be an Affiliate of any such
      beneficial owner pursuant to the first sentence hereof.

     

    “Agent”
means
      any Registrar, Paying Agent, co-registrar or agent for service of notices and
      demands.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Applicable
      Currency Equivalent”
means,
      with respect to any monetary amount in a currency other than U.S. Dollars,
      at
      any time for the determination thereof, the amount of U.S. Dollars obtained
      by
      converting such foreign currency involved in such computation into U.S. Dollars
      at the spot rate for the purchase of U.S. Dollars with the applicable foreign
      currency as quoted by Reuters at approximately 10:00 A.M. (New York time)
      on the date not more than two Business Days prior to such
      determination

     

    “Applicable
      Premium”
means,
      with respect to any Note on any redemption date, the greater of:

     

    (1) 1.0%
      of
      the then outstanding principal amount of the Note; and

     

    (2) the
      excess of:

     

    (a) the
      present value at such redemption date of the redemption price of the Note at
      April 1, 2011, computed using a discount rate equal to the Treasury Rate as
      of
      such redemption date plus 50 basis points; over

     

    (b) the
      then
      outstanding principal amount of the Note.

     

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

     

    “Asset
      Disposition”
means
      any sale, lease (other than an operating lease entered into in the ordinary
      course of business), transfer or other disposition (or series of related sales,
      leases, transfers or dispositions) by the Company or any Restricted Entity,
      including any disposition by means of a merger, consolidation or similar
      transaction (each referred to for the purposes of this definition as a
“disposition”),
      of:

     

    (1) any
      shares of Capital Stock of a Restricted Entity (other than directors’ qualifying
      shares or shares required by applicable law to be held by a Person other than
      the Company or a Restricted Entity);

     

    (2) all
      or
      substantially all the assets of any division or line of business of the Company
      or any Restricted Entity; or

     

    (3) any
      other
      assets of the Company or any Restricted Entity outside of the ordinary course
      of
      business of the Company or such Restricted Entity;

     

    other
      than, in the case of clauses (1), (2) and (3) above,

     

    (A) a
      disposition by a Restricted Entity to the Company or by the Company or a
      Restricted Entity to a Guarantor;

     

    (B) for
      purposes of Section 4.10 only, (i) a disposition that constitutes a Restricted
      Payment (or would constitute a Restricted Payment but for the exclusions from
      the definition thereof) or a Permitted Investment and that is not prohibited
      by
      Section 4.08, (ii) the making of an Asset Swap and (iii) a disposition of all
      or
      substantially all the assets of the Company in accordance with Article
      5;

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (C) a
      disposition of assets in a transaction or series of related transactions with
      a
      fair market value of less than $10 million;

     

    (D) a
      disposition of cash, Temporary Cash Investments;

     

    (E) the
      creation of a Lien permitted by this Indenture (but not the sale or other
      disposition of the property subject to such Lien);

     

    (F) the
      licensing or sublicensing of intellectual property or other general intangibles;
      provided,
      however,
      such
      licensing or sublicensing shall not interfere in any material respect with
      the
      Company’s continuing use of such intellectual property or other general
      intangibles in its business;

     

    (G) disposition
      of damaged, obsolete or worn out property in the ordinary course of business;
      or

     

    (H) granting
      a Permitted Lien. 

     

    “Asset
      Swap”
means
      the concurrent purchase and sale or exchange of Related Business Assets between
      the Company or any of the Restricted Entities and another Person.

     

    “Attributable
      Debt”
in
      respect of a Sale/Leaseback Transaction means, as at the time of determination,
      the present value (discounted at the interest rate borne by the Notes,
      compounded annually) of the total obligations of the lessee for rental payments
      during the remaining term of the lease included in such Sale/Leaseback
      Transaction (including any period for which such lease has been extended);
      provided,
      however,
      that if
      such Sale/Leaseback Transaction results in a Capital Lease Obligation, the
      amount of Indebtedness represented thereby will be determined in accordance
      with
      the definition of “Capital Lease Obligation”.

     

    “Average
      Life”
means,
      as of the date of determination, with respect to any Indebtedness, the quotient
      obtained by dividing:

     

    (1) the
      sum
      of the products of the numbers of years from the date of determination to the
      dates of each successive scheduled principal payment of or redemption or similar
      payment with respect to such Indebtedness multiplied by the amount of such
      payment by

     

    (2) the
      sum
      of all such payments.

     

    “BCE
      Equity”
means
      Capital Stock owned by BCE Inc. or any of its Affiliates in the Company after
      a
      Parent Rollup Transaction that does not exceed 22% of the outstanding Capital
      Stock of the Company and that does not permit BCE Inc. or its Affiliates to
      have
      any voting rights with respect to the Company or the General Partner, does
      not
      entitle BCE Inc. or its Affiliates to any dividends or distributions on Capital
      Stock of the Company or any payment upon liquidation of the Company or any
      other
      economic right with respect to the Company and which only entitles BCE Inc.
      or
      its Affiliates to receive an issuance of Capital Stock of the Parent in exchange
      for all of such Capital Stock of the Company.

     

    “Board
      of Directors”
means
      the Board of Directors (or similar body) of the Company (or if the Company
      is a
      limited partnership, the general partner thereof) or any committee thereof
      duly
      authorized to act on behalf of such Board.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    “Board
      Resolution”
means
      a
      resolution duly adopted by the Board of Directors, certified by the Secretary
      or
      an Assistant Secretary of the Company (or if the Company is a limited
      partnership, the General Partner) to have been duly adopted and to be in full
      force and effect on the date of such certification.

     

    “Boeing
      Agreement”
means
      the agreement between the Company and Boeing Satellite Systems, Inc. for the
      MSV
      L-Band Space Based Network, dated January 9, 2006, as amended March 9, 2006,
      September 11, 2006 and from time to time in a manner not materially more
      burdensome, taken as a whole, to the holders of the Notes.

     

    “Business
      Day”
means
      each day which is not a Legal Holiday.

     

    “Canadian
      Guarantors”
means
      the Canadian Joint Ventures and the Existing Canadian Subsidiary.

     

    “Canadian
      Joint Ventures”
means
      Mobile Satellite Ventures Holdings (Canada) Inc. and Mobile Satellite Ventures
      (Canada) Inc. and their successors.

     

    “Capital
      Lease Obligation”
means
      an obligation that is required to be classified and accounted for as a capital
      lease for financial reporting purposes in accordance with GAAP, and the amount
      of Indebtedness represented by such obligation shall be the capitalized amount
      of such obligation determined in accordance with GAAP; and the Stated Maturity
      thereof shall be the date of the last payment of rent or any other amount due
      under such lease prior to the first date upon which such lease may be terminated
      by the lessee without payment of a penalty. For purposes of Section 4.09, a
      Capital Lease Obligation will be deemed to be secured by a Lien on the property
      being leased.

     

    “Capital
      Stock”
of
      any
      Person means any and all shares, interests (including partnership interests
      and
      membership interests in a limited liability company), rights to purchase,
      warrants, options, participations or other equivalents of or interests in
      (however designated) equity of such Person, including any Preferred Stock,
      but
      excluding any debt securities convertible into such equity.

     

    “Change
      of Control”
means
      the occurrences of any of the following events:

     

    (1) any
      “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
      Exchange Act), other than one or more Permitted Holders (individually or as
      a
      member of such group), is or becomes the “beneficial owner” (as defined in Rules
      13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause
      (1) such person or group shall be deemed to have “beneficial ownership” of all
      shares that any such person has the right to acquire, whether such right is
      exercisable immediately or only after the passage of time), directly or
      indirectly, of (a) more than 50% of the total voting power of the Voting Stock
      of the General Partner or (b) more than 50% of the total economic or voting
      power of the Capital Stock of the Company (for the purposes of this clause
      (1),
      such other person or group shall be deemed to beneficially own any Voting Stock
      or Capital Stock of a Person (the “specified
      person”)
      held
      by any other Person (including one or more Permitted Holders) (the “parent
      entity”),
      if
      such other person or group is the beneficial owner (as defined above in this
      clause (1)), directly or indirectly, of more than 50% of the voting power of
      the
      Voting Stock or 50% of the economic or voting power of the Capital stock, as
      applicable, of such parent entity);

     

    (2) on
      and
      after the occurrence of any Public Offering, individuals who on the Issue Date
      constituted the Board of Directors (together with any new directors whose
      election by such Board of Directors or whose nomination for election by the
      shareholders of the Company or the General Partner was approved by a vote of
      a
      majority of the directors of the Company or the General Partner then still
      in
      office who were either directors on the Issue Date or whose election or
      nomination for election was previously so approved) cease for any reason to
      constitute a majority of the Board of Directors then in office;

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

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

     

    (4) the
      merger or consolidation of the Company or the General Partner with or into
      another Person (other than one or more Permitted Holders) or the merger of
      another Person (other than one or more Permitted Holders) with or into the
      Company or the General Partner, or the sale of all or substantially all the
      assets of the Company or the General Partner (determined on a consolidated
      basis) to another Person (other than one or more Permitted Holders) other than
      a
      transaction following which in the case of a merger or consolidation
      transaction, holders of securities that represented 100% of the Voting Stock
      of
      the General Partner and 100% of the Capital Stock of the Company immediately
      prior to such transaction (or other securities into which such securities are
      converted as part of such merger or consolidation transaction) own directly
      or
      indirectly at least a majority of the voting power of the Voting Stock of the
      surviving Person of the General Partner and at least a majority of the economic
      or voting power of the Capital Stock of the surviving Person of the Company
      (whether or not the surviving Person is in the same corporate form) in such
      merger or consolidation transaction immediately after such
      transaction.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended.

     

    “Company”
means
      the party named as such in the first paragraph of this Indenture until a
      successor replaces such party pursuant to Article 5 of this Indenture and
      thereafter means the successor.

     

    “Company
      Request”
means
      any written request signed in the name of the Company by the Chief Executive
      Officer, the President, any Vice President, the Chief Financial Officer, the
      Treasurer or the Secretary or any Assistant Secretary of the Company and
      delivered to the Trustee.

     

    “Consolidated
      Income Tax Expense”
means,
      with respect to the Company for any period, the provision for federal, state,
      local and foreign taxes based on income or profits (including franchise taxes)
      payable by the Company and the Restricted Entities for such period and any
      Permitted Tax Distributions for such period as determined on a consolidated
      basis in accordance with GAAP.

     

    “Consolidated
      Interest Expense”
means,
      for any period, the total interest expense of the Company and the Restricted
      Entities for such period, whether paid or accrued and whether or not capitalized
      (including amortization of debt issuance costs and original issue discount,
      non-cash interest payments, the interest component of any deferred payment
      obligations, the interest component of all payments associated with Capital
      Lease Obligations and Attributable Debt, commissions, discounts and other fees
      and charges incurred in respect of letter of credit or bankers’ acceptance
      financings), and net of the effect of all payments made or received pursuant
      to
      Hedging Obligations.

     

    “Consolidated
      Leverage Ratio”
as
      of
      any date of determination means the ratio of (x) the aggregate amount of
      Indebtedness of the Company and the Restricted Entities as of such date of
      determination to (y) Consolidated Operating Cash Flow for the most recent four
      consecutive fiscal quarters ending prior to such date of determination for
      which
      financial information is available (the “Reference
      Period”);
      provided,
      however,
      that:

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    (1) if
      the
      transaction giving rise to the need to calculate the Consolidated Leverage
      Ratio
      is an Incurrence of Indebtedness, the amount of such Indebtedness shall be
      calculated after giving effect on a pro forma basis to such
      Indebtedness;

     

    (2) if
      the
      Company or any Restricted Entity has repaid, repurchased, defeased or otherwise
      discharged any Indebtedness that was outstanding as of the end of such fiscal
      quarter or if any Indebtedness is to be repaid, repurchased, defeased or
      otherwise discharged on the date of the transaction giving rise to the need
      to
      calculate the Consolidated Leverage Ratio (other than, in each case,
      Indebtedness Incurred under any revolving credit agreement), the aggregate
      amount of Indebtedness shall be calculated on a pro forma basis and Consolidated
      Operating Cash Flow shall be calculated as if the Company or such Restricted
      Entity had not earned the interest income, if any, actually earned during the
      Reference Period in respect of cash or Temporary Cash Investments used to repay,
      repurchase, defease or otherwise discharge such Indebtedness;

     

    (3) if
      since
      the beginning of the Reference Period the Company or any Restricted Entity
      shall
      have made any Asset Disposition, the Consolidated Operating Cash Flow for the
      Reference Period shall be reduced by an amount equal to the Consolidated
      Operating Cash Flow (if positive) directly attributable to the assets which
      are
      the subject of such Asset Disposition for the Reference Period or increased
      by
      an amount equal to the Consolidated Operating Cash Flow (if negative) directly
      attributable thereto for the Reference Period;

     

    (4) if
      since
      the beginning of the Reference Period the Company or any Restricted Entity
      (by
      merger or otherwise) shall have made an Investment in any Restricted Entity
      (or
      any Person which becomes a Restricted Entity) or an acquisition of assets which
      constitutes all or substantially all of an operating unit of a business,
      Consolidated Operating Cash Flow for the Reference Period shall be calculated
      after giving pro forma effect thereto (including the Incurrence of any
      Indebtedness) as if such Investment or acquisition had occurred on the first
      day
      of the Reference Period; and

     

    (5) if
      since
      the beginning of the Reference Period any Person (that subsequently became
      a
      Restricted Entity or was merged with or into the Company or any Restricted
      Entity since the beginning of such Reference Period) shall have made any Asset
      Disposition, any Investment or acquisition of assets that would have required
      an
      adjustment pursuant to clause (3) or (4) above if made by the Company or a
      Restricted Entity during the Reference Period, Consolidated Operating Cash
      Flow
      for the Reference Period shall be calculated after giving pro forma effect
      thereto as if such Asset Disposition, Investment or acquisition had occurred
      on
      the first day of the Reference Period.

     

    For
      purposes of this definition, whenever pro forma effect is to be given to an
      acquisition of assets, the amount of income or earnings relating thereto and
      the
      amount of Consolidated Interest Expense associated with any Indebtedness
      Incurred in connection therewith, the pro forma calculations shall be determined
      in accordance with GAAP in good faith by a responsible financial or accounting
      Officer of the Company. If any Indebtedness bears a floating rate of interest
      and is being given pro forma effect, the interest on such Indebtedness shall
      be
      calculated as if the rate in effect on the date of determination had been the
      applicable rate for the entire period (taking into account any Hedging
      Obligation applicable to such Indebtedness if such Hedging Obligation has a
      remaining term in excess of 12 months). If any Indebtedness is Incurred under
      a
      revolving credit facility and is being given pro forma effect, the interest
      on
      such Indebtedness shall be calculated based on the average daily balance of
      such
      Indebtedness for the four fiscal quarters subject to the pro forma calculation
      to the extent such Indebtedness was Incurred solely for working capital
      purposes.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    “Consolidated
      Net Income”
means,
      for any period, the net income of the Company and its consolidated Restricted
      Entities; provided,
      however,
      that
      there shall not be included in such Consolidated Net Income:

     

    (1) any
      net
      income of any Person (other than the Company) if such Person is not a Restricted
      Entity, except that:

     

    (A) subject
      to the exclusion contained in clauses (3), (4) and (5) below, the Company’s
      equity in the net income of any such Person for such period shall be included
      in
      such Consolidated Net Income up to the aggregate amount of cash actually
      distributed by such Person during such period to the Company or a Restricted
      Entity as a dividend or other distribution (subject, in the case of a dividend
      or other distribution paid to a Restricted Entity, to the limitations contained
      in clause (2) below); and

     

    (B) the
      Company’s equity in a net loss of any such Person for such period shall be
      included in determining such Consolidated Net Income to the extent such loss
      has
      been funded with cash from the Company or a Restricted Entity;

     

    (2) any
      net
      income of any Restricted Entity if such Restricted Entity is subject to
      restrictions, directly or indirectly, on the payment of dividends or the making
      of distributions by such Restricted Entity, directly or indirectly, to the
      Company, except that:

     

    (A) subject
      to the exclusion contained in clauses (3), (4) and (5) below, the Company’s
      equity in the net income of any such Restricted Entity for such period shall
      be
      included in such Consolidated Net Income up to the aggregate amount of cash
      that
      could have been distributed by such Restricted Entity during such period to
      the
      Company or another Restricted Entity as a dividend or other distribution
      (subject, in the case of a dividend or other distribution paid to another
      Restricted Entity, to the limitation contained in this clause); and

     

    (B) the
      Company’s equity in a net loss of any such Restricted Entity for such period
      shall be included in determining such Consolidated Net Income;

     

    (3) any
      gain
      (or loss) realized upon the sale or other disposition of any assets of the
      Company or its consolidated Restricted Entities (including pursuant to any
      Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the
      ordinary course of business and any gain (or loss) realized upon the sale or
      other disposition of any Capital Stock of any Person;

     

    (4) extraordinary
      gains or losses;

     

    (5) the
      cumulative effect of a change in accounting principles;

     

    (6) all
      deferred financing costs written off and premiums paid in connection with an
      early extinguishment of Indebtedness;

     

    (7) any
      non-cash compensation charge arising from any grant of stock, stock option,
      or
      other equity based awards; and

     

    (8) expenses
      related to the offering of Notes,

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    in
      each
      case, for such period. Notwithstanding the foregoing, (x) for the purposes
      of
      Section 4.08 only, there shall be excluded from Consolidated Net Income any
      repurchases, repayments or redemptions of Investments, proceeds realized on
      the
      sale of Investments or return of capital to the Company or a Restricted Entity
      to the extent such repurchases, repayments, redemptions, proceeds or returns
      increase the amount of Restricted Payments permitted under Section 4.08(a)(3)(D)
      and (y) Consolidated Net Income shall be reduced by the amount of Permitted
      Tax
      Distributions.

     

    “Consolidated
      Operating Cash Flow”
means,
      with respect to the Company and the Restricted Entities on a consolidated basis,
      for any period, an amount equal to Consolidated Net Income for such period
      increased (without duplication) by the sum of:

     

    (a) Consolidated
      Income Tax Expense accrued for such period to the extent deducted in determining
      Consolidated Net Income for such period;

     

    (b) Consolidated
      Interest Expense for such period to the extent deducted in determining
      Consolidated Net Income for such period;

     

    (c) transition
      costs for customers under contract in connection with migrating such customers’
end user equipment to end user equipment that functions on the Company’s planned
      network not to exceed $10.0 million in any fiscal year; and

     

    (d) depreciation,
      amortization and any other noncash items for such period to the extent deducted
      in determining Consolidated Net Income for such period (other than any noncash
      item which requires the accrual of, or a reserve for, cash charges for any
      future period) of the Company and the Restricted Entities (including
      amortization of capitalized debt issuance costs for such period), all of the
      foregoing determined on a consolidated basis in accordance with GAAP, and
      decreased by noncash items to the extent they increase Consolidated Net Income
      (including the partial or entire reversal of reserves taken in prior periods,
      but excluding reversals of accruals or reserves for cash charges taken in prior
      periods) for such period.

     

    “Consolidated
      Revenues”
means,
      for any period, the consolidated net revenue of the Company and the Restricted
      Entities for such period determined in accordance with GAAP.

     

    “Consolidated
      Total Assets”
means
      the total assets of the Company and its consolidated Restricted Entities, as
      shown on the most recent balance sheet of the Company, determined on a
      consolidated basis in accordance with GAAP.

     

    “Corporate
      Trust Office”
means
      the office of the Trustee at which at any particular time its corporate trust
      business shall be principally administered, which office at the date of
      execution of this Indenture is located at 101 Barclay Street, 8W, New York,
      New
      York 10286, Attention: Corporate Trust Division — Corporate Finance Unit, or
      such other address as the Trustee may designate from time to time by notice
      to
      the Noteholders and the Company, or the principal corporate trust office of
      any
      successor Trustee (or such other address as such successor Trustee may designate
      from time to time by notice to the Noteholders and the Company).

     

    “Default”
means
      any event which is, or after notice or passage of time 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 2.06 hereof, substantially in the form of Exhibits
      A-1
      and A-4 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.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    “Depository”
means,
      with respect to the Notes issued in the form of one or more Global Notes, The
      Depository Trust Company or another Person designated as Depository by the
      Company, which Person must be a clearing agency registered under the Exchange
      Act.

     

    “Designated
      Equity Contributions”
means
      Net Cash Proceeds received by the Company or, after the occurrence of a Parent
      Rollup Transaction, the Parent (to the extent the net proceeds thereof are
      contributed to the equity capital of the Company (other than in the form of
      Disqualified Stock) or are used to purchase Capital Stock of the Company (other
      than Disqualified Stock)) from the issuance or sale of its Capital Stock (other
      than Disqualified Stock) subsequent to the Issue Date and designated in an
      Officer’s Certificate as Designated Equity Contributions executed by the
      principal financial officer of the Company.

     

    “Designated
      Equity Election”
means
      the delivery to the Trustee of an Officer’s Certificate stating that the Company
      elects to include Designated Equity Contributions under Section
      4.08(a)(3)(B).

     

    “Designated
      Noncash Consideration”
means
      the fair market value of noncash consideration received by the Company or a
      Restricted Entity in connection with an Asset Disposition that is so designated
      as Designated Noncash Consideration pursuant to an Officer’s Certificate,
      setting forth the basis of such valuation, executed by the principal financial
      officer of the Company, less the amount of cash or cash equivalents received
      in
      connection with a subsequent sale of such Designated Noncash
      Consideration.

     

    “Disqualified
      Stock”
means,
      with respect to any Person, any Capital Stock which by its terms (or by the
      terms of any security into which it is convertible or for which it is
      exchangeable at the option of the holder) or upon the happening of any
      event:

     

    (1) matures
      or is mandatorily redeemable (other than redeemable only for Capital Stock
      of
      such Person which is not itself Disqualified Stock) pursuant to a sinking fund
      obligation or otherwise;

     

    (2) is
      convertible or exchangeable at the option of the holder for Indebtedness or
      Disqualified Stock; or

     

    (3) is
      mandatorily redeemable or must be purchased upon the occurrence of certain
      events or otherwise (including, without limitation, at the option of the holder
      thereof), in whole or in part;

     

    in
      each
      case on or prior to the date that is 91 days after the Stated Maturity of the
      Notes; provided,
      however,
      that
      any Capital Stock that would not constitute Disqualified Stock but for
      provisions thereof giving holders thereof the right to require such Person
      to
      purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or
“change of control” shall not constitute Disqualified Stock if:

     

    (A) the
      “asset sale” or “change of control” provisions applicable to such Capital Stock
      are not more favorable, taken as a whole, to the holders of such Capital Stock
      than the terms applicable to the Notes and under Sections 4.10 and 4.16;
      and

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    (B) any
      such
      requirement only becomes operative after compliance with such terms applicable
      to the Notes, including the purchase of any Notes tendered pursuant
      thereto.

     

    The
      amount of any Disqualified Stock that does not have a fixed redemption,
      repayment or repurchase price will be calculated in accordance with the terms
      of
      such Disqualified Stock as if such Disqualified Stock were redeemed, repaid
      or
      repurchased on any date on which the amount of such Disqualified Stock is to
      be
      determined pursuant to this Indenture; provided,
      however,
      that if
      such Disqualified Stock could not be required to be redeemed, repaid or
      repurchased at the time of such determination, the redemption, repayment or
      repurchase price will be the book value of such Disqualified Stock as reflected
      in the most recent financial statements of such Person.

     

    “Equity
      Offering”
means
      a
      primary public or private offering of Capital Stock (other than Disqualified
      Stock) of the Company (or after the consummation of a Parent Rollup Transaction,
      the Parent (to the extent the net proceeds thereof are contributed to the equity
      capital of the Company (other than in the form of Disqualified Stock) or are
      used to purchase Capital Stock (other than Disqualified Stock) of the Company))
      other than offerings with respect to the Company’s (or after the consummation of
      a Parent Rollup Transaction, Parent’s) Capital Stock or options, warrants or
      rights registered on Form S-4 or S-8.

     

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

     

    “Existing
      Canadian Subsidiary”
means
      Mobile Satellite Ventures Corp., a Nova Scotia unlimited liability company,
      and
      its successors.

     

    “FCC”
means
      the Federal Communications Commission or any successor agency
      thereto.

     

    “FCC
      License Subsidiary”
means
      Mobile Satellite Ventures Subsidiary LLC, a wholly owned Subsidiary of the
      Company that owns all of the Company’s FCC licenses in the United
      States.

     

    “FCC
      Licenses”
means
      broadcasting and other licenses, authorizations, waivers and permits which
      are
      issued from time to time by the FCC.

     

    “Full
      In-Orbit Insurance”
means
      insurance coverage of satellites following the period of time that is
      customarily covered by launch insurance and provides coverage against partial
      losses, constructive total losses and complete losses. 

     

    “GAAP”
means
      generally accepted accounting principles in the United States of America as
      in
      effect as of the Original Issue Date, including those set forth in:

     

    (1) the
      opinions and pronouncements of the Accounting Principles Board of the American
      Institute of Certified Public Accountants;

     

    (2) statements
      and pronouncements of the Financial Accounting Standards Board;

     

    (3) such
      other statements by such other entity as approved by a significant segment
      of
      the accounting profession; and

     

    (4) the
      rules
      and regulations of the SEC governing the inclusion of financial statements
      (including pro forma financial statements) in periodic reports required to
      be
      filed pursuant to Section 13 of the Exchange Act, including opinions and
      pronouncements in staff accounting bulletins and similar written statements
      from
      the accounting staff of the SEC.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    “General
      Partner”
means
      Mobile Satellite Ventures GP Inc. and its successors.

     

    “Global
      Note Legend”
means
      the legend set forth in Section 2.06(g)(ii), which is required to be placed
      on
      all Global Notes issued under this Indenture.

     

    “Global
      Notes”
means,
      individually and collectively, each of the Restricted Global Notes and the
      Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued
      in accordance with Section 2.01, 2.06(b)(vi) or 2.06(d)(iii)
      hereof.

     

    “Governmental
      Authority”
means
      any Federal, state, provincial, local, foreign or other governmental,
      quasi-governmental or administrative (including self-regulatory) body,
      instrumentality, department, agency, authority, board, bureau, commission,
      office of any nature whatsoever or other subdivision thereof, or any court,
      tribunal, administrative hearing body, arbitration panel or other similar
      dispute-resolving body, whether now or hereafter in existence, or any officer
      or
      official thereof, having jurisdiction over either of the Issuers.

     

    “Guarantee”
means
      any obligation, contingent or otherwise, of any Person directly or indirectly
      guaranteeing any Indebtedness of any Person and any obligation, direct or
      indirect, contingent or otherwise, of such Person:

     

    (1) to
      purchase or pay (or advance or supply funds for the purchase or payment of)
      such
      Indebtedness of such Person (whether arising by virtue of partnership
      arrangements, or by agreements to keep-well, to purchase assets, goods,
      securities or services, to take-or-pay or to maintain financial statement
      conditions or otherwise); or

     

    (2) entered
      into for the purpose of assuring in any other manner the obligee of such
      Indebtedness of the payment thereof or to protect such obligee against loss
      in
      respect thereof (in whole or in part);

     

    provided,
      however,
      that
      the term “Guarantee” shall not include endorsements for collection or deposit in
      the ordinary course of business. The term “Guarantee” used as a verb has a
      corresponding meaning. 

     

    “Guarantor”
means
      each Subsidiary of the Company and the Canadian Joint Ventures that guarantee
      the Notes under Article 10.

     

    “Hedging
      Obligations”
of
      any
      Person means the obligations of such Person under:

     

    (1) currency
      exchange or interest rate swap agreements, currency exchange or interest rate
      cap agreements or currency exchange or interest rate collar agreements;
      or

     

    (2) other
      agreements or arrangements designed to protect such Person against fluctuations
      in currency exchange or interest rate prices.

     

    “holder”
or
      “Noteholder”
means
      the Person in whose name a Note is registered on the register kept by the
      Registrar pursuant to Section 2.03 hereof.

     

    “Immaterial
      Subsidiary”
means
      any Subsidiary of the Company that owns less than 1.0% of the Consolidated
      Total
      Assets and generates less than 1.0% of the Consolidated Revenues for the latest
      four quarters then ended for which financial statements are available and which
      does not guarantee and is not an obligor under any other Indebtedness of the
      Company and the Restricted Entities.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    “Incur”
means
      issue, assume, Guarantee, incur or otherwise become liable for; provided,
      however,
      that
      any Indebtedness of a Person existing at the time such Person becomes a
      Restricted Entity (whether by merger, consolidation, acquisition or otherwise)
      shall be deemed to be Incurred by such Person at the time it becomes a
      Restricted Entity. The term “Incurrence” when used as a noun shall have a
      correlative meaning. Solely for purposes of determining compliance with Section
      4.06:

     

    (1) except
      in
      respect of Indebtedness Incurred under Section 4.06(b)(1) (under which any
      amortization of debt discount or accretion of principal will be deemed an
      Incurrence), amortization of debt discount or the accretion of principal with
      respect to a non-interest bearing or other discount security;

     

    (2) the
      payment of regularly scheduled interest in the form of additional Indebtedness
      of the same instrument (such as PIK Interest) or the payment of regularly
      scheduled dividends on Capital Stock in the form of additional Capital Stock
      of
      the same class and with the same terms; and

     

    (3) the
      obligation to pay a premium in respect of Indebtedness arising in connection
      with the issuance of a notice of redemption or making of a mandatory offer
      to
      purchase such Indebtedness

     

    will
      not
      be deemed to be the Incurrence of Indebtedness. 

     

    “Indebtedness”
means,
      with respect to any Person on any date of determination (without
      duplication):

     

    (1) the
      principal in respect of (A) indebtedness of such Person for money borrowed
      and
      (B) indebtedness
      evidenced by notes, debentures, bonds or other similar instruments for the
      payment of which such Person is responsible or liable, including, in each case,
      any premium on such indebtedness to the extent such premium has become due
      and
      payable;

     

    (2) all
      Capital Lease Obligations of such Person and all Attributable Debt in respect
      of
      Sale/ Leaseback Transactions entered into by such Person;

     

    (3) all
      obligations of such Person issued or assumed as the deferred purchase price
      of
      property, all conditional sale obligations of such Person and all obligations
      of
      such Person under any title retention agreement (but excluding any accounts
      payable or other liability to trade creditors arising in the ordinary course
      of
      business), in each case only if and to the extent due more than 12 months after
      the delivery of property;

     

    (4) the
      principal component of all obligations of such Person for the reimbursement
      of
      any obligor on any letter of credit, bankers’ acceptance or similar credit
      transaction (other than obligations with respect to letters of credit securing
      obligations (other than obligations described in clauses (1) through (3) above)
      entered into in the ordinary course of business of such Person to the extent
      such letters of credit are not drawn upon or, if and to the extent drawn upon,
      such drawing is reimbursed no later than the tenth Business Day following
      payment on the letter of credit);

     

    (5) the
      principal component of the amount of all obligations of such Person with respect
      to the redemption, repayment or other repurchase of any Disqualified Stock
      of
      such Person or, with respect to any Preferred Stock of any Restricted Entity
      of
      such Person, the principal amount of such Preferred Stock to be determined
      in
      accordance with this Indenture (but excluding, in each case, any accrued
      dividends);

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    (6) all
      obligations of the type referred to in clauses (1) through (5) of other Persons
      and all dividends of other Persons for the payment of which, in either case,
      such Person is responsible or liable, directly or indirectly, as obligor,
      guarantor or otherwise, including by means of any Guarantee;

     

    (7) all
      obligations of the type referred to in clauses (1) through (6) of other Persons
      secured by any Lien on any property or asset of such Person (whether or not
      such
      obligation is assumed by such Person), the amount of such obligation being
      deemed to be the lesser of the fair market value of such property or assets
      and
      the amount of the obligation so secured; and

     

    (8) to
      the
      extent not otherwise included in this definition, Hedging Obligations of such
      Person.

     

    Notwithstanding
      the foregoing, in connection with the purchase by the Company or any Restricted
      Entity of any business, the term “Indebtedness” will exclude post-closing
      payment adjustments to which the seller may become entitled to the extent such
      payment is determined by a final closing balance sheet or such payment depends
      on the performance of such business after the closing; provided,
      however,
      that,
      at the time of closing, the amount of any such payment is not determinable
      and,
      to the extent such payment thereafter becomes fixed and determined, the amount
      is paid within 30 days thereafter.

     

    The
      amount of Indebtedness of any Person at any date shall be the outstanding
      balance at such date of all obligations as described above; provided,
      however,
      that in
      the case of Indebtedness sold at a discount, the amount of such Indebtedness
      at
      any time will be the accreted value thereof at such time.

     

    “Indenture”
means
      this Indenture, as defined in the first paragraph hereof, as may be amended
      from
      time to time in accordance with the terms hereof.

     

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

     

    “Industry
      Canada”
means
      the Canadian Federal Minister of Industry and his or her designees, including
      the Department of Industry and its successors.”

     

    “Industry
      Canada Licenses”
means
      all licenses, approvals in principle, permits or authorizations issued by
      Industry Canada to the Canadian Joint Ventures or the Existing Canadian
      Subsidiary for purposes of carrying on their respective businesses in Canada.
      

     

    “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 and that is not also a
      QIB.

     

    “Interest
      Payment Date”
means
      the Stated Maturity of an installment of interest on the Notes.

     

    “Investment”
by
      any
      Person in any other Person means any direct or indirect advance, loan (other
      than advances to customers in the ordinary course of business that are recorded
      as accounts receivable on the balance sheet of the lender) or other extensions
      of credit (including by way of Guarantee or similar arrangement) or capital
      contribution to (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), or
      any
      purchase or acquisition of Capital Stock, Indebtedness or other similar
      instruments issued by such Person. If the Company or any Restricted Entity
      issues, sells or otherwise disposes of any Capital Stock of a Person that is
      a
      Restricted Entity such that, after giving effect thereto, such Person is no
      longer a Restricted Entity, any Investment by the Company or any Restricted
      Entity in such Person remaining after giving effect thereto will be deemed
      to be
      a new Investment at such time. Except as otherwise provided for herein, the
      amount of an Investment shall be its fair market value at the time the
      Investment is made and without giving effect to subsequent changes in value;
      provided
      that
      none of the following will be deemed to be an Investment:

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    (1) Hedging
      Obligations entered into in the ordinary course of business and in compliance
      with this Indenture; and

     

    (2) endorsements
      of negotiable instruments and documents in the ordinary course of business;
      and

     

    (3) any
      transaction to the extent that the consideration provided by the Company or
      a
      Restricted Entity consists of Capital Stock of the Company (or after a Parent
      Rollup Transaction) any Parent (other than Disqualified Stock).

     

    For
      purposes of the definition of “Unrestricted Entity”, Section 4.08 and the
      definition of “Restricted Payment”, “Investment” shall include:

     

    (1) the
      portion (proportionate to the Company’s equity interest in such Subsidiary) of
      the fair market value of the net assets of any Subsidiary of the Company at
      the
      time that such Subsidiary is designated an Unrestricted Entity; provided,
      however,
      that
      upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company
      shall be deemed to continue to have a permanent “Investment” in an Unrestricted
      Entity equal to an amount (if positive) equal to (A) the Company’s “Investment”
in such Subsidiary at the time of such redesignation less (B) the portion
      (proportionate to the Company’s equity interest in such Subsidiary) of the fair
      market value of the net assets of such Subsidiary at the time of such
      redesignation; and

     

    (2) any
      property transferred to or from an Unrestricted Entity shall be valued at its
      fair market value at the time of such transfer, in each case as determined
      in
      good faith by the Board of Directors.

     

    “Issue
      Date”
means
      January 7, 2008.

     

    “L-Band
      Spectrum”
means
      capacity or other right to use, for a satellite and/or ATC network, using the
      frequency band residing at 1626.5-1660.5 MHz (Earth to space), 1668-1675 MHz
      (Earth to space) and 1518-1559 MHz (space to Earth) as allocated for mobile
      satellite services by the International Telecommunications Union. 

     

    “Legal
      Holiday”
means
      a
      Saturday, a Sunday or a day on which banking institutions are not required
      to be
      open in the State of New York. 

     

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

     

    “Maturity
      Date”
means
      May 1, 2013.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    “Moody’s”
means
      Moody’s Investors Service, Inc. and any successor to its rating agency business.
      

     

    “Net
      Available Cash”
from
      an
      Asset Disposition means cash payments received by the Company or a Restricted
      Entity therefrom (including any cash payments received by way of deferred
      payment of principal pursuant to a note or installment receivable or otherwise
      and proceeds from the sale or other disposition of any securities received
      as
      consideration, but only as and when received, but excluding any other
      consideration received in the form of assumption by the acquiring Person of
      Indebtedness or other obligations relating to such properties or assets or
      received in any other non-cash form), in each case net of:

     

    (1) all
      legal, title, accounting, broker and recording tax expenses, commissions and
      other fees and expenses Incurred, and all Federal, state, provincial, foreign
      and local taxes required to be accrued as a liability under GAAP, as a
      consequence of such Asset Disposition;

     

    (2) all
      payments made on any Indebtedness which is secured by any assets subject to
      such
      Asset Disposition pursuant to a Lien that is permitted by this Indenture prior
      to any Lien on such assets securing the Notes, in accordance with the terms
      of
      any Lien upon or other security agreement of any kind with respect to such
      assets;

     

    (3) all
      distributions and other payments required to be made to minority interest
      holders in Restricted Subsidiaries as a result of such Asset
      Disposition;

     

    (4) the
      deduction of appropriate amounts provided by the seller as a reserve, in
      accordance with GAAP, against any liabilities associated with the property
      or
      other assets disposed in such Asset Disposition and retained by the Company
      or
      any Restricted Entity after such Asset Disposition; and

     

    (5) any
      portion of the purchase price from an Asset Disposition placed in escrow,
      whether as a reserve for adjustment of the purchase price, for satisfaction
      of
      indemnities in respect of such Asset Disposition or otherwise in connection
      with
      that Asset Disposition; provided,
      however, that upon the termination of that escrow, Net Available Cash will
      be
      increased by any portion of funds in the escrow that are released to the Company
      or any Restricted Entity.

     

    “Net
      Cash Proceeds”,
      with
      respect to any issuance or sale of Capital Stock or Indebtedness, means the
      cash
      proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees,
      underwriters’ or placement agents’ fees, discounts or commissions and brokerage,
      consultant and other fees actually incurred in connection with such issuance
      or
      sale and net of taxes paid or payable as a result thereof.

     

    “Non-U.S.
      Person”
means
      a
      Person who is not a U.S. Person as defined in Regulation S.

     

    “Notes”
has
      the
      meaning given such term in the second introductory paragraph
      hereto.

     

    “Obligations”
means,
      with respect to any Indebtedness, all obligations for principal, premium,
      interest, penalties, fees, indemnifications, reimbursements and other amounts
      payable pursuant to the documentation governing such Indebtedness.

     

    “Officer”
means
      the Chairman of the Board, the President, any Vice President, the Treasurer
      or
      the Secretary of the Company.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    “Officer’s
      Certificate”
means
      a
      certificate signed by any Officer and delivered to the Trustee.

     

    “Old
      Indenture”
      means
      the Indenture, dated as of March 30, 2006, by and among the Issuers, the
      Guarantors and the Trustee, as the same may be modified, supplemented, amended,
      refinanced, renewed or replaced. 

     

    “Old
      Notes”
      means
      the 14% Senior Secured Discount Notes due 2013 issued by the Issuers and the
      Guarantees thereof and any “Additional Notes” as defined in and issued pursuant
      to Article 2 of the Old Indenture and in compliance with Sections 4.06 and
      4.09
      of the Old Indenture after the Original Issue Date.

     

    “Opinion
      of Counsel”
means
      a
      written opinion from legal counsel who is acceptable to the Trustee. The counsel
      may be an employee of or counsel to the Company.

     

    "Original
      Issue Date"
      means
      March 30, 2006, the date of original issuance of the Old Notes.

     

    “Parent”
means
      the Permitted Holder that, pursuant to a Parent Rollup Transaction, acquires
      Capital Stock of the Company in the amounts required by such definition;
provided,
      however,
      that
      such Parent is a corporation organized under the laws of the United States
      of
      America, any State thereof or the District of Columbia.

     

    “Parent
      Rollup Transaction”
means
      (i) any Qualified Parent Rollup Transaction or (ii) a transaction whereby (x)(a)
      a Permitted Holder becomes the beneficial owner of at least 78% of the
      outstanding partnership interests of the Company and at least 78% of the
      outstanding common stock of the General Partner or (b) a Permitted Holder
      becomes the beneficial owner of at least a majority of the outstanding
      partnership interests of the Company and of the outstanding common stock of
      the
      General Partner and has the right or obligation to acquire (and will acquire)
      beneficially additional partnership interests of the Company and common stock
      of
      the General Partner, in each case, from the then existing equity holders of
      the
      Company or of the General Partner in exchange for the issuance of Capital Stock
      of such Permitted Holder, such that the Permitted Holder would own beneficially
      not less than 78% of the outstanding partnership interests of the Company and
      not less than 78% of the outstanding common stock of the General Partner, and
      (y) following such transaction, BCE owns no greater than 22% of the outstanding
      Capital Stock of the Company having substantially the same terms, taken as
      a
      whole, that exist as of the Original Issue Date; provided
      that for
      purposes of this definition, all calculations of equity percentages shall be
      made on an undiluted basis.

     

    “Pari
      Passu Indebtedness”
means
      the Old Notes and any other Indebtedness of the Company or a Guarantor that
      is
pari passu
      in right
      of payment (and not expressly subordinated) to the Notes or, in the case of
      a
      Guarantor, that is pari passu
      in right
      of payment (and not expressly subordinated) to its Guarantee.

     

    “Participant”
means,
      with respect to the Depository, a Person who has an account with the
      Depository.

     

    “Payment-in-Kind
      Notes”
means
      additional Notes issued under this Indenture on the same terms and conditions
      as
      the Notes issued on the Issue Date in connection with PIK Interest. For purposes
      of this Indenture, all references to “Notes” shall include any related
      Payment-in-Kind Notes.

    

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    “Permitted
      Holder Change of Control”
means,
      with respect to a Permitted Holder, the occurrence of a Change of Control of
      such Permitted Holder (with references in the definition of Change of Control
      (and other defined terms referenced therein) to the General Partner or the
      Company being deemed to be references to such Permitted Holder).

     

    “Permitted
      Holders”
means
      each of (i) Apollo Advisors, L.P. and its Affiliates; (ii) Motient Corporation,
      so long as a Permitted Holder Change of Control with respect to Motient
      Corporation shall not have occurred; (iii) SkyTerra Communications, Inc., so
      long as a Permitted Holder Change of Control with respect to SkyTerra
      Communications, Inc. shall not have occurred; (iv) BCE Inc. and TMI and their
      Affiliates; (v) Spectrum Equity and its Affiliates as of the Original Issue
      Date; (vi) Columbia Capital and its Affiliates as of the Original Issue Date;
      (vii) Harbert Management Corporation, Harbinger Capital Partners Master Fund
      I,
      Ltd., Harbinger Capital Partners Special Situation Fund, LP and their
      Affiliates; and (viii) any “group” (as such terms is used in Section 13(d) and
      14(d) of the Exchange Act) if the owner of a majority of the shares of Voting
      Stock of the General Partner beneficially owned by such group consist of one
      or
      more persons identified in the foregoing clauses (i) through (vi).

     

    “Permitted
      Investment”
means
      an Investment by the Company or any Restricted Entity in:

     

    (1) the
      Company, a Guarantor or a Person that will, upon the making of such Investment,
      become a Guarantor; provided,
      however,
      that
      the primary business of such Guarantor is a Related Business;

     

    (2) another
      Person if, as a result of such Investment, such other Person is merged or
      consolidated with or into, or transfers or conveys all or substantially all
      its
      assets to, the Company or a Guarantor; provided,
      however,
      that
      such Person’s primary business is a Related Business;

     

    (3) a
      Restricted Entity that is not organized in the United States of America or
      any
      State thereof or the District of Columbia in an amount outstanding not to exceed
      $15 million since the Issue Date;

     

    (4) cash
      and
      Temporary Cash Investments;

     

    (5) receivables
      owing to the Company or any Restricted Entity if created or acquired in the
      ordinary course of business and payable or dischargeable in accordance with
      customary trade terms; provided,
      however,
      that
      such trade terms may include such concessionary trade terms as the Company
      or
      any such Restricted Entity deems reasonable under the
      circumstances;

     

    (6) payroll,
      travel and similar advances to cover matters that are expected at the time
      of
      such advances ultimately to be treated as expenses for accounting purposes
      and
      that are made in the ordinary course of business;

     

    (7) loans
      or
      advances to employees made in the ordinary course of business consistent with
      past practices of the Company or such Restricted Entity not to exceed $2.5
      million at any time outstanding;

     

    (8) stock,
      obligations or securities received in settlement of debts created in the
      ordinary course of business and owing to the Company or any Restricted Entity
      or
      in satisfaction of judgments or pursuant to any plan of reorganization or
      similar arrangement upon the bankruptcy or insolvency of a debtor or foreclosure
      of a Lien;

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    (9) any
      Person to the extent such Investment represents the non-cash portion of the
      consideration received for (A) an Asset Disposition as permitted pursuant to
      Section 4.10 or (B) a disposition of assets not constituting an Asset
      Disposition;

     

    (10) any
      Person where such Investment was acquired by the Company or any of its
      Restricted Subsidiaries (A) in exchange for any other Investment or accounts
      receivable held by the Company or any such Restricted Entity in connection
      with
      or as a result of a bankruptcy, workout, reorganization or recapitalization
      of
      the issuer of such other Investment or accounts receivable or (B) as a result
      of
      a foreclosure by the Company or any of its Restricted Subsidiaries with respect
      to any secured Investment or other transfer of title with respect to any secured
      Investment in default;

     

    (11) any
      Person to the extent such Investments consist of prepaid expenses, negotiable
      instruments held for collection and lease, utility and workers’ compensation,
      performance and other similar deposits made in the ordinary course of business
      by the Company or any Restricted Entity;

     

    (12) any
      Person to the extent such Investments consist of Hedging Obligations otherwise
      permitted under Section 4.06;

     

    (13) any
      Person to the extent such Investment exists on the Issue Date, and any
      extension, modification or renewal of any such Investments existing on the
      Issue
      Date, but only to the extent not involving additional advances, contributions
      or
      other Investments of cash or other assets or other increases thereof (other
      than
      as a result of the accrual or accretion of interest or original issue discount
      or the issuance of pay-in-kind securities, in each case, pursuant to the terms
      of such Investment as in effect on the Issue Date);

     

    (14) 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
      (14)
      that are still outstanding, do not exceed $10.0 million in any calendar year
      and
      $60.0 million in the aggregate since the Issue Date;

     

    (15) Investments
      in Persons for the purpose of using or selling satellite capacity in Mexico
      or
      Latin America that is not being used by the Company or its Restricted
      Subsidiaries, which Investments are in the form of transfers to such Persons
      of
      such unutilized satellite capacity for fair market value not to exceed $25.0
      million at any time outstanding under this clause; and

     

    (16) Investments
      consisting of nonexclusive licensing of intellectual property pursuant to joint
      marketing arrangements with other Persons, for which license or contribution
      the
      Company and the Restricted Entities receives fair market value.

     

    “Permitted
      Liens”
means,
      with respect to any Person:

     

    (1) pledges
      or deposits by such Person under worker’s compensation laws, unemployment
      insurance laws or similar legislation, or good faith deposits in connection
      with
      bids, tenders, contracts (other than for the payment of Indebtedness) or leases
      to which such Person is a party, or deposits to secure public or statutory
      obligations of such Person or deposits of cash or United States government
      bonds
      to secure surety or appeal bonds to which such Person is a party, or deposits
      as
      security for contested taxes or import duties or for the payment of rent, in
      each case Incurred in the ordinary course of business;

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    (2) Liens
      imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each
      case for sums not yet due or being contested in good faith by appropriate
      proceedings and as to which the Company or any of its Restricted Subsidiaries
      shall have set aside on its books such reserves as may be required pursuant
      to
      GAAP so long as any forfeiture (foreclosure) of collateral proceedings are
      stayed, Liens arising solely by virtue of any statutory or common law provision
      relating to banker’s Liens, rights of set-off or similar rights and remedies as
      to deposit accounts or other funds maintained with a creditor depository
      institution; provided,
      however,
      that
      (A) such deposit account is not a dedicated cash collateral account and is
      not
      subject to restrictions against access by the Company in excess of those set
      forth by regulations promulgated by the Federal Reserve Board and (B) such
      deposit account is not intended by the Company or any Restricted Entity to
      provide collateral to the depository institution;

     

    (3) judgment
      Liens not giving rise to an Event of Default so long as such Lien is adequately
      bonded and any appropriate legal proceedings which may have been duly initiated
      for the review of such judgment shall not have been previously terminated or
      the
      period within which such proceeding may be initiated shall not have
      expired;

     

    (4) Liens
      for
      taxes, assessments or other governmental charges not yet subject to penalties
      for non-payment or which are being contested in good faith by appropriate
      proceedings and as to which the Company or any of its Restricted Subsidiaries
      shall have set aside on its books such reserves as may be required pursuant
      to
      GAAP so long as any forfeiture (foreclosure) of collateral proceedings are
      stayed;

     

    (5) Liens
      in
      favor of issuers of surety bonds or letters of credit issued pursuant to the
      request of and for the account of such Person in the ordinary course of its
      business; provided,
      however,
      that
      such letters of credit do not constitute Indebtedness;

     

    (6) minor
      survey exceptions, minor encumbrances, easements or reservations of, or rights
      of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
      telephone lines and other similar purposes or zoning or other restrictions
      as to
      the use of real property or Liens incidental to the conduct of the business
      of
      such Person or to the ownership of its properties which were not Incurred in
      connection with Indebtedness and which do not in the aggregate materially
      adversely affect the value or marketability of said properties or materially
      impair their use in the operation of the business of such Person at the real
      property affected thereby;

     

    (7) Liens
      securing Indebtedness permitted by Section 4.06(b)(13) incurred to finance
      the
      construction, purchase or lease of, or repairs, improvements or additions to,
      property, plant or equipment of such Person; provided,
      however,
      that
      the Lien may not extend to any other property owned by such Person or any of
      their Restricted Subsidiaries at the time the Lien is Incurred (other than
      assets and property affixed or appurtenant thereto), and the Indebtedness (other
      than any interest thereon) secured by the Lien may not be Incurred more than
      180
      days after the later of the acquisition, completion of construction, repair,
      improvement, addition or commencement of full operation of the property subject
      to the Lien;

     

    (8) Liens
      on
      L-Band Spectrum in North America leased under Capital Lease Obligations or
      purchased with Purchase Money Indebtedness permitted to be incurred under
      Section 4.06(b)(12) and securing only such Indebtedness;

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    (9) Liens
      existing on the Original Issue Date or incurred after the Original Issue Date
      and prior to the Issue Date in compliance with the terms of the Old
      Indenture;

     

    (10) Liens
      on
      property or shares of Capital Stock of another Person at the time such other
      Person becomes a Restricted Entity; provided,
      however,
      that
      the Liens may not extend to any other property owned by such Person or any
      of
      its Restricted Subsidiaries (other than assets and property affixed or
      appurtenant thereto);

     

    (11) Liens
      on
      property at the time such Person or any of its Restricted Subsidiaries acquires
      the property, including any acquisition by means of a merger or consolidation
      with or into such Person or a Subsidiary of such Person; provided,
      however,
      that
      the Liens may not extend to any other property owned by such Person or any
      of
      its Restricted Subsidiaries (other than assets and property affixed or
      appurtenant thereto);

     

    (12) Liens
      securing Hedging Obligations so long as such Hedging Obligations are permitted
      to be Incurred under this Indenture;

     

    (13) leases,
      licenses, subleases and sublicenses of assets (including, without limitation,
      real property and intellectual property rights) which do not materially
      interfere with the ordinary conduct of the business of the Company or any of
      its
      Restricted Subsidiaries;

     

    (14) Liens
      securing Indebtedness permitted to be Incurred under Section 4.06(b)(1),
      including Guarantees thereof;

     

    (15) Liens
      securing obligations in respect of the Old Notes;

     

    (16) Liens
      arising from Uniform Commercial Code financing statement filing regarding
      operating leases entered into by the Company and its Restricted Subsidiaries
      in
      the ordinary course of business;

     

    (17) Liens
      on
      any ownership interest of the Company or any Restricted Entity in satellites
      and
      related assets that are being produced by Boeing to secure amounts owing to
      Boeing (including under Section 4.06(b)(18)) under the Boeing Agreement and
      that
      do not restrict the granting of a Lien on such satellite and related assets
      to
      secure the Notes and the Guarantees; provided that upon the risk of loss with
      respect to a satellite and related assets passing to the Company, if the Company
      is current in its payment of all construction deferrals and other payments
      payable with respect to the satellite being released at such time, the Lien
      on
      such satellite and related work shall be automatically released;
      and

     

    (18) Liens
      to
      secure any Refinancing (or successive Refinancings) as a whole, or in part,
      of
      any Indebtedness secured by any Lien referred to in the foregoing clause (7),
      (9), (10), (11) or (15); provided,
      however,
      that:

     

    (A) such
      new
      Lien shall be limited to all or part of the same property and assets that
      secured or, under the written agreements pursuant to which the original Lien
      arose, could secure the original Lien (plus improvements and accessions to,
      such
      property or proceeds or distributions thereof); and

     

    (B) the
      Indebtedness secured by such Lien at such time is not increased to any amount
      greater than the sum of (i) the outstanding principal amount or, if greater,
      committed amount of the Indebtedness described under clause (7), (9), (10),
      (11)
      or (15) at the time the original Lien became a Permitted Lien and (ii) an amount
      necessary to pay any fees and expenses, including premiums, related to such
      refinancing, refunding, extension, renewal or replacement.

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the foregoing, “Permitted Liens” will not include any Lien described in clause
      (7), (10) or (11) above to the extent such Lien applies to any Additional Assets
      acquired directly or indirectly with Net Available Cash pursuant to Section
      4.10. For purposes of this definition, the term “Indebtedness” shall be deemed
      to include interest on such Indebtedness.

     

    Notwithstanding
      the foregoing, with respect to any property subject to any mortgages, “Permitted
      Liens” will not include the Liens described in clause (1) above.

     

    “Permitted
      Tax Distributions”
means
      dividends or distributions permitted by Section 4.08(b)(11).

     

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

     

    “PIK
      Interest”
means
      interest paid with respect to the Notes in the form of Payment-in-Kind
      Notes.

     

    “Preferred
      Stock”,
      as
      applied to the Capital Stock of any Person, means Capital Stock of any class
      or
      classes (however designated) which is preferred as to the payment of dividends
      or distributions, or as to the distribution of assets upon any voluntary or
      involuntary liquidation or dissolution of such Person, over shares of Capital
      Stock of any other class of such Person.

     

    “Principal”
of
      a
      Note means the then outstanding principal amount of the Note plus the premium,
      if any, payable on the Note which is due or overdue or is to become due at
      the
      relevant time.

     

    “Public
      Offering”
means
      any Equity Offering pursuant to an effective registration statement filed with
      the SEC.

     

    “Purchase
      Agreement”
      means
      the Securities Purchase Agreement, dated as of December 15, 2007, by and among
      SkyTerra Communications, Inc., the Issuers, Harbinger Capital Partners Master
      Fund I, Ltd. and Harbinger Capital Special Situations Fund, LP.

     

    “Purchase
      Money Indebtedness”
means
      Indebtedness:

     

    (1) consisting
      of the deferred purchase price of an asset, conditional sale obligations,
      obligations under any title retention agreement and other purchase money
      obligations, in each case where the maturity of such Indebtedness does not
      exceed the anticipated useful life of the asset being financed, and

     

    (2) Incurred
      to finance the acquisition, lease or construction by the Company or a Restricted
      Entity of such asset, including additions and improvements;

     

    provided,
      however,
      that
      such Indebtedness is Incurred within 180 days after the acquisition by the
      Company or such Restricted Entity of such asset.

     

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

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    “Qualified
      Parent Rollup Transaction”
means
      a
      transaction in which a Permitted Holder acquires Capital Stock such that it
      owns
      100% of the outstanding Capital Stock of the Company and the General Partner
      (other than BCE Equity) from the then existing equity holders of the Company
      and
      the General Partner in exchange for the issuance of Capital Stock of such
      Permitted Holder.

     

    “Redemption
      Date”
means
      any date on which Notes are to be redeemed pursuant to paragraph 5 of the Notes
      and the terms of this Indenture.

     

    “Refinance”
means,
      in respect of any Indebtedness, to refinance, extend, renew, refund, repay,
      prepay, purchase, redeem, defease or retire, or to issue other Indebtedness
      in
      exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing”
shall have correlative meanings.

     

    “Refinancing
      Indebtedness”
means
      Indebtedness that Refinances any Indebtedness of the Company or any Restricted
      Entity existing on the Issue Date or Incurred in compliance with this Indenture,
      including Indebtedness that Refinances Refinancing Indebtedness; provided,
      however,
      that:

     

    (1) such
      Refinancing Indebtedness has a Stated Maturity no earlier than the Stated
      Maturity of the Indebtedness being Refinanced or, if such Refinancing
      Indebtedness is a Subordinated Obligation, no earlier than 91 days after the
      Stated Maturity of the Notes;

     

    (2) such
      Refinancing Indebtedness has an Average Life at the time such Refinancing
      Indebtedness is Incurred that is equal to or greater than the Average Life
      of
      the Indebtedness being Refinanced or, if such Refinancing Indebtedness is a
      Subordinated Obligation, equal to or greater than the then remaining Average
      Life of the Notes;

     

    (3) such
      Refinancing Indebtedness has an aggregate principal amount (or if Incurred
      with
      original issue discount, an aggregate issue price) that is equal to or less
      than
      the aggregate principal amount (or if Incurred with original issue discount,
      the
      aggregate accreted value) then outstanding (plus fees and expenses, including
      any premium and defeasance costs) under the Indebtedness being Refinanced;
      and

     

    (4) if
      the
      Indebtedness being Refinanced is subordinated in right of payment to the Notes,
      such Refinancing Indebtedness (a) is subordinated in right of payment to the
      Notes at least to the same extent as the Indebtedness being Refinanced, (b)
      has
      a Stated Maturity that is at least 91 days after the later of (x) the Stated
      Maturity of the Notes and (y) the Stated Maturity of the Indebtedness being
      Refinanced and (c) has an Average Life at the time such Refinancing Indebtedness
      is Incurred that is greater than (x) the Average Life of the Notes and (y)
      the
      Average Life of the Indebtedness being Refinanced;

     

    provided further,
      however,
      that
      Refinancing Indebtedness shall not include (A) Indebtedness of a Subsidiary
      that
      Refinances Indebtedness of the Company or (B) Indebtedness of the Company or
      a
      Restricted Entity that Refinances Indebtedness of an Unrestricted
      Entity.

     

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

     

    “Regulation
      S Global Note”
means
      the Global Note representing the Notes offered and sold outside the United
      States in reliance on Regulation S.

     

    “Related
      Business”
means
      any business in which the Issuers or any of the Restricted Subsidiaries was
      engaged on the Issue Date and the Company’s next generation business as
      described in the offering memorandum and any business related, ancillary or
      complementary to such business or which is a reasonable extension thereof or
      any
      business the assets of which, in the good faith determination of the Board
      of
      Directors, are useful or may be used in any such business.

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    “Related
      Business Assets”
means
      assets used or useful in a Related Business (including acquisition of Capital
      Stock of another entity that will become a Restricted Entity that only owns
      assets that are used or useful in a Related Business).

     

    “Responsible
      Officer,”
when
      used with respect to the Trustee, means any officer assigned to the Corporate
      Trust Division — Corporate Finance Unit of the Trustee (or any successor unit or
      department of the Trustee) located at the Corporate Trust Office of the Trustee
      who has direct responsibility for the administration of this Indenture and,
      for
      the purposes of Section 7.01(c)(2) and the second sentence of Section 7.05,
      shall also include any officer of the Trustee to whom any matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    “Restricted
      Definitive Note”
means
      a
      Definitive Note bearing the Restricted Notes Legend.

     

    “Restricted
      Entity”
means
      any Restricted Subsidiary and any of the Canadian Joint Ventures.

     

    “Restricted
      Global Note”
means
      a
      Global Note bearing the Restricted Notes Legend.

     

    “Restricted
      Notes Legend”
means
      the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued
      under this Indenture except where otherwise permitted by the provisions of
      this
      Indenture.

     

    “Restricted
      Payment”
with
      respect to any Person means:

     

    (1) the
      declaration or payment of any dividends or any other distributions of any sort
      in respect of its Capital Stock (including any payment in connection with any
      merger or consolidation involving such Person) or similar payment to the direct
      or indirect holders of its Capital Stock (other than (A) dividends or
      distributions payable solely in its Capital Stock (other than Disqualified
      Stock), (B) dividends or distributions payable solely to the Issuers or a
      Restricted Entity and (C) pro
      rata
      dividends or other distributions made by a Subsidiary or a Canadian Joint
      Venture that is not a Wholly Owned Subsidiary to minority stockholders (or
      owners of an equivalent interest in the case of a Subsidiary that is an entity
      other than a corporation));

     

    (2) the
      purchase, repurchase, redemption, defeasance or other acquisition or retirement
      for value of any Capital Stock of the Company held by any Person (other than
      by
      a Restricted Entity) or of any Capital Stock of a Restricted Entity held by
      any
      Affiliate of the Company (other than by a Restricted Entity), including in
      connection with any merger or consolidation and including the exercise of any
      option to exchange any Capital Stock (other than into Capital Stock of the
      Company that is not Disqualified Stock);

     

    (3) the
      purchase, repurchase, redemption, defeasance or other acquisition or retirement
      for value, prior to scheduled maturity, scheduled repayment or scheduled sinking
      fund payment of any Subordinated Obligations (other than (A) from the Company
      or
      a Guarantor or (B) the purchase, repurchase, redemption, defeasance or other
      acquisition or retirement of Subordinated Obligations purchased in anticipation
      of satisfying a sinking fund obligation, principal installment or final
      maturity, in each case due within one year of the date of such purchase,
      repurchase, redemption, defeasance or other acquisition or retirement);
      or

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    (4) the
      making of any Investment (other than a Permitted Investment) in any
      Person.

     

    “Restricted
      Period”
means
      the 40 consecutive days beginning on and including the later of (i) the
      commencement of the offering of the Notes to persons other than distributors
      (as
      defined in Regulation S) in reliance on Regulation S and (ii) the date of
      the original issuance of the Notes.

     

    “Restricted
      Subsidiary”
means
      any Subsidiary of the Company that is not an Unrestricted Entity.

     

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

     

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

     

    “Rule
      501”
means
      Rule 501(a)(1), (2), (3) or (7) promulgated under the Securities
      Act.

     

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

     

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

     

    “Sale/Leaseback
      Transaction”
means
      an arrangement relating to property owned by the Company or a Restricted Entity
      on the Issue Date or thereafter acquired by the Company or a Restricted Entity
      whereby the Company or a Restricted Entity transfers such property to a Person
      and the Company or a Restricted Entity leases it from such Person.

     

    “SEC”
means
      the U.S. Securities and Exchange Commission.

     

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

     

    “Significant
      Subsidiary”
means
      any Restricted Subsidiary that would be a “Significant Subsidiary” of the
      Issuers within the meaning of Rule 1-02 under Regulation S-X promulgated by
      the
      SEC.

     

    “Standard
      & Poor’s”
means
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any
      successor to its rating agency business.

     

    “Stated
      Maturity”
means,
      with respect to any security or any installment of interest thereon, the date
      specified in such security as the fixed date on which the final payment of
      principal of such security, including pursuant to any mandatory redemption
      provision (but excluding any provision providing for the repurchase of such
      security at the option of the holder thereof upon the happening of any
      contingency unless such contingency has occurred) or such installment of
      interest is due and payable.

     

    “Subordinated
      Obligation”
means,
      with respect to the Company or a Guarantor, any Indebtedness of such Person
      (whether outstanding on the Issue Date or thereafter Incurred) which is
      subordinate or junior in right of payment to the Notes (or the Guarantee of
      such
      Guarantor, as applicable) pursuant to a written agreement to that
      effect.

     

    “Subsidiary”
means,
      with respect to any Person, any corporation, association, partnership or other
      business entity of which more than 50% of the total voting power of shares
      of
      Voting Stock is at the time owned or controlled, directly or indirectly,
      by:

     

    (1) such
      Person;

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    (2) such
      Person and one or more Subsidiaries of such Person; or

     

    (3) one
      or
      more Subsidiaries of such Person.

     

    “Temporary
      Cash Investments”
means
      any of the following:

     

    (1) any
      investment in direct obligations of the United States of America or any agency
      thereof or obligations guaranteed by the United States of America or any agency
      thereof;

     

    (2) investments
      in demand and time deposit accounts, certificates of deposit and money market
      deposits maturing within 365 days of the date of acquisition thereof issued
      by a
      bank or trust company which is organized under the laws of the United States
      of
      America, any State thereof or any foreign country recognized by the United
      States of America, and which bank or trust company has capital, surplus and
      undivided profits aggregating in excess of $50.0 million (or the foreign
      currency equivalent thereof) and has outstanding debt which is rated “A” (or
      such similar equivalent rating) or higher by at least one nationally recognized
      statistical rating organization (as defined in Rule 436 under the Securities
      Act) or any money-market fund sponsored by a registered broker dealer or mutual
      fund distributor;

     

    (3) repurchase
      obligations with a term of not more than 30 days for underlying securities
      of
      the types described in clause (1) above entered into with a bank meeting the
      qualifications described in clause (2) above;

     

    (4) investments
      in commercial paper, maturing not more than 365 days after the date of
      acquisition, issued by a corporation (other than an Affiliate of the Issuers)
      organized and in existence under the laws of the United States of America or
      any
      foreign country recognized by the United States of America with a rating at
      the
      time as of which any investment therein is made of “P-2” (or higher) according
      to Moody’s or “A-2” (or higher) according to Standard & Poor’s;

     

    (5) auction
      rate preferred stock issued by a corporation and certificates issued by a
      corporation or municipality or government entity (other than an Affiliate of
      the
      Issuers) organized and in existence under the laws of the United States of
      America or any foreign country recognized by the United States with a rating
      at
      the time of which any Investment therein is made of “A” (or higher) according to
      Moody’s or Standard & Poor’s;

     

    (6) investments
      in securities with maturities of twelve months or less from the date of
      acquisition issued or fully guaranteed by any state, commonwealth or territory
      of the United States of America, or by any political subdivision or taxing
      authority thereof, and rated at least “A” by Standard & Poor’s or “A” by
      Moody’s; and

     

    (7) investments
      in money market funds that, in the aggregate, have at least $1,000 million
      in
      assets.

     

    “TMI”
means
      TMI Communications & Company, Limited Partnership, a limited partnership
      organized under the laws of the province of Quebec.

     

    “Treasury
      Rate”
means,
      as of any redemption date, the yield to maturity as of such redemption date
      of
      United States Treasury securities with a constant maturity (as compiled and
      published in the most recent Federal Reserve Statistical Release H.15(519)
      that
      has become publicly available at least two business days prior to the redemption
      date (or, if such Statistical Release is no longer published, any publicly
      available source of similar market data)) most nearly equal to the period from
      the redemption date to April 1, 2011; provided,
      however
      that if
      the period from the redemption date to April 1, 2011 is less than one year,
      the
      weekly average yield on actually traded United States Treasury securities
      adjusted to a constant maturity of one year will be used.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    “Trust
      Indenture Act”
or
      “TIA”
      means
      the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on
      the Issue Date.

     

    “Trustee”
means
      The Bank of New York, as trustee, until a successor replaces it and, thereafter,
      means the successor.

     

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

     

    “Unrestricted
      Entity”
      means:

     

    (1) any
      Subsidiary of the Company (other than Finance Co.) that at the time of
      determination shall be designated an Unrestricted Entity by the Board of
      Directors in the manner provided below; and

     

    (2) any
      Subsidiary of an Unrestricted Entity.

     

    The
      Board
      of Directors may designate any Subsidiary of the Company (including any newly
      acquired or newly formed Subsidiary) to be an Unrestricted Entity unless such
      Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness
      of,
      or holds any Lien on any property of, the Company or any other Subsidiary of
      the
      Company that is not a Subsidiary of the Subsidiary to be so designated;
provided,
      however,
      that
      either (A) the Subsidiary to be so designated has total assets of $1,000 or
      less
      or (B) if such Subsidiary has assets greater than $1,000, such designation
      would
      be permitted under Section 4.08; provided further
      that
      neither the FCC License Subsidiary nor the Canadian Joint Ventures nor any
      other
      Subsidiary that holds or owns a similar telecommunications license nor Finance
      Co. may be designated an Unrestricted Entity.

     

    The
      Board
      of Directors may designate any Unrestricted Entity to be a Restricted Entity;
      provided,
      however,
      that
      immediately after giving effect to such designation the Consolidated Leverage
      Ratio is equal to or better than the Consolidated Leverage Ratio immediately
      prior to such transaction. Any such designation by the Board of Directors shall
      be evidenced to the Trustee by promptly filing with the Trustee a copy of the
      resolution of the Board of Directors giving effect to such designation and
      an
      Officer’s Certificate certifying that such designation complied with the
      foregoing provisions.

     

    “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 Depository, representing a series
      of
      Notes that do not bear the Restricted Notes Legend.

     

    “U.S.
      Government Obligations”
means
      direct obligations (or certificates representing an ownership interest in such
      obligations) of the United States of America (including any agency or
      instrumentality thereof) for the payment of which the full faith and credit
      of
      the United States of America is pledged and which are not callable at the
      issuer’s option.

     

    “Voting
      Stock”
of
      a
      Person means all classes of Capital Stock of such Person then outstanding and
      normally entitled (without regard to the occurrence of any contingency) to
      vote
      in the election of directors, managers or trustees thereof.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    “Wholly
      Owned Subsidiary”
means
      a
      Restricted Entity all the Capital Stock of which (other than directors’
qualifying shares) is owned by the Issuers or one or more other Wholly Owned
      Subsidiaries.

     

    
      	 	
              Section
                1.02.

            	
              Other
                Definitions.

            

    

     

    The
      definitions of the following terms may be found in the sections indicated as
      follows: 

     

    
      	
              Term

            	
              Defined
                in Section

            
	
              “Affiliate
                Transaction”

            	
              4.11

            
	
              “Bankruptcy
                Law”

            	
              6.01

            
	
              “Change
                of Control Offer”

            	
              4.17

            
	
              “Covenant
                Defeasance”

            	
              9.03

            
	
              “Custodian”

            	
              6.01

            
	
              “Event
                of Default”

            	
              6.01

            
	
              “IAI
                Global Note”

            	
              2.01

            
	
              “Legal
                Defeasance”

            	
              9.02

            
	
              “Offer”

            	
              4.10(c)

            
	
              “Offer
                Amount”

            	
              4.10(c)

            
	
              “Offer
                Period”

            	
              4.10(c)

            
	
              “Paying
                Agent”

            	
              2.03

            
	
              “Purchase
                Date”

            	
              4.10(c)

            
	
              “Registrar”

            	
              2.03

            
	 	 

    

    
      	 	
              Section
                1.03.

            	
              Incorporation
                by Reference of Trust Indenture Act.

            

    

     

    Whenever
      this Indenture refers to a provision of the TIA, the portion of such provision
      referred to is incorporated by reference in and made a part of this Indenture
      as
      if and to the extent this Indenture were qualified under the TIA. The following
      TIA terms used in this Indenture have the following meanings:

     

    “indenture
      securities”
means
      the Notes.

     

    “indenture
      securityholder”
means
      a
      Noteholder.

     

    “indenture
      to be qualified”
means
      this Indenture (it being understood that this Indenture shall not be qualified
      under the TIA).

     

    “indenture
      trustee”
or
      “institutional
      trustee”
means
      the Trustee.

     

    “obligor
      on the indenture securities”
means
      the Company, the Guarantors or any other obligor on the Notes.

     

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

     

    
      	 	
              Section
                1.04.

            	
              Rules
                of Construction.

            

    

     

    Unless
      the context otherwise requires:

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    (1) a
      term
      has the meaning assigned to it herein, whether defined expressly or by
      reference;

     

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

     

    (3) “or”
is
      not exclusive;

     

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

     

    (5) words
      used herein implying any gender shall apply to every gender;

     

    (6) the
      term
“aggregate principal amount” or “principal amount” means in each case “aggregate
      principal amount at maturity” or “principal amount at maturity”;

     

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

     

    (8) references
      to sections herein are references to Sections of this Indenture, unless the
      context otherwise requires.

     

    ARTICLE
      2

     

    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 Exhibits A1-A4 hereto. The Notes will be offered and sold by the
      Issuers pursuant to the Purchase Agreement. The Notes will initially be issued
      as Restricted Definitive Notes. Upon request of any of the holders of the
      outstanding Restricted Definitive Notes and in accordance with the provisions
      set forth in Section 2.06(d), the Restricted Definitive Notes may be exchanged
      in whole for one or more Global Notes, registered in the name of the Depository
      or its nominee. Following the Issue Date, all such Notes may be transferred
      to,
      among others, QIBs, purchasers in reliance on Regulation S and, as set forth
      below, Institutional Accredited Investors. 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 in denominations
      of
      $1,000 and integral multiples thereof, or, in the case of Payment-in-Kind Notes,
      such other denominations as may be required.

     

    The
      terms
      and provisions contained in the Notes shall constitute, and are hereby expressly
      made, a part of this Indenture and the Issuers 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.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    (b) Global
      Notes.
      Any
      Notes subsequently issued in global form, without interest coupons, shall be
      substantially in the form of Exhibits A2-A4 attached hereto (including the
      Global Note Legend thereon and the “Schedule of Exchanges of Interests in the
      Global Note” attached thereto).

     

    (i) Following
      the Issue Date and the exchange of the Restricted Definitive Notes for Global
      Notes in the manner set forth herein, the Notes resold or otherwise transferred
      to QIBs in reliance on Rule 144A shall be issued in the form of one or more
      144A
      Global Notes, which shall be deposited with, or on behalf of, the Depository
      or
      will remain in the custody of the Trustee, as custodian, pursuant to an
      agreement between the Depository and the Trustee.

     

    (ii) Following
      the Issue Date and the exchange of the Restricted Definitive Notes for Global
      Notes in the manner set forth herein, the Notes resold or otherwise transferred
      in reliance on Regulation S shall be issued in the form of one or more
      Regulation S Global Notes, which shall be deposited with, or on behalf of,
      the
      Trustee as custodian for the Depository.

     

    (iii) Following
      the Issue Date and the exchange of the Restricted Definitive Notes for Global
      Notes in the manner set forth herein, Notes resold or otherwise transferred
      to
      Institutional Accredited Investors, may be exchanged for a separate note in
      registered form, without interest coupons (the “IAI
      Global Note”),
      which
      will be deposited with, or on behalf of, a custodian for the Depository, as
      described in (i) and (ii) above.

     

    (iv) Following
      the Issue Date and the exchange of the Restricted Definitive Notes for Global
      Notes in the manner set forth herein, Unrestricted Global Notes shall be issued
      in accordance with Sections 2.06(b)(vi), 2.06(d)(ii) and 2.06(d)(iii) and shall
      be deposited, duly executed by the Issuers and authenticated by the Trustee
      as
      hereinafter provided.

     

    (v) Notes
      issued in definitive form shall be substantially in the form of Exhibit A-1
      and
      A-4 attached hereto (without the Global Note Legend thereon and without the
      “Schedule of Exchanges of Interests in the Global Note” attached
      thereto).

     

    Each
      Global Note shall represent such of the outstanding Notes as shall be specified
      therein and each shall provide that it shall represent the aggregate principal
      amount of outstanding Notes from time to time endorsed thereon and that the
      aggregate principal amount of outstanding Notes represented thereby may from
      time to time be reduced or increased, as appropriate, to reflect exchanges
      and
      redemptions. Any endorsement of a Global Note to reflect the amount of any
      increase or decrease in the aggregate principal amount of outstanding Notes
      represented thereby shall be made by the Trustee or the custodian, at the
      direction of the Trustee, in accordance with instructions given by the holder
      thereof as required by Section 2.06 hereof.

     

    
      	 	
              Section
                2.02.

            	
              Execution
                and Authentication.

            

    

     

    The
      Notes
      shall be executed on behalf of the Issuers by two Officers of each Issuer or
      an
      Officer and an Assistant Secretary of each Issuer. Such signature may be either
      manual or facsimile.

     

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

     

    A
      Note
      shall not be valid until the Trustee manually signs the certificate of
      authentication on the Note. Such signature shall be conclusive evidence that
      the
      Note has been authenticated under this Indenture.

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    The
      Trustee shall authenticate (i) Notes for original issue on the Issue Date
      in an amount not to exceed $150,000,000 aggregate principal amount upon a
      Company Request, and (ii) any Payment-in-Kind Notes as a result of PIK Interest
      for an aggregate principal amount specified in such Company Request for such
      Payment-in-Kind Notes issued hereunder. Each such Company Request shall specify
      the amount of Notes to be authenticated and the date on which the Notes are
      to
      be authenticated, whether the Notes are to be Payment-in-Kind Notes and whether
      the Notes or Payment-in-Kind Notes, as applicable, are to be issued as
      Definitive Notes or Global Notes or such other information as the Trustee may
      reasonably request.

     

    The
      Trustee may appoint an authenticating agent 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 right as
      an
      Agent to deal with the Issuers or an Affiliate.

     

    The
      Trustee shall have the right to decline to authenticate and deliver any Notes
      under this Section if the Trustee, being advised by counsel, reasonably
      determines that such action may not lawfully be taken, if its own rights, duties
      or immunities under the Notes and this Indenture are affected in a manner that
      is not reasonably acceptable to the Trustee or if the Trustee in good faith
      shall determine that such action would expose the Trustee to personal liability
      to existing Noteholders.

     

    
      	 	
              Section
                2.03.

            	
              Registrar
                and Paying Agent.

            

    

     

    The
      Issuers shall maintain an office or agency where Notes may be presented for
      registration of transfer or for exchange (“Registrar”),
      an
      office or agency located in the Borough of Manhattan, The City of New York,
      State of New York where Notes may be presented for payment (“Paying
      Agent”)
      and an
      office or agency where notices and demands to or upon the Issuers in respect
      of
      the Notes and this Indenture may be served. The Registrar shall keep a register
      of the Notes and of their transfer and exchange. The Issuers may have one or
      more co-registrars and one or more additional paying agents. Neither the Company
      nor any Affiliate of the Company may act as Paying Agent. The Issuers may change
      any Paying Agent, Registrar or co-registrar without notice to any Noteholder.
      

     

    The
      Issuers shall enter into an appropriate agency agreement with any Registrar
      or
      Paying Agent not a party to this Indenture. The agreement shall implement the
      provisions of this Indenture that relate to such Agent. The Issuers shall notify
      the Trustee of the name and address of any such Agent. If the Issuers fail
      to
      maintain a Registrar or Paying Agent, or agent for service of notices and
      demands, or fail to give the foregoing notice, the Trustee shall act as such.
      The Issuers initially appoint the Trustee as Registrar, Paying Agent, and agent
      for service of notices and demands in connection with the Notes.

     

    
      	 	
              Section
                2.04.

            	
              Paying
                Agent to Hold Money in Trust.

            

    

     

    On
      or
      before each due date of the principal of and interest on any Notes, the Issuers
      shall deposit with the Paying Agent a sum sufficient to pay such principal
      and
      interest so becoming due. The Issuers at any time may require a Paying Agent
      to
      pay all money held by it to the Trustee and the Trustee may at any time during
      the continuance of any Payment Default, upon written request to a Paying Agent,
      require such Paying Agent to forthwith pay to the Trustee all sums so held
      in
      trust by such Paying Agent together with a complete accounting of such sums.
      Upon doing so, the Paying Agent shall have no further liability for the
      money.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                2.05.

            	
              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 Noteholders
      and shall otherwise comply with TIA § 312(a). If the Trustee is not the
      Registrar, the Issuers 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
      Issuers shall otherwise comply with TIA § 312(a).

     

    
      	 	
              Section
                2.06.

            	
              Transfer
                and Exchange.

            

    

     

    (a) Transfer
      and Exchange of Global Notes.
      A
      Global Note may not be transferred as a whole except by the Depository to a
      nominee of the Depository, by a nominee of the Depository to the Depository
      or
      to another nominee of the Depository, or by the Depository or any such nominee
      to a successor Depository or a nominee of such successor Depository. Global
      Notes will be exchanged by the Issuers for Definitive Notes if, and only if,
      (i) the Company delivers to the Trustee notice from the Depository that it
      is unwilling or unable to continue to act as Depository or that it ceases to
      be
      a clearing agency registered under the Exchange Act and, in either case, a
      successor Depository is not appointed by the Company, (ii) the Company, at
      its
      option, notifies the Trustee in writing that it elects to cause the issuance
      of
      the Definitive Notes or (iii) an Event of Default has occurred or is
      continuing and the Registrar has received a request from the Depository to
      issue
      Definitive Notes. Upon the occurrence of any of the preceding events in clauses
      (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as
      the
      Depository shall instruct the Trustee. Global Notes also may be exchanged or
      replaced, in whole or in part, as provided in Sections 2.07 and 2.09 hereof.
      Every Note authenticated and delivered in exchange for, or in lieu of, a Global
      Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07
      or
      2.09 hereof, shall be authenticated and delivered in the form of, and shall
      be,
      a Global Note. A Global Note may not be exchanged for another Note other than
      as
      provided in this Section 2.06(a); however, beneficial interests in a Global
      Note
      may be transferred and exchanged as provided in Section 2.06(b)
      hereof.

     

    (b) Transfer
      and Exchange of Beneficial Interests in the Global Notes.
      The
      transfer and exchange of beneficial interests in the Global Notes shall be
      effected through the Depository, 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
      subparagraphs (i) through (v) below, as applicable, as well as one or more
      of
      the other following subparagraphs, as applicable:

     

    (i) Transfer
      of Beneficial Interests in the Same Global Note.
      Beneficial interests in any Restricted Global Note may be transferred to Persons
      who take delivery thereof in the form of a beneficial interest in the same
      Restricted Global Note in accordance with the transfer restrictions set forth
      in
      the Restricted Notes Legend. Beneficial interests in any Unrestricted Global
      Note may be transferred to Persons who take delivery thereof in the form of
      a
      beneficial interest in an Unrestricted Global Note. No written orders or
      instructions shall be required to be delivered to the Registrar to effect the
      transfers described in this Section 2.06(b)(i).

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    (ii) All
      Other Transfers and Exchanges of Beneficial Interests in Global
      Notes.
      In
      connection with all transfers and exchanges of beneficial interests that are
      not
      subject to Section 2.06(b)(i) above, the transferor of such beneficial interest
      must deliver to the Registrar either (A)(1) a written order from a
      Participant given to the Depository in accordance with the Applicable Procedures
      directing the Depository to credit or cause to be credited a beneficial interest
      in another Global Note in an amount equal to the beneficial interest to be
      transferred or exchanged and (2) instructions given in accordance with the
      Applicable Procedures containing information regarding the Participant account
      to be credited with such increase or (B)(1) a written order from a
      Participant or an Indirect Participant given to the Depository in accordance
      with the Applicable Procedures directing the Depository to cause to be issued
      a
      Definitive Note in an amount equal to the beneficial interest to be transferred
      or exchanged and (2) instructions given by the Depository to the Registrar
      containing information regarding the Person in whose name such Definitive Note
      shall be registered to effect the transfer or exchange referred to in (1) above.
      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 of the relevant Global Note(s) pursuant to Section 2.06(h)
      hereof. Transfers by an owner of a beneficial interest in the Rule 144A Global
      or the IAI Global Note to a transferee who takes delivery of such interest
      through the Regulation S Global Note, shall be made only upon receipt by the
      Trustee of a certification from the transferor to the effect that such transfer
      is being made in accordance with Regulation S or (if available) Rule 144 under
      the Securities Act. In the case of a transfer of a beneficial interest in either
      the Regulation S Global Note or the Rule 144A Global Note for an interest in
      the
      IAI Global Note, the transferee must furnish to the Trustee a signed letter
      substantially in the form of Exhibit D.

     

    (iii) Restrictions
      on Transfer of Regulation S Global Note.
      

     

    (A) Prior
      to
      the expiration of the Restricted Period, transfers by an owner of a beneficial
      interest in the Regulation S Global Note to a transferee who takes delivery
      of
      such interest through the Rule 144A Global Note or the IAI Global Note shall
      be
      made only in accordance with Applicable Procedures and upon receipt by the
      Trustee of a written certification from the transferor of the beneficial
      interest in the form provided by Exhibit B or as otherwise provided by the
      Issuers in accordance with applicable law to the effect that such transfer
      is
      being made to (i) a person whom the transferor reasonably believes is a QIB
      within the meaning of Rule 144A in a transaction meeting the requirements of
      Rule 144A or (ii) an IAI purchasing for its own account, or for the account
      of such an IAI. Such written certification shall not be required after the
      expiration of the Restricted Period. In the case of a transfer of a beneficial
      interest in the Regulation S Global Note for an interest in the IAI Global
      Note,
      the transferee must furnish to the Trustee a signed letter substantially in
      the
      form of Exhibit D.

     

    (B) Upon
      the
      expiration of the Restricted Period, beneficial ownership interests in the
      Regulation S Global Note shall be transferable in accordance with applicable
      law
      and the other terms of this Indenture.

     

    (iv) Other
      Transfer of Beneficial Interests to Another Restricted Global
      Note.
      A
      beneficial interest in any Restricted Global Note may be transferred to a Person
      who takes delivery thereof in the form of a beneficial interest in another
      Restricted Global Note if the transfer complies with the requirements of Section
      2.06(b)(ii) above and the transferor delivers a certificate in the form of
      Exhibit B hereto.

     

    (v) Transfer
      and Exchange of Beneficial Interests in Global Notes to Definitive
      Notes.
      In the
      event that a Global Note is exchanged for Restricted Definitive Notes in
      accordance with the terms of this Indenture, such Notes may be exchanged only
      in
      accordance with such procedures as are substantially consistent with the
      provisions of Sections 2.06(c), (d) and (e) (including the certification
      requirements set forth therein intended to ensure that such transfers comply
      with Rule 144A, Regulation S or such other applicable exemption from
      registration under the Securities Act, as the case may be) and such other
      procedures as may from time to time be adopted by the Issuers reasonably
      necessary to comply with applicable law.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    (vi) 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 Section 2.06(b)(ii) above and the Registrar receives the
      following:

     

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

     

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

     

    and
      if
      the Company or the Registrar so requests or if the Applicable Procedures so
      require, an Opinion of Counsel in form reasonably acceptable to the Company
      and
      the Registrar to the effect that such exchange or transfer is in compliance
      with
      the Securities Act and that the restrictions on transfer contained herein and
      in
      the Restricted Notes Legend are no longer required in order to maintain
      compliance with the Securities Act.

     

    If
      any
      such transfer is effected at a time when an Unrestricted Global Note has not
      yet
      been issued, the Issuers shall issue and, upon receipt of a Company Request
      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 so transferred.

     

    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.

     

    (i) Beneficial
      Interests in Restricted Global Notes to Restricted Definitive
      Notes.
      If any
      holder of a beneficial interest in a Restricted Global Note proposes to exchange
      such beneficial interest for a Restricted Definitive Note or to transfer such
      beneficial interest to a Person who takes delivery thereof in the form of a
      Restricted Definitive Note, then, if such exchange complies with Section
      2.06(a), and 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;

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    (C) if
      such
      beneficial interest is being transferred to a Non-U.S. Person in an offshore
      transaction and 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;

     

    (D) if
      such
      beneficial interest is being transferred pursuant to an exemption from the
      registration requirements of the Securities Act in accordance with Rule 144
      under the Securities Act, a certificate to the effect set forth in Exhibit
      B
      hereto, including the certifications in item (3)(a) thereof;

     

    (E) 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 those listed in subparagraphs (B) through (D) above, a
      certificate to the effect set forth in Exhibit B hereto, including the
      certifications, certificates and Opinion of Counsel required by item (3)(d)
      thereof, if applicable;

     

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

     

    (G) if
      such
      beneficial interest is being transferred pursuant to an effective registration
      statement under the Securities Act, a certificate to the effect set forth in
      Exhibit B hereto, including the certifications in item (3)(c)
      thereof,

     

    the
      Trustee shall cause the aggregate principal amount of the applicable Global
      Note
      to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers
      shall execute and the Trustee shall authenticate and deliver to the Person
      designated in the instructions a Definitive Note in the appropriate principal
      amount. Any Definitive Note issued in exchange for a beneficial interest in
      a
      Restricted Global Note pursuant to this Section 2.06(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 Depository and the Participant or Indirect Participant.
      The Trustee shall deliver such Definitive Notes to the Persons in whose names
      such Notes are so registered. Any Definitive Note issued in exchange for a
      beneficial interest in a Restricted Global Note pursuant to this Section
      2.06(c)(i) shall bear the Restricted Notes Legend and shall be subject to all
      restrictions on transfer contained therein.

     

    (ii) 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 if such transfer and exchange complies with Section
      2.06(a) and if the Registrar receives the following:

     

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

     

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

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    and
      if
      the Company or the Registrar so requests or if the Applicable Procedures so
      require, an Opinion of Counsel in form reasonably acceptable to the Company
      and
      the Registrar to the effect that such exchange or transfer is in compliance
      with
      the Securities Act and that the restrictions on transfer contained herein and
      in
      the Restricted Notes Legend are no longer required in order to maintain
      compliance with the Securities Act.

     

    (iii) Beneficial
      Interests in Unrestricted Global Notes to Unrestricted Definitive
      Notes.
      If any
      holder of a beneficial interest in an Unrestricted Global Note proposes to
      exchange such beneficial interest for a Definitive Note or to transfer such
      beneficial interest to a Person who takes delivery thereof in the form of a
      Definitive Note, then, if such transfer and exchange complies with Section
      2.06(a) and, upon satisfaction of the conditions set forth in Section
      2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount
      of
      the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
      hereof, and the Issuers shall execute and the Trustee shall authenticate and
      deliver to the Person designated in the instructions a Definitive Note in the
      appropriate principal amount. Any Definitive Note issued in exchange for a
      beneficial interest pursuant to this Section 2.06(c)(iii) 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 Depository and the Participant or Indirect Participant.
      The Trustee shall deliver such Definitive Notes to the Persons in whose names
      such Notes are so registered. Any Definitive Note issued in exchange for a
      beneficial interest pursuant to this Section 2.06(c)(iii) shall not bear the
      Restricted Notes Legend.

     

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

     

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

     

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

     

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

     

    (C) if
      such
      Restricted Definitive Note is being transferred to a Non-U.S. Person in an
      offshore transaction and 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;

     

    (D) if
      such
      Restricted Definitive Note is being transferred pursuant to an exemption from
      the registration requirements of the Securities Act in accordance with Rule
      144
      under the Securities Act, a certificate to the effect set forth in Exhibit
      B
      hereto, including the certifications in item (3)(a) thereof;

     

    (E) if
      such
      Restricted Definitive Note is being transferred to an Institutional Accredited
      Investor in reliance on an exemption from the registration requirements of
      the
      Securities Act other than those listed in subparagraphs (B) through (D) above,
      a
      certificate to the effect set forth in Exhibit B hereto, including the
      certifications, certificates and Opinion of Counsel required by item (3)(d)
      thereof, if applicable;

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    (F) if
      such
      Restricted Definitive Note is being transferred to the Issuers or any of their
      Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
      including the certifications in item (3)(b) thereof; or

     

    (G) if
      such
      Restricted Definitive Note is being transferred pursuant to an effective
      registration statement under the Securities Act, a certificate to the effect
      set
      forth in Exhibit B hereto, including the certifications in item (3)(c)
      thereof,

     

    the
      Trustee shall cancel the Restricted Definitive Note and increase or cause to
      be
      increased the aggregate principal amount of the Restricted Global Note;
provided,
      however,
      if any
      such exchange or transfer from a Definitive Note to a beneficial interest in
      a
      Restricted Global Note is effected at a time when a Restricted Global Note
      has
      not yet been issued, the Issuers shall issue and, upon receipt of a Company
      Request in accordance with Section 2.02 hereof, the Trustee shall authenticate
      one or more Restricted Global Notes in an aggregate principal amount equal
      to
      the principal amount of Definitive Notes so transferred; provided,
      further,
      that
      the Trustee shall have no duty to take any action to secure eligibility of
      the
      Restricted Global Note for deposit with the Depository.

     

    (ii) Restricted
      Definitive Notes to Beneficial Interests in Unrestricted Global
      Notes.
      If and
      to the extent permitted by, and upon compliance with, the Applicable Procedures,
      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 the Registrar receives the
      following:

     

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

     

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

     

    and
      if
      the Issuers or the Registrar so requests or if the Applicable Procedures so
      require, an Opinion of Counsel in form reasonably acceptable to the Registrar
      to
      the effect that such exchange or transfer is in compliance with the Securities
      Act and that the restrictions on transfer contained herein and in the Restricted
      Notes Legend are no longer required in order to maintain compliance with the
      Securities Act.

     

    Upon
      satisfaction of the conditions of this Section 2.06(d)(ii), the Trustee shall
      cancel the Definitive Notes and increase or cause to be increased the aggregate
      principal amount of the Unrestricted Global Note.

     

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

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    If
      any
      such exchange or transfer from a Definitive Note to a beneficial interest is
      effected pursuant to subparagraph (ii) or (iii) above at a time when an
      Unrestricted Global Note has not yet been issued, the Issuers shall issue and,
      upon receipt of a Company Request 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;
      provided,
      however,
      that
      the Trustee shall have no duty to take any action to secure eligibility of
      the
      Unrestricted Global Note for deposit with the Depository.

     

    (e) Transfer
      and Exchange of Definitive Notes for Definitive Notes.
      Upon
      request by a holder of Definitive Notes and such holder’s compliance with the
      provisions of this Section 2.06(e), the Registrar shall register the transfer
      or
      exchange of Definitive Notes. Prior to such registration of transfer or
      exchange, the requesting holder shall present or surrender to the Registrar
      the
      Definitive Notes duly endorsed or accompanied by a written instruction of
      transfer in form satisfactory to the Registrar duly executed by such holder
      or
      by its attorney, duly authorized in writing. In addition, the requesting holder
      shall provide any additional certifications, documents and information, as
      applicable, required pursuant to the following provisions of this Section
      2.06(e):

     

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

     

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

     

    (B) if
      the
      transfer will be made pursuant to Rule 903 or Rule 904, then the transferor
      must
      deliver a certificate in the form of Exhibit B hereto, including the
      certifications in item (2) thereof; and

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    and
      if
      the Issuers or the Registrar so requests, an Opinion of Counsel in form
      reasonably acceptable to the Issuers 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 Restricted Notes Legend are no longer
      required in order to maintain compliance with the Securities Act.

     

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

     

    (f) [intentionally
      omitted]

     

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

     

    (i) Restricted
      Notes Legend.

     

    (A) Except
      as
      permitted by subparagraph (B) below, each Global Note and each Definitive Note
      (and all Notes issued in exchange therefor or substitution thereof) shall bear
      the legend in substantially the following form:

     

    “THE
      NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933 (THE ‘‘SECURITIES ACT’’). BY ITS ACQUISITION HEREOF, THE
      HOLDER REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED
      IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS AN INSTITUTIONAL "ACCREDITED
      INVESTOR" (AS DEFINED IN RULE 501 (a)(1), (2), (3), OR (7) OF REGULATION D
      UNDER
      THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR") OR (C) IT IS
      ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION
      S
      UNDER THE SECURITIES ACT. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR
      OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
      OF A
      QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
      RULE
      144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
      REGULATION S UNDER THE SECURITIES ACT, (3) TO AN INSTITUTIONAL ACCREDITED
      INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR INVESTMENT PURPOSES AND
      NOT
      FOR DISTRIBUTION, AND A CERTIFICATE WHICH MAY BE OBTAINED FROM THE COMPANY
      OR
      THE TRUSTEE IS DELIVERED BY THE TRANSFEREE TO THE COMPANY AND TRUSTEE AND,
      IF
      REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY,
      (4)
      PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED
      BY
      RULE 144 THEREUNDER (IF AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE
      SECURITIES LAWS OF THE STATES OF THE UNITED STATES. AN INSTITUTIONAL ACCREDITED
      INVESTOR ACQUIRING THIS SECURITY AGREES THAT IT WILL FURNISH TO THE COMPANY
      AND
      THE TRUSTEE SUCH CERTIFICATES, LEGAL OPINIONS AND OTHER INFORMATION AS THEY
      MAY
      REASONABLY REQUIRE TO CONFIRM THAT TRANSFER TO IT OF THIS SECURITY COMPLIES
      WITH
      THE FOREGOING RESTRICTIONS AND APPLICABLE SECURITIES LAWS. THE HOLDER HEREOF,
      BY
      PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY
      THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      OR (2)(a) PURCHASING FROM A PERSON NOT PARTICIPATING IN THE INITIAL DISTRIBUTION
      OF THIS SECURITY (OR ANY PREDECESSOR SECURITY), (b) AN INSTITUTION THAT IS
      AN
‘‘ACCREDITED INVESTOR’’ AS DEFINED UNDER THE SECURITIES ACT AND (c) HOLDING THIS
      SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S.
      PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING
      THE REQUIREMENTS OF PARAGRAPH (k)(2)(i) OF RULE 902 UNDER) REGULATION S UNDER
      THE SECURITIES ACT.”

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    (B) Notwithstanding
      the foregoing, any Global Note or Definitive Note issued pursuant to
      subparagraph (b)(vi), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii) or (e)(iii)
      of this Section 2.06 (and all Notes issued in exchange therefor or substitution
      thereof) shall not bear the Restricted Notes Legend.

     

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

     

    THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITORY (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 2.01(a) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
      IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITORY 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 2.10 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 will 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 Depository at the direction of the Trustee to reflect such
      reduction; and if the beneficial interest is being exchanged for or transferred
      to a Person who will 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
      Depository at the direction of the Trustee to reflect such
      increase.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    (i) General
      Provisions Relating to Transfers and Exchanges.

     

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

     

    (ii) No
      service charge shall be made to a holder of a beneficial interest in a Global
      Note or to a holder of a Definitive Note for any registration of transfer or
      exchange, but the Issuers 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 2.09, 4.10, 4.16, 4.18 and 8.04
      hereof).

     

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

     

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

     

    (v) The
      Issuers 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 or (B) to
      register the transfer of or to exchange a Note between a record date and the
      next succeeding Interest Payment Date.

     

    (vi) Prior
      to
      due presentment for the registration of a transfer of any Note, the Trustee,
      any
      Agent and the Issuers 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 Issuers shall be affected by notice
      to
      the contrary.

     

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

     

    (viii) All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.06 to effect a registration of transfer
      or exchange may be submitted by facsimile.

     

    (ix) The
      Trustee shall have no obligation or duty to monitor, determine or inquire as
      to
      compliance with any restrictions on transfer imposed under this Indenture or
      under applicable law with respect to any transfer of any interest in any Note
      (including any transfers between or among Participants or beneficial owners
      of
      interests in any Global Note) other than to require delivery of such
      certificates and other documentation or evidence as are expressly required
      by,
      and to do so if and when expressly required by the terms of, this Indenture,
      and
      to examine the same to determine substantial compliance as to form with the
      express requirements hereof.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

    (x) None
      of
      the Trustee or any Agent shall have any responsibility or obligation to any
      beneficial owner in a Global Note, a member of, or a Participant in the
      Depository or other Person with respect to the accuracy of the records of the
      Depository or its nominee or of any Participant or member thereof, with respect
      to any ownership interest in the Notes or with respect to the delivery to any
      Participant, member, beneficial owner or other Person (other than the
      Depository) of any notice (including any notice of redemption) or the payment
      of
      any amount, under or with respect to such Notes. All notices and communications
      to be given to the Noteholders and all payments to be made to Noteholders under
      the Notes and this Indenture shall be given or made only to or upon the order
      of
      the registered holders (which shall be the Depository or its nominee in the
      case
      of the Global Note). The rights of beneficial owners in the Global Note shall
      be
      exercised only through the Depository subject to the Applicable Procedures.
      The
      Trustee and each Agent shall be entitled to rely and shall be fully protected
      in
      relying upon information furnished by the Depository with respect to its
      members, Participants and any beneficial owners. The Trustee and each Agent
      shall be entitled to deal with any depositary (including the Depository), and
      any nominee thereof, that is the registered holder of any Global Note for all
      purposes of this Indenture relating to such Global Note (including the payment
      of principal, premium, if any, and interest and additional amounts, if any,
      and
      the giving of instructions or directions by or to the owner or holder of a
      beneficial ownership interest in such Global Note) as the sole holder of such
      Global Note and shall have no obligations to the beneficial owners thereof.
      None
      of the Trustee or any Agent shall have any responsibility or liability for
      any
      acts or omissions of any such depositary with respect to such Global Note,
      for
      the records of any such depositary, including records in respect of beneficial
      ownership interests in respect of any such Global Note, for any transactions
      between such depositary and any Participant in such depositary or between or
      among any such depositary, any such Participant and/or any holder or owner
      of a
      beneficial interest in such Global Note, or for any transfers of beneficial
      interests in any such Global Security.

     

    Notwithstanding
      the foregoing, with respect to any Global Note, nothing herein shall prevent
      the
      Company, the Trustee, or any agent of the Company or the Trustee (including
      any
      Agent), from giving effect to any written certification, proxy or other
      authorization furnished by any depositary (including the Depository), as a
      Noteholder, with respect to such Global Note or impair, as between such
      depositary and owners of beneficial interests in such Global Note, the operation
      of customary practices governing the exercise of the rights of such depositary
      (or its nominee) as Holder of such Global Note.

     

    
      	 	
              Section
                2.07.

            	
              Replacement
                Notes.

            

    

     

    If
      a
      mutilated Note is surrendered to the Trustee or if the holder of a Note presents
      evidence to the satisfaction of the Issuers and the Trustee that the Note has
      been lost, destroyed or wrongfully taken, the Issuers shall issue and the
      Trustee shall authenticate a replacement Note if the requirements of Section
      8-405 of the New York Uniform Commercial Code as in effect on the date of this
      Indenture are met. An indemnity bond or other security shall be required that
      is
      sufficient in the judgment of the Issuers and the Trustee to protect the
      Issuers, the Trustee or any Agent from any loss which any of them may suffer
      if
      a Note is replaced. In every case of destruction, loss or theft, the applicant
      shall also furnish to the Issuers and to the Trustee evidence to their
      satisfaction of the destruction, loss or theft of such Note and the ownership
      thereof. The Issuers and the Trustee may charge for its expenses in replacing
      a
      Note. Every replacement Note is an additional obligation of the
      Issuers.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                2.08.

            	
              Outstanding
                Notes.

            

    

     

    Notes
      outstanding at any time are all Notes authenticated by the Trustee except for
      those canceled by it, those delivered to it for cancellation, and those
      described in this Section 2.08 as not outstanding.

     

    If
      a Note
      is replaced pursuant to Section 2.07, it ceases to be outstanding until the
      Issuers and the Trustee receive proof satisfactory to each of them that the
      replaced Note is held by a bona fide purchaser.

     

    If
      a
      Paying Agent holds on a Redemption Date or Maturity Date money sufficient to
      pay
      the principal of, premium, if any, and accrued interest on Notes payable on
      that
      date, then on and after that date such Notes cease to be outstanding and
      interest on them ceases to accrue.

     

    Subject
      to Section 12.05, a Note does not cease to be outstanding solely because the
      Issuers or an Affiliate holds the Note.

     

    
      	 	
              Section
                2.09.

            	
              Temporary
                Notes.

            

    

     

    Until
      certificates representing Notes are ready for delivery, the Issuers may prepare
      and the Trustee shall authenticate temporary Notes. Temporary Notes shall be
      substantially in the form, and shall carry all rights, of Definitive Notes
      but
      may have variations that the Issuers consider appropriate for temporary Notes.
      Without unreasonable delay, the Issuers shall prepare and the Trustee shall
      authenticate Definitive Notes in exchange for temporary Notes presented to
      it.

     

    
      	 	
              Section
                2.10.

            	
              Cancellation.

            

    

     

    The
      Issuers at any time may deliver Notes to the Trustee for cancellation. The
      Registrar and the Paying Agent shall forward to the Trustee any Notes
      surrendered to them for transfer, exchange or payment. The Trustee shall cancel
      and retain in accordance with its normal practice or, upon written request
      of
      the Issuers, may return to the Issuers, all Notes surrendered for transfer,
      exchange, payment or cancellation. Subject to Section 2.07 hereof, the Issuers
      may not issue new Notes to replace Notes in respect of which it has previously
      paid all principal, premium and interest accrued thereon, or delivered to the
      Trustee for cancellation.

     

    
      	 	
              Section
                2.11.

            	
              Defaulted
                Interest.

            

    

     

    If
      the
      Issuers default in a payment of interest on the Notes, they shall pay the
      defaulted amounts, plus any interest payable on defaulted amounts pursuant
      to
      Section 4.01 hereof, to the persons who are holders on a subsequent special
      record date. The Issuers shall fix the special record date and payment date
      in a
      manner satisfactory to the Trustee and provide the Trustee at least 20 days
      notice of the proposed amount of default interest to be paid and the special
      payment date. At least 15 days before the special record date, the Issuers
      shall
      mail or cause to be mailed to each holder a notice that states the special
      record date, the payment date (which shall be not less than five nor more than
      ten days after the special record date), and the amount to be paid. In lieu
      of
      the foregoing procedures, the Issuers may pay defaulted interest in any other
      lawful manner satisfactory to the Trustee.

     

    
      	 	
              Section
                2.12.

            	
              Deposit
                of Moneys.

            

    

     

    Prior
      to
      10:00 a.m., New York City time, on each Interest Payment Date (other than
      an Interest Payment Date for which PIK Interest shall be paid) and the Maturity
      Date, the Issuers shall have deposited with the Paying Agent in immediately
      available funds money sufficient to make cash payments, if any, due on such
      Interest Payment Date or Maturity Date, as the case may be, in a timely manner
      which permits the Trustee to remit payment to the holders on such Interest
      Payment Date or Maturity Date, as the case may be.

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                2.13.

            	
              CUSIP
                Number.

            

    

     

    The
      Issuers in issuing the Notes may use a “CUSIP,” “ISIN” or other similar
      number(s), and if so, the Trustee shall use the CUSIP, ISIN or other similar
      number(s) in notices of redemption or exchange as a convenience to holders,
      provided that any such notice may state that no representation is made as to
      the
      correctness or accuracy of the CUSIP, ISIN or other similar number(s) printed
      in
      the notice or on the Notes, and that reliance may be placed only on the other
      identification numbers printed on the Notes. The Issuers shall promptly inform
      the Trustee of any change in the CUSIP, ISIN or other similar
      number(s).

     

    ARTICLE
      3

     

    REDEMPTION

     

    
      	 	
              Section
                3.01.

            	
              Notices
                to Trustee.

            

    

     

    If
      the
      Company elects to redeem Notes pursuant to paragraph 5 of the Notes, (i) at
      least 45 days prior to the Redemption Date in the case of a partial redemption,
      (ii) at least 45 days prior to the Redemption Date in the case of a total
      redemption or (iii) during such other period as the Trustee may agree to,
      the Company shall notify the Trustee in writing of the Redemption Date, the
      principal amount of Notes to be redeemed and the redemption price, and deliver
      to the Trustee an Officer’s Certificate stating that such redemption will comply
      with the conditions contained in paragraph 5 of the Notes.

     

    
      	 	
              Section
                3.02.

            	
              Selection
                by Trustee of Notes to Be Redeemed.

            

    

     

    In
      the
      event that fewer than all of the Notes are to be redeemed, the Trustee shall
      select the Notes to be redeemed on either a pro rata basis or by lot, or such
      other method as it shall deem fair and equitable. The Trustee shall promptly
      notify the Company of the Notes selected for redemption and, in the case of
      any
      Notes selected for partial redemption, the principal amount thereof to be
      redeemed. The Trustee may select for redemption portions of the principal of
      Notes that have denominations larger than $1,000. Notes and portions thereof
      the
      Trustee selects shall be redeemed in amounts of $1,000 or whole multiples of
      $1,000 and, if Payment-in-Kind Notes are issued, a minimum of $1.00 and an
      integral multiple of $1.00 (in aggregate principal amount). For all purposes
      of
      this Indenture unless the context otherwise requires, provisions of this
      Indenture that apply to Notes called for redemption also apply to portions
      of
      Notes called for redemption.

     

    
      	 	
              Section
                3.03.

            	
              Notice
                of Redemption.

            

    

     

    At
      least
      30 but not more than 60 days before a Redemption Date, the Company shall mail,
      or cause to be mailed, a notice of redemption by first-class mail to the Trustee
      and to each holder of Notes to be redeemed at its address as the same appears
      on
      the registry books maintained by the Registrar pursuant to Section 2.03
      hereof.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

    The
      notice shall identify the Notes to be redeemed (including the CUSIP number(s)
      thereof) 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 of such
      Note
      to be redeemed and that, after the Redemption Date and upon surrender of such
      Note, a new Note or Notes in principal amount equal to the unredeemed portion
      will be issued;

     

    (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;

     

    (6) that
      unless the Issuers default in making the redemption payment, interest on Notes
      called for redemption ceases to accrue on and after the Redemption
      Date;

     

    (7) the
      subparagraph of the Notes pursuant to which the Notes are being redeemed;
      and

     

    (8) the
      aggregate principal amount of Notes that are being redeemed.

     

    At
      the
      Company’s request (and upon at least five (5) days prior written notice), the
      Trustee shall give the notice of redemption in the Issuers’ names and at the
      Company’s sole expense.

     

    
      	 	
              Section
                3.04.

            	
              Effect
                of Notice of Redemption.

            

    

     

    Once
      the
      notice of redemption described in Section 3.03 is mailed, Notes called for
      redemption become due and payable on the Redemption Date and at the redemption
      price, including any premium, plus interest accrued to the Redemption Date,
      if
      any. Upon surrender to the Paying Agent, such Notes shall be paid at the
      redemption price, including any premium, plus interest accrued to the Redemption
      Date, if any; provided
      that if
      the Redemption Date is after a regular interest payment record date and on
      or
      prior to the Interest Payment Date, the accrued interest shall be payable to
      the
      holder of the redeemed Notes registered on the relevant record date, and
provided,
      further,
      that if
      a Redemption Date is a Legal Holiday, payment shall be made on the next
      succeeding Business Day and no interest shall accrue for the period from such
      Redemption Date to such succeeding Business Day.

     

    
      	 	
              Section
                3.05.

            	
              Deposit
                of Redemption Price.

            

    

     

    On
      or
      prior to 10:00 A.M., New York City time, on each Redemption Date, the
      Issuers shall deposit with the Paying Agent in immediately available funds
      money
      sufficient to pay the redemption price of and accrued interest on all Notes
      to
      be redeemed on that date other than Notes or portions thereof called for
      redemption on that date which have been delivered by the Issuers to the Trustee
      for cancellation.

     

    On
      and
      after any Redemption Date, if money sufficient to pay the redemption price
      of
      and accrued interest on Notes called for redemption shall have been made
      available in accordance with the preceding paragraph, the Notes called for
      redemption will cease to accrue or accrete interest and the only right of the
      holders of such Notes will be to receive payment of the redemption price of
      and,
      subject to the first proviso in Section 3.04, accrued and unpaid interest on
      such Notes to the Redemption Date. If any Note called for redemption shall
      not
      be so paid, interest will be paid, from the Redemption Date until such
      redemption payment is made, on the unpaid principal of the Note and any interest
      not paid on such unpaid principal, in each case, at the rate and in the manner
      provided in the Notes.

     

    
      
        
        

      

      
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              Section
                3.06.

            	
              Notes
                Redeemed in Part.

            

    

     

    Upon
      surrender of a Note that is redeemed in part, the Trustee shall authenticate
      for
      a holder a new Note equal in principal amount to the unredeemed portion of
      the
      Note surrendered.

     

     

    ARTICLE
      4

     

    COVENANTS

     

    
      	 	
              Section
                4.01.

            	
              Payment
                of Notes.

            

    

     

    The
      Issuers shall pay the principal of and interest on the Notes on the dates and
      in
      the manner provided in the Notes and this Indenture. An installment of principal
      of or interest on the Notes shall be considered paid on the date it is due
      if
      the Trustee or any Paying Agent holds on that date money designated for and
      sufficient to pay the installment. PIK Interest shall be considered paid on
      the
      date due, unless interest is otherwise paid in cash, if the Trustee is directed
      on or prior to such date to issue Payment-in-Kind Notes in an amount equal
      to
      the amount of the applicable PIK Interest. Interest will be computed on the
      basis set forth in the Notes.

     

    The
      Issuers shall pay interest on overdue principal (including post-petition
      interest in a proceeding under any Bankruptcy Law), and overdue interest, to
      the
      extent lawful, at the rate specified in the Notes.

     

    No
      provision of this Section 4.01 shall be deemed to impose any duty or obligation
      on the Trustee to calculate the installment of principal of or interest on
      the
      Notes on any Interest Payment Date or to monitor the calculation thereof by
      the
      Issuers.

     

    
      	 	
              Section
                4.02.

            	
              SEC
                Reports.

            

    

     

    (a) If
      and
      for so long as the Company is subject to the reporting requirements of Section
      13 or 15(d) of the Exchange Act and any Notes are outstanding, the Company
      shall
      file with the SEC and provide the Trustee and holders of Notes with such annual
      reports and such information, documents and other reports as are specified
      in
      Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. person
      subject to such Sections, such information, documents and reports to be so
      filed
      and provided at the times specified for the filing of such information,
      documents and reports under such Sections; provided,
      however, that
      (i)
      the Company shall not be so obligated to file such information, documents and
      reports with the SEC if the SEC does not permit such filings and (ii) the
      Company shall not be required to include the separate financial statements
      of
      any Guarantor in any such filing.

     

    (b) At
      any
      time when the Company is not subject to the reporting requirements of Section
      13
      or 15(d) of the Exchange Act and any Notes are outstanding, the Company will
      provide to the Trustees and the holders of Notes:

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    (1) within
      90
      days after the end of the Company’s fiscal year, financial statements and a
      Management’s Discussion and Analysis of Financial Condition and Results of
      Operations substantially equivalent to that which would be required to be
      included in an Annual Report on Form 10-K of the Company were the Company
      subject to an obligation to file such a report under the Exchange
      Act;

     

    (2) within
      45
      days after the end of each of the first three fiscal quarters in each fiscal
      year of the Company, financial statements and a Management’s Discussion and
      Analysis of Financial Condition and Results of Operations substantially
      equivalent to that which would be required to be included in a Quarterly Report
      on Form 10-Q of the Company were the Company subject to an obligation to file
      such a report under the Exchange Act; and

     

    (3) within
      the time periods required by the SEC for issuers subject to the reporting
      requirements of Section 13(d) or 15(d) of the Exchange Act, the information
      that
      would be required to be filed with the SEC in Current Reports on Form 8-K (other
      than in respect of Items 1.01, 2.02, 3.01, 3.02, 3.03, 5.02 (in the case of
      entry into material definitive agreements, management compensation and similar
      agreements only), 5.03, 5.04, 5.05, 7.01, 8.01 and 9.01 (or any successor items)
      under Form 8-K) if the Company were subject to such reporting
      requirements;

     

    provided,
      however, that
      the
      reports set forth in clauses (1), (2) and (3) above shall not be required to:
      (a) contain any certification required by any such form or the
      Sarbanes-Oxley Act of 2002, (b) include the separate financial statements of
      any
      Guarantor in any such filing or (c) include any exhibit. Additionally,
      substantially concurrently with the delivery to the Trustee and the holders
      of
      the Notes of the reports specified in (1), (2) and (3) above, the Company shall
      (i) post copies of such reports on its website and (ii) in the case of
      clauses (1) and (2) above, commencing with the report covering the fiscal
      quarter ending March 31, 2008, hold a conference call with holders of Notes
      covering such matters as are reasonably customary for companies with publicly
      traded debt or equity securities.

     

    (c) The
      Company shall cause information, documents and reports required to be provided
      to the Trustee and to the holders to be mailed at the Company’s expense to the
      Trustee at its address set forth in this Indenture and to the holders at their
      addresses appearing in the register of Notes maintained by the
      Registrar.

     

    Delivery
      of such reports, information and documents to the Trustee is for informational
      purposes only and the Trustee’s receipt of such shall not constitute
      constructive notice of any information contained therein or determinable from
      information contained therein, including the Company’s compliance with any of
      its covenants hereunder (as to which the Trustee is entitled to rely exclusively
      on Officer’s Certificates).

     

    (d) For
      so
      long as any Notes remain outstanding, the Company shall make available upon
      request, to any holder, any holder of a beneficial interest in a Note and,
      upon
      request of any holder or any such holder, any prospective purchaser of a Note
      or
      a beneficial interest therein, the information required pursuant to Rule
      144A(d)(4) under the Securities Act during any period in which the Company
      is
      not subject to Section 13 or 15(d) of the Exchange Act.

     

    
      	 	
              Section
                4.03.

            	
              Waiver
                of Stay, Extension or Usury Laws.

            

    

     

    The
      Issuers and the Guarantors covenant (to the extent that they may lawfully do
      so)
      that they will not at any time insist upon, or plead (as a defense or otherwise)
      or in any manner whatsoever claim or take the benefit or advantage of, any
      stay
      or extension law or any usury law or other law which would prohibit or forgive
      the Issuers or the Guarantors from paying all or any portion of the principal
      of, premium, if any, and/or interest on the Notes, as contemplated herein,
      wherever enacted, now or at any time hereafter in force, or which may affect
      the
      covenants or the performance of this Indenture; and (to the extent that they
      may
      lawfully do so) the Issuers and the Guarantors hereby expressly waive all
      benefit or advantage of any such law, and covenant that they will not hinder,
      delay or impede the execution of any power herein granted to the Trustee, but
      will suffer and permit the execution of every such power as though no such
      law
      had been enacted.

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                4.04.

            	
              Compliance
                Certificate.

            

    

     

    (a) The
      Company shall deliver to the Trustee, within 120 days after the end of each
      fiscal year, an Officer’s Certificate stating that a review of the activities of
      the Company and its Subsidiaries during such fiscal year has been made under
      the
      supervision of the signing officers with a view to determining whether each
      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 each has kept, observed, performed and
      fulfilled each and every covenant contained in this Indenture and is not in
      default in the performance or observance of any of the terms, provisions and
      conditions hereof and thereof (or, if a Default or Event of Default shall have
      occurred, describing all of such Defaults or Events of Default of which he
      or
      she may have knowledge and what action each 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 each 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 Section 4.02 above shall be accompanied by a written statement
      of
      the Company’s independent certified public accountants that in making the
      examination necessary for certification of such financial statements nothing
      has
      come to their attention which would lead them to believe that the Company has
      violated any provisions of this Article 4 or Article 5 of this Indenture or,
      if
      any such violation has occurred, specifying the nature and period of existence
      thereof, it being understood that such accountants shall not be liable directly
      or indirectly for any failure to obtain knowledge of any such
      violation.

     

    (c) The
      Company will, so long as any of the Notes are outstanding, deliver to the
      Trustee, forthwith within 30 days after any event which would constitute a
      Default or Event of Default, an Officer’s Certificate specifying such Default or
      Event of Default, its status and what action the Company is taking or proposes
      to take with respect thereto.

     

    
      	 	
              Section
                4.05.

            	
              Taxes.

            

    

     

    The
      Company shall, and shall cause each of the Restricted Subsidiaries to, and
      the
      Restricted Entities shall, pay prior to delinquency all material taxes,
      assessments, and governmental levies except as contested in good faith and
      by
      appropriate proceedings.

     

    
      	 	
              Section
                4.06.

            	
              Limitation
                on Indebtedness.

            

    

     

    (a) The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, Incur, directly or indirectly, any Indebtedness;
      provided,
      however,
      that
      the Issuers and the Guarantors shall be entitled to Incur Indebtedness if,
      on
      the date of such Incurrence and after giving effect thereto on a pro forma
      basis, the Consolidated Leverage Ratio would be less than 6.00 to
      1.

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

    (b) Notwithstanding
      the foregoing paragraph (a), the Company and the Restricted Entities shall
      be
      entitled to Incur any or all of the following Indebtedness:

     

    (1) Indebtedness
      Incurred by the Issuers or any Guarantor under this clause (1) that, after
      giving effect to any such Incurrence and assuming all amortization of debt
      discount, accretion of principal and payment of interest in kind over the life
      of such Indebtedness has occurred at the time of initial Incurrence, does not
      exceed $250.0 million in principal amount at any one time outstanding;
provided
      that,
      prior to any Incurrence of Indebtedness under this clause (1), the Company
      shall
      have received at least $1.0 billion of Net Cash Proceeds after the Original
      Issue Date from the issue or sale of Capital Stock of the Company or cash
      contributed to the capital of the Company (in each case other than proceeds
      of
      Disqualified Stock or sales of Capital Stock to the Company or any of its
      Subsidiaries); provided,
      further,
      however,
      that
      any Net Cash Proceeds received by the Company or cash contributions to the
      Company’s capital and used to Incur Indebtedness pursuant to this clause (1)
      shall be excluded from the calculation of amounts under Section
      4.08(a)(3)(B);

     

    (2) Indebtedness
      Incurred by the Issuers or any Guarantor in an aggregate principal amount which,
      when taken together with all other Indebtedness Incurred pursuant to this clause
      (2) and then outstanding, does not exceed the greater of (a) $500 million and
      (b) an amount equal to 125% of the Net Cash Proceeds received by the Company
      since the Original Issue Date from the issue or sale of Capital Stock of the
      Company or cash contributed to the capital of the Company (in each case other
      than proceeds of Disqualified Stock or sales of Capital Stock to the Company
      or
      any of its Subsidiaries); provided,
      however,
      that,
      any Indebtedness Incurred under this clause (2) shall have a weighted Average
      Life that is greater than the then remaining weighted Average Life of the Old
      Notes; provided further,
      however,
      that
      any Net Cash Proceeds received by the Company or cash contributions to the
      Company’s capital and used to Incur Indebtedness pursuant to this clause (2)
      shall be excluded from the calculation of amounts under Section
      4.08(a)(3)(B);

     

    (3) Indebtedness
      owed to and held by the Company or a Restricted Entity (including intercompany
      indebtedness); provided,
      however,
      that
      (A) any subsequent issuance or transfer of any Capital Stock which results
      in
      any such Restricted Entity ceasing to be a Restricted Entity or any subsequent
      transfer of such Indebtedness (other than to the Company or a Restricted Entity)
      shall be deemed, in each case, to constitute the Incurrence of such Indebtedness
      by the obligor thereon and (B) if the Company or Finance Co. is the obligor
      on
      such Indebtedness, such Indebtedness is expressly subordinated to the prior
      payment in full in cash of all obligations with respect to the Notes and if
      a
      Guarantor is an obligor under such Indebtedness or such Indebtedness is owed
      to
      a Restricted Entity that is not a Guarantor, such Indebtedness is expressly
      subordinated to the prior payment in full in cash of all obligations with
      respect to the Guarantee of such Guarantor;

     

    (4) the
      Old
      Notes and Guarantees thereof;

     

    (5) Indebtedness
      outstanding on the Original Issue Date;

     

    (6) Indebtedness
      of a Restricted Entity Incurred and outstanding on or prior to the date on
      which
      such Restricted Entity was acquired by the Company or a Restricted Entity (other
      than Indebtedness Incurred in connection with, or to provide all or any portion
      of the funds or credit support utilized to consummate, the transaction or series
      of related transactions pursuant to which such Subsidiary became a Subsidiary
      or
      was acquired by the Company); provided,
      however,
      that on
      the date of such acquisition and after giving pro forma effect thereto, the
      Company would have been entitled to Incur at least $1.00 of additional
      Indebtedness pursuant to paragraph (a) of this Section 4.06;

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    (7) Refinancing
      Indebtedness in respect of Indebtedness Incurred pursuant to paragraph (a)
      or
      pursuant to clause (4), (5) or (6) or this clause (7); provided,
      however,
      that
      such Refinancing Indebtedness shall not include Refinancing Indebtedness of
      the
      Issuers or a Guarantor that refinances Indebtedness of a Subsidiary that is
      not
      a Guarantor or co-issuer of the Notes;

     

    (8) Hedging
      Obligations entered into in the ordinary course of business and not for
      speculative purposes;

     

    (9) obligations
      with respect to letters of credit and bank guarantees, including without
      limitation, letters of credit in respect of workers’ compensation claims,
      health, disability or other benefits to former employees or their families
      or
      property, casualty or liability or self-insurance obligations, performance,
      bid
      and surety bonds and completion guarantees provided by the Company or any
      Restricted Entity in the ordinary course of business;

     

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

     

    (11) Subordinated
      Obligations Incurred by the Issuers or any of the Guarantors to finance the
      purchase, lease or improvement of property (real or personal) or equipment
      that
      is used or useful in a Related Business (whether through the direct purchase
      of
      assets or the Capital Stock of any Person owning such assets) within 180 days
      of
      such purchase, lease or improvement, and any Refinancing Indebtedness Incurred
      to Refinance such Indebtedness, which, when added together with the amount
      of
      all other Subordinated Obligations Incurred pursuant to this clause (11) and
      then outstanding, does not exceed $250 million; provided,
      however,
      that
      any Indebtedness Incurred under this clause (11) shall have a weighted Average
      Life that is greater than the then remaining weighted Average Life of the Notes
      and a final maturity date that is later than the date that is 91 days after
      the
      Stated Maturity of the Notes;

     

    (12) Capital
      Lease Obligations or Purchase Money Indebtedness of the Company or any Guarantor
      Incurred to finance the lease or purchase of L-Band Spectrum in North America;
      provided
      that in
      the case of Capital Lease Obligations, the rights of the lessor under such
      Capital Lease Obligations shall be limited to the L-Band Spectrum leased and,
      in
      the case of Purchase Money Indebtedness, the lenders of such Purchase Money
      Indebtedness shall only have recourse to the L-Band Spectrum purchased and
      shall
      have no other claim against the Company and the Restricted Entities;
provided,
      further,
      that
      the Company shall have received at least $500.0 million of Designated Equity
      Contributions prior to any Incurrence under this clause (12) and shall not
      have
      made a Designated Equity Election;

     

    (13) Purchase
      Money Indebtedness and Capital Lease Obligations of the Company or any Guarantor
      in an aggregate principal amount not in excess of $50 million outstanding at
      any
      time;

     

    (14) Indebtedness
      arising from agreements of the Company or any of the Restricted Entities
      providing for indemnification, adjustment of purchase price or similar
      obligations, in each case, Incurred or assumed in connection with the
      disposition of any business, assets or Capital Stock of a Restricted Entity,
      provided,
      however,
      the
      maximum aggregate liability in respect of all such Indebtedness shall at no
      time
      exceed the gross proceeds actually received by the Company and the Restricted
      Entities in connection with such disposition;

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    (15) Indebtedness
      of the Company or of any of the Restricted Entities in an aggregate principal
      amount which, when taken together with all other Indebtedness of the Company
      and
      the Restricted Entities Incurred pursuant to this clause (15) and then
      outstanding does not exceed $50 million;

     

    (16) Guarantees
      by the Issuers or any Guarantor of Indebtedness of the Issuers or the Guarantors
      so long as such Indebtedness is otherwise permitted to be incurred
      hereunder;

     

    (17) Indebtedness
      representing the financing of installments of insurance premiums;
      and

     

    (18) Indebtedness
      of the Company and the Guarantors to Boeing Satellite Systems, Inc.
      (“Boeing”)
      and
      its Affiliates incurred to finance the purchase of one or more satellites from
      Boeing or such Affiliate in an aggregate principal amount not to exceed at
      any
      one time $110.0 million.

     

    (c) Notwithstanding
      the foregoing, neither the Issuers nor any Guarantor shall be entitled to Incur
      any Indebtedness pursuant to the foregoing paragraph (b) if the proceeds thereof
      are used, directly or indirectly, to Refinance any Subordinated Obligations
      unless such Indebtedness shall be subordinated to the Notes or the Guarantee
      of
      such Guarantor, as applicable, to at least the same extent as such Subordinated
      Obligations.

     

    (d) For
      purposes of determining compliance with this Section 4.06:

     

    (1) in
      the
      event that an item of Indebtedness (or any portion thereof) meets the criteria
      of more than one of the types of Indebtedness described above, the Company,
      in
      its sole discretion, will classify such item of Indebtedness (or any portion
      thereof) at the time of Incurrence and will only be required to include the
      amount and type of such Indebtedness in one of the above clauses;

     

    (2) the
      Company will be entitled to divide and classify (and later reclassify) an item
      of Indebtedness in more than one of the types of Indebtedness described above,
      including under paragraph (a) above;

     

    (3) Guarantees
      of, or obligations in respect of letters of credit relating to, Indebtedness
      which is otherwise included in the determination of a particular amount of
      Indebtedness shall not be included;

     

    (4) the
      principal amount of any Disqualified Stock of the Company or Preferred Stock
      of
      a Restricted Entity, will be equal to the greater of the maximum mandatory
      redemption or repurchase price (not including, in either case, any redemption
      or
      repurchase premium) or the liquidation preference thereof; and

     

    (5) increases
      in the amount of Indebtedness outstanding solely as a result of fluctuations
      in
      the exchange rate of currencies shall not be deemed to be an Incurrence of
      Indebtedness for purposes of this covenant.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

    For
      purposes of this Section 4.06, all outstanding Indebtedness under the Notes
      and
      the Guarantees thereof immediately following the Issue Date will be deemed
      to
      have been Incurred pursuant to clause (2) of paragraph (b) of this Section
      4.06.

     

    
      	 	
              Section
                4.07.

            	
              Limitation
                on Issuance or Sale of Capital Stock of Restricted
                Entities.

            

    

     

    The
      Company:

     

    (a) shall
      not, and shall not permit any Restricted Subsidiary to, and each Restricted
      Entity shall not, sell, lease, transfer or otherwise dispose of any Capital
      Stock of any Restricted Entity to any Person (other than the Company or a Wholly
      Owned Subsidiary; provided
      that
      Capital Stock owned by the Company or a Guarantor may only be issued or
      transferred to the Company or another Guarantor), and

     

    (b) shall
      not
      permit any Restricted Subsidiary to, and each Restricted Entity shall not,
      issue
      any of its Capital Stock (other than, if necessary, shares of its Capital Stock
      constituting directors’ or other legally required qualifying shares) to any
      Person (other than to the Company or a Wholly Owned Subsidiary; provided
      that
      Capital Stock owned by the Company or a Guarantor may only be issued or
      transferred to the Company or another Guarantor),

     

    unless:

     

    (1) immediately
      after giving effect to such issuance, sale or other disposition, neither the
      Company nor any of their Subsidiaries own any Capital Stock of such Restricted
      Entity; or

     

    (2) such
      issuance, sale or other disposition is treated as an Asset Disposition and
      immediately after giving effect to such issuance, sale or other disposition,
      such Restricted Entity would continue to be a Restricted Entity; or

     

    (3) immediately
      after giving effect to such issuance, sale or other disposition, such Restricted
      Entity would no longer constitute a Restricted Entity and any Investment in
      such
      Person remaining after giving effect thereto is treated as a new Investment
      by
      the Company and such Investment would be permitted to be made under Section
      4.08
      if made on the date of such issuance, sale or other disposition.

     

    For
      purposes of this Section 4.07, the creation of a Lien on any Capital Stock
      of a
      Restricted Entity to secure Indebtedness of the Company or any of its Restricted
      Subsidiaries shall not be deemed to be a violation of this Section 4.07;
provided,
      however,
      that
      any sale or other disposition by the secured party of such Capital Stock
      following foreclosure of its Lien shall be subject to this Section
      4.07.

     

    
      	 	
              Section
                4.08.

            	
              Limitation
                on Restricted Payments.

            

    

     

    (a) The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, directly or indirectly, make a Restricted Payment
      if at the time the Company or such Restricted Entity makes such Restricted
      Payment:

     

    (1) a
      Default
      shall have occurred and be continuing (or would result therefrom);

     

    (2) the
      Company is not entitled to Incur an additional $1.00 of Indebtedness pursuant
      to
      Section 4.06(a) after giving effect, on a pro forma basis, to such Restricted
      Payment; or

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    (3) the
      aggregate amount of such Restricted Payment and all other Restricted Payments
      since the Original Issue Date would exceed the sum of (without
      duplication):

     

    (A) 100%
      of
      Consolidated Operating Cash Flow accrued during the period (treated as one
      accounting period) from the beginning of the first fiscal quarter during which
      the Company generates positive Consolidated Operating Cash Flow following the
      Original Issue Date to the end of the most recent fiscal quarter for which
      internal financial statements are available less 1.4 times the Consolidated
      Interest Expense for the same period (if such amount in this clause (A) is
      a
      negative amount, minus the amount by which such amount is less than zero);
      plus

     

    (B) 100%
      of
      the aggregate Net Cash Proceeds received by the Company from the issuance or
      sale of its Capital Stock (other than Disqualified Stock) subsequent to the
      Original Issue Date (other than an issuance or sale to a Subsidiary of the
      Company or to the Canadian Joint Ventures and other than an issuance or sale
      to
      an employee stock ownership plan) and 100% of any cash capital contribution
      received by the Company subsequent to the Original Issue Date; provided,
      however,
      that
      there shall be excluded from the calculation of Net Cash Proceeds and cash
      capital contributions under this clause (B) any Net Cash Proceeds received
      by
      the Company from the issue or sale of its Capital Stock or cash capital
      contributions received by the Company and which is deemed to be used to Incur
      Indebtedness pursuant to Section 4.06(b)(1) or (b)(2) until and to the extent
      any such Indebtedness Incurred pursuant to Section 4.06(b)(1) or (b)(2) in
      respect of such Net Cash Proceeds or cash capital contributions has been
      redesignated to another subclause of Section 4.06(b) or Section 4.06(a);
provided,
      further,
      however,
      that
      Designated Equity Contributions shall not be permitted to be included in this
      clause (3)(B) unless the Company has made a Designated Equity Election, in
      which
      case the amount by which such Designated Equity Contributions exceeds the net
      present value of all payments to be made under Capital Lease Obligations and
      Purchase Money Indebtedness Incurred pursuant to Section 4.06(b)(12) shall
      be
      permitted to be included in this clause (3)(B); plus

     

    (C) the
      amount by which Indebtedness of the Company or any Restricted Entity is reduced
      on the Company’s balance sheet upon the conversion or exchange subsequent to the
      Original Issue Date of any Indebtedness convertible or exchangeable for Capital
      Stock (other than Disqualified Stock) of the Company (less the amount of any
      cash, or the fair value of any other property, distributed by the Company upon
      such conversion or exchange); plus

     

    (D) an
      amount
      equal to the sum of (i) the net reduction in the Investments (other than
      Permitted Investments) made by the Company or any Restricted Entity in any
      Person resulting from repurchases, repayments or redemptions of such Investments
      by such Person, proceeds realized on the sale of such Investment and proceeds
      representing the return of capital (excluding dividends and distributions to
      the
      extent included in Consolidated Operating Cash Flow), in each case received
      by
      the Company or any Restricted Entity, and (ii) to the extent such Person is
      an
      Unrestricted Entity, the portion (proportionate to the Company’s equity interest
      in such Subsidiary) of the fair market value of the net assets of such
      Unrestricted Entity at the time such Unrestricted Entity is designated a
      Restricted Entity; provided,
      however,
      that
      the foregoing sum shall not exceed, in the case of any such Person or
      Unrestricted Entity, the amount of Investments (excluding Permitted Investments)
      previously made (and treated as a Restricted Payment) by the Company or any
      Restricted Entity in such Person or Unrestricted Entity.

     

    
      
        
        

      

      
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    (b) The
      preceding provisions shall not prohibit:

     

    (1) any
      Restricted Payment in an amount equal to the Net Cash Proceeds of the
      substantially concurrent sale of, or made by exchange for, Capital Stock of
      the
      Company (other than Disqualified Stock and other than Capital Stock issued
      or
      sold to a Subsidiary of the Company or a Canadian Joint Venture or an employee
      stock ownership plan) or a substantially concurrent cash capital contribution
      received by the Company; provided,
      however,
      that
      (A) such Restricted Payment shall be excluded from subsequent calculations
      of
      the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale
      or such cash capital contribution (to the extent so used for such Restricted
      Payment) shall be excluded from the calculation of amounts under clause (3)(B)
      of paragraph (a) above and shall be excluded from the calculation of amounts
      under Section 4.06(b)(2);

     

    (2) any
      purchase, repurchase, redemption, defeasance or other acquisition or retirement
      for value of Subordinated Obligations made by exchange for, or out of the
      proceeds of the substantially concurrent Incurrence of, Subordinated Obligations
      that are permitted to be Incurred pursuant to Section 4.06 that have, at the
      time of Incurrence, a weighted Average Life that is greater than the then
      remaining weighted Average Life of the Notes and a Stated Maturity that is
      later
      than the date that is 91 days after the Stated Maturity of the Notes;
provided,
      however,
      that
      such purchase, repurchase, redemption, defeasance or other acquisition or
      retirement for value shall be excluded from subsequent calculations of the
      amount of Restricted Payments;

     

    (3) dividends
      paid within 60 days after the date of declaration thereof if at such date of
      declaration such dividend would have complied with this covenant; provided,
      however,
      that
      such dividend shall be included in subsequent calculations of the amount of
      Restricted Payments;

     

    (4) so
      long
      as no Default has occurred and is continuing, the purchase, redemption or other
      acquisition of shares of Capital Stock of the Company or any of its Subsidiaries
      from employees, former employees, consultants, directors or former directors
      of
      the Company or any of its Subsidiaries (or permitted transferees of such
      employees, former employees, former consultants, directors or former directors),
      pursuant to the terms of the agreements (including employment agreements) or
      plans (or amendments thereto) under which such individuals purchase or sell
      or
      are granted the option to purchase or sell, shares of such Capital Stock;
provided,
      however,
      that
      the aggregate amount of such Restricted Payments (excluding amounts representing
      cancellation of Indebtedness) shall not exceed $2.5 million in the aggregate
      since the Original Issue Date; provided further,
      however,
      that
      such repurchases and other acquisitions shall be excluded from subsequent
      calculations of the amount of Restricted Payments;

     

    (5) the
      declaration or payment of dividends on Disqualified Stock issued in compliance
      with Section 4.06; provided,
      however,
      that at
      the time of declaration of such dividend, no Default shall have occurred and
      be
      continuing (or result therefrom); provided further,
      however,
      that
      such dividends shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments;

     

    (6) repurchases
      of Capital Stock deemed to occur upon exercise of options to purchase limited
      partnership interests, stock options, warrants or other convertible securities
      if such Capital Stock represents a portion of the exercise price thereof;
provided,
      however,
      that
      such Restricted Payments shall be excluded from subsequent calculations of
      the
      amount of Restricted Payments;

     

    
      
        
        

      

      
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    (7) cash
      payments not to exceed $2.5 million since the Original Issue Date in lieu of
      the
      issuance of fractional shares in connection with a reverse stock split of the
      Capital Stock of the Company or the exercise of warrants, options, or other
      securities convertible into or exchangeable for Capital Stock of the Company;
      provided,
      however,
      that
      any such cash payment shall not be for the purpose of evading the limitation
      of
      the covenant described under this subheading; provided further,
      however,
      that
      such payments shall be excluded in subsequent calculations of the amount of
      Restricted Payments;

     

    (8) in
      the
      event of a Change of Control or to the extent permitted by Section 4.10, and
      if
      no Default shall have occurred and be continuing, the payment, purchase,
      redemption, defeasance or other acquisition or retirement of Subordinated
      Obligations, in each case, at a purchase price not greater than 101% of the
      principal amount of such Subordinated Obligations, plus any accrued and unpaid
      interest thereon; provided,
      however,
      that
      prior to such payment, purchase, redemption, defeasance or other acquisition
      or
      retirement, the Issuers (or a third party to the extent permitted by this
      Indenture) have made a Change of Control Offer, or sale of assets offer, with
      respect to the Notes and has repurchased all Notes validly tendered and not
      withdrawn in connection with such Change of Control Offer, or sale of assets
      offer; provided further,
      however,
      that
      such payments, purchases, redemptions, defeasances or other acquisitions or
      retirements shall be excluded from subsequent calculations of the amount of
      Restricted Payments;

     

    (9) payments
      of intercompany subordinated Indebtedness, the Incurrence of which was permitted
      under Section 4.06(b)(3); provided,
      however,
      that
      such payments shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments;

     

    (10) other
      Restricted Payments in an amount not to exceed $5.0 million in the aggregate
      since the Original Issue Date; provided,
      however,
      that no
      Default has occurred and is continuing or would otherwise result therefrom;
      provided further,
      however,
      that
      such payments shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments;

     

    (11) the
      payment of dividends, or distributions or amounts by the Company to its direct
      parents or to the limited partners or the General Partner in amounts required
      to
      pay the tax obligations of any such direct parent, limited partners or the
      General Partner that are solely attributable to the income of the Company and
      its Subsidiaries by virtue of the Company being a pass-through entity for
      Federal, state or foreign income tax purposes; provided,
      however,
      that
      (a) the amount of dividends or distributions paid pursuant to this clause (11)
      to enable any of the Company’s direct parents, limited partners or the General
      Partner to pay Federal, state or foreign income taxes at any time will not
      exceed the amount of such Federal, state or foreign income taxes actually owing
      by any such direct parent or the General Partner or the Company’s Limited
      Partners at such time for the respective period (excluding any tax liability
      or
      tax benefit of any such direct parent or the General Partner or the Company’s
      Limited Partners not attributable to the Company or its Subsidiaries)
      (provided
      that the
      Company may make periodic payments based on an estimate of such tax liability
      with an annual reconciliation at the end of each tax year) and (b) any
      refunds received by or on behalf of, or any overpayment based on the annual
      reconciliation to, any of the Company’s direct parents, limited partners or the
      General Partner attributable to the Company and its Subsidiaries shall promptly
      be returned by any such direct parent or the General Partner or the Company’s
      Limited Partners to the Company; and provided further,
      however,
      that
      such payments shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments;

     

    
      
        
        

      

      
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    (12) the
      dividend or distribution of all of the shares of MSV International, LLC to
      the
      equity holders of the Company or the designation of MSV International, LLC
      as an
      Unrestricted Entity; provided
      that all
      Investments in MSV International, LLC made since the Original Issue Date and
      all
      payments made under the Boeing Agreement on behalf of any satellite to be
      transferred or assigned to MSV International, LLC shall have either been
      reimbursed in cash in full to the Company or be deemed to be a permanent
      Investment by the Company in MSV International, LLC (provided
      that
      such Investment is otherwise permitted by this Indenture); provided,
      however,
      that no
      Default has occurred and is continuing or would otherwise result therefrom;
      and
provided further,
      however,
      that
      such dividend or distribution shall be excluded from subsequent calculations
      of
      the amount of Restricted Payments;

     

    (13) after
      the
      occurrence of a Parent Rollup Transaction, the payment of dividends or
      distributions by the Company to Parent or the making of loans by the Company
      to
      Parent for Parent to pay fees and expenses related to (a) Parent’s corporate
      existence and expenses of Parent as a public company, and (b) general corporate
      overhead expense of Parent and customary compensation payable to officers,
      employees and directors of Parent in the case of (b) to the extent such fees
      and
      expenses relate to the ownership of the Company; provided,
      however,
      that
      amounts paid under this clause (13) shall not exceed $2.5 million during any
      calendar year, provided,
      further,
      however,
      that no
      Default has occurred and is continuing or would otherwise result therefrom;
      provided further,
      however,
      that
      such payments shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments;

     

    (14) the
      payment of costs and expenses incurred by the General Partner on behalf of
      the
      Company or the Restricted Entities in the ordinary course of business and
      administrative and corporate fees and expenses of the General Partner in the
      ordinary course of business not to exceed in the aggregate under this clause
      (14) $1.0 million per year; provided further,
      however,
      that
      such payments shall be excluded from subsequent calculations of the amount
      of
      Restricted Payments; and

     

    (15) the
      distribution, as a dividend or otherwise, of shares of Capital Stock of, or
      Indebtedness owed to, the Company or a Restricted Entity by, an Unrestricted
      Entity.

     

    The
      amount of all Restricted Payments (other than cash) shall be the fair market
      value on the date of such Restricted Payment of the asset(s) or securities
      proposed to be paid, transferred or issued by the Company or such Restricted
      Entity, as the case may be, pursuant to such Restricted Payment. The fair market
      value of any cash Restricted Payment shall be its face amount and any non-cash
      Restricted Payment shall be determined conclusively by the Board of Directors
      of
      the Company acting in good faith.

     

    
      	 	
              Section
                4.09.

            	
              Limitation
                on Liens.

            

    

     

    The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, directly or indirectly, Incur or permit to exist
      any Lien of any nature whatsoever on any of its properties (including Capital
      Stock of a Subsidiary), whether owned at the Issue Date or thereafter acquired,
      securing any Indebtedness, other than Permitted Liens, unless:

     

    (1) in
      the
      case of Liens securing Subordinated Obligations of the Company or a Guarantor,
      the Notes are or such Guarantor’s Guarantee is, as the case may be, secured by a
      Lien on such property that is senior in priority to such Liens; and

     

    (2) in
      all
      other cases, the Notes are or such Guarantor’s Guarantee is, as the case may be,
      equally and ratably secured by a Lien on such property.

     

    
      
        
        

      

      
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              Section
                4.10.

            	
              Limitation
                on Sale of Assets and Subsidiary Stock.

            

    

     

    (a) The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, directly or indirectly, consummate any Asset
      Disposition unless:

     

    (1) the
      Company or such Restricted Entity receives consideration at the time of such
      Asset Disposition at least equal to the fair market value (including as to
      the
      value of all non-cash consideration), as determined in good faith by the Board
      of Directors, of the shares and assets subject to such Asset
      Disposition;

     

    (2) at
      least
      75% of the consideration thereof received by the Company or such Restricted
      Entity is in the form of cash, Temporary Cash Investments or Designated Noncash
      Consideration; provided,
      however,
      that
      the amount of any Designated Noncash Consideration received by the Company
      or
      any Restricted Entity in such Asset Disposition having an aggregate fair market
      value, taken together with all other Designated Noncash Consideration received
      pursuant to this clause (2) at the time of determination, shall not exceed
      an
      amount equal to the greater of (x) $25 million and (y) 2.5% of Consolidated
      Total Assets at the time of the receipt of such Designated Noncash
      Consideration, with the fair market value of each item of Designated Noncash
      Consideration being measured at the time received and without giving effect
      to
      subsequent changes in value; provided further
      that the
      amount of:

     

    (a) any
      liabilities of the Company or any Restricted Entity of the Issuer (other than
      Subordinated Obligations) that are assumed by the transferee of any such
      assets,

     

    (b) any
      notes
      or other obligations or other securities or assets received by the Company
      or
      such Restricted Entity of the Company from such transferee that are converted
      by
      the Company or such Restricted Entity of the Company into cash within 180 days
      of the receipt thereof (to the extent of the cash received), and

     

    (c) any
      Indebtedness of a Restricted Entity (other than Subordinated Obligations) that
      is no longer a Restricted Entity as a result of the Asset
      Disposition

     

    shall
      be
      deemed to be cash for the purposes of this provision;

     

    (3) an
      amount
      equal to 100% of the Net Available Cash from such Asset Disposition is applied
      by the Company or such Restricted Entity, as the case may be:

     

    (A) first,
      to the
      extent the Company or such Restricted Entity elects, to acquire Additional
      Assets or improve Additional Assets within one year from the later of the date
      of such Asset Disposition or the receipt of such Net Available Cash;
provided,
      however,
      that
      the Company shall have an additional six months to apply such Net Available
      Cash
      pursuant to this clause (A) if it shall have entered into a binding acquisition
      or purchase contract in respect of Additional Assets prior to the expiration
      of
      such one-year period; provided further
      that if
      the Net Available Cash from any Asset Disposition of an FCC License, Industry
      Canada License or any similar telecommunications license or any Capital Stock
      of
      the FCC License Subsidiary, MSV Canada Inc. or any other entity holding a
      telecommunications license is in excess of $10.0 million, the Net Available
      Cash
      from such Asset Disposition may not be applied as provided in this clause (A)
      and shall be immediately applied as required in clause (b) below;
      and

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    (B) second,
      to the
      extent of the balance of such Net Available Cash after application in accordance
      with clause (A) above:

     

    (1) to
      the
      extent required by the terms of the Old Notes or any other secured Indebtedness
      of either Issuer or any Restricted Entity, make an offer to the holders of
      the
      Old Notes and the holders of such other secured Indebtedness that requires
      such
      an offer to purchase, prepay or repay the Old Notes and such other secured
      Indebtedness pursuant to the terms thereof; and

     

    (2) to
      the
      extent that such Net Available Cash is remaining after application in accordance
      with Section 4.10(a)(3)(B)(1) above, to make an offer to holders of the Notes
      (and to holders of other Pari Passu Indebtedness that requires such an offer)
      to
      purchase Notes (and such other Pari Passu Indebtedness that require such an
      offer) pursuant to and subject to the conditions contained in this Indenture;
      provided,
      that
      such offer to holders of Notes is for no less than the Noteholders pro rata
      amount
      of such Net Available Cash (based on the then outstanding principal amount
      of
      the Notes outstanding and the principal amount (or accreted value if issued
      with
      discount) of such other Pari Passu Indebtedness);

     

    provided,
      however,
      that in
      connection with any prepayment, repayment or purchase of Indebtedness pursuant
      to clause (3)(B) above, the Issuers or such Restricted Entity shall permanently
      retire such Indebtedness and shall cause the related loan commitment (if any)
      to
      be permanently reduced in an amount equal to the principal amount so prepaid,
      repaid or purchased; provided,
      however,
      that
      the prior proviso shall not affect the ability of the Company of the Restricted
      Entities to incur Indebtedness under Section 4.06(b).

     

    Pending
      application of Net Available Cash pursuant to this covenant, such Net Available
      Cash shall be invested in Temporary Cash Investments or applied to temporarily
      reduce revolving credit indebtedness, unless required to do otherwise pursuant
      to the terms of the Old Notes or any other outstanding secured Indebtedness
      of
      either Issuer or Restricted Entity.

     

    (b) In
      the
      event of an Asset Disposition that requires the Issuers to make an Offer to
      purchase the Notes (and other Indebtedness) pursuant to Section 4.10(a)(3)(B)(2)
      the Issuers shall purchase Notes tendered pursuant to an Offer by the Issuers
      for the Notes (and such other Indebtedness) (the “Offer”)
      at a
      purchase price of 100% of their then outstanding principal amount (such other
      Indebtedness at a purchase price of 100% of its principal amount or, in the
      event such other Indebtedness was issued with significant original issue
      discount, 100% of the accreted value thereof) without premium, plus accrued
      but
      unpaid interest (or, in respect of such other Indebtedness, such lesser price,
      if any, as may be provided for by the terms of such Indebtedness) in accordance
      with the procedures set forth in Section 4.10(c). If the aggregate purchase
      price of the Notes (and such other Indebtedness) tendered exceeds the Net
      Available Cash allotted to their purchase, the Trustee will select the Notes
      and
      such other Indebtedness to be purchased on a pro rata basis but in round
      denominations, which in the case of the Notes will be denominations of $1,000
      principal amount or multiples thereof. The Company shall not be required to
      make
      such an Offer to purchase Notes (and other Indebtedness) pursuant to Section
      4.10(a)(3)(B)(2) if the Net Available Cash available therefrom is less than
      $15.0 million (which lesser amount shall be carried forward for purposes of
      determining whether such an Offer is required with respect to the Net Available
      Cash from any subsequent Asset Disposition). To the extent that the aggregate
      amount of Notes and other Indebtedness tendered is less than the Net Available
      Cash required to be used to make an Offer to the holders of Notes and such
      Indebtedness, the Company may use such excess Net Available Cash for any other
      purpose not prohibited by this Indenture.

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

    (c) Promptly,
      and in any event within 10 days after the Company becomes obligated to make
      an Offer pursuant to Section 4.10(a)(3)(B)(2), the Company shall deliver to
      the
      Trustee and send, by first-class mail to each holder, a written notice stating
      that the holder may elect to have its Notes purchased by the Issuers either
      in
      whole or in part (subject to prorating as described in Section 4.10(b) in the
      event the Offer is oversubscribed) in integral multiples of $1,000 principal
      amount, at the applicable purchase price set forth in Section 4.10(b). The
      notice shall specify a purchase date not less than 30 days nor more than 60
      days
      after the date of such notice (the “Purchase
      Date”)
      and
      shall contain such information concerning the business of the Issuers which
      the
      Issuers in good faith believe will enable such holders to make an informed
      decision and all instructions and materials necessary to tender Notes pursuant
      to the Offer, together with the information contained in clause
      (3).

     

    (1) Not
      later
      than the date upon which written notice of an Offer is delivered to the Trustee
      as provided below, the Company shall deliver to the Trustee an Officer’s
      Certificate as to (A) the amount of the Offer (the “Offer
      Amount”),
      including information as to any Pari Passu Indebtedness included in the Offer,
      (B) the allocation of the Net Available Cash from the Asset Dispositions
      pursuant to which such Offer is being made and (C) the compliance of such
      allocation with the provisions of Section 4.10(a) and (b). On such date,
      the Company shall irrevocably deposit with the Trustee or with a Paying Agent
      (or, if the Company is acting as its own Paying Agent, segregate and hold in
      trust) in Temporary Cash Investments, maturing on the last day prior to the
      Purchase Date or on the Purchase Date if funds are immediately available by
      open
      of business, an amount equal to the Offer Amount to be held for payment in
      accordance with the provisions of this Section. If the Offer includes other
      Pari
      Passu Indebtedness, the portion of the deposit described in the preceding
      sentence that is applicable to such other Pari Passu Indebtedness may be made
      with any other paying agent pursuant to arrangements satisfactory to the
      Trustee. Upon the expiration of the period for which the Offer remains open
      (the
“Offer
      Period”),
      the
      Company shall deliver to the Trustee for cancellation the Notes or portions
      thereof which have been properly tendered to and are to be accepted by the
      Company. The Trustee shall, on the Purchase Date, mail or deliver payment (or
      cause the delivery of payment) to each tendering holder in the amount of the
      purchase price. In the event that the aggregate purchase price of the Notes
      delivered by the Company to the Trustee is less than the Offer Amount applicable
      to the Notes, the Trustee shall deliver the excess to the Company immediately
      after the expiration of the Offer Period for application in accordance with
      this
      Section 4.10.

     

    (2) Holders
      electing to have Notes purchased shall be required to surrender the Notes,
      with
      an appropriate form duly completed, to the Company at the address specified
      in
      the notice at least three Business Days prior to the Purchase Date. Holders
      shall be entitled to withdraw their election if the Trustee or the Company
      receives not later than one Business Day prior to the Purchase Date, a facsimile
      transmission or letter setting forth the name of the holder, the principal
      amount of the Notes which were delivered for purchase by the holder and a
      statement that such holder is withdrawing his election to have such Notes
      purchased. Holders whose Notes are purchased only in part shall be issued new
      Notes equal in principal amount to the unpurchased portion of the Notes
      surrendered.

     

    (3) At
      the
      time the Company delivers Notes to the Trustee which are to be accepted for
      purchase, the Company shall also deliver an Officer’s Certificate stating that
      such Notes are to be accepted by the Company pursuant to and in accordance
      with
      the terms of this Section. Notes shall be deemed to have been accepted for
      purchase at the time the Trustee, directly or through an agent, mails or
      delivers payment therefor to the surrendering holder.

     

    (d) The
      Company will not, and will not permit any Restricted Subsidiary to, and each
      Restricted Entity will not, engage in any Asset Swaps, unless:

     

    
      
        
        

      

      
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    (1) at
      the
      time of entering into such Asset Swap and immediately after giving effect to
      such Asset Swap, no Default or Event of Default shall have occurred and be
      continuing or would occur as a consequence thereof;

     

    (2) the
      Related Business Assets that are the subject of such Asset Swap have a
      substantially comparable fair market value;

     

    (3) in
      the
      event such Asset Swap involves the transfer by the Company or any Restricted
      Entity of assets having an aggregate fair market value, as determined by the
      Board of Directors of the General Partner in good faith, in excess of $10
      million, the terms of such Asset Swap have been approved by a majority of the
      members of the Board of Directors of the Company; and

     

    (4) any
      cash
      received shall be applied in accordance with Section 4.10(a)(3).

     

    (e) To
      the
      extent that the provisions of any securities laws or regulations conflict with
      provisions of this Section 4.10, the Issuers will comply with the applicable
      securities laws and regulations and will not be deemed to have breached its
      obligations hereunder and this Section 4.10 by virtue of its compliance with
      such securities laws or regulations.

     

    
      	 	
              Section
                4.11.

            	
              Limitation
                on Transactions with Affiliates.

            

    

     

    (a) The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, enter into or permit to exist any transaction
      (including the purchase, sale, lease or exchange of any property, employee
      compensation arrangements or the rendering of any service) with, or for the
      benefit of, any Affiliate of the Company (an “Affiliate
      Transaction”)
      involving (together with any related Affiliate Transactions) aggregate
      consideration in excess of $10 million, unless:

     

    (1) the
      terms
      of the Affiliate Transaction are not materially less favorable taken as a whole
      to the Company or such Restricted Entity than those that could be obtained
      at
      the time of the Affiliate Transaction in arm’s-length dealings with a Person who
      is not an Affiliate; and

     

    (2) if
      such
      Affiliate Transaction (together with any related Affiliate Transactions)
      involves an amount in excess of $15.0 million, the terms of the Affiliate
      Transaction are set forth in writing and a majority of the non-employee
      directors of the General Partner disinterested with respect to such Affiliate
      Transaction have determined in good faith that the criteria set forth in clause
      (1) are satisfied and have approved the relevant Affiliate
      Transaction.

     

    (b) The
      provisions of the preceding paragraph (a) shall not prohibit:

     

    (1) Restricted
      Payments, in each case permitted to be made pursuant to Section 4.08, and
      Permitted Investments;

     

    (2) any
      issuance of securities, or other payments, awards or grants in cash, securities
      or otherwise pursuant to, or the funding of, employment arrangements, stock
      options and stock ownership plans approved by the Board of Directors of the
      Company;

     

    (3) loans
      or
      advances to employees in the ordinary course of business in accordance with
      the
      past practices of the Company or the Restricted Entities, but in any event
      not
      to exceed $2.5 million in the aggregate outstanding at any one
      time;

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

    (4) the
      payment of reasonable and customary fees to, and indemnity provided on behalf
      of, officers, directors, employees or consultants of the Company or the
      Restricted Entities;

     

    (5) transactions
      between or among the Company and the Restricted Entities;

     

    (6) the
      issuance or sale of any Capital Stock (other than Disqualified Stock) of the
      Company and the granting and the performance of registration
      rights;

     

    (7) any
      agreement as in effect on the Issue Date, as these agreements may be amended,
      modified, supplemented, extended or renewed from time to time (so long as any
      amendment, modification, supplement, extension or renewal is not materially
      less
      favorable, taken as a whole, to the Company and the Restricted Entities) and
      the
      transactions evidenced or contemplated thereby or as these agreements may be
      extended or renewed in accordance with this clause (7);

     

    (8) transactions
      with customers, clients, suppliers, or purchasers or sellers of goods or
      services, in each case in the ordinary course of business and otherwise in
      compliance with the terms of this Indenture which are fair to the Company and
      the Restricted Entities, in the reasonable determination of the Board of
      Directors of the General Partner or the senior management of the Company, or
      are
      on terms at least as favorable as might reasonably have been obtained at such
      time from an unaffiliated party;

     

    (9) the
      entering into agreements with equity holders of the Company or the General
      Partner in connection with a Parent Roll-up Transaction relating to such equity,
      including, without limitation, the entering into and performance of shareholder
      agreements and registration rights agreements and amendments to existing similar
      agreements; and

     

    (10) Affiliate
      Transactions with a person solely in its capacity as a holder of debt or equity
      securities where such Person is treated no more favorably in such transaction
      than any other security holders who are not Affiliates.

     

    
      	 	
              Section
                4.12.

            	
              Future
                Guarantors.

            

    

     

    If
      the
      Company or any of the Restricted Entities acquires or creates another domestic
      Subsidiary after the date of this Indenture, then that newly acquired or created
      domestic Subsidiary shall become a Guarantor and execute a supplemental
      indenture within 10 Business Days of the date on which it was acquired or
      created; provided
      that all
      Subsidiaries that are Immaterial Subsidiaries or that have properly been
      designated as Unrestricted Entities under this Indenture shall not become
      Guarantors for so long as they continue to constitute Immaterial Subsidiaries
      or
      Unrestricted Entities, as the case may be. Additionally, the Company shall
      deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
      stating that such supplemental Indenture complies with the applicable provisions
      of this Indenture, that all conditions precedent in this Indenture relating
      to
      such transaction have been satisfied and that such supplemental Indenture is
      enforceable, subject to customary qualifications.

    
       

      
        	 	
                Section
                  4.13.

              	
                Limitation
                  on Restrictions on Distributions from Restricted Subsidiaries and
Restricted
                  Entities. 

              

      

       

    

    The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, create or otherwise cause or permit to exist or
      become effective any consensual encumbrance or consensual restriction on the
      ability of any Restricted Entity to (a) pay dividends or make any other
      distributions on its Capital Stock to the Company or a Restricted Entity or
      pay
      any Indebtedness owed to the Company or any Restricted Entity, (b) make any
      loans or advances to the Company or any Restricted Entity or (c) transfer any
      of
      its property or assets to the Company or any Restricted Entity,
      except:

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

    (1) with
      respect to clauses (a), (b) and (c),

     

    (A) any
      encumbrance or restriction pursuant to an agreement in effect at or entered
      into
      on the Issue Date;

     

    (B) any
      encumbrance or restriction with respect to a Restricted Entity pursuant to
      an
      agreement relating to any Capital Stock or Indebtedness Incurred by such
      Restricted Entity on or prior to the date on which such Restricted Entity was
      acquired by the Company (other than Indebtedness Incurred as consideration
      in,
      or to provide all or any portion of the funds or credit support utilized to
      consummate, the transaction or series of related transactions pursuant to which
      such Restricted Entity became a Restricted Entity or was acquired by the
      Company) and outstanding on such date;

     

    (C) any
      encumbrance or restriction pursuant to an agreement effecting a Refinancing
      of
      Indebtedness Incurred pursuant to an agreement referred to in clause (A) or
      (B)
      of clause (1) of this Section 4.13 or this clause (C) or contained in any
      amendment supplement, restatement, renewal or modification to an agreement
      referred to in clause (A) or (B) of clause (1) of this Section 4.13 or this
      clause (C); provided,
      however,
      that
      the encumbrances and restrictions with respect to such Restricted Entity
      contained in any such refinancing agreement or amendment are not materially
      more
      restrictive, taken as a whole, to the Company and the Restricted Entities than
      encumbrances and restrictions with respect to such Restricted Entity contained
      in such predecessor agreements on the Issue Date or the date such Restricted
      Entity became a Restricted Entity, whichever is applicable;

     

    (D) any
      encumbrance or restriction with respect to a Restricted Entity (or any of its
      property or assets) imposed pursuant to an agreement entered into for the sale
      or disposition of all or substantially all the Capital Stock or assets of such
      Restricted Entity (or the property or assets that are subject to such
      restriction) pending the closing of such sale or disposition;

     

    (E) any
      encumbrance or restriction consisting of net worth provisions in leases and
      other agreements entered into by the Company or any Restricted Entity in the
      ordinary course of business;

     

    (F) any
      encumbrance or restriction consisting of customary provisions in joint venture
      agreements relating to joint ventures that are not Restricted Entities and
      other
      similar agreements entered into in the ordinary course of business;

     

    (G) customary
      non-assignment provisions in contracts, licenses and leases entered into in
      the
      ordinary course of business; and

     

    (H) restrictions
      contained in any agreement related to property acquired after the Issue Date
      and
      which is not applicable to any other property and which were not put in place
      in
      contemplation of the acquisition of such property;

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

    (2) with
      respect to clause (c) only,

     

    (A) any
      encumbrance or restriction consisting of customary nonassignment provisions
      in
      leases governing leasehold interests to the extent such provisions restrict
      the
      assignment or transfer of the lease or the property leased thereunder;
      and

     

    (B) Liens
      securing Indebtedness that are permitted hereunder that limit the right of
      the
      debtor to dispose of the assets subject to such Lien.

     

    
      	 	
              Section
                4.14.

            	
              Payments
                for Consent.

            

    

     

    The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, directly or indirectly, pay or cause to be paid
      any
      consideration, whether by way of interest, fee or otherwise, to any holder
      of
      any 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 or agreed to be paid to all holders of the Notes which
      so
      consent, waive or agree to amend in the time frame set forth in solicitation
      documents relating to such consent, waiver or agreement.

     

    
      	 	
              Section
                4.15.

            	
              Corporate
                Existence.

            

    

     

    Subject
      to Article 5 hereof, the Company and each Restricted Entity shall do or cause
      to
      be done all things necessary to preserve and keep in full force and effect
      (i) its existence in accordance with the respective organizational
      documents (as the same may be amended from time to time) of the Company and
      each
      Restricted Entity and the rights (charter and statutory), licenses and
      franchises of the Company and its Restricted Entities; provided,
      however,
      that,
      except as otherwise required by this Indenture, the Company and each Restricted
      Entity shall not be required to preserve any such right, license or franchise,
      or the corporate, partnership or other existence of any of its Restricted
      Entities, if the Board of Directors shall determine that the preservation
      thereof is no longer desirable in the conduct of the business of the Company
      and
      its Restricted Entities, taken as a whole. Notwithstanding anything to the
      contrary contained in this Section 4.15 the Company or any Restricted Entity
      may
      change its partnership, corporate or other existence to another form of
      existence; provided,
      that
      for so long as the Company or any successor or obligor under the Notes is a
      limited liability company, partnership or trust there shall be a co-issuer
      of
      the Notes that is a Wholly Owned Subsidiary of the Company and that is a
      corporation organized and existing under the laws of the United States or any
      state thereof or the District of Columbia.

     

    
      	 	
              Section
                4.16.

            	
              Change
                of Control.

            

    

     

    (a) Upon
      the
      occurrence of a Change of Control, each holder shall have the right to require
      that the Issuers repurchase such holder’s Notes at a purchase price in cash
      equal to 101% of the then outstanding principal amount thereof on the date
      of
      purchase plus accrued and unpaid interest, if any, to (but excluding) the date
      of purchase (subject to the right of holders of record on the relevant record
      date to receive interest due on the relevant interest payment date), in
      accordance with the terms contemplated in this Section 4.16.

     

    (b) Within
      30
      days following any Change of Control, the Company shall mail a notice to each
      holder with a copy to the Trustee (the “Change
      of Control Offer”)
      stating:

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

    (1) that
      a
      Change of Control has occurred and that such holder has the right to require
      us
      to purchase such holder’s Notes at a purchase price in cash equal to 101% of the
      then outstanding principal amount thereof on the date of purchase, plus accrued
      and unpaid interest, if any, to (but excluding) the date of purchase (subject
      to
      the right of holders of record on the relevant record date to receive interest
      on the relevant interest payment date);

     

    (2) the
      circumstances and relevant facts regarding such Change of Control;

     

    (3) the
      purchase date (which shall be no earlier than 30 days nor later than 60 days
      from the date such notice is mailed); and

     

    (4) the
      instructions, as determined by the Company, consistent with this Section 4.16
      that a holder must follow in order to have its Notes purchased.

     

    (c) Holders
      electing to have Notes purchased will be required to surrender the Notes, with
      an appropriate form duly completed, to the Company at the address specified
      in
      the notice at least three Business Days prior to the purchase date. Holders
      will
      be entitled to withdraw their election if the Trustee or the Company receives
      not later than one Business Day prior to the purchase date, a telegram,
      facsimile transmission or letter setting forth the name of the holder, the
      principal amount of the Notes which was delivered for purchase by the holder
      and
      a statement that such holder is withdrawing his election to have such Notes
      purchased.

     

    (d) On
      the
      purchase date, all Notes purchased by the Issuers under this Section shall
      be
      delivered by the Company to the Trustee for cancellation, and the Issuers shall
      pay the purchase price specified in paragraph (a) plus accrued and unpaid
      interest, if any, to the holders entitled thereto.

     

    (e) Notwithstanding
      the foregoing, the Issuers shall not be required to make a Change of Control
      Offer following a Change of Control if a third party makes the Change of Control
      Offer in the manner, at the times and otherwise in compliance with the
      requirements set forth in this Section 4.16 applicable to a Change of Control
      Offer made by us and purchases all Notes validly tendered and not withdrawn
      under such Change of Control Offer. In addition, the Issuers shall not be
      required to make a Change of Control Offer following a Change of Control if
      the
      Issuers have exercised their right to redeem all, but not less than all, of
      the
      Notes.

     

    (f) The
      Issuers will comply, to the extent applicable, with the requirements of Section
      14(e) of the Exchange Act and any other securities laws or regulations in
      connection with the repurchase of Notes pursuant to a Change of Control Offer.
      To the extent that the provisions of any securities laws or regulations conflict
      with the provisions of this Section 4.16, the Issuers will comply with the
      applicable securities laws and regulations and will be deemed not to have
      breached its obligations under this Section 4.16 by virtue of such
      compliance.

     

    
      	 	
              Section
                4.17.

            	
              Maintenance
                of Office or Agency.

            

    

     

    The
      Issuers shall maintain an office or agency where Notes may be surrendered for
      registration of transfer or exchange or for presentation for payment and where
      notices and demands to or upon the Company in respect of the Notes and this
      Indenture may be served. The Issuers 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 Issuers shall fail to maintain any such required
      office or agency or shall fail to furnish the Trustee with the address thereof,
      such presentations, surrenders, notices and demands may be made or served at
      the
      address of the Trustee as set forth in Section 11.01.

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

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

     

    The
      Issuers hereby initially designate the Corporate Trust Office of the Trustee
      set
      forth in Section 11.01 as such office of the Company.

     

    
      	 	
              Section
                4.18.

            	
              Maintenance
                of Insurance.

            

    

     

    (a) The
      Company shall obtain, and shall cause the Restricted Subsidiaries to obtain,
      and
      the Restricted Entities shall obtain, prior to the launch of each satellite
      and
      shall maintain launch insurance with respect to each satellite launch covering
      the period from the launch to 180 days following the launch of each satellite
      on
      such terms (including coverage period, exclusions, limitations on coverage,
      co-insurance, deductibles and coverage amount) as is customary in the industry
      for similar persons at the time of such launch. In the event that the Company
      constructs a spare satellite (“ground
      spare”),
      the
      amount of coverage may be reduced if it is in the best interest of the Company,
      but in no event to an amount less than the cost to launch and insure the launch
      for the ground spare.

     

    (b) The
      Company shall, and shall cause the Restricted Subsidiaries to, and the
      Restricted Entities shall, procure and maintain Full In-orbit Insurance, with
      respect to each satellite they own (other than satellites that are in orbit
      as
      of the Original Issue Date) unless at the time of securing such Full In-Orbit
      Insurance there has occurred and is continuing a material adverse change in
      market conditions for the obtaining of Full In-orbit Insurance since March
      31,
      2004 such that it would be commercially unreasonable for the Company and the
      Restricted Entities to maintain such Full In-orbit Insurance. Such Full In-Orbit
      Insurance shall be on such terms (including exclusions, limitations on coverage,
      coinsurance, deductibles and coverage amount) as is customary in the industry
      for similar persons at the time of procurement; provided,
      however,
      that
      with the exception of the initial procurement of Full In-Orbit Insurance for
      a
      satellite that experienced a loss that either occurred during the launch
      insurance coverage period or was otherwise covered by launch insurance, in
      no
      event shall the coverage amount be less than the net book value of the
      satellite, assuming straight-line depreciation over the life of the satellite,
      as adjusted for impairment. In the event that the expiration and non-renewal
      of
      Full In-Orbit Insurance for such a satellite resulting from a claim of loss
      under such policy causes a failure to comply with the proviso to the immediately
      preceding sentence the Company shall be deemed to be in compliance with the
      proviso to the immediately preceding sentence for the 120 days immediately
      following such expiration or non-renewal, provided
      that the
      Company procures such Full In-Orbit Insurance as necessary to comply with the
      preceding proviso within 120 day period.

     

    Insurance
      policies obtained or renewed after the Issue Date required by the foregoing
      paragraphs (a) and (b) shall:

     

    (1) contain
      no exclusions other than exclusions as may be customary for policies of such
      type and such other exclusions or limitations of coverage as may be applicable
      to a substantial portion of satellites of the same model or relating to systemic
      failures or anomalies as are then customary in the satellite insurance market;
      and

     

    (2) provide
      coverage for all risks of loss and damage to the satellite.

     

    
      	 	
              Section
                4.19.

            	
              Limitation
                on Business Activities of Finance Co.

            

    

     

    Finance
      Co. shall not hold any material assets, become liable for any material
      obligations, engage in any trade or business, or conduct any business activity,
      other than the issuance of its Capital Stock to the Company or any Wholly Owned
      Subsidiary, the Incurrence of Indebtedness as a co-obligor or guarantor of
      Indebtedness Incurred by the Company, including the Notes and the Old Notes,
      that is permitted to be Incurred by the Company under Section 4.06 and
      activities incidental thereto. For so long as the Company or any successor
      or
      obligor under the Notes is a limited liability company, partnership or trust
      there shall be a co-issuer of the Notes that is a Wholly Owned Subsidiary of
      the
      Company and that is a corporation organized and existing under the laws of
      the
      United States or any state thereof or the District of Columbia.

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                4.20.

            	
              Certain
                Matters in Connection with Licenses. 

            

    

     

    The
      Company shall maintain direct ownership of all of the Capital Stock of the
      FCC
      License Subsidiary. All FCC Licenses in existence on the Issue Date or acquired
      after the Issue Date shall be held by the FCC License Subsidiary except as
      required by law or administrative action; provided
      that MSV
      International LLC is permitted to own the FCC License with respect to the
      operation of a satellite in Latin America that it owns as of the Original Issue
      Date. The Company shall not transfer or dispose of any Capital Stock it directly
      or indirectly owns in Mobile Satellite Ventures (Canada) Inc. All Industry
      Canada Licenses in existence on the Issue Date or acquired after the Issue
      Date
      shall be held by Mobile Satellite Ventures Corp. or Mobile Satellite Ventures
      (Canada) Inc., as the case may be, except as required by law or administrative
      action.

     

    
      	 	
              Section
                4.21.

            	
              Limitation
                on Line of Business.

            

    

     

    The
      Company shall not, and shall not permit any Restricted Subsidiary to, and each
      Restricted Entity shall not, engage in any business other than a Related
      Business.

     

    
      	 	
              Section
                4.22.

            	
              Calculation
                of Original Issue Discount.

            

    

     

    The
      Company shall file with the Trustee promptly at the end of each calendar year
      (i) a written notice specifying the amount of original issue discount (including
      daily rates and accrual periods) accrued on outstanding Notes as of
      the end of such year and (ii) such other specific information relating to such
      original issue discount as may be required to be provided to the Trustee or
      to
      the holders of the Notes pursuant to the Internal Revenue Code of 1986, as
      amended, and the regulations issued thereunder.

     

    ARTICLE
      5

     

    SUCCESSOR
      CORPORATION

     

    
      	 	
              Section
                5.01.

            	
              Limitation
                on Consolidation, Merger and Sale of Property.

            

    

     

    (a) The
      Company shall not consolidate with or merge with or into, or convey, transfer
      or
      lease, in one transaction or a series of transactions, directly or indirectly,
      all or substantially all of its assets to, any Person, unless:

     

    (1) the
      resulting, surviving or transferee Person (the “Successor
      Company”)
      shall
      be a Person organized and existing under the laws of the United States of
      America, any State thereof or the District of Columbia and the Successor Company
      (if not the Company) shall expressly assume, by an indenture supplemental
      hereto, executed and delivered to the Trustee, in form reasonably satisfactory
      to the Trustee, all the obligations of the Company under the Notes and this
      Indenture;

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

    (2) immediately
      after giving pro forma effect to such transaction (and treating any Indebtedness
      which becomes an obligation of the Successor Company or any Subsidiary as a
      result of such transaction as having been Incurred by such Successor Company
      or
      such Subsidiary at the time of such transaction), no Default shall have occurred
      and be continuing;

     

    (3) immediately
      after giving pro forma effect to such transaction, the Successor Company would
      have a Consolidated Leverage Ratio equal to or better than immediately prior
      to
      the transaction; and

     

    (4) the
      Company shall have delivered to the Trustee an Officer’s Certificate and an
      Opinion of Counsel, each stating that such consolidation, merger or transfer
      and
      such supplemental indenture (if any) comply with this Indenture;

     

    provided,
      however,
      that
      clause (3) will not be applicable to (A) a Restricted Entity consolidating
      with,
      merging into or transferring all or part of its properties and assets to the
      Company (so long as no Capital Stock of the Company is distributed to any
      Person) or (B) the Company merging with an Affiliate of the Company solely
      for
      the purpose and with the sole effect of reincorporating the Company in another
      jurisdiction.

     

    For
      purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer
      or other disposition of all or substantially all of the properties and assets
      of
      one or more Subsidiaries of the Company or Canadian Joint Ventures, which
      properties and assets, if held by the Company instead of such Subsidiaries
      or
      Canadian Joint Ventures, would constitute all or substantially all of the
      properties and assets of the Company on a consolidated basis, shall be deemed
      to
      be the transfer of all or substantially all of the properties and assets of
      the
      Company.

     

    The
      Successor Company will be the successor to the Company and shall succeed to,
      and
      be substituted for, and may exercise every right and power of, the Company
      under
      this Indenture, and the predecessor Company, except in the case of a lease,
      shall be released from the obligation to pay the principal of and interest
      on
      the Notes.

     

    (b) No
      Guarantor shall consolidate with or merge with or into, or convey, transfer
      or
      lease, in one transaction or a series of transactions, directly or indirectly,
      all or substantially all its assets to, any Person, unless:

     

    (1) the
      Person formed by, resulting from or surviving any such consolidation or merger
      (if other than such Guarantor):

     

    (a) expressly
      assumes, by an indenture supplemental hereto, executed and delivered to the
      Trustee, in form reasonably satisfactory to the Trustee, all the obligations
      of
      such Guarantor under its Guarantee and this Indenture; and

     

    (b) delivers
      to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
      that such consolidation, merger or transfer and such supplemental indenture
      (if
      any) comply with this Indenture; and

     

    (2) immediately
      after giving pro forma effect to such transaction (and treating any Indebtedness
      which becomes an obligation of such Person as a result of such transaction
      as
      having been Incurred by such Person at the time of such transaction), no Default
      shall have occurred and be continuing. The provisions of this Section 5.01(b)
      shall not apply to the merger of any Guarantors with or into each other or
      with
      or into the Company, provided,
      however,
      that
      such transaction shall otherwise comply with this Indenture.

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

    Upon
      any
      consolidation or merger, or any transfer of all or substantially all of the
      assets of any Guarantor in accordance with Section 5.01(b), the successor Person
      formed by such consolidation or into which the such Guarantor is merged or
      to
      which such transfer (other than by way of lease) is made shall succeed to,
      and
      be substituted for, and may exercise every right of, such Guarantor under this
      Indenture with the same effect as if such successor Person had been named as
      such Guarantor herein, and thereafter the predecessor Person shall be relieved
      of all obligations and covenants under this Indenture and the
      Notes.

     

    
      	 	
              Section
                5.02.

            	
              Substitution
                of Company.

            

    

     

    After
      the
      occurrence of a Qualified Parent Rollup Transaction, the Company may substitute
      the Parent in respect of all of the Company’s obligations under the Notes and
      this Indenture on an unsecured and unsubordinated basis if:

     

    (1) the
      Parent shall expressly assume, by an indenture supplemental hereto, executed
      and
      delivered to the Trustee, in form satisfactory to the Trustee, all the
      obligations of the Company under the Notes and this Indenture;

     

    (2) immediately
      after giving pro forma effect to such substitution (and assuming the covenants
      of this Indenture would apply to the Parent on the same basis that they apply
      to
      the Company immediately prior to such substitution and treating all Indebtedness
      of the Parent and its Subsidiaries as Incurred at the time of substitution),
      no
      Default shall have occurred and be continuing;

     

    (3) immediately
      after giving pro forma effect to such substitution, the Parent would have a
      Consolidated Leverage Ratio equal to or better than that of the Company
      immediately prior to such substitution;

     

    (4) the
      Parent shall comply with Section 4.12; and

     

    (5) the
      Company shall have delivered to the Trustee an Officer’s Certificate and an
      Opinion of Counsel, each stating that such substitution and such supplemental
      indenture comply with this Indenture and stating that this Indenture and the
      Notes are the legal valid and binding obligation of the Parent and enforceable
      against the Parent in accordance with their terms.

     

    In
      the
      event the Parent is substituted for the Company pursuant to the terms hereof,
      the Parent will be the successor to the Company and shall succeed to, and be
      substituted for, and may exercise every right and power of, and will be subject
      to all of the obligations and covenants of, the Company and the General Partner
      under this Indenture, all obligations of the Guarantors under this Indenture
      and
      the Guarantees shall remain unchanged and the Company shall be deemed a
      Restricted Subsidiary of the Parent and shall immediately become a Guarantor
      hereunder.

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      6

     

    DEFAULTS
      AND REMEDIES

     

    
      	 	
              Section
                6.01.

            	
              Events
                of Default.

            

    

     

    Each
      of
      the following is an Event of Default (each, an “Event
      of Default”):

     

    (1) a
      default
      in the payment of any interest on any Note when the same becomes due and the
      default continues for a period of 30 days;

     

    (2) a
      default
      in the payment of any principal of, or premium, if any, on the Notes when the
      same becomes due at its Stated Maturity, upon any optional redemption, upon
      required repurchase, upon declaration of acceleration or otherwise;

     

    (3) the
      Issuers or any Guarantor defaults in the observation or performance of its
      obligations under the provisions of Article 5 above;

     

    (4) the
      Issuers or any Guarantor defaults in the observance or performance of any other
      covenant or agreement in the Notes or this Indenture (other than a default
      that
      is the subject of the foregoing clauses (1), (2) or (3)) for 60 days after
      the
      Company receives written notice thereof specifying the default from the Trustee,
      or the Company and the Trustee receive written notice thereof specifying the
      default from the holders of not less than 25% of the aggregate principal amount
      of the Notes then outstanding;

     

    (5) Indebtedness
      of the Issuers or any Restricted Entity is not paid within any applicable grace
      period after final maturity or is accelerated by the holders thereof because
      of
      a default and the total amount of such Indebtedness unpaid or accelerated
      exceeds $10 million;

     

    (6) any
      final, nonappealable judgment or decree for the payment of money which, when
      taken together with all other final, nonappealable judgments or decrees for
      the
      payment of money, causes the aggregate amount of such judgments or decrees
      entered against the Issuers or any Restricted Entity to exceed $10 million
      (net
      of any amounts with respect to which a reputable and creditworthy insurance
      company has acknowledged liability), remains outstanding for a period of 60
      consecutive days following such judgment and is not discharged, waived or
      stayed;

     

    (7) either
      Issuer or any Significant Subsidiary or any Canadian Joint Venture that would
      constitute a Significant Subsidiary if such entity was a Subsidiary of the
      Company pursuant to or within the meaning of any Bankruptcy Law:

     

    (A) commences
      a voluntary case,

     

    (B) consents
      to the entry of an order for relief against it in an involuntary
      case,

     

    (C) consents
      to the appointment of a Custodian of it or for all or substantially all of
      its
      property,

     

    (D) makes
      a
      general assignment for the benefit of its creditors, or

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

    (E) generally
      is not paying its debts as they become due;

     

    (8) a
      court
      of competent jurisdiction enters an order or decree under any Bankruptcy Law
      that:

     

    (A) is
      for
      relief against either Issuer or any Significant Subsidiary or any Canadian
      Joint
      Venture that would constitute a Significant Subsidiary if such entity was a
      Subsidiary of the Company in an involuntary case or comparable involuntary
      bankruptcy proceeding,

     

    (B) appoints
      a Custodian of either Issuer or any Significant Subsidiary or any Canadian
      Joint
      Venture that would constitute a Significant Subsidiary if such entity was a
      Subsidiary of the Company or for all or substantially all of the property of
      either Issuer or any Significant Subsidiary or any Canadian Joint Venture that
      would constitute a Significant Subsidiary if such entity was a Subsidiary of
      the
      Company, or

     

    (C) orders
      the liquidation of either Issuer or any Significant Subsidiary or any Canadian
      Joint Venture that would constitute a Significant Subsidiary if such entity
      was
      a Subsidiary of the Company,

     

    and
      the
      order or decree remains unstayed and in effect for 60 days; or

     

    (9) any
      Guarantee of a Guarantor that is a Significant Subsidiary or Canadian Joint
      Venture that would constitute a Significant Subsidiary if such entity was a
      Subsidiary of the Company ceases to be in full force and effect or becomes
      unenforceable or invalid or is declared null and void (other than in accordance
      with the terms of such Guarantee) or any Guarantor denies or disaffirms its
      obligations under its Guarantee.

     

    The
      term
“Bankruptcy
      Law”
means
      Title 11, U.S. Code, the Bankruptcy and Insolvency Act (Canada), Companies
      Creditors’ Arrangements Act (Canada) and the Winding-Up and Restructuring Act
      (Canada) or any similar Federal, state or non-U.S. law or statute for the
      supervision, administration or relief of debtors, including, without limitation,
      bankruptcy or insolvency laws. The term “Custodian”
means
      any receiver, trustee, assignee, liquidator or similar official under any
      Bankruptcy Law.

     

    
      	 	
              Section
                6.02.

            	
              Acceleration.

            

    

     

    If
      an
      Event of Default occurs and is continuing, the Trustee, by notice to the
      Issuers, or the holders of not less than 25% in aggregate principal amount
      of
      the Notes, by written notice to the Issuers and the Trustee, may declare to
      be
      immediately due and payable the outstanding principal amount of all the Notes
      then outstanding, plus premium, if any, and accrued but unpaid interest to
      the
      date of acceleration, in which event such amounts shall become immediately
      due
      and payable. In case an Event of Default specified in Section 6.01(7) or (8)
      with respect to either Issuer occurs, such then outstanding principal amount,
      premium, if any, and interest with respect to all of the Notes shall be due
      and
      payable immediately without any declaration or other act on the part of the
      Trustee or the holders of the Notes. After any such acceleration but before
      a
      judgment or decree based on acceleration is obtained by the Trustee, the holders
      of a majority in aggregate principal amount of outstanding Notes by notice
      to
      the Trustee may rescind and cancel such acceleration and its consequences if
      (i) all existing Events of Default, other than the nonpayment of
      accelerated then outstanding principal amount, premium, if any, or interest
      that
      has become due solely because of the acceleration, have been cured or waived,
      (ii) to the extent the payment of such interest is lawful, interest (at the
      same rate specified in the Notes) on overdue installments of interest and
      overdue then outstanding principal amount, premium, if any, or interest, which
      has become due otherwise than by such declaration of acceleration, has been
      paid, (iii) the Company has paid the Trustee its reasonable compensation
      and reimbursed the Trustee its expenses, disbursements and advances,
      (iv) the rescission would not conflict with any judgment or decree of a
      court of competent jurisdiction and (v) in the event of the cure or waiver
      of a Default or Event of Default described in Section 6.01(7) or (8), the
      Trustee has received an Officer’s Certificate and an Opinion of Counsel that
      such Default or Event of Default has been cured or waived. No such rescission
      shall affect any subsequent Default or impair any right consequent
      thereto.

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                6.03.

            	
              Other
                Remedies.

            

    

     

    If
      an
      Event of Default occurs and is continuing, the Trustee may pursue any available
      remedy by proceeding at law or in equity to collect the payment of then
      outstanding principal amount or premium, if any, and interest on the Notes
      or to
      enforce the performance of any provision of the Notes or this Indenture and
      may
      take any necessary action requested of it as Trustee to settle, compromise,
      adjust or otherwise conclude any proceedings to which it is a
      party.

     

    The
      Trustee may maintain a proceeding even if it does not possess any of the Notes
      or does not produce any of them in the proceeding. A delay or omission by the
      Trustee or any holder of Notes in exercising any right or remedy accruing upon
      an Event of Default shall not impair the right or remedy or constitute a waiver
      of or acquiescence in the Event of Default. No remedy is exclusive of any other
      remedy. All available remedies are cumulative.

     

    
      	 	
              Section
                6.04.

            	
              Waiver
                of Past Defaults and Events of Default.

            

    

     

    Subject
      to Sections 6.02, 6.07 and 8.02 hereof, the holders of a majority in aggregate
      principal amount of the Notes then outstanding have the right to waive any
      existing Default or Event of Default or compliance with any provision of this
      Indenture or the Notes. 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 Event of Default or impair any right consequent
      thereto.

     

    
      	 	
              Section
                6.05.

            	
              Control
                by Majority.

            

    

     

    The
      holders of a majority in aggregate principal amount of the Notes then
      outstanding may direct the time, method and place of conducting any proceeding
      for any remedy available to the Trustee or exercising any trust or power
      conferred on the Trustee by this Indenture. The Trustee may refuse to follow
      any
      direction that conflicts with law or this Indenture or that the Trustee
      determines may be unduly prejudicial to the rights of another holder not taking
      part in such direction, and the Trustee shall have the right to decline to
      follow any such direction if the Trustee, being advised by counsel, determines
      that the action so directed may not lawfully be taken or if the Trustee in
      good
      faith shall, by a Responsible Officer, determine that the proceedings so
      directed may involve it in personal liability; provided that the Trustee may
      take any other action deemed proper by the Trustee which is not inconsistent
      with such direction.

     

    
      	 	
              Section
                6.06.

            	
              Limitation
                on Suits.

            

    

     

    Subject
      to Section 6.07 below, a holder may not institute any proceeding with respect
      to
      this Indenture, or for the appointment of a receiver or trustee, or pursue
      any
      remedy with respect to this Indenture or the Notes unless:

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

    (1) such
      holder has previously given to the Trustee written notice of a continuing Event
      of Default;

     

    (2) the
      registered holders of at least 25% in aggregate principal amount of the Notes
      then outstanding, have made written request and offered indemnity to the Trustee
      reasonably satisfactory to the Trustee to institute such proceeding as trustee;
      and

     

    (3) the
      Trustee shall not have received from the registered holders of a majority in
      aggregate principal amount of the Notes then outstanding a direction
      inconsistent with such request and shall have failed to institute such
      proceeding within 60 days.

     

    A
      holder
      may not use this Indenture to prejudice the rights of another holder or to
      obtain a preference or priority over another holder.

     

    
      	 	
              Section
                6.07.

            	
              Rights
                of Holders to Receive Payment.

            

    

     

    Notwithstanding
      any other provision of this Indenture, the right of any holder of a Note to
      receive payment of principal of or premium, if any, and interest on the Note
      on
      or after the respective due dates expressed in the Note, or to bring suit for
      the enforcement of any such payment on or after such respective dates, is
      absolute and unconditional and shall not be impaired or affected without the
      consent of the holder.

     

    
      	 	
              Section
                6.08.

            	
              Collection
                Suit by Trustee.

            

    

     

    If
      an
      Event of Default in payment of principal, premium or interest specified in
      Section 6.01(l) or (2) hereof occurs and is continuing, the Trustee may
      recover judgment in its own name and as trustee of an express trust against
      the
      Issuers or the Guarantors (or any other obligor on the Notes) for the whole
      amount of unpaid principal, premium and accrued interest remaining unpaid,
      together with interest on overdue principal, premium and, to the extent that
      payment of such interest is lawful, interest on overdue installments of
      interest, in each case at the rate then borne by the Notes, and such further
      amounts as shall be sufficient to cover the costs and expenses of collection,
      including the reasonable compensation, expenses, disbursements and advances
      of
      the Trustee and its agents and counsel.

     

    
      	 	
              Section
                6.09.

            	
              Trustee
                May File Proofs of Claim.

            

    

     

    The
      Trustee may file such proofs of claim and other papers or documents as may
      be
      necessary or advisable in order to have the claims of the Trustee (including
      any
      claim for the reasonable compensation, expenses, disbursements and advances
      of
      the Trustee, its agents and counsel) and the holders allowed in any judicial
      proceedings relative to the Issuers or the Guarantors (or any other obligor
      upon
      the Notes), its creditors or its property and the Trustee shall be entitled
      and
      empowered to collect and receive any monies or other property payable or
      deliverable on any such claims and to distribute the same after deduction of
      its
      charges and expenses to the extent that any such charges and expenses are not
      paid out of the estate in any such proceedings and each 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.

     

    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 thereof, or to authorize the Trustee to vote in respect
      of the claim of any holder in any such proceeding.

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                6.10.

            	
              Priorities.

            

    

     

    Any
      money
      collected by the Trustee pursuant to this Article 6, or, after an Event of
      Default, any money or other property distributable in respect of the Issuers’ or
      Guarantors’ obligations under this Indenture, shall be paid in the following
      order:

     

    (1) FIRST:
      to
      the Trustee for all amounts due under Section 7.07 hereof;

     

    (2) SECOND:
      to Noteholders for due and unpaid amounts of principal, premium, if any, and
      interest on the Notes, ratably, without preference or priority of any kind,
      according to the amounts due and payable on the Notes held by each
      holder;

     

    (3) THIRD:
      to
      the Company or as a court of competent jurisdiction may direct.

     

    The
      Trustee may fix a record date and payment date for any payment to holders
      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 Trustee,
      a
      court in its discretion may require the filing by any party litigant in the
      suit
      of an undertaking to pay the costs of the suit, and the court in its discretion
      may assess reasonable costs, including reasonable attorneys’ fees and expenses,
      against any party litigant in the suit, having due regard to the merits and
      good
      faith of the claims or defenses made by the party litigant. This Section 6.11
      does not apply to a suit by the Trustee, a suit by a holder pursuant to Section
      6.07 hereof or a suit by holders of more than 10% in aggregate principal amount
      of the Notes then outstanding.

     

    ARTICLE
      7

     

    TRUSTEE

     

    
      	 	
              Section
                7.01.

            	
              Duties
                of Trustee.

            

    

     

    (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 their exercise as a prudent person would exercise under
      the
      same circumstances in the conduct of such person’s own affairs.

     

    (b) Except
      during the continuance of an Event of Default:

     

    (1) The
      Trustee need perform those duties and only those duties that are specifically
      set forth in this Indenture and no others shall be inferred or implied, nor
      shall any implied covenants or obligations be read into this Indenture against
      the Trustee.

     

    (2) In
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to it and conforming to the applicable
      requirements of this Indenture but, in the case of any such certificates or
      opinions which by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this Indenture
      (but
      need not confirm or investigate the accuracy of mathematical calculations or
      other facts, or the statements or opinions stated therein).

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

    

    (c) The
      Trustee may not be relieved from liability for its own negligent action, its
      own
      negligent failure to act, or its own willful misconduct, except
      that:

     

    (1) This
      paragraph does not limit the effect of paragraphs (b) and (d) 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 such Person was negligent in
      ascertaining the pertinent facts.

     

    (3) The
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it pursuant to
      Section 6.02 or 6.05 hereof.

     

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

     

    (e) The
      Trustee may refuse to perform any duty or exercise any right or power unless
      it
      receives indemnity reasonably satisfactory to it against any loss, liability,
      expense or fee.

     

    (f) The
      Trustee shall not be liable for interest on, or for the investment of, any
      money
      or other property received by it except as the Trustee may agree in writing
      with
      the Company, Finance Co. or any Guarantor. Money held in trust by the Trustee
      need not be segregated from other funds except to the extent required by
      law.

     

    (g) No
      provision of this Indenture shall be deemed to impose any duty or obligation
      on
      the Trustee to perform any act or acts, receive or obtain any interest in
      property or exercise any interest in property, or exercise any right, power,
      duty or obligation conferred or imposed on it in any jurisdiction in which
      it
      shall be illegal, or in which the Trustee shall be unqualified or incompetent
      in
      accordance with applicable law, to perform any such act or acts, to receive
      or
      obtain any such interest in property or to exercise any such right, power,
      duty
      or obligation; and no permissive or discretionary power or authority available
      to the Trustee shall be construed to be a duty.

     

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

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                7.02.

            	
              Rights
                of Trustee.

            

    

     

    Subject
      to Section 7.01 hereof:

     

    (1) The
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting upon any resolution, certificate, statement, instrument,
      opinion, report, notice, request, direction, consent, order, bond, debenture,
      note or any other document reasonably believed by it to be genuine and to have
      been signed or presented by the proper person. The Trustee need not investigate
      any fact or matter stated in the document.

     

    (2) Any
      request or direction of the Issuers mentioned herein shall be sufficiently
      evidenced by a Company Request or an Officer’s Certificate and any resolution of
      the Board of Directors of the applicable Issuer or any committee thereof (or
      committee of officers or other representatives of the Issuers, to the extent
      any
      such committee or committees have been so authorized by the Board of Directors)
      may be sufficiently evidenced by a certified copy thereof.

     

    (3) Before
      the Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or an Opinion of Counsel, or both, which shall conform to the
      provisions of Section 11.04 hereof. The Trustee shall be protected and shall
      not
      be liable for any action it takes or omits to take in good faith in reliance
      on
      such certificate or opinion.

     

    (4) The
      Trustee may act through agents and counsel and shall not be responsible for
      the
      misconduct or negligence of any agent or counsel appointed by it with due
      care.

     

    (5) The
      Trustee shall not be liable for any action it takes, suffers or omits to take
      in
      good faith which it reasonably believes to be authorized or within its
      discretion, rights or powers.

     

    (6) The
      Trustee may consult with counsel of its selection, and the advice or opinion
      of
      such counsel as to matters of law shall be full and complete authorization
      and
      protection from liability in respect of any action taken, omitted or suffered
      by
      the Trustee hereunder in good faith and in reliance thereon.

     

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

     

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

     

    (9) The
      Trustee shall not be deemed to have notice or be charged with knowledge of
      any
      Default or Event of Default unless a Responsible Officer of the Trustee has
      received at the Corporate Trust Office of the Trustee from an Issuer, any
      Guarantor or any Noteholder written notice of such Default or Event of Default,
      and such notice references the Notes and this Indenture.

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

    

    (10) The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, the Trustee’s right to be indemnified, are
      extended to, and shall be enforceable by, the Trustee in such capacity
      hereunder, and each agent (including each Agent), custodian and other Person
      employed to act hereunder.

     

    (11) The
      Trustee may request that the Company deliver an Officer’s Certificate setting
      forth the names of individuals and titles of officers authorized at such time
      to
      take specified actions pursuant to this Indenture, which Officer’s Certificate
      may be signed by any person authorized to sign an Officer’s Certificate,
      including any person specified as so authorized in any such certificate
      previously delivered and not superseded.

     

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

     

    
      	 	
              Section
                7.03.

            	
              Individual
                Rights of Trustee.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Notes and may make loans to, accept deposits from, perform services for
      or
      otherwise deal with any Issuer or any Guarantor, or any Affiliates thereof,
      with
      the same rights it would have if it were not Trustee. Any Agent may do the
      same
      with like rights. The Trustee, however, shall be subject to Sections 7.10 and
      7.11 hereof.

     

    
      	 	
              Section
                7.04.

            	
              Trustee’s
                Disclaimer.

            

    

     

    The
      Trustee does not make any representation as to the validity or adequacy of
      this
      Indenture or the Notes, and the Trustee shall not be accountable for the
      Issuers’ use of the proceeds from the sale of Notes or any money paid to the
      Issuers pursuant to the terms of this Indenture or be responsible for any
      statement in the Notes other than its certificate of
      authentication.

     

    
      	 	
              Section
                7.05.

            	
              Notice
                of Defaults.

            

    

     

    If
      a
      Default occurs and is continuing and if it is known to a Responsible Officer
      of
      the Trustee, the Trustee shall mail to each holder notice of the Default within
      60 days after the Trustee first has knowledge of such Default. Except in the
      case of a Default in payment of principal of, or premium, if any, or interest
      on
      any Note, the Trustee may withhold the notice if and so long as the executive
      committee or any trust committee of the board of directors of the Trustee and/or
      its Responsible Officers in good faith determine(s) that withholding the notice
      is in the interests of the holders.

     

    
      	 	
              Section
                7.06.

            	
              Reports
                by Trustee to Holders.

            

    

     

    If
      required by TIA § 313(a), within 60 days after May 15 of any year,
      commencing the May 15 following the date of this Indenture, the Trustee
      shall mail to each holder a brief report dated as of such May 15 that
      complies with TIA § 313(a). The Trustee also shall comply with TIA
§ 313(b)(2). The Trustee shall also transmit by mail all reports as
      required by TIA § 313 (c) and TIA § 313(d).

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

    

    Reports
      pursuant to this Section 7.06 shall be transmitted by mail:

     

    (a) to
      all
      registered holders of Notes, as the names and addresses of such holders appear
      on the Registrar’s books; and

     

    (b) to
      such
      holder of Notes as have, within the two years preceding such transmission,
      filed
      their names and addresses with the Trustee for that purpose.

     

    A
      copy of
      each report at the time of its mailing to holders shall be filed with the SEC
      to
      the extent the SEC will accept such filing.

     

    
      	 	
              Section
                7.07.

            	
              Compensation
                and Indemnity.

            

    

     

    The
      Company and the Guarantors shall pay to the Trustee from time to time such
      compensation as shall be agreed in writing between the Company and the Trustee
      for its services hereunder (which compensation shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express
      trust). The Company and the Guarantors shall also reimburse the Trustee upon
      request for all reasonable disbursements, expenses and advances incurred or
      made
      by the Trustee in connection with its duties under this Indenture, including
      the
      reasonable compensation, disbursements and expenses of the Trustee’s agents and
      counsel.

     

    The
      Company and the Guarantors, jointly and severally, shall indemnify the Trustee
      and any predecessor Trustee and their respective officers, employees, directors
      and agents (each an “Indemnified
      Party”)
      for,
      and hold them harmless against, any and all loss, damage, claim, liability
      or
      reasonable expense, including taxes (other than taxes based on the income of
      the
      Trustee) incurred, arising out of or in connection with this Indenture,
      including in connection with the acceptance or administration of the trusts
      and
      the performance of their duties under this Indenture, including the reasonable
      costs and expenses of defending themselves against any claim or liability in
      connection with enforcement of this provision or the exercise or performance
      of
      any of their powers or duties hereunder or thereunder (including, without
      limitation, settlement costs). The Trustee shall notify the Company and the
      Guarantors in writing promptly of any claim asserted against the Trustee of
      which a Responsible Officer has received a written notice for which it may
      seek
      indemnity. However, the failure by the Trustee to so notify the Company shall
      not relieve the Company of its obligations hereunder except to the extent the
      Company is prejudiced thereby.

     

    Notwithstanding
      the foregoing, the Company and the Guarantors need not reimburse the Trustee
      for
      any expense or indemnify it against any loss or liability incurred by the
      Trustee through its own negligence or willful misconduct.

     

    As
      security for the performance of the obligations of the Company and the
      Guarantors under this Section 7.07, the Trustee shall have a lien prior to
      the
      Notes upon all property and funds held or collected by the Trustee as such,
      except funds paid by the Issuer or any Guarantor and held in trust to pay
      principal of and interest on particular Notes for the benefit of the holders
      of
      particular Notes under this Indenture. The Trustee shall be entitled to file
      a
      proof of claim in any bankruptcy proceeding as a secured creditor for any
      indemnification costs and for its reasonable compensation, fees and expenses
      under this Section 7.07.

     

    In
      addition and without prejudice to the rights provided to the Trustee under
      any
      of the provisions of this Indenture, when the Trustee incurs expenses or renders
      services in connection with an Event of Default specified in Section 6.01(7)
      or
      Section 6.01(8), the expenses (including the reasonable charges and expenses
      of
      its counsel) and the compensation for the services are intended to constitute
      expenses of administration under any applicable Bankruptcy Law or comparable
      expenses in the case of an Event of Default specified in Section
      6.01(8).

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

    

    The
      Company’s obligations under this Section 7.07 and the lien referred to in this
      Section 7.07 shall survive the resignation or removal of the Trustee, the
      satisfaction and discharge of this Indenture and/or the termination of this
      Indenture for any reason.

     

    “Trustee”
      for purposes of this Section 7.07 shall include any co-trustee, separate
      trustee, and any predecessor Trustee and the Trustee in each of its capacities
      hereunder and to each agent, custodian and other Person employed to act
      hereunder; provided,
      however,
      that
      the negligence, bad faith or willful misconduct of any Trustee, co-trustee,
      separate trustee, or any such agent, custodian or other Person hereunder shall
      not affect the rights of any other Trustee or any such other agent, custodian
      or
      other Person hereunder.

     

    
      	 	
              Section
                7.08.

            	
              Replacement
                of Trustee.

            

    

     

    The
      Trustee may resign by so notifying the Company and the Guarantors in writing.
      The holders of a majority in principal amount of the outstanding Notes may
      remove the Trustee by notifying the removed Trustee in writing and may appoint
      a
      successor Trustee with the Company’s written consent, which consent shall not be
      unreasonably withheld. The Company may remove the Trustee at its election
      if:

     

    (1) the
      Trustee fails to comply with Section 7.10 hereof;

     

    (2) the
      Trustee is adjudged bankrupt or insolvent;

     

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

     

    (4) the
      Trustee otherwise becomes incapable of acting; or

     

    (5) a
      successor corporation becomes successor Trustee pursuant to Section 7.09
      below.

     

    If
      the
      Trustee resigns or is removed or if a vacancy exists in the office of Trustee
      for any reason, the Company shall promptly appoint a successor
      Trustee.

     

    If
      a
      successor Trustee does not take office within 30 days after such retiring
      Trustee resigns or is removed, the retiring Trustee (at the expense of the
      Company), the Company or the holders of a majority in principal amount of the
      outstanding Notes may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      the
      Trustee fails to comply with Section 7.10 hereof, any holder may petition any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. Immediately following such delivery, the
      retiring Trustee shall, subject to its rights, including its lien, under Section
      7.07 hereof and payment of its charges hereunder, transfer all property held
      by
      it as Trustee to its successor, the resignation or removal of the retiring
      Trustee shall become effective, and the successor Trustee shall have all the
      rights, powers and duties of the Trustee under this Indenture. A successor
      Trustee shall mail notice of its succession to each holder. Notwithstanding
      replacement of the Trustee pursuant to this Section 7.08, the lien and the
      Company’s obligations under Section 7.07 hereof shall continue for the benefit
      of the retiring Trustee.

     

    
      
        
        

      

      
        -77-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                7.09.

            	
              Successor
                Trustee by Consolidation, Merger or Conversion.

            

    

     

    If
      the
      Trustee consolidates with, merges or converts into, or transfers all or
      substantially all of its corporate trust assets to, another Person, subject
      to
      Section 7.10 hereof, the successor corporation without any further act shall
      be
      the successor Trustee.

     

    
      	 	
              Section
                7.10.

            	
              Eligibility;
                Disqualification.

            

    

     

    This
      Indenture shall always have a Trustee that satisfies the requirements of TIA
      § 310(a)(1) and (2) in every respect. The Trustee shall have a combined
      capital and surplus of at least $50,000,000 as set forth in its most recent
      published annual report of condition. The Trustee shall comply with TIA
§ 310(b), including the provision in § 310(b)(1).

     

    If
      the
      Trustee has or shall acquire a conflicting interest within the meaning of
      Section 310(b) of the Trust Indenture Act, the Trustee shall eliminate such
      interest within 90 days, apply to the SEC for permission to continue as trustee
      or resign, to the extent and in the manner provided by, and subject to the
      provisions of, the Trust Indenture Act and this Indenture. To the extent
      permitted by such Act, the Trustee shall not be deemed to have a conflicting
      interest by virtue of being a trustee under this Indenture or under any other
      indenture or indentures under which other securities, or certificates of
      interest or participation in other securities, of the Issuers or any Guarantor
      are outstanding. Nothing herein shall prevent the Trustee from filing with
      the
      SEC the application referred to in the second to last paragraph of Section
      310(b) of the Trust Indenture Act.

     

    
      	 	
              Section
                7.11.

            	
              Preferential
                Collection of Claims Against Company.

            

    

     

    The
      Trustee shall comply with TIA § 311(a), excluding any creditor relationship
      listed in TIA § 311 (b). A Trustee who has resigned or been removed shall
      be subject to TIA § 311(a) to the extent indicated therein.

     

    
      	 	
              Section
                7.12.

            	
              Paying
                Agents.

            

    

     

    The
      Company shall cause each Paying Agent other than the Trustee to execute and
      deliver to it and the Trustee an instrument in which such agent shall agree
      with
      the Trustee, subject to the provisions of this Section 7.12:

     

    (A) that
      it
      will hold all sums held by it as agent for the payment of principal of, premium,
      if any, or interest on, the Notes (whether such sums have been paid to it by
      the
      Company or by any obligor on the Notes) in trust for the benefit of holders
      of
      the Notes or the Trustee;

     

    (B) that
      it
      will at any time during the continuance of any Event of Default, upon written
      request from the Trustee, deliver to the Trustee all sums so held in trust
      by it
      together with a full accounting thereof; and

     

    (C) that
      it
      will give the Trustee written notice within three (3) Business Days of any
      failure of the Company (or by any obligor on the Notes) in the payment of any
      installment of the principal of, premium, if any, or interest on, the Notes
      when
      the same shall be due and payable.

     

    
      
        
        

      

      
        -78-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      8

     

    AMENDMENTS,
      SUPPLEMENTS AND WAIVERS

     

    
      	 	
              Section
                8.01.

            	
              Without
                Consent of Holders.

            

    

     

    The
      Company, Finance Co. and the Guarantors, when authorized by a Board Resolution
      of each of them and delivered to the Trustee, and the Trustee may amend or
      supplement this Indenture or the Notes or take any of the actions below without
      notice to or consent of any holder:

     

    (1) to
      cure
      any ambiguity, manifest error, omission, defect, mistake or inconsistency or,
      in
      the case of any provision or covenant herein (or any portion thereof) that
      is
      identical to the Old Indenture, to conform this Indenture to the “Description of
      Notes” section in the Offering Memorandum, dated March 26, 2006, of the Issuers
      relating to the offering of the Old Notes; 

     

    (2) to
      provide for the assumption by a successor corporation of the obligations of
      the
      Issuers or any Guarantor under this Indenture;

     

    (3) to
      provide for uncertificated Notes in addition to or in place of certificated
      Notes (provided
      that the
      uncertificated Notes are issued in registered form for purposes of Section
      163(f) of the Code, or in a manner such that the uncertificated Notes are
      described in Section 163(f)(2)(B) of the Code);

     

    (4) to
      add
      Guarantees with respect to the Notes, including any subsidiary
      guarantees;

     

    (5) to
      add to
      the covenants of the Company or any of the Restricted Entities for the benefit
      of the holders of the Notes or to surrender any right or power conferred upon
      the Company or any of the Restricted Entities;

     

    (6) to
      make
      any change that does not materially adversely affect the rights, taken as a
      whole, of any holder of the Notes;

     

    (7) to
      comply
      with any requirement of the SEC in connection with the qualification of this
      Indenture under the Trust Indenture Act and to provide for a successor
      Trustee;

     

    (8) to
      make
      any amendment to the provisions of this Indenture relating to the transfer,
      exchange and legending of Notes; provided,
      however,
      that
      (a) compliance with this Indenture as so amended would not result in Notes
      being
      transferred in violation of the Securities Act or any other applicable
      securities law and (b) such amendment does not materially and adversely affect
      the rights of holders to transfer Notes; 

     

    (9) to
      confirm and evidence the release, termination or discharge of any Guarantee
      or
      Lien with respect to or securing the Notes when such release, termination or
      discharge is provided for under this Indenture and to release a Guarantor from
      its obligations under its Guarantee or this Indenture in accordance with the
      applicable provisions of this Indenture; or

     

    (10) to
      make
      any amendments to the provisions of this Indenture relating to the issuance
      of
      the Notes in the form of Definitive Notes and/or in the form of Global Notes
      or
      such other amendments as may be necessary to register the Notes in the name
      of
      the Depository or its successor or nominee.

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

    

    The
      consent of the holders of the Notes is not necessary under this Indenture to
      approve the particular form of any proposed amendment. It is sufficient if
      such
      consent approves the substance of the proposed amendment.

     

    The
      Trustee is hereby authorized to join with the Issuers and the Guarantors in
      the
      execution of any supplemental indenture authorized or permitted by the terms
      of
      this Indenture and to make any further appropriate agreements and stipulations
      which may be therein contained, but the Trustee shall not be obligated to enter
      into any such supplemental indenture which adversely affects its own rights,
      duties or immunities under this Indenture.

     

    
      	 	
              Section
                8.02.

            	
              With
                Consent of Holders.

            

    

     

    Subject
      to Section 6.04, the Company, Finance Co., the Trustee and the Guarantors,
      with the consent of the registered holders of a majority in aggregate principal
      amount of the Notes then outstanding (including consents obtained in connection
      with a tender offer or exchange offer for the Notes), may amend this Indenture
      and may waive any past default or compliance with any provisions. Without the
      consent of each holder, however, an amendment, supplement or waiver, including
      a
      waiver pursuant to Section 6.04 may not:

     

    (1) reduce
      the amount of Notes whose holders must consent to an amendment;

     

    (2) reduce
      the rate of or extend the time for payment of interest on any Note;

     

    (3) reduce
      the principal of or change the Stated Maturity of any Note;

     

    (4) reduce
      the amount payable upon the redemption of any Note or make earlier the time
      at
      which any Note may be redeemed under Article 3 hereto or paragraph 5 of the
      Notes;

     

    (5) make
      any
      Note payable in money other than that stated in the Note;

     

    (6) impair
      the right of any holder of the Notes to receive payment of principal of and
      interest on such holder’s Notes on or after the due dates therefor or to
      institute suit for the enforcement of any payment on or with respect to such
      holder’s Notes;

     

    (7) make
      any
      change in the amendment provisions which require each holder’s consent or in the
      waiver provisions;

     

    (8) make
      any
      change in the ranking or priority of any Note that would adversely affect the
      Noteholders; or

     

    (9) release
      any Guarantor from its Guarantee that is not otherwise permitted by this
      Indenture.

     

    After
      an
      amendment, supplement or waiver under this Section 8.02 or Section 8.01 becomes
      effective, the Company shall mail to the holders notice briefly describing
      the
      amendment, supplement or waiver; provided,
      however,
      the
      failure to give such notice to all holders of the Notes, or any defect therein,
      will not impair or affect the validity of the amendment, supplement or
      waiver.

     

    Upon
      the
      request of the Company, accompanied by a Board Resolution authorizing the
      execution of any such supplemental indenture, and upon the receipt by the
      Trustee of evidence reasonably satisfactory to the Trustee of the consent of
      the
      holders as aforesaid and upon receipt by the Trustee of the documents described
      above or in Section 8.05 hereof, the Trustee shall join with the Issuers and
      the
      Guarantors in the execution of such supplemental indenture unless such
      supplemental indenture affects the Trustee’s own rights, duties or immunities
      under this Indenture, in which case the Trustee may in its discretion, but
      shall
      not be obligated to, enter into such supplemental indenture.

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

    

    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 their
      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 canceled and of no
      further effect.

     

    It
      shall
      not be necessary for the consent of the holders under this Section 8.02 to
      approve the particular form of any proposed amendment, supplement or waiver,
      but
      it shall be sufficient if such consent approves the substance
      thereof.

     

    
      	 	
              Section
                8.03.

            	
              Revocation
                and Effect of Consents.

            

    

     

    Until
      an
      amendment, supplement, waiver or other action becomes effective, a consent
      to it
      by a holder of a Note is a continuing consent conclusive and binding upon such
      holder and every subsequent holder of the same Note or portion thereof, and
      of
      any Note issued upon the transfer thereof or in exchange therefor or in place
      thereof, even if notation of the consent is not made on any such Note. Any
      such
      holder or subsequent holder, however, may revoke the consent as to its Note
      or
      portion of a Note, if the Trustee receives the notice of revocation, before
      the
      date the amendment, supplement, waiver or other action becomes
      effective.

     

    Subject
      to the approval requirements of Section 8.02, after an amendment, supplement,
      waiver or other action becomes effective, it shall bind every holder. In the
      case of any amendment, supplement or waiver specified in clauses (1) through
      (9)
      of the first paragraph of Section 8.02, the amendment, supplement, waiver or
      other action shall bind each holder of a Note who has consented to it and every
      subsequent holder of a Note or portion of a Note that evidences the same debt
      as
      the consenting holder’s Note.

     

    
      	 	
              Section
                8.04.

            	
              Notation
                on or Exchange of Notes.

            

    

     

    If
      an
      amendment, supplement, or waiver changes the terms of a Note, the Trustee may
      request the holder of the Note to deliver it to the Trustee. In such case,
      the
      Trustee shall place an appropriate notation on the Note about the changed terms
      and return it to the holder. Alternatively, if the Company or the Trustee so
      determines, the Issuers in exchange for the Note shall issue and the Trustee
      shall authenticate a new security that reflects the changed terms. Failure
      to
      make the appropriate notation or issue a new Note shall not affect the validity
      and effect of such amendment, supplement or waiver.

     

    
      	 	
              Section
                8.05.

            	
              Trustee
                to Sign Amendments, etc.

            

    

     

    The
      Trustee shall sign any amendment, supplement or waiver authorized pursuant
      to
      this Article 8 if the amendment, supplement or waiver does not affect the
      rights, duties, liabilities or immunities of the Trustee. If it does, the
      Trustee may, but need not, sign it. In signing or refusing to sign such
      amendment, supplement or waiver the Trustee shall be provided with and, subject
      to Section 7.01 hereof, shall be fully protected in relying upon an Officer’s
      Certificate and an Opinion of Counsel stating that such amendment, supplement
      or
      waiver is authorized or permitted by this Indenture. Neither Issuer nor any
      Guarantor may sign an amendment or supplement until the Board of Directors
      of
      the General Partner of the Company, the Board of Directors of Finance Co. or
      the
      Board of Directors or Board of Managers of such Guarantor, as appropriate,
      approves it.

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      9

     

    DISCHARGE
      OF INDENTURE; DEFEASANCE

     

    
      	 	
              Section
                9.01.

            	
              Discharge
                of Indenture.

            

    

     

    The
      Indenture will be discharged and will cease to be of further effect (except
      as
      to rights of registration of transfer or exchange of Notes which shall survive
      until all Notes have been canceled) as to all outstanding Notes when
      either

     

    (i) all
      Notes
      that have been authenticated and delivered (except lost, stolen or destroyed
      Notes which have been replaced or paid and any such Notes for the payment of
      which money has been deposited in trust or segregated and held in trust by
      the
      Issuers and thereafter repaid to the Issuers or discharged from this trust)
      have
      been delivered to the Trustee for cancellation, or

     

    (ii) the
      following conditions are met:

     

    (a) all
      Notes
      not delivered to the Trustee for cancellation otherwise (i) have become due
      and
      payable, (ii) will become due and payable, or may be called for redemption,
      within one year or (iii) have been called for redemption pursuant to paragraph
      5
      of the Notes and, in any case, the Issuers have irrevocably deposited or caused
      to be deposited with the Trustee as trust funds, in trust solely for the benefit
      of the holders of outstanding Notes, U.S. legal tender, U.S. Government
      Obligations or a combination thereof, in such amounts as will be sufficient
      (without consideration of any reinvestment of interest) to pay and discharge
      the
      entire Debt (including all principal and accrued interest) on any Notes not
      theretofore delivered to the Trustee for cancellation,

     

    (b) the
      Issuers have paid all sums payable with respect to the Notes,

     

    (c) the
      Issuers have delivered irrevocable instructions to the Trustee to apply the
      deposited money toward the payment of the Notes or on the date of redemption,
      as
      the case may be, and

     

    (d) the
      Company has delivered an Officer’s Certificate and an Opinion of Counsel to the
      Trustee stating that the conditions to satisfaction and discharge of this
      Indenture set forth above have been complied with.

     

    After
      such delivery the Trustee upon request shall acknowledge in writing the
      discharge of the Issuers’ and the Guarantors’ obligations under the Notes, the
      Guarantees and this Indenture except for those surviving obligations specified
      below.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Issuers
      in Sections 7.07, 9.05 and 9.06 hereof shall survive such satisfaction and
      discharge.

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                9.02.

            	
              Legal
                Defeasance.

            

    

     

    The
      Issuers may at their option, by Board Resolution delivered to the Trustee,
      be
      discharged from their obligations with respect to the Notes and the Guarantors
      discharged from their obligations under the Guarantees on the date the
      conditions set forth in Section 9.04 below are satisfied (hereinafter,
“Legal
      Defeasance”).
      For
      this purpose, such Legal Defeasance means that the Issuers shall be deemed
      to
      have paid and discharged the entire indebtedness represented by the Notes and
      to
      have satisfied all its other obligations under such Notes and this Indenture
      insofar as such Notes are concerned (and the Trustee, at the expense of the
      Issuers, shall, subject to Section 9.06 hereof, execute proper instruments
      acknowledging the same), except for the following which shall survive until
      otherwise terminated or discharged hereunder: (A) the rights of holders of
      outstanding Notes to receive solely from the trust funds described in Section
      9.04 hereof and as more fully set forth in such Section, payments in respect
      of
      the principal of, premium, if any, and interest on such Notes when such payments
      are due, (B) the Issuers’ obligations with respect to the Notes under
      Sections 2.1 through 2.10 hereof, Section 2.13 hereof and Section 4.17
      hereof, (C) the rights, powers, trusts, duties, and immunities of the
      Trustee hereunder (including claims of, or payments to, the Trustee under or
      pursuant to Section 7.07 hereof) and (D) this Article 9. If the Issuers
      exercises their Legal Defeasance option, payment of the Notes may not be
      accelerated because of an Event of Default with respect thereto and each
      Guarantor will be released from all of its obligations under its Guarantee.
      Subject to compliance with this Article 9, the Issuers may exercise their option
      under this Section 9.02 with respect to the Notes notwithstanding the prior
      exercise of its option under Section 9.03 below with respect to the
      Notes.

     

    
      	 	
              Section
                9.03.

            	
              Covenant
                Defeasance.

            

    

     

    At
      the
      option of the Company, pursuant to a Board Resolution delivered to the Trustee,
      the Issuers and the Guarantors shall be released from (A) their respective
      obligations under Sections 4.02, 4.04 through 4.14, inclusive, 4.16 and 4.18
      through 4.21, inclusive, (B) the operation of Sections 6.01(5), (6),
      (7) and (8) (only as such clauses (7) and (8) apply to Significant Subsidiaries)
      and (9), and (C) the Company’s obligations under Section 5.01(a)(3) with
      respect to the outstanding Notes on and after the date the conditions set forth
      in Section 9.04 hereof are satisfied (hereinafter, “Covenant
      Defeasance”).
      For
      this purpose, such Covenant Defeasance means that the Issuers 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 specified Section or portion
      thereof, whether directly or indirectly by reason of any reference elsewhere
      herein to any such specified section or portion thereof or by reason of any
      reference in any such specified Section or portion thereof to any other
      provision herein or in any other document, but the remainder of this Indenture
      and the Notes shall be unaffected thereby. If the Company exercises its Covenant
      Defeasance option, each Guarantor will be released from all its obligations
      under its Guarantee.

     

    
      	 	
              Section
                9.04.

            	
              Conditions
                to Defeasance or Covenant Defeasance.

            

    

     

    The
      following shall be the conditions to application of Section 9.02 or Section
      9.03
      hereof to the outstanding Notes:

     

    (1) the
      Issuers shall irrevocably have deposited or caused to be deposited with the
      Trustee (or another trustee satisfying the requirements of Section 7.10 hereof
      who shall agree to comply with the provisions of this Article 9 applicable
      to
      it) as funds in trust for the purpose of making the following payments,
      specifically pledged as security for, and dedicated solely to, the benefit
      of
      the holders of the Notes, (A) money in an amount, or (B) U.S.
      Government Obligations which through the scheduled payment of principal and
      interest in respect thereof in accordance with their terms will provide, not
      later than the due date of any payment, money in an amount sufficient, in the
      opinion of a firm of independent public accountants expressed in a written
      certification thereof delivered to the Trustee, to pay and discharge, and which
      shall be applied by the Trustee (or other qualifying trustee) to pay and
      discharge, the principal of, premium, if any, and accrued interest on the
      outstanding Notes at the maturity date of such principal, premium, if any,
      or
      interest, or on dates for payment and redemption of such principal, premium,
      if
      any, and interest selected in accordance with the terms of this Indenture and
      of
      the Notes, without reinvestment on the deposited U.S. Government Obligations
      and
      without reinvestment of any deposited money;

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

    

    (2) no
      Event
      of Default or Default with respect to the Notes shall have occurred and be
      continuing on the date of such deposit or after giving effect to such deposit,
      or shall have occurred and be continuing at any time during the period ending
      on
      the 123rd day after the date of such deposit or, if longer, ending on the day
      following the expiration of the longest preference period under any Bankruptcy
      Law applicable to the Issuers in respect of such deposit (it being understood
      that this condition shall not be deemed satisfied until the expiration of such
      period);

     

    (3) such
      Legal Defeasance or Covenant Defeasance shall not result in a breach or
      violation of, or constitute default under any other agreement or instrument
      to
      which the Issuers is a party or by which it is bound;

     

    (4) in
      the
      case of an election under Section 9.02 above, the Company shall have delivered
      to the Trustee an Opinion of Counsel stating that (i) the Company has
      received from, or there has been published by, the Internal Revenue Service
      a
      ruling to the effect that or (ii) there has been a change in any applicable
      Federal income tax law with the effect that, and such opinion shall confirm
      that, the holders of the outstanding Notes or persons in their positions 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;

     

    (5) in
      the
      case of an election under Section 9.03 hereof, the Company shall have delivered
      to the Trustee an Opinion of Counsel to the effect 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;

     

    (6) the
      Company shall have delivered to the Trustee an Officer’s Certificate and an
      Opinion of Counsel, each stating that all conditions precedent provided for
      relating to either the Legal Defeasance under Section 9.02 above or the Covenant
      Defeasance under Section 9.03 hereof (as the case may be) have been complied
      with; and

     

    (7) the
      Company shall have paid or duly provided for payment under terms mutually
      satisfactory to the Company and the Trustee all amounts then due to the Trustee
      pursuant to Section 7.07 hereof.

     

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

     

    All
      money
      and U.S. Government Obligations (including the proceeds thereof) deposited
      with
      the Trustee pursuant to Section 9.04 hereof in respect of the outstanding Notes
      shall be held in trust 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 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, if any, and accrued interest, but such money need not be segregated
      from other funds except to the extent required by law.

     

    
      
        
        

      

      
        -84-

        
          

        

      

      
        
        

      

    

    The
      Issuers and the Guarantors shall pay and indemnify the Trustee against any
      tax,
      fee or other charge imposed on or assessed against the U.S. Government
      Obligations deposited pursuant to Section 9.04 hereof or the principal, premium,
      if any, and interest received in respect thereof other than any such tax, fee
      or
      other charge which by law is for the account of the holders of the outstanding
      Notes.

     

    Anything
      in this Article 9 to the contrary notwithstanding, the Trustee shall deliver
      or
      pay to the Company from time to time upon Company Request any money or U.S.
      Government Obligations held by it as provided in Section 9.04 hereof which,
      in
      the opinion of a nationally-recognized firm of independent public accountants
      expressed in a written certification thereof delivered to the Trustee, are
      in
      excess of the amount thereof which would then be required to be deposited to
      effect an equivalent Legal Defeasance or Covenant Defeasance.

     

    
      	 	
              Section
                9.06.

            	
              Reinstatement.

            

    

     

    If
      the
      Trustee or Paying Agent is unable to apply any money or U.S. Government
      Obligations in accordance with Section 9.01, 9.02 or 9.03 hereof by reason
      of
      any legal proceeding or by reason of any order or judgment of any court or
      governmental authority enjoining, restraining or otherwise prohibiting such
      application, the Issuers’ and each Guarantor’s obligations under this Indenture,
      the Notes and the Guarantees shall be revived and reinstated as though no
      deposit had occurred pursuant to this Article 9 until such time as the Trustee
      or Paying Agent is permitted to apply all such money or U.S. Government
      Obligations in accordance with Section 9.01 hereof; provided,
      however,
      that if
      the Issuers or the Guarantors have made any payment of principal of, premium,
      if
      any, or accrued interest on any Notes because of the reinstatement of their
      obligations, the Issuers or the Guarantors, as the case may be, shall be
      subrogated to the rights of the holders of such Notes to receive such payment
      from the money or U.S. Government Obligations held by the Trustee or Paying
      Agent.

     

    
      	 	
              Section
                9.07.

            	
              Moneys
                Held by Paying Agent.

            

    

     

    In
      connection with the satisfaction and discharge of this Indenture, all moneys
      then held by any Paying Agent under the provisions of this Indenture shall,
      upon
      demand of the Company, be paid to the Trustee, or if sufficient moneys have
      been
      deposited pursuant to Section 9.01 hereof, to the Issuers (or, if such moneys
      had been deposited by the Guarantors, to such Guarantors), and thereupon such
      Paying Agent shall be released from all further liability with respect to such
      moneys.

     

    
      	 	
              Section
                9.08.

            	
              Moneys
                Held by Trustee.

            

    

     

    Any
      moneys deposited with the Trustee or any Paying Agent or then held by the
      Issuers or the Guarantors in trust for the payment of the principal of or
      premium, if any, or interest on any Note that are not applied but remain
      unclaimed by the holder of such Note for two years after the date upon which
      the
      principal of, or premium, if any, or interest on such Note shall have
      respectively become due and payable shall be repaid to the Company (or, if
      appropriate, Finance Co. or the Guarantors) upon Company Request, or if such
      moneys are then held by the Issuers or the Guarantors in trust, such moneys
      shall be released from such trust; and the holder of such Note entitled to
      receive such payment shall thereafter, as an unsecured general creditor, look
      only to the Issuers and the Guarantors for the payment thereof, and all
      liability of the Trustee or such Paying Agent with respect to such trust money
      shall thereupon cease; provided,
      however,
      that
      the Trustee or any such Paying Agent, before being required to make any such
      repayment, may, at the expense of the Company and the Guarantors, either mail
      to
      each holder affected, at the address shown in the register of the Notes
      maintained by the Registrar pursuant to Section [2.03] hereof, or cause to
      be
      published once a week for two successive weeks, in a newspaper published in
      the
      English language, customarily published each Business Day and of general
      circulation in The City of New York, New York, a notice that such money remains
      unclaimed and that, after a date specified therein, which shall not be less
      than
      30 days from the date of such mailing or publication, any unclaimed balance
      of
      such moneys then remaining will be repaid to the Company. After payment to
      the
      Company, Finance Co. or the Guarantors or the release of any money held in
      trust
      by the Company, Finance Co. or any Guarantors, as the case may be, holders
      entitled to the money must look only to the Company and the Guarantors for
      payment as general creditors unless applicable abandoned property law designates
      another Person.

     

    
      
        
        

      

      
        -85-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      10

     

    GUARANTEE
      OF SECURITIES

     

    
      	 	
              Section
                10.01.

            	
              Guarantee.

            

    

     

    Subject
      to the provisions of this Article 10, each Guarantor hereby jointly and
      severally unconditionally guarantees to each holder and to the Trustee, on
      behalf of the holders, (i) the due and punctual payment of the principal,
      and, premium, if any, and interest on the Notes when and as the same shall
      become due and payable, whether at maturity, by acceleration or otherwise,
      the
      due and punctual payment of interest on the overdue principal of, and premium,
      if any, and interest on the Notes, including PIK Interest, to the extent lawful,
      and the due and punctual performance of all other Obligations of the Issuers
      to
      the holders or the Trustee all in accordance with the terms of this Indenture,
      and (ii) in the case of any extension of time of payment or renewal of the
      Notes or any of such other Obligations, that the same will be promptly paid
      in
      full when due or performed in accordance with the terms of the extension or
      renewal, at stated maturity, by acceleration or otherwise. Each Guarantor hereby
      agrees that its obligations hereunder shall be absolute and unconditional,
      irrespective of, and shall be unaffected by, any invalidity, irregularity or
      unenforceability of any such Note or this Indenture, any failure to enforce
      the
      provisions of any such Note or this Indenture, any waiver, modification or
      indulgence granted to the Issuers with respect thereto by the holder of such
      Note or the Trustee, or any other circumstances which may otherwise constitute
      a
      legal or equitable discharge of a surety or such Guarantor.

     

    Each
      Guarantor hereby waives diligence, presentment, filing of claims with a court
      in
      the event of merger or bankruptcy of the Issuers, any right to require a
      proceeding first against the Issuers, protest or notice with respect to any
      such
      Note or the Indebtedness evidenced thereby and all demands whatsoever, and
      covenants that this Guarantee will not be discharged as to any such Note except
      by payment in full of the principal thereof, premium if any, and interest
      thereon and as provided in Section 9.01 hereof. Each Guarantor further agrees
      that, as between such Guarantor, on the one hand, and the holders and the
      Trustee, on the other hand, (i) the maturity of the Obligations guaranteed
      hereby may be accelerated as provided in Article 6 hereof for the purposes
      of
      this Guarantee, notwithstanding any stay, injunction or other prohibition
      preventing such acceleration in respect of the Obligations guaranteed hereby,
      and (ii) in the event of any declaration of acceleration of such
      Obligations as provided in Article 6 hereof, such Obligations (whether or not
      due and payable) shall forthwith become due and payable by each Guarantor for
      the purpose of this Guarantee. In addition, without limiting the foregoing
      provisions, upon the effectiveness of an acceleration under Article 6 hereof,
      the Trustee shall promptly make a demand for payment on all Obligations under
      the Guarantee provided for in this Article 10 and not discharged.

     

    
      
        
        

      

      
        -86-

        
          

        

      

      
        
        

      

    

    The
      Guarantee set forth in this Section 10.01 shall not be valid or become
      obligatory for any purpose with respect to a Note until the certificate of
      authentication on such Note shall have been signed by or on behalf of the
      Trustee.

     

    
      	 	
              Section
                10.02.

            	
              Execution
                and Delivery of Guarantees.

            

    

     

    To
      evidence the Guarantee set forth in this Article 10, each Guarantor hereby
      agrees that a notation of such Guarantee may be placed on each Note
      authenticated and made available for delivery by the Trustee and that this
      Guarantee shall be executed on behalf of each Guarantor by the manual or
      facsimile signature of an Officer of each Guarantor.

     

    Each
      Guarantor hereby agrees that the 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 Guarantee.

     

    If
      an
      Officer of a Guarantor whose signature is on the Guarantee no longer holds
      that
      office at the time the Trustee authenticates the Note on which the Guarantee
      is
      endorsed, the Guarantee shall be valid nevertheless.

     

    The
      delivery of any Note by the Trustee, after the authentication thereof hereunder,
      shall constitute due delivery of the Guarantee set forth in this Indenture
      on
      behalf of each Guarantor.

     

    
      	 	
              Section
                10.03.

            	
              Limitation
                of Guarantee.

            

    

     

    The
      obligations of each Guarantor pursuant to Section 10.01 are limited to the
      maximum amount as will, after giving effect to all other contingent and fixed
      liabilities of such Guarantor and after giving effect to any collections from
      or
      payments made by or on behalf of any other Guarantor in respect of the
      obligations of such other Guarantor under its Guarantee hereunder or pursuant
      to
      its contribution obligations under this Indenture, result in the obligations
      of
      such Guarantor under the Guarantee not constituting a fraudulent conveyance
      or
      fraudulent transfer under federal or state or provincial law. Each Guarantor
      that makes a payment or distribution under a Guarantee shall be entitled to
      a
      contribution from each other Guarantor and the Company in a pro
      rata
      amount
      based on the proportion that the net worth of the Company or the relevant
      Guarantor represents relative to the aggregate net worth of the Company and
      all
      of the Guarantors combined.

     

    
      	 	
              Section
                10.04.

            	
              Additional
                Guarantors.

            

    

     

    Each
      of
      the Issuers covenants and agrees that it will cause any Person which becomes
      obligated to guarantee the Notes, pursuant to the terms of Section 4.12
      hereof, to execute a supplemental indenture pursuant to which such Guarantor
      shall guarantee the obligations of the Company under this Indenture with respect
      to the Notes in accordance with this Article 10 with the same effect and to
      the
      same extent as if such Person had been named herein as a Guarantor.

     

    
      	 	
              Section
                10.05.

            	
              Release
                of Guarantor.

            

    

     

    A
      Guarantor shall be released from all of its obligations under its Guarantee
      hereunder upon:

     

    (i) the
      sale,
      disposition or other transfer (including through merger, amalgamation or
      consolidation) of the Capital Stock (including any sale, disposition or other
      transfer following which an applicable Guarantor is no longer a Restricted
      Entity), or all or substantially all the assets, of the applicable Guarantor
      if
      such sale, disposition or other transfer is made in compliance with this
      Indenture;

     

    
      
        
        

      

      
        -87-

        
          

        

      

      
        
        

      

    

    (ii) the
      Issuers designating a Guarantor to be an Unrestricted Entity in accordance
      with
      Section 4.08 and the definition of “Unrestricted Entity”; or

     

    (iii) the
      Issuers’ exercise of their legal defeasance option or covenant defeasance option
      set forth in Section 9.02 and Section 9.03, or if the Issuers’ obligations under
      the Indenture are discharged in accordance with the terms of the
      Indenture;

     

    and
      in
      each such case, the Guarantor delivering to the Trustee an Officer’s Certificate
      and an Opinion of Counsel, each stating that all conditions precedent herein
      provided for relating to such transactions have been complied with.

     

    Notwithstanding
      the foregoing, upon designation of a Restricted Subsidiary as an Unrestricted
      Entity, such Restricted Subsidiary shall, by execution and delivery of a
      supplemental indenture, be released from any Guarantee previously made by such
      Restricted Subsidiary.

     

    
      	 	
              Section
                10.06.

            	
              Waiver
                of Subrogation.

            

    

     

    Until
      this Indenture is discharged and all of the Notes are discharged and paid in
      full, each Guarantor hereby irrevocably waives and agrees not to exercise any
      claim or other rights which it may now or hereafter acquire against the Issuers
      that arise from the existence, payment, performance or enforcement of the
      Issuers’ obligations under the Notes or this Indenture and such Guarantor’s
      obligations under its Guarantee hereunder and this Indenture, in any such
      instance including, without limitation, any right of subrogation, reimbursement,
      exoneration, contribution, indemnification, and any right to participate in
      any
      claim or remedy of the holders against the Issuers, whether or not such claim,
      remedy or right arises in equity, or under contract, statute or common law,
      including, without limitation, the right to take or receive from the Issuers,
      directly or indirectly, in cash or other property or by set-off or in any other
      manner, payment or security on account of such claim or other rights. If any
      amount shall be paid to any Guarantor in violation of the preceding sentence
      and
      any amounts owing to the Trustee or the Noteholders under the Notes, this
      Indenture, or any other document or instrument delivered under or in connection
      with such agreements or instruments, shall not have been paid in full, such
      amount shall have been deemed to have been paid to such Guarantor for the
      benefit of, and held in trust for the benefit of, the Trustee or the Noteholders
      and shall forthwith be paid to the Trustee for the benefit of itself or such
      Noteholders to be credited and applied to the obligations in favor of the
      Trustee or the Noteholders, as the case may be, whether matured or unmatured,
      in
      accordance with the terms of this Indenture. Each Guarantor acknowledges that
      it
      will receive direct and indirect benefits from the financing arrangements
      contemplated by this Indenture and that the waiver set forth in this Section
      10.06 is knowingly made in contemplation of such benefits.

     

    
      	 	
              Section
                10.07.

            	
              Taxes.

            

    

     

    All
      payments by the Canadian Guarantors under their Guarantees hereunder will be
      made free and clear of and without deduction or withholding for any and all
      Taxes, unless such Taxes are required by applicable law to be deducted or
      withheld. If the Canadian Guarantors are required by applicable law to deduct
      or
      withhold any such Taxes from or in respect of any amount payable under its
      Guarantee (i) the amount payable shall be increased (and for greater certainty,
      in the case of interest, the amount of interest shall be increased) as may
      be
      necessary so that after making all required deductions or withholdings
      (including deductions or withholdings applicable to any additional amounts
      paid
      under this Section 10.07), the Noteholder receives an amount equal to the amount
      they would have received if no such deduction or withholding had been made,
      (ii)
      the Canadian Guarantors will make such deductions or withholdings, and (iii)
      the
      Canadian Guarantors will immediately pay the full amount deducted or withheld
      to
      the relevant Governmental Authority in accordance with applicable
      law.

     

    
      
        
        

      

      
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    ARTICLE
      11

     

    MISCELLANEOUS

     

    
      	 	
              Section
                11.01.

            	
              Notices.

            

    

     

    Any
      notice or other communication shall be given in writing and delivered in person,
      sent by facsimile, delivered by commercial courier service or mailed by
      first-class mail, postage prepaid, addressed as follows:

     

    If
      to the
      Issuers or any Guarantor:

     

    Mobile
      Satellite Ventures LP

    10802
      Parkridge Boulevard

    Reston,
      VA 20191-5416

    Attention: Chief
      Financial Officer and General Counsel

    Facsimile: (703)
      390-2770

     

    If
      to the
      Trustee:

     

    The
      Bank
      of New York 

    101
      Barclay Street, 8W

    New
      York,
      NY 10286

    Attention: Corporate
      Trust Division — Corporate Finance Unit

    Facsimile: (212)
      815-5707

     

    Such
      notices or communications shall be effective when received and shall be
      sufficiently given if so given within the time prescribed in this
      Indenture.

     

    The
      Issuers, the Guarantors or the Trustee by written notice to the others may
      designate additional or different addresses for subsequent notices or
      communications.

     

    Any
      notice or communication mailed to a holder shall be mailed to him by first-class
      mail, postage prepaid, at his address shown on the register kept by the
      Registrar.

     

    Failure
      to mail a notice or communication to a holder or any defect in it shall not
      affect its sufficiency with respect to other holders. If a notice or
      communication to a holder is mailed in the manner provided above, it shall
      be
      deemed duly given, whether or not the addressee receives it.

     

    In
      case
      by reason of the suspension of regular mail service, or by reason of any other
      cause, it shall be impossible to mail any notice as required by this Indenture,
      then such method of notification as shall be made with the approval of the
      Trustee shall constitute a sufficient mailing of such notice.

     

    
      
        
        

      

      
        -89-

        
          

        

      

      
        
        

      

    

    Anything
      herein to the contrary notwithstanding, no notice or communication given to
      the
      Trustee shall be effective unless and until it is actually received by the
      Trustee at its Corporate Trust Office.

     

    
      	 	
              Section
                11.02.

            	
              Communications
                by Holders with Other Holders.

            

    

     

    Holders
      may communicate pursuant to TIA § 312(b) with other holders with respect to
      their rights under this Indenture or the Notes. The Issuers, the Guarantors,
      the
      Trustee, the Registrar and anyone else shall have the protection of TIA
§ 312(c).

     

    
      	 	
              Section
                11.03.

            	
              Certificate
                and Opinion as to Conditions Precedent.

            

    

     

    Upon
      any
      request or application by the Issuers or any Guarantor to the Trustee to take
      any action under this Indenture, the Company shall furnish to the
      Trustee:

     

    (1) an
      Officer’s Certificate (which shall include the statements set forth in Section
      11.04 below) stating that, in the opinion of the signers, all conditions
      precedent, if any, provided for in this Indenture relating to the proposed
      action have been complied with; and

     

    (2) except
      in
      the case of the issuance of the Notes on the Issue Date or the Payment-in-Kind
      Notes on any Interest Payment Date, an Opinion of Counsel (which shall include
      the statements set forth in Section 11.04 below) stating that, in the opinion
      of
      such counsel, all such conditions precedent have been complied
      with.

     

    
      	 	
              Section
                11.04.

            	
              Statements
                Required in Certificate and Opinion.

            

    

     

    Each
      certificate and opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (1) a
      statement that the Person making such certificate or opinion has read such
      covenant or condition;

     

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

     

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

     

    (4) a
      statement as to whether or not, in the opinion of such Person, such covenant
      or
      condition has been complied with.

     

    
      	 	
              Section
                11.05.

            	
              When
                Treasury Notes Disregarded.

            

    

     

    In
      determining whether the holders of the required aggregate principal amount
      of
      Notes have concurred in any direction, waiver or consent, Notes owned by the
      Issuers, any Guarantor or any other obligor on the Notes or by any Affiliate
      of
      any of them shall be disregarded, except that for the purposes of determining
      whether the Trustee shall be protected in relying on any such direction, waiver
      or consent, only Notes which a Responsible Officer of the Trustee actually
      knows
      are so owned shall be so disregarded. Notes so owned which have been pledged
      in
      good faith shall not be disregarded if the pledgee establishes to the
      satisfaction of the Trustee the pledgee’s right so to act with respect to the
      Notes and that the pledgee is not an Issuer, a Guarantor or any other obligor
      upon the Notes or any Affiliate of any of them.

     

    
      
        
        

      

      
        -90-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                11.06.

            	
              Rules
                by Trustee and Agents.

            

    

     

    The
      Trustee may make reasonable rules for action by or meetings of holders. The
      Registrar and Paying Agent may make reasonable rules for their
      functions.

     

    
      	 	
              Section
                11.07.

            	
              Legal
                Holidays.

            

    

     

    If
      a
      payment date is a Legal Holiday at a place of payment, payment may be made
      at
      that place on the next succeeding day that is not a Legal Holiday, and no
      interest shall accrue for the intervening period.

     

    
      	 	
              Section
                11.08.

            	
              Governing
                Law.

            

    

     

    THIS
      INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
      THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO, AND
      THE
      HOLDERS BY THEIR ACCEPTANCE OF THE NOTES, AGREES TO SUBMIT TO THE EXCLUSIVE
      JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING
      ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

     

    
      	 	
              Section
                11.09.

            	
              No
                Adverse Interpretation of Other Agreements.

            

    

     

    This
      Indenture may not be used to interpret another indenture, loan, security or
      debt
      agreement of the Company or any Subsidiary thereof. No such indenture, loan,
      security or debt agreement may be used to interpret this Indenture.

     

    
      	 	
              Section
                11.10.

            	
              No
                Recourse Against Others.

            

    

     

    No
      director, officer, employee, incorporator, shareholder, parent company, partner
      or controlling entities of the Company, Finance Co., the Guarantors, the General
      Partner or Parent after a Parent Rollup Transaction or any of their respective
      Subsidiaries (including, without limitation, TMI and its successors and assigns)
      will have any liability for any obligations of the Issuers or any of their
      Subsidiaries under the Notes or the Indenture or for any claim based on, in
      respect of, or by reason of such obligations or their creation. Each holder
      of
      the 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. Such waiver
      and release may not be effective to waive liabilities under the U.S. Federal
      securities laws, and it is the view of the SEC that such a waiver is against
      public policy.

     

    
      	 	
              Section
                11.11.

            	
              Successors.

            

    

     

    All
      agreements of the Issuers and the Guarantors in this Indenture and the Notes
      shall bind their respective successors. All agreements of the Trustee, any
      additional trustee and any Paying Agents in this Indenture shall bind their
      successors. 

     

    
      	 	
              Section
                11.12.

            	
              Multiple
                Counterparts.

            

    

     

    The
      parties may sign multiple counterparts of this Indenture. Each signed
      counterpart shall be deemed an original, but all of them together represent
      one
      and the same agreement.

     

    
      
        
        

      

      
        -91-

        
          

        

      

      
        
        

      

    

    
      	 	
              Section
                11.13.

            	
              Table
                of Contents, Headings, etc.

            

    

     

    The
      table
      of contents, cross-reference sheet and headings of the Articles and Sections
      of
      this Indenture have been inserted for convenience of reference only, are not
      to
      be considered a part hereof, and shall in no way modify or restrict any of
      the
      terms or provisions hereof.

     

    
      	 	
              Section
                11.14.

            	
              Separability.

            

    

     

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

     

    
      	
              Section
                11.15.

            	
              Waiver
                of Jury Trial.

            

    

     

    EACH
      OF
      THE ISSUERS, THE GUARANTORS, EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF
      AND
      THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
      ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
      CONTEMPLATED HEREBY.

     

    
      	
              Section
                11.16.

            	
              Force
                Majeure.

            

    

     

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

     

    
       

      
        	
                Section
                  11.17.

              	
                Currency
                  of Account; Conversion of Currency; Foreign Exchange
                  Restrictions.

              

      

       

    

    (a) U.S.
      Dollars are the sole currency of account and payment for all sums payable by
      the
      Company and the Guarantors under or in connection with the Notes, the Guarantees
      of the Notes or this Indenture to the extent it relates to the Notes, including
      damages related thereto. Any amount received or recovered in a currency other
      than U.S. Dollars by a holder of Notes (whether as a result of, or of the
      enforcement of, a judgment or order of a court of any jurisdiction, in the
      winding-up or dissolution of the Issuers or otherwise) in respect of any sum
      expressed to be due to it from the Issuers shall only constitute a discharge
      to
      the Issuers to the extent of the U.S. Dollar amount, which the recipient is
      able
      to purchase with the amount so received or recovered in that other currency
      on
      the date of that receipt or recovery (or, if it is not practicable to make
      that
      purchase on that date, on the first date on which it is practicable to do so).
      If that U.S. Dollar amount is less than the U.S. Dollar amount expressed to
      be
      due to the recipient under the Notes, the Issuers and the Guarantors shall
      indemnify it against any loss sustained by it as a result as set forth in
      Section 11.17(b). In any event, the Company and the Guarantors shall
      indemnify the recipient against the cost of making any such purchase. For the
      purposes of this Section 11.17, it will be sufficient for the holder of a
      Note to certify in a satisfactory manner (indicating sources of information
      used) that it would have suffered a loss had an actual purchase of U.S. Dollars
      been made with the amount so received in that other currency on the date of
      receipt or recovery (or, if a purchase of U.S. Dollars on such date had not
      been
      practicable, on the first date on which it would have been practicable, it
      being
      required that the need for a change of date be certified in the manner mentioned
      above). The indemnities set forth in this Section 11.17 constitute separate
      and independent obligations from other obligations of the Issuers and the
      Guarantors, shall give rise to a separate and independent cause of action,
      shall
      apply irrespective of any indulgence granted by any holder of the Notes and
      shall continue in full force and effect despite any other judgment, order,
      claim
      or proof for a liquidated amount in respect of any sum due under the
      Notes.

     

    
      
        
        

      

      
        -92-

        
          

        

      

      
        
        

      

    

    (b) The
      Issuers and the Guarantors, jointly and severally, covenant and agree that
      the
      following provisions shall apply to conversion of currency in the case of the
      Notes, the Guarantees and this Indenture:

     

    (1) (A) If
      for
      the purpose of obtaining judgment in, or enforcing the judgment of, any court
      in
      any country, it becomes necessary to convert into a currency (the “Judgment
      Currency”)
      an
      amount due in any other currency (the “Base
      Currency”),
      then
      the conversion shall be made at the rate of exchange prevailing on the Business
      Day before the day on which the judgment is given or the order of enforcement
      is
      made, as the case may be (unless a court shall otherwise
      determine).

     

    (B) If
      there
      is a change in the rate of exchange prevailing between the Business Day before
      the day on which the judgment is given or an order of enforcement is made,
      as
      the case may be (or such other date as a court shall determine), and the date
      of
      receipt of the amount due, the Issuers and the Guarantors will pay such
      additional (or, as the case may be, such lesser) amount, if any, as may be
      necessary so that the amount paid in the Judgment Currency when con-verted
      at
      the rate of exchange prevailing on the date of receipt will produce the amount
      in the Base Currency originally due.

     

    (2) In
      the
      event of the winding-up of the Issuers or any Guarantor at any time while any
      amount or damages owing under the Notes, the Guarantees and this Indenture,
      or
      any judgment or order rendered in respect thereof, shall remain outstanding,
      the
      Issuers and the Guarantors shall indemnify and hold the Noteholders and the
      Trustee harmless against any deficiency arising or resulting from any variation
      in rates of exchange between (i) the date as of which the Applicable
      Currency Equivalent of the amount due or contingently due under the Notes,
      the
      Guarantees and this Indenture (other than under this subsection (b)(2)) is
      calculated for the purposes of such winding-up and (ii) the final date for
      the filing of proofs of claim in such winding-up. For the purpose of this
      subsection (b)(2), the final date for the filing of proofs of claim in the
      winding-up of the Issuers or any Guarantor shall be the date fixed by the
      liquidator or otherwise in accordance with the relevant provisions of applicable
      law as being the latest practicable date as at which liabilities of the Issuers
      or such Guarantor may be ascertained for such winding-up prior to payment by
      the
      liquidator or otherwise in respect thereto.

     

    (c) The
      obligations contained in subsections (a), (b)(1)(B) and (b)(2) of this Section
      11.17 shall constitute separate and independent obligations from the other
      obligations of the Issuers and the Guarantors under this Indenture, shall give
      rise to separate and independent causes of action against the Issuers and the
      Guarantors, shall apply irrespective of any waiver or extension granted by
      any
      Noteholder or the Trustee or either of them from time to time and shall continue
      in full force and effect notwithstanding any judgment or order or the filing
      of
      any proof of claim in the winding-up of the Issuers or any Guarantor for a
      liquidated sum in respect of amounts due hereunder (other than under subsection
      (b)(2) above) or under any such judgment or order. Any such deficiency as
      aforesaid shall be deemed to constitute a loss suffered by the Noteholders
      or
      the Trustee, as the case may be, and no proof or evidence of any actual loss
      shall be required by the Issuers or any Guarantor or the liquidator or otherwise
      or any of them. In the case of subsection (b)(2) above, the amount of such
      deficiency shall not be deemed to be reduced by any variation in rates of
      exchange occurring between the said final date and the date of any liquidating
      distribution.

     

    
      
        
        

      

      
        -93-

        
          

        

      

      
        
        

      

    

    (d) The
      term
“rate(s) of exchange” shall mean the rate of exchange quoted by Reuters at 10:00
      a.m. (New York time) for spot purchases of the Base Currency with the Judgment
      Currency other than the Base Currency referred to in subsections (b)(1) and
      (b)(2) above and includes any premiums and costs of exchange
      payable.

     

    
      	
              Section
                11.18.

            	
              Agent
                for Service.

            

    

     

    By
      the
      execution and delivery of this Indenture, each Canadian Guarantor
      (i) acknowledges that it has irrevocably designated and appointed CT
      Corporation System, 111 Eighth Avenue, New York, New York 10011 (and any
      successor entity) as its authorized agent upon which process may be served
      in
      any suit or proceeding arising out of or relating to this Indenture, the Notes
      and the Guarantees that may be instituted in any Federal or state court in
      the
      State of New York, The City of New York, the Borough of Manhattan or brought
      under Federal or state securities laws, and acknowledges that CT Corporation
      System has accepted such designation, (ii) irrevocably submits to the
      jurisdiction of any such court in any such suit or proceeding and
      (iii) agrees that service of process upon CT Corporation System and written
      notice of said service to the Canadian Guarantors in accordance with this
      Section 11.18 shall be deemed in every respect effective service of process
      upon the Canadian Guarantors, if any, in any such suit or proceeding. Each
      Canadian Guarantor further agrees to take any and all such action, including
      the
      execution and filing of any and all such documents and instruments as may be
      necessary to continue such designation and appointment of CT Corporation System
      in full force and effect so long as this Indenture shall be in full force and
      effect or any of the Notes shall be outstanding; provided,
      however,
      that
      any Canadian Guarantor may, by written notice to the Trustee, designate such
      additional or alternative agent for service of process under this
      Section 11.18 that (i) maintains an office located in the Borough of
      Manhattan, The City of New York, the State of New York, (ii) is a corporate
      service company which acts as agent for service of process for other Persons
      in
      the ordinary course of its business and (iii) agrees to act as agent for
      service of process in accordance with this Section 11.18. Such notice shall
      identify the name of such agent for process and the address of such agent for
      process in the Borough of Manhattan, The City of New York, the State of New
      York.

     

    
      	 	
              Section
                11.19.

            	
              Interest
                Act (Canada).

            

    

     

    The
      Canadian Guarantors acknowledge that certain of the rates of interest applicable
      to their obligations may be computed on the basis of a year of 360 days or
      365
      days, as the case may be, and be paid for the actual number of days elapsed.
      For
      purposes of the Interest Act (Canada), whenever any interest is calculated
      using
      a rate based on a year of 360 days or 365 days, as the case may be, such rate
      determined pursuant to such calculation, when expressed as an annual rate,
      is
      equivalent to (i) the applicable rate based on a year of 360 days or 365 days,
      as the case may be, (ii) multiplied by the actual number of days in the calendar
      year in respect of which such interest is payable, and (iii) divided by 360
      or
      365, as the case may be.

     

    
      	 	
              Section
                11.20.

            	
              Joint
                and Several Obligations.

            

    

     

    All
      of
      the obligations of the Issuers under the Notes shall be joint and several
      obligations of the Issuers.

    
      
        
        

      

      
        -94-

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	MOBILE
              SATELLITE
              VENTURES LP
	 	
              (a
                Delaware limited partnership) by its general partner, Mobile Satellite
                Ventures GP, Inc.

            
	 
 	 
 	 
 
	 	By:  	/s/ Scott
              Macleod 
	 	
              

              Name: Scott
                Macleod

              Title: Executive
                Vice President and Chief Financial Officer

            
	 	 

    

    
      	 	 	 
	 	MSV FINANCE CO.
	 	(a Delaware corporation)
	 
 	 
 	 
 
	 	By:  	/s/ Scott
              Macleod 
	 	
              

              Name: Scott
                Macleod

              Title: Executive
                Vice President and Chief Financial Officer

            
	 	 

    

     

    
      
        
        

      

      
        -95-

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	ATC TECHNOLOGIES, LLC
	 	
              
                (a
                  Delaware limited liability company)

              

            
	 
 	 
 	 
 
	 	By:  	/s/ Randy
              Segal 
	 	
              
                

                
                  Name:
                    Randy Segal

                  Title:
                    Senior Vice President and General Counsel

                

              

            
	 	 

    

    
      	 	 	 
	 	MOBILE SATELLITE VENTURES SUBSIDIARY
              LLC
	 	(a Delaware limited liability
              company)
	 
 	 
 	 
 
	 	By:  	/s/Randy
              Segal 
	 	
              

              
                
                  Name:
                    Randy Segal

                  Title:
                    Senior Vice President and General
                    Counsel

                

              

            

    
      
        
        

      

      
        -96-

        
          

        

      

      
        
        

      

    

    
      
      

      
        	 	 	 
	 	MSV INTERNATIONAL, LLC 
	 	
                
                  (a
                    Delaware limited liability company)

                

              
	 
 	 
 	 
 
	 	By:  	/s/ Randy Segal 
	 	
                
                  

                  
                    Name:
                      Randy Segal

                    Title:
                      Senior Vice President and General Counsel

                  

                

              
	 	 

      

      
        	 	 	 
	 	MOBILE SATELLITE VENTURES INC. OF
                VIRGINIA
	 	(a Virginia corporation)
	 
 	 
 	 
 
	 	By:  	/s/ Randy Segal 
	 	
                

                
                  
                    Name:
                      Randy Segal

                    Title:
                      Senior Vice President and General
                      Counsel

                  

                

              

        
        

        
          	 	 	 
	 	MOBILE SATELLITE VENTURES HOLDINGS
                  (CANADA)
                  INC. (an Ontario corporation)
	 
 	 
 	 
 
	 	By:  	/s/ Elizabeth Creary 
	 	
                  
                    

                  

                  
                    Name:
                      Elizabeth Creary

                    Title:
                      Vice President, Corporate Counsel and Secretary

                  

                
	 	 

        

        
          	 	 	 
	 	MOBILE SATELLITE VENTURES (CANADA)
                  INC.
	 	(an Ontario corporation)
	 
 	 
 	 
 
	 	By:  	/s/ Elizabeth Creary 
	 	
                  
                    

                  

                  
                    Name:
                      Elizabeth Creary

                    Title:
                      Vice President, Corporate Counsel and
                      Secretary

                  

                

        
          
            
            

          

          
            -97-

            
              

            

          

          
            
            

          

        

      

    

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/ Remo
              J. Reale 
	 	
              

              Name:
                Remo J. Reale

              Title:
                Vice President

            
	 	 

    
      
        
        

      

      
        -98-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

     

     

    FORM
      OF
      FACE OF CERTIFICATED NOTE

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    THIS
      NOTE
      HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
      INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO
      MATURITY OF THIS NOTE MAY BE OBTAINED AT ANY TIME BEGINNING JANUARY 17, 2008
      BY
      WRITING TO: MOBILE
      SATELLITE VENTURES LP OR MSV FINANCE CO., C/O MOBILE SATELLITE VENTURES LP,
      10802 PARKRIDGE BOULEVARD, RESTON, VIRGINIA 20191,
      ATTENTION: CHIEF FINANCIAL OFFICER.

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
      AMENDED (THE SECURITIES ACT), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED
      OR
      SOLD WITHIN THE UNITED STATES EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
      BY
      ITS ACQUISITION HEREOF, THE HOLDER

     

    (1) REPRESENTS
      THAT:

     

    (A) IT
      IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
      ACT); OR

     

    (B) IT
      IS AN
      INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a)(1), (2), (3), OR
      (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN INSTITUTIONAL ACCREDITED
      INVESTOR); OR

     

    (C) IT
      IS
      ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION
      S
      UNDER THE SECURITIES ACT; AND

     

    (2) AGREES
      THAT IT WILL NOT WITHIN THE TIME PERIOD REFERRED TO IN RULE 144(k) UNDER THE
      SECURITIES ACT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT:

     

    (A) TO
      MOBILE
      SATELLITE VENTURES LP, MSV FINANCE CO. OR ANY SUBSIDIARY THEREOF;

     

    (B) INSIDE
      THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
      144A UNDER THE SECURITIES ACT;

     

    (C) OUTSIDE
      THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
      THE SECURITIES ACT;

     

    (D) PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT;

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

    (E) PURSUANT
      TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
      ACT
      (IF AVAILABLE);

     

    (F) PURSUANT
      TO ANY AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
      SECURITIES ACT (PROVIDED THAT AS A CONDITION TO THE REGISTRATION OF TRANSFER
      OF
      ANY NOTES OTHERWISE THAN AS DESCRIBED HEREIN, THE COMPANY OR THE TRUSTEE MAY,
      IN
      CIRCUMSTANCES THAT ANY OF THEM DEEMS APPROPRIATE, REQUIRE EVIDENCE AS TO
      COMPLIANCE WITH ANY SUCH EXEMPTION); AND

     

    (3) AGREES
      THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE
      SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 

     

    IN
      CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN THE TIME PERIOD REFERRED TO
      ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
      RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE
      TRUSTEE.

     

    AS
      USED
      HEREIN, THE TERMS “OFFSHORE TRANSACTION,” AND “UNITED STATES” HAVE THE MEANINGS
      GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS
      A
      PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
      NOTE
      IN VIOLATION OF THE FOREGOING RESTRICTIONS.

     

    
      
        A-1-2

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.

     

     

    US$
      [●]

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    Certificated
      Note

     

    Mobile
      Satellite Ventures LP, a Delaware limited partnership, and MSV Finance Co.,
      a
      Delaware Corporation (the "Issuers"),
      for
      value received, hereby promise to pay to [●] upon surrender hereof the principal
      sum of [●] UNITED STATES DOLLARS (U.S. $ [●]) on May 1, 2013, or on such earlier
      date as the principal hereof may become due in accordance with the provisions
      hereof.

     

    Interest
      Rate: 16.5%
      per
      annum.

     

    Interest
      Payment Dates: June
      15
      and December 15 of each year, commencing June 15, 2008.

     

    Interest
      Record Dates: June
      1
      and December 1.

     

    PIK
      Period: Interest
      on the Notes may be paid in cash or, at the election of the Issuers, will be
      payable semi-annually in the form of Payment-in-Kind Notes in an amount
      reflecting the applicable PIK Interest. On and after June 15, 2012, all payments
      of interest must be in cash for the remainder of the term of the
      Notes.

     

    Reference
      is hereby made to the further provisions set forth on the reverse hereof. Such
      further provisions shall for all purposes have the same effect as though fully
      set forth at this place.

     

    This
      Note
      shall not be valid or obligatory until it shall have been duly signed by the
      Trustee acting under the Indenture.

     

    
      
        A-1-3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or
      by
      facsimile by their duly authorized officers.

     

    MOBILE
      SATELLITE VENTURES LP by its general partner, Mobile Satellite Ventures GP,
      Inc.

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    MSV
      FINANCE CO.

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    This
      is
      one of the Notes referred to

    in
      the
      within-mentioned Indenture:

    

    Dated:
      [
      ], [ ]

    

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By:
      __________________________________

    Authorized
      Signatory

    

    
      
        
          A-1-4

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

     

    EXHIBIT
      A-2 

     

     

    FORM
      OF
      FACE OF RESTRICTED GLOBAL NOTE

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    THIS
      NOTE
      HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
      INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO
      MATURITY OF THIS NOTE MAY BE OBTAINED AT ANY TIME BEGINNING JANUARY 17, 2008
      BY
      WRITING TO: MOBILE
      SATELLITE VENTURES LP OR MSV FINANCE CO., C/O MOBILE SATELLITE VENTURES LP,
      10802 PARKRIDGE BOULEVARD, RESTON, VIRGINIA 20191,
      ATTENTION: CHIEF FINANCIAL OFFICER.

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED OR
      SOLD WITHIN THE UNITED STATES EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
      BY
      ITS ACQUISITION HEREOF, THE HOLDER

     

    (1) REPRESENTS
      THAT:

     

    (A) IT
      IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
      ACT); OR

     

    (B) IT
      IS AN
      INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a)(1), (2), (3), OR
      (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED
      INVESTOR”); OR

     

    (C) IT
      IS
      ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION
      S
      UNDER THE SECURITIES ACT; AND

     

    (2) AGREES
      THAT IT WILL NOT WITHIN THE TIME PERIOD REFERRED TO IN RULE 144(k) UNDER THE
      SECURITIES ACT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT:

     

    (A) TO
      MOBILE
      SATELLITE VENTURES LP, MSV FINANCE CO. OR ANY SUBSIDIARY THEREOF;

     

    (B) INSIDE
      THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
      144A UNDER THE SECURITIES ACT;

     

    (C) OUTSIDE
      THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
      THE SECURITIES ACT;

     

    (D) PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT;

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

    (E) PURSUANT
      TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
      ACT
      (IF AVAILABLE);

     

    (F) PURSUANT
      TO ANY AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
      SECURITIES ACT (PROVIDED THAT AS A CONDITION TO THE REGISTRATION OF TRANSFER
      OF
      ANY NOTES OTHERWISE THAN AS DESCRIBED HEREIN, THE COMPANY OR THE TRUSTEE MAY,
      IN
      CIRCUMSTANCES THAT ANY OF THEM DEEMS APPROPRIATE, REQUIRE EVIDENCE AS TO
      COMPLIANCE WITH ANY SUCH EXEMPTION); AND

     

    (3) AGREES
      THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE
      SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

     

    IN
      CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN THE TIME PERIOD REFERRED TO
      ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
      RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE
      TRUSTEE.

     

    AS
      USED
      HEREIN, THE TERMS “OFFSHORE TRANSACTION,” AND “UNITED STATES” HAVE THE MEANINGS
      GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS
      A
      PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
      NOTE
      IN VIOLATION OF THE FOREGOING RESTRICTIONS.

     

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

     

    THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITORY (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 2.01(a) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
      IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    
      
        A-2-2

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      1
                        CUSIP:
      

                                  Common
      Code: 

                                  ISIN
      Number: 

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    RESTRICTED
      GLOBAL NOTE

     

    US$
      [●]

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    Restricted
      Global Note

     

    Mobile
      Satellite Ventures LP, a Delaware limited partnership, and MSV Finance Co.,
      a
      Delaware corporation, (the "Issuers"),
      for
      value received, hereby promises to pay to CEDE & CO., or registered assigns,
      upon surrender hereof the principal sum of UNITED STATES DOLLARS (U.S. $ [●]) on
      May 1, 2013, or on such earlier date as the principal hereof may become due
      in
      accordance with the provisions hereof.

     

    
      
        	 Interest Rate:	16.5% per annum.
	 	 
	 Interest Payment Dates: 	June
                15 and December 15 of each year, commencing June 15, 2008.
	 	 
	 Interest Record Dates:	June 1 and December 1.
	 	 
	 PIK Period:	Interest on the Notes may be paid
                in cash or,
                at the election of the Issuers, will be payable semi-annually in
                the form
                of Payment-in-Kind Notes in an amount reflecting the applicable PIK
                Interest. On and after June 15, 2012, all payments of interest must
                be in
                cash for the remainder of the term of the
                Notes.

      

     

     

    Reference
      is hereby made to the further provisions set forth on the reverse hereof. Such
      further provisions shall for all purposes have the same effect as though fully
      set forth at this place.

     

    This
      Note
      shall not be valid or obligatory until it shall have been duly signed by the
      Trustee acting under the Indenture.

     

    
      
        A-2-3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or
      by
      facsimile by their duly authorized officers.

     

    MOBILE
      SATELLITE VENTURES LP by its general partner, Mobile Satellite Ventures GP,
      Inc.

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    MSV
      FINANCE CO.

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    This
      is
      one of the Notes referred to

    in
      the
      within-mentioned Indenture:

    

    Dated:
      [
      ], [ ]

    

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By:
      __________________________________

    Authorized
      Signatory

    

    
      
        
          A-2-4

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

     

    EXHIBIT
      A-3

     

     

    FORM
      OF
      FACE OF REGULATION S GLOBAL NOTE

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    THIS
      NOTE
      HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
      INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO
      MATURITY OF THIS NOTE MAY BE OBTAINED AT ANY TIME BEGINNING JANUARY 17, 2008
      BY
      WRITING TO: MOBILE
      SATELLITE VENTURES LP OR MSV FINANCE CO., C/O MOBILE SATELLITE VENTURES LP,
      10802 PARKRIDGE BOULEVARD, RESTON, VIRGINIA 20191,
      ATTENTION: CHIEF FINANCIAL OFFICER.

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED OR
      SOLD WITHIN THE UNITED STATES EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
      BY
      ITS ACQUISITION HEREOF, THE HOLDER

     

    (1) REPRESENTS
      THAT:

     

    (A) IT
      IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
      ACT); OR

     

    (B) IT
      IS AN
      INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a)(1), (2), (3), OR
      (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED
      INVESTOR”); OR

     

    (C) IT
      IS
      ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION
      S
      UNDER THE SECURITIES ACT; AND

     

    (2) AGREES
      THAT IT WILL NOT WITHIN THE TIME PERIOD REFERRED TO IN RULE 144(k) UNDER THE
      SECURITIES ACT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT:

     

    (A) TO
      MOBILE
      SATELLITE VENTURES LP, MSV FINANCE CO. OR ANY SUBSIDIARY THEREOF;

     

    (B) INSIDE
      THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
      144A UNDER THE SECURITIES ACT;

     

    (C) OUTSIDE
      THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
      THE SECURITIES ACT;

     

    (D) PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT;

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

    (E) PURSUANT
      TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
      ACT
      (IF AVAILABLE);

     

    (F) PURSUANT
      TO ANY AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
      SECURITIES ACT (PROVIDED THAT AS A CONDITION TO THE REGISTRATION OF TRANSFER
      OF
      ANY NOTES OTHERWISE THAN AS DESCRIBED HEREIN, THE COMPANY OR THE TRUSTEE MAY,
      IN
      CIRCUMSTANCES THAT ANY OF THEM DEEMS APPROPRIATE, REQUIRE EVIDENCE AS TO
      COMPLIANCE WITH ANY SUCH EXEMPTION); AND

     

    (3) AGREES
      THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE
      SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

     

    IN
      CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN THE TIME PERIOD REFERRED TO
      ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
      RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE
      TRUSTEE.

     

    AS
      USED
      HEREIN, THE TERMS “OFFSHORE TRANSACTION,” AND “UNITED STATES” HAVE THE MEANINGS
      GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS
      A
      PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
      NOTE
      IN VIOLATION OF THE FOREGOING RESTRICTIONS.

     

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

     

    THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITORY (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 2.01(a) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
      IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    
      
        A-3-2

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      No. 2                         CUSIP:
        

                                    Common
        Code: 

                                    ISIN
        Number: 

    

     

    MOBILE
      SATELLITE VENTURES LP

     

    MSV
      FINANCE CO.

     

    REGULATION
      S GLOBAL NOTE

     

    US$
      [●]

     

    MOBILE
      SATELLITE VENTURES LP 

     

    MSV
      FINANCE CO.

     

    16.5%
      SENIOR NOTES DUE 2013

     

    Regulation
      S Global Note

     

    Mobile
      Satellite Ventures LP, a Delaware limited partnership, and MSV Finance Co.,
      a
      Delaware corporation (the “Issuers”), for value received, hereby promises to pay
      to CEDE & CO., or registered assigns, upon surrender hereof the principal
      sum of [●] UNITED STATES DOLLARS (U.S. $ [●]) on May 1, 2013, or on such earlier
      date as the principal hereof may become due in accordance with the provisions
      hereof.

     

    
       

      
        
          	 Interest Rate:	16.5% per annum.
	 	 
	 Interest Payment Dates: 	June
                  15 and December 15 of each year, commencing June 15, 2008.
	 	 
	 Interest Record Dates:	June 1 and December 1.
	 	 
	 PIK Period:	Interest on the Notes may be paid
                  in cash or,
                  at the election of the Issuers, will be payable semi-annually in
                  the form
                  of Payment-in-Kind Notes in an amount reflecting the applicable
                  PIK
                  Interest. On and after June 15, 2012, all payments of interest
                  must be in
                  cash for the remainder of the term of the
                  Notes.

        

    

     

    Reference
      is hereby made to the further provisions set forth on the reverse hereof. Such
      further provisions shall for all purposes have the same effect as though fully
      set forth at this place.

     

    This
      Note
      shall not be valid or obligatory until it shall have been duly signed by the
      Trustee acting under the Indenture.

     

    
      
        A-3-3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or
      by
      facsimile by their duly authorized officers.

     

    MOBILE
      SATELLITE VENTURES LP by its general partner, Mobile Satellite Ventures GP,
      Inc.

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    MSV
      FINANCE CO.

     

    By:     ____________________________________  

    Name: 

    Title: 

     

    By:    ____________________________________  

    Name: 

    Title: 

     

    This
      is
      one of the Notes referred to

    in
      the
      within-mentioned Indenture:

    

    Dated:
      [
      ], [ ]

    

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By:
      __________________________________

    Authorized
      Signatory

    

    

    
      
        
          A-3-4

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

     

    EXHIBIT
      A-4

     

    [Reverse
      of Note]

    16.5%
      Senior Notes due 2013

     

    [Insert
      the Global Note Legend, if applicable pursuant to the provisions of the
      Indenture]

     

    [Insert
      the Restricted Notes Legend, if applicable pursuant to the provisions of the
      Indenture]

     

    Capitalized
      terms used herein shall have the meanings assigned to them in the Indenture
      referred to below unless otherwise indicated.

     

    1. Interest.
      The
      Issuers jointly and severally promise to pay interest on this Note at the rate
      of 16.5% per annum. For any interest period through December 15, 2011, the
      Issuers may elect to pay interest on the Notes, at their option, (a) entirely
      in
      cash (“Cash Interest”), or (b) entirely by issuing new Notes (“Payment-in-Kind
      Notes”) in an amount equal to the amount of PIK Interest for the applicable
      interest period (rounded up to the nearest whole dollar) on the applicable
      interest payment date. Payment of any Cash Interest on the relevant Interest
      Payment Date shall be made to the holder of this Note on the relevant record
      date. The Issuers shall elect the form of interest payment with respect to
      each
      interest period by giving notice to the Trustee at least five Business Days
      prior to the beginning of the applicable interest period. In the absence of
      such
      an election, interest will be payable in Payment-in-Kind Notes. The first
      interest payment shall be paid in the form of Payment-in-Kind Notes. On and
      after June 15, 2012, the Issuers must pay all interest on the Notes entirely
      in
      the form of cash. 

     

    The
      Issuers will pay interest semi-annually in arrears on June 15 and December
      15 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 will
      accrue from the most recent Interest Payment Date to which interest has been
      paid, either as Cash Interest or Payment-in-Kind Notes, or, if no interest
      has
      been paid, from the date of 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 June 15,
      2008. Interest will be computed on the basis of a 360-day year of twelve 30-day
      months. The Issuers shall pay interest on overdue principal at the rate borne
      by
      the Notes, and shall pay interest on overdue installments of cash interest
      at
      the same rate to the extent lawful.

     

    2. Method
      of Payment.
      The
      Issuers shall pay interest on the Notes to the Persons who are registered
      holders at the close of business on the June 1 and December 1 (whether or not
      a
      Business Day) next preceding the Interest Payment Date even if Notes are
      canceled after the record date and on or before the Interest Payment Date.
      The
      holders must surrender Notes to a Paying Agent to collect principal payments.
      The Issuers shall pay principal, premium, if any, and interest in money of
      the
      United States of America that at the time of payment is legal tender for
      payment of public and private debts. Payments in respect of the Notes
      represented by a Global Note (including principal, premium, if any, and
      interest) shall be made by wire transfer of immediately available funds to
      the
      accounts specified by the Depository. The Issuers will make all payments in
      respect of a certificated Note (including principal, premium, if any, and
      interest), at the office of each Paying Agent, except that, at the option of
      the
      Issuers, payment of interest may be made by mailing a check to the registered
      address of each holder thereof; provided,
      however,
      that
      payments on the Notes may also be made by wire transfer to a U.S. dollar account
      maintained by the payee with a bank in the United States if such holder
      elects payment by wire transfer by giving written notice to the Trustee or
      a
      Paying Agent to such effect designating such account no later than 10 days
      immediately preceding the relevant due date for payment (or such other date
      as
      the Trustee may accept in its discretion).

     

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

    3. Paying
      Agent and Registrar.
      Initially, The Bank of New York, the Trustee under the Indenture, will act
      as
      Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
      without notice to any holder. Neither the Company nor any of its Subsidiaries
      or
      Affiliates may act as Paying Agent but they may act as Registrar or
      co-registrar.

     

    4. Indenture;
      Guarantees; Restrictive Covenants.
      The
      Issuers issued the Notes under an Indenture dated as of January 7, 2008 (the
      “Indenture”),
      among
      the Company, Finance Co., the Guarantors and the Trustee. The Notes are treated
      as a single class of securities under the Indenture. The terms of this Note
      include those stated in the Indenture to be applicable by reference to the
      Trust
      Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the
      date of the Indenture. This Note is subject to all such terms, and the holder
      of
      this Note is referred to the Indenture for a statement of them. 

     

    The
      Indenture imposes certain limitations on, among other things, indebtedness,
      issuance and sale of capital stock of Restricted Entities, restricted payments,
      liens, asset sales, transactions with affiliates, and restrictions on
      distributions from Restricted Entities. 

     

    5. Optional
      Redemption.

     

    Except
      as
      set forth below, the Issuers will not be entitled to redeem the Notes prior
      to
      April 1, 2011.

     

    On
      and
      after April 1, 2011, the Issuers are entitled to redeem all or, from time to
      time, a portion of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed in percentages of then outstanding
      principal amount on the redemption date), plus accrued interest, if any, to
      the
      redemption date (subject to the right of holders of record on the relevant
      record date to receive interest due on the relevant interest payment date),
      if
      redeemed during the 12-month period commencing on April 1 of the years set
      forth
      below:

     

    
      	
              Period

            	
              Redemption
                Price

            
	
              2011

            	
              108.250%

            
	
              2012

            	
              104.125%

            
	
              2013
                and thereafter

            	
              100.000%

            

    

    

    Prior
      to
      January 15, 2011, the Issuers are entitled on one or more occasions to redeem
      Notes in an aggregate principal amount not to exceed 35% of the originally
      issued aggregate principal amount of the Notes at a redemption price (expressed
      as a percentage of then outstanding principal amount on the redemption date)
      of
      116.5%, plus accrued and unpaid interest, if any, to (but excluding) the
      redemption date (subject to the right of holders of record on the relevant
      record date to receive interest due on the relevant interest payment date),
      with
      the net cash proceeds from one or more Equity Offerings by the Company or,
      after
      the occurrence of a Parent Rollup Transaction, the Parent (to the extent the
      net
      proceeds thereof are contributed to the equity capital of the Company (other
      than in the form of Disqualified Stock) or are used to purchase Capital Stock
      of
      the Company (other than Disqualified Stock)); provided,
      however,
      that

     

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

    (1) at
      least
      65% of the originally issued aggregate principal amount of Notes remains
      outstanding immediately after the occurrence of each such redemption (other
      than
      Notes held, directly or indirectly, by the Issuers or its Affiliates);
      and

     

    (2) each
      such
      redemption occurs within 180 days after the closing of the related Equity
      Offering.

     

    At
      any
      time prior to April 1, 2011, the Issuers may also redeem on one or more
      occasions all or a portion of the Notes upon not less than 30 nor more than
      60
      days’ notice, at a redemption price equal to 100% of the then outstanding
      principal amount of Notes redeemed plus the Applicable Premium (calculated
      as of
      a date no more than three Business Days prior to the relevant redemption notice)
      as of the date of redemption.

     

    On
      and
      after any Redemption Date, if money sufficient to pay the redemption price
      of
      and accrued interest on Notes called for redemption shall have been made
      available in accordance with the terms of the Indenture, the Notes called for
      redemption will cease to accrue interest and the only right of the holders
      of
      such Notes will be to receive payment of the redemption price of and, subject
      to
      the terms of the Indenture, accrued and unpaid interest on such Notes to the
      redemption date.

     

    “Applicable
      Premium”
means,
      with respect to any Note on any redemption date, the greater of:

     

    (1) 1.0%
      of
      the then outstanding principal amount of the Note; and

     

    (2) the
      excess of:

     

    (a) the
      present value at such redemption date of the redemption price of the Note at
      April 1, 2011, computed using a discount rate equal to the Treasury Rate as
      of
      such redemption date plus 50 basis points; over

     

    (b) the
      then
      outstanding principal amount of the Note.

     

    6. No
      Mandatory Redemption.
      The
      Company shall not be required to make mandatory redemption payments with respect
      to the Notes.

     

    7. Offers
      to Purchase.
      The
      Indenture requires that certain proceeds from Asset Dispositions be used,
      subject to further limitations contained therein, to make an offer to purchase
      certain amounts of Notes in accordance with the procedures set forth in the
      Indenture. The Company may also be required to make an offer to purchase Notes
      pursuant to Section 4.16 of the Indenture.

     

    8. Denominations;
      Transfer; Exchange.
      The
      Notes are in registered form, without coupons, in denominations of $1,000 and
      integral multiples of $1,000, or, in the case of Payment-in-Kind Notes, such
      other denominations as may be required. A holder shall register the transfer
      or
      exchange of Notes in accordance with the Indenture. The Registrar may require
      a
      holder, among other things, to furnish appropriate endorsements and transfer
      documents and to pay certain transfer taxes or similar governmental charges
      in
      connection therewith as permitted by the Indenture. The Registrar need not
      register the transfer or exchange of any Notes during a period beginning 15
      days
      before the mailing of a redemption notice for any Notes or portions thereof
      selected for redemption.

     

    9. Persons
      Deemed Owners.
      The
      registered holder of this Note shall be treated as the owner of it for all
      purposes.

     

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

    10. Unclaimed
      Money.
      If
      money for the payment of principal, premium or interest on any Note remains
      unclaimed for two years, the Trustee and the Paying Agent will pay the money
      back to the Company at its request. After that, holders entitled to money must
      look to the Company for payment as general creditors unless an “abandoned
      property” law designates another person.

     

    11. Amendment,
      Supplement and Waiver.
      Subject
      to certain exceptions, the Indenture or the Notes may be modified, amended
      or
      supplemented by the Company, Finance Co., the Guarantors and the Trustee with
      the consent of the holders of at least a majority in principal amount of the
      Notes then outstanding and any existing default or compliance with any provision
      may be waived in a particular instance with the consent of the holders of a
      majority in principal amount of the Notes then outstanding. Without the consent
      of holders, the Company, Finance Co., the Guarantors and the Trustee may amend
      the Indenture for certain specified purposes including providing for
      uncertificated Notes in addition to or in place of certificated Notes, and
      curing any ambiguity, omission, defect or inconsistency, or making any other
      change that does not materially adversely affect the rights, taken as a whole,
      of any holder.

     

    12. Successor
      Entity.
      When a
      successor entity assumes all the obligations of its predecessors under the
      Notes
      and the Indenture and immediately before and thereafter no Default exists and
      certain other conditions are satisfied, the predecessor entity will be released
      from those obligations.

     

    13. Defaults
      and Remedies.
      Events
      of Default are set forth in the Indenture. If an Event of Default occurs and
      is
      continuing, the Trustee, by notice to the Issuers, or the holders of not less
      than 25% in aggregate principal amount of the Notes, by written notice to the
      Issuers and the Trustee, may declare to be immediately due and payable the
      principal amount of all the Notes then outstanding plus premium, if any, and
      accrued but unpaid interest to the date of acceleration and such amounts shall
      become immediately due and payable. In case an Event of Default specified in
      Section 6.01(7) or (8) with respect to either Issuer occurs, such principal,
      premium, if any, and interest with respect to all of the Notes shall be due
      and
      payable immediately without any declaration or other act on the part of the
      Trustee or the holders of the Notes. After any such acceleration but before
      a
      judgment or decree based on acceleration is obtained by the Trustee, the holders
      of a majority in aggregate principal amount of outstanding Notes (by notice
      to
      the Trustee) may rescind and cancel such acceleration and its consequences
      if
      (i) all existing Events of Default, other than the nonpayment of
      accelerated principal, premium, if any, or interest that has become due solely
      because of the acceleration, have been cured or waived, (ii) to the extent
      the payment of such interest is lawful, interest (at the same rate specified
      in
      the Notes) on overdue installments of interest and overdue outstanding principal
      amount, premium, if any, or interest, which has become due otherwise than by
      such declaration of acceleration, has been paid, (iii) the Company has paid
      the Trustee its reasonable compensation and reimbursed the Trustee its expenses,
      disbursements and advances, (iv) the rescission would not conflict with any
      judgment or decree of a court of competent jurisdiction and (v) in the
      event of the cure or waiver of a Default or Event of Default described in
      Section 6.01(7) or (8), the Trustee has received an Officer’s Certificate and an
      Opinion of Counsel that such Default or Event of Default has been cured or
      waived. No such rescission shall affect any subsequent Default or impair any
      right consequent thereto.

     

    14. Trustee
      Dealings with the Issuers.
      The
      Trustee under the Indenture, in its individual or any other capacity, may make
      loans to, accept deposits from, and perform services for the Issuers, any
      Guarantor or their Affiliates, and may otherwise deal with the Issuers, any
      Guarantor or their Affiliates as if it were not Trustee.

     

    15. No
      Recourse Against Others.
      No
      director, officer, employee, incorporator, shareholder, parent company, partner
      or controlling entities of the Company, Finance Co., the Guarantors, the General
      Partner or Parent following a Parent Rollup Transaction or any of their
      respective Subsidiaries (including, without limitation, TMI Communications
&
Company, Limited Partnership and its successors and assigns) will have any
      liability for any obligations of the Issuers or any of their Subsidiaries under
      this Note or the Indenture or for any claim based on, in respect of, or by
      reason of such obligations or their creation. The holder of this Note by
      accepting this Note waives and releases all such liability. The waiver and
      release are part of the consideration for issuance of the Notes. Such waiver
      and
      release may not be effective to waive liabilities under the U.S. Federal
      securities laws, and it is the view of the SEC that such a waiver is against
      public policy.

     

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

    16. Defeasance
      and Covenant Defeasance.
      The
      Indenture contains provisions for defeasance of the entire debt represented
      by
      the Notes and for defeasance of certain covenants in the Indenture upon
      compliance by the Company in each case with certain conditions set forth in
      the
      Indenture.

     

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

     

    18. CUSIP
      Numbers.
      The
      Company has caused CUSIP Numbers to be printed on the Notes, if applicable,
      and
      has directed the Trustee to use CUSIP numbers in notices of redemption as a
      convenience to holders of the Notes. 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.

     

    19. Governing
      Law.
      THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
      WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO
      AGREES TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF
      NEW
      YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE
      OR
      THE NOTES.

     

    20. Authentication.
      This
      Note shall not be valid until authenticated by the manual signature of the
      Trustee or an authenticating agent.

     

    The
      Company will furnish to any holder upon written request and without charge
      a
      copy of the Indenture. Requests may be made to:

     

    Mobile
      Satellite Ventures LP

    10802
      Parkridge Boulevard

    Reston,
      VA 20191-5416

    Attention:
      Chief Financial Officer

    

    
      
        A-4-5

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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-4-6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Option
      of
      Holder to Elect Purchase

     

    If
      you
      want to elect to have this Note purchased by the Company pursuant to Section
      4.10, 4.16 or 4.18 of the Indenture, check the appropriate box
      below:

     

    Section
      4.10 o     Section
      4.16 o      Section
      4.18o   

     

    If
      you
      want to elect to have only part of this Note purchased by the Company pursuant
      to Section 4.10, 4.16 or 4.18 of the Indenture, state the aggregate principal
      amount you elect to have purchased:

     

    $_______________

     

    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-4-7

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      NOTATION ON NOTE

    RELATING
      TO GUARANTEE

     

    Each
      Guarantor (a “Guarantor,”
which
      term includes any successor Person under the Indenture) has unconditionally
      guaranteed, on a senior unsecured basis, jointly and severally, to the extent
      set forth in the Indenture and subject to the provisions of the Indenture,
      (a) the due and punctual payment of the principal, premium if any, and
      interest on the Notes when and as the same shall become due and payable, whether
      at maturity, by acceleration or otherwise, the due and punctual payment of
      interest on the overdue principal of, premium, if any, and interest on the
      Notes, to the extent lawful, and the due and punctual performance of all other
      Obligations of the Company with respect to the Notes to the holders or the
      Trustee, all in accordance with the terms of the Notes and the Indenture, and
      (b) in the case of any extension of time for payment or renewal of any Notes
      or
      any of such other Obligations, that the same will be promptly paid in full
      when
      due or performed in accordance with the terms of the extension or renewal,
      at
      stated maturity, by acceleration or otherwise.

     

    The
      obligations of each Guarantor to the holders and to the Trustee pursuant to
      such
      Guarantee and the Indenture are expressly set forth in Article 10 of the
      Indenture and reference is hereby made to the Indenture for the precise terms
      of
      such Guarantee.

     

    This
      Guarantee shall not be valid or obligatory for any purpose until the certificate
      of authentication on the Note upon which such Guarantee is noted shall have
      been
      executed by the Trustee under the Indenture by the manual signature of one
      of
      its authorized signatories.

     

    ATC
      TECHNOLOGIES,
      LLC

    (a
      Delaware
      limited liability company)

     

    By:    ____________________________

    Name:

    Title:

     

    MOBILE
      SATELLITE VENTURES SUBSIDIARY LLC

    (a
      Delaware limited liability company)

     

    By:    ____________________________

    Name:

    Title:

     

    

    
      
        A-4-8

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MSV
      INTERNATIONAL, LLC 

    (a
      Delaware limited liability company)

     

    By:    ____________________________

    Name:

    Title:

     

    MOBILE
      SATELLITE VENTURES INC. OF VIRGINIA

    (a
      Virginia corporation)

     

    By:    ____________________________

    Name:

    Title:

     

    MOBILE
      SATELLITE VENTURES CORP. 

    (a
      Nova
      Scotia unlimited liability company) 

     

    By:    ____________________________

    Name:

    Title:

     

    MOBILE
      SATELLITE VENTURES HOLDINGS (CANADA) INC. (an Ontario corporation)

     

    By:    ____________________________

    Name:

    Title:

     

    MOBILE
      SATELLITE VENTURES (CANADA) INC.

     

    (an
      Ontario corporation)

     

    By:    ____________________________

    Name:

    Title:

     

    
      
        A-4-9

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTEa  

     

    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

              of
                this Global Note

            	
               

              Amount
                of increase in

              Principal
                Amount

              of
                this Global Note

            	
              Principal
                Amount

              of
                this Global Note

              following
                such decrease

              (or
                increase)

            	
              Signature
                of

              authorized
                officer of

              Trustee
                or Note

              Custodian

            
	 	 	 	 	 
	 	 	 	 	 

    

    

    

    

      

      
        a    This
          schedule should be included only if the Note is issued in global
          form.

         

      

    

    
      
        
          A-4-10

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B

     

    FORM
      OF
      CERTIFICATE OF TRANSFER

     

    Mobile
      Satellite Ventures LP

    10802
      Parkridge Boulevard

    Reston,
      VA 20191-5416

    Attention:
      Treasurer

     

    The
      Bank
      of New York 

    as
      Trustee

    101
      Barclay Street, Floor 8 West

    New
      York,
      NY 10286

     

    Attention:
      Corporate Trust Division - Corporate Finance Unit

    (Mobile
      Satellite Ventures LP and MSV Finance Co.

    16.5%
      Senior Notes due 2013)

     

    Re:     16.5%
      Senior Notes due 2013

     

    Reference
      is hereby made to the Indenture, dated as of January 7, 2008 (the “Indenture”),
      among
      Mobile Satellite Ventures LP, MSV Finance Co., the
      Guarantors named therein
      and The
      Bank of New York, 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 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. o Check
      if Transferee will take delivery of a beneficial interest in the 144A Global
      Note or a Definitive Note Pursuant to Rule 144A.
      The
      Transfer is being effected pursuant to and in accordance with Rule 144A under
      the United States Securities Act of 1933, as amended (the “Securities
      Act”),
      and,
      accordingly, the Transferor hereby further certifies that the beneficial
      interest or Definitive Note is being transferred to a Person that the Transferor
      reasonably believed and believes is purchasing the beneficial interest or
      Definitive Note for its own account, or for one or more accounts with respect
      to
      which such Person exercises sole investment discretion, and such Person and
      each
      such account is a “qualified institutional buyer” within the meaning of Rule
      144A in a transaction meeting the requirements of Rule 144A and such Transfer
      is
      in compliance with any applicable blue sky securities laws of any state of
      the
      United States. Upon consummation of the proposed Transfer in accordance with
      the
      terms of the Indenture, the transferred beneficial interest or Definitive Note
      will be subject to the restrictions on transfer enumerated in the Restricted
      Notes Legend printed on the 144A Global Note and/or the Definitive Note and
      in
      the Indenture and the Securities Act.

     

    2.   o     Check
      if Transferee will take delivery of a beneficial interest in the Regulation
      S
      Global Note or 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 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, and (iii) the transaction is not
      part of a plan or scheme to evade the registration requirements of the
      Securities Act. Upon consummation of the proposed transfer in accordance with
      the terms of the Indenture, the transferred beneficial interest or Definitive
      Note will be subject to the restrictions on Transfer enumerated in the
      Restricted Notes Legend printed on the Regulation S Global Note and/or
      Definitive Note and in the Indenture and the Securities Act.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    3. o Check
      and complete if Transferee will take delivery of a beneficial interest in a
      Global Note or a 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) o such
      Transfer is being effected pursuant to and in accordance with Rule 144 under
      the
      Securities Act;

     

    or

     

    (b) o such
      Transfer is being effected to the Company or a Subsidiary thereof;

     

    or

     

    (c) o such
      Transfer is being effected pursuant to an effective registration statement
      under
      the Securities Act and in compliance with the prospectus delivery requirements
      of the Securities Act;

     

    or

     

    (d) o such
      Transfer is being effected to an Institutional Accredited Investor for its
      own
      account or for the account of such an Institutional Accredited Investor,
      pursuant to an exemption from the registration requirements of the Securities
      Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby
      further certifies that it has not engaged in any general solicitation within
      the
      meaning of Regulation D under the Securities Act and the Transfer complies
      with
      the transfer restrictions applicable to beneficial interests in a Restricted
      Global Note or Restricted Definitive Notes and the requirements of the exemption
      claimed, which certification is supported by (1) a certificate executed by
      the
      Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of
      Counsel satisfactory to the Company provided by the Transferor or the Transferee
      (a copy of which the Transferor has attached to this certification), to the
      effect that such Transfer is in compliance with the Securities Act. Upon
      consummation of the proposed transfer in accordance with the terms of the
      Indenture, the transferred beneficial interest or Definitive Note will be
      subject to the restrictions on transfer enumerated in the Restricted Notes
      Legend printed on the Definitive Notes and in the Indenture and the Securities
      Act.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    4. o Check
      if Transferee will take delivery of a beneficial interest in an Unrestricted
      Global Note or of an Unrestricted Definitive Note.

     

    (a) o 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
      Restricted Notes 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 Restricted Notes Legend printed on the Restricted Global
      Notes, on Restricted Definitive Notes and in the Indenture.

     

    (b) o 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 (ii) the restrictions on transfer contained
      in
      the Indenture and the Restricted Notes 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 Restricted Notes Legend printed
      on
      the Restricted Global Notes, on Restricted Definitive Notes and in the
      Indenture.

     

    (c) o 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 Restricted Notes 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 Restricted Notes Legend printed on the Restricted Global
      Notes
      or Restricted Definitive Notes and in the Indenture.

     

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

     

    
      ________________________________

      [Insert
        Name of Transferor]

    

     

    By:    _______________________________________________

    Name:

    Title:

     

    Dated:

    
      
        B-3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      A
      TO CERTIFICATE OF TRANSFER

     

    1. The
      Transferor owns and proposes to transfer the following:

     

    [CHECK
      ONE]

     

    (a)    o  a
      beneficial interest in the:

     

        (i)     o  144A
      Global Note (CUSIP _________________), or

     

        (ii)    o  IAI
      Global Note (CUSIP _________________), or

     

        (iii)   o  Regulation
      S Global Note (CUSIP ________________),

     

    or

     

        (iv)   o  Unrestricted
      Global Note (CUSIP ________________), or

     

    (b)        o   a
      Restricted Definitive Note; or

     

    (c)        o  an
      Unrestricted Definitive Note,

     

    2. After
      the
      Transfer the Transferee will hold:

     

    [CHECK
      ONE]

     

    (a)    o    a
      beneficial interest in the:

     

        (i)    o  144A
      Global Note (CUSIP _________________), or

     

        (ii)    o  IAI
      Global Note (CUSIP _________________), or

     

        (iii)    o  Regulation
      S Global Note (CUSIP ________________), or

     

        (iv)    o  Unrestricted
      Global Note (CUSIP ________________), or

     

    (b)    o
 
a
      Restricted Definitive Note; or

     

    (c)    o     an
      Unrestricted Definitive Note,

     

    in
      accordance with the terms of the Indenture.

     

    

    
      
        
          B-4

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

          

        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      CERTIFICATE OF EXCHANGE

     

    Mobile
      Satellite Ventures LP

    10802
      Parkridge Boulevard

    Reston,
      VA 20191-5416

    Attention:
      Treasurer

     

    The
      Bank
      of New York 

    as
      Trustee

    101
      Barclay Street, Floor 8 West

    New
      York,
      NY 10286

     

    Attention:
      Corporate Trust Division - Corporate Finance Unit

    (Mobile
      Satellite Ventures LP and MSV Finance Co.

    16.5%
      Senior Notes due 2013)

     

    Re:     16.5%
      Senior Notes due 2013

     

    Reference
      is hereby made to the Indenture, dated as of January 7, 2008 (the “Indenture”),
      among
      Mobile Satellite Ventures LP, MSV Finance Co., the
      Guarantors named therein and
      The
      Bank of New York, 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 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) o 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, 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 Restricted
      Notes
      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) o 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 Restricted Notes 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) o 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 Restricted Notes 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) o 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 Restricted Notes 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) o 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,
      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 Restricted Notes Legend printed on the Restricted
      Definitive Note and in the Indenture and the Securities Act.

     

    (b) o 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 a Restricted Global Note with an equal principal amount,
      the Owner hereby certifies (i) the beneficial interest is being acquired for
      the
      Owner’s own account without transfer and (ii) such Exchange has been effected in
      compliance with the transfer restrictions applicable to the Restricted Global
      Notes and pursuant to and in accordance with the Securities Act, and in
      compliance with any applicable blue sky securities laws of any state of the
      United States. Upon consummation of the proposed Exchange in accordance with
      the
      terms of the Indenture, the beneficial interest issued will be subject to the
      restrictions on transfer enumerated in the Restricted Notes 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.

     

    
      _________________________________

    

    [Insert
      Name of Transferor]

     

    By:    __________________________________________

    Name:

    Title:

     

    Dated:

    

    
      
        
          C-3

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      CERTIFICATE FROM

     

    ACQUIRING
      INSTITUTIONAL ACCREDITED INVESTOR

     

    Mobile
      Satellite Ventures LP

    10802
      Parkridge Boulevard

    Reston,
      VA 20191-5416

    Attention:
      Treasurer

     

    The
      Bank
      of New York 

    as
      Trustee

    101
      Barclay Street, Floor 8 West

    New
      York,
      NY 10286

     

    Attention:
      Corporate Trust Division - Corporate Finance Unit

    (Mobile
      Satellite Ventures LP and MSV Finance Co.

    16.5%
      Senior Notes due 2013)

     

    Re:     16.5%
      Senior Notes due 2013

     

    Reference
      is hereby made to the Indenture, dated as of January 7, 2008 (the “Indenture”),
      among
      Mobile Satellite Ventures LP and MSV Finance Co., the
      Guarantors named therein
      and The
      Bank of New York, 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)    o  a
      beneficial interest in a Global Note, or

     

    (b)    o  a
      Definitive Note,

     

    we
      confirm that:

     

    1. We
      understand that any subsequent transfer of the Notes or any interest therein
      is
      subject to certain restrictions and conditions set forth in the Indenture and
      the undersigned agrees to be bound by, and not to resell, pledge or otherwise
      transfer the Notes or any interest therein except in compliance with, such
      restrictions and conditions and the United States Securities Act of 1933, as
      amended (the “Securities
      Act”).

     

    2. We
      understand that the offer and sale of the Notes have not been registered under
      the Securities Act, and that the Notes and any interest therein may not be
      offered or sold except as permitted in the following sentence. We agree, on
      our
      own behalf and on behalf of any accounts for which we are acting as hereinafter
      stated, that if we should sell the Notes or any interest therein, we will do
      so
      only (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 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 Issuers 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.

     

    
      __________________________

      [Insert
        Name of Transferor]

    

     

    By:    ___________________________________________

    Name:

    Title:

     

    Dated:

    

    
      
        
        

      

      
        D-2EXHIBIT
      10.1

     

    
      

      

    

     

    FORSTER
      DRILLING CORPORATION

     

    [THE
      GUARANTORS NAMED HEREIN,

    as
      Subsidiary Guarantors]

     

    US$4,805,000

     

    Senior
      Secured Notes Due January 15, 2013

     

      

    

    Indenture

     

    Dated
      as of January 3, 2008

    
      
        

      

    

     

    
      

    

    First
      Security Bank

    as
      Trustee

    
      
 

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Certain
      Sections of this Indenture relating to

    Sections
      310 through 318 of the

    Trust
      Indenture Act of 1939: 

     

    
      	
              Trust
                Indenture

              Act
                Section

            	 	
              Indenture
                Section

            
	
              Section
                310(a)(1)

            	 	
              7.10

            
	
              (a)(2)

            	 	
              7.10

            
	
              (a)(3)

            	 	
              Not Applicable

            
	
              (a)(4)

            	 	
              Not Applicable

            
	
              (a)(5)

            	 	
              7.10

            
	
              (b)

            	 	
              7.10

            
	
              (c)

            	 	
              Not Applicable

            
	
              Section
                311(a)

            	 	
              7.11

            
	
              (b)

            	 	
              7.11

            
	
              (c)

            	 	
              Not Applicable

            
	
              Section
                312(a)

            	 	
              2.05

            
	
              (b)

            	 	
              13.03

            
	
              (c)

            	 	
              13.03

            
	
              Section
                313(a)

            	 	
              7.06

            
	
              (b)(1)

            	 	
              11.03

            
	
              (b)(2)

            	 	
              7.06, 11.03

            
	
              (c)

            	 	
              7.06,
                13.02

            
	
              (d)

            	 	
              7.06

            
	
              Section
                314(a)(1)

            	 	
              4.05

            
	
              (a)(2)

            	 	
              4.06

            
	
              (a)(3)

            	 	
              Not Applicable

            
	
              (a)(4)

            	 	
              13.05

            
	
              (b)

            	 	
              11.02

            
	
              (c)(1)

            	 	
              13.04(a)

            
	
              (c)(2)

            	 	
              13.04(b)

            
	
              (c)(3)

            	 	
              Not Applicable

            
	
              (d)

            	 	
              11.03

            
	
              (e)

            	 	
              13.05

            
	
              Section
                315(a)

            	 	
              7.01, 7.02(a)

            
	
              (b)

            	 	
              7.05

            
	
              (c)

            	 	
              7.01

            
	
              (d)

            	 	
              7.01

            
	
              (e)

            	 	
              6.11

            
	
              Section
                316(a)(1)

            	 	
              6.05

            
	
              (a)(2)

            	 	
              6.04

            
	
              (b)

            	 	
              6.07

            
	
              (c)

            	 	
              2.13

            
	
              Section
                317(a)(1)

            	 	
              6.08

            
	
              (a)(2)

            	 	
              6.09

            
	
              (b)

            	 	
              2.04

            
	
              Section
                318(a) 

            	 	
              13.01

            

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF
      CONTENTS

    

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
                1

            
	 
	
              DEFINITIONS
                AND INCORPORATION BY REFERENCE

            
	
              SECTION
                1.01

            	
              Definitions

            	
              1

            
	
              SECTION
                1.02

            	
              Other
                Definitions

            	
              12

            
	
              SECTION
                1.03

            	
              Incorporation
                by Reference of Trust Indenture Act

            	
              13

            
	
              SECTION
                1.04

            	
              Rules
                of Construction

            	
              13

            
	 
	
              ARTICLE
                2

            
	 
	
              THE
                SENIOR NOTES

            
	 	 	
               

            
	
              SECTION
                2.01

            	
              Terms;
                Form and Dating

            	
              14

            
	
              SECTION
                2.02

            	
              Execution
                and Authentication

            	
              16

            
	
              SECTION
                2.03

            	
              Registrar
                and Paying Agent

            	
              16

            
	
              SECTION
                2.04

            	
              Paying
                Agent to Hold Money in Trust

            	
              17

            
	
              SECTION
                2.05

            	
              Holder
                Lists

            	
              17

            
	
              SECTION
                2.06

            	
              Transfer
                and Exchange

            	
              17

            
	
              SECTION
                2.07

            	
              Replacement
                Senior Notes

            	
              21

            
	
              SECTION
                2.08

            	
              Outstanding
                Senior Notes

            	
              22

            
	
              SECTION
                2.09

            	
              Treasury
                Senior Notes

            	
              22

            
	
              SECTION
                2.10

            	
              Temporary
                Senior Notes

            	
              23

            
	
              SECTION
                2.11

            	
              Cancellation

            	
              23

            
	
              SECTION
                2.12

            	
              Defaulted
                Interest

            	
              23

            
	
              SECTION
                2.13

            	
              Record
                Date

            	
              23

            
	
              SECTION
                2.14

            	
              Ranking;
                Security; Intercreditor Agreement

            	
              23

            
	
              SECTION
                2.15

            	
              CUSIP
                Number

            	
              24

            
	 
	
              ARTICLE
                3

            
	 
	
              REDEMPTION
                AND CERTAIN REPURCHASES

            
	 	 	 
	
              SECTION
                3.01

            	
              Notices
                to Trustee

            	
              24

            
	
              SECTION
                3.02

            	
              Selection
                of Senior Notes for Redemption or Offers to Purchase

            	
              24

            
	
              SECTION
                3.03

            	
              Notice
                of Redemption

            	
              25

            
	
              SECTION
                3.04

            	
              Effect
                of Notice of Redemption

            	
              26

            
	
              SECTION
                3.05

            	
              Deposit
                of Redemption Price

            	
              26

            
	
              SECTION
                3.06

            	
              Senior
                Notes Redeemed in Part

            	
              26

            
	
              SECTION
                3.07

            	
              Optional
                Redemption

            	
              26

            
	
              SECTION
                3.08

            	
              Mandatory
                Redemption

            	
              27

            
	
              SECTION
                3.09

            	
              Offer
                to Purchase with Excess revenue

            	
              27

            
	
              SECTION
                3.10

            	
              Redemption
                at the Option of Holders Upon A Change of Control

            	
              29

            
	
              SECTION
                3.11

            	
              Compliance
                with the Exchange Act

            	
              31

            

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        (i)

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                4

            
	 
	
              COVENANTS

            
	 	 	 
	
              SECTION
                4.01

            	
              Payment
                of Senior Notes

            	
              31

            
	
              SECTION
                4.02

            	
              Use
                of Proceeds

            	
              31

            
	
              SECTION
                4.03

            	
              Further
                Assurances

            	
              31

            
	
              SECTION
                4.04

            	
              Maintenance
                of Office or Agency

            	
              32

            
	
              SECTION
                4.05

            	
              Reports

            	
              32

            
	
              SECTION
                4.06

            	
              Compliance
                Certificate

            	
              33

            
	
              SECTION
                4.07

            	
              Taxes

            	
              34

            
	
              SECTION
                4.08

            	
              Stay,
                Extension and Usury Laws

            	
              34

            
	
              SECTION
                4.09

            	
              Additional
                Collateral

            	
              34

            
	
              SECTION
                4.10

            	
              Restricted
                Payments

            	
              35

            
	
              SECTION
                4.11

            	
              Dividend
                and Other Payment Restrictions Affecting Restricted
                Subsidiaries

            	
              36

            
	
              SECTION
                4.12

            	
              Asset
                Sales

            	
              37

            
	
              SECTION
                4.13

            	
              Transactions
                with Affiliates

            	
              37

            
	
              SECTION
                4.14

            	
              Liens

            	
              38

            
	
              SECTION
                4.15

            	
              Corporate
                Existence

            	
              38

            
	
              SECTION
                4.16

            	
              Business
                Activities

            	
              38

            
	 
	
              ARTICLE5

            
	 
	
              SUCCESSORS

            
	 	 	 
	
              SECTION
                5.01

            	
              Merger,
                Consolidation or Sale of Assets

            	
              39

            
	
              SECTION
                5.02

            	
              Successor
                Corporation Substituted

            	
              39

            
	 
	
              ARTICLE
                6

            
	 
	
              DEFAULTS
                AND REMEDIES

            
	 	 	 
	
              SECTION
                6.01

            	
              Events
                of Default

            	
              40

            
	
              SECTION
                6.02

            	
              Acceleration

            	
              41

            
	
              SECTION
                6.03

            	
              Other
                Remedies

            	
              42

            
	
              SECTION
                6.04

            	
              Waiver
                of Past Defaults

            	
              42

            
	
              SECTION
                6.05

            	
              Control
                by Majority

            	
              42

            
	
              SECTION
                6.06

            	
              Limitation
                on Suits

            	
              42

            
	
              SECTION
                6.07

            	
              Rights
                of Holders of Senior Notes to Receive Payment

            	
              43

            
	
              SECTION
                6.08

            	
              Collection
                Suit by Trustee

            	
              43

            
	
              SECTION
                6.09

            	
              Trustee
                May File Proofs of Claim

            	
              43

            
	
              SECTION
                6.10

            	
              Priorities

            	
              44

            
	
              SECTION
                6.11

            	
              Undertaking
                of Costs

            	
              44

            
	 
	
              ARTICLE
                7

            
	 
	
              TRUSTEE

            
	 	 	 
	
              SECTION
                7.01

            	
              Duties
                of Trustee

            	
              44

            
	
              SECTION
                7.02

            	
              Rights
                of Trustee

            	
              46

            
	
              SECTION
                7.03

            	
              Individual
                Rights of Trustee

            	
              46

            

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        (ii)

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                7.04

            	
              Trustee’s
                Disclaimer

            	
              46

            
	
              SECTION
                7.05

            	
              Notice
                of Defaults

            	
              47

            
	
              SECTION
                7.06

            	
              Reports
                by Trustee to Holders of the Senior Notes

            	
              47

            
	
              SECTION
                7.07

            	
              Compensation
                and Indemnity

            	
              47

            
	
              SECTION
                7.08

            	
              Replacement
                of Trustee

            	
              48

            
	
              SECTION
                7.09

            	
              Successor
                Trustee by Merger, Etc

            	
              49

            
	
              SECTION
                7.10

            	
              Eligibility;
                Disqualification

            	
              49

            
	
              SECTION
                7.11

            	
              Preferential
                Collection of Claims Against Company

            	
              49

            
	 
	
              ARTICLE
                8

            
	 
	
              LEGAL
                DEFEASANCE AND COVENANT DEFEASANCE

            
	 	 	 
	
              SECTION
                8.01

            	
              Option
                to Effect Legal Defeasance or Covenant Defeasance

            	
              49

            
	
              SECTION
                8.02

            	
              Legal
                Defeasance and Discharge

            	
              50

            
	
              SECTION
                8.03

            	
              Covenant
                Defeasance

            	
              50

            
	
              SECTION
                8.04

            	
              Conditions
                to Legal or Covenant Defeasance

            	
              51

            
	
              SECTION
                8.05

            	
              Deposited
                Money and Government Securities to be Held in Trust; Other Miscellaneous
                Provisions

            	
              52

            
	
              SECTION
                8.06

            	
              Repayment
                to Company

            	
              52

            
	
              SECTION
                8.07

            	
              Reinstatement

            	
              53

            
	 
	
              ARTICLE
                9

            
	 
	
              AMENDMENT,
                SUPPLEMENT AND WAIVER

            
	 	 	 
	
              SECTION
                9.01

            	
              Without
                Consent of Holders of Senior Notes

            	
              53

            
	
              SECTION
                9.02

            	
              With
                Consent of Holders of Senior Notes

            	
              54

            
	
              SECTION
                9.03

            	
              Compliance
                with Trust Indenture Act

            	
              55

            
	
              SECTION
                9.04

            	
              Revocation
                and Effect of Consents

            	
              55

            
	
              SECTION
                9.05

            	
              Notation
                on or Exchange of Senior Notes

            	
              56

            
	
              SECTION
                9.06

            	
              Trustee
                to Sign Amendments, Etc

            	
              56

            
	 
	
              ARTICLE
                10

            
	 
	
              GUARANTEES

            
	 	 	 
	
              SECTION
                10.01

            	
              Guarantees

            	
              56

            
	
              SECTION
                10.02

            	
              Limitation
                of Liability

            	
              58

            
	
              SECTION
                10.03

            	
              Successors
                and Assigns

            	
              58

            
	
              SECTION
                10.04

            	
              No
                Waiver

            	
              58

            
	
              SECTION
                10.05

            	
              Modification

            	
              58

            
	
              SECTION
                10.06

            	
              Release

            	
              59

            
	
              SECTION
                10.07

            	
              Contribution

            	
              59

            
	 
	
              ARTICLE
                11

            
	 
	
              COLLATERAL
                AND SECURITY

            
	 	 	 
	
              SECTION
                11.01

            	
              Collateral
                Documents

            	
              59

            
	
              SECTION
                11.02

            	
              Recording
                of Opinions

            	
              60

            
	
              SECTION
                11.03

            	
              Release
                of Collateral

            	
              61

            
	
              SECTION
                11.04

            	
              Certificates
                of the Company

            	
              62

            

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        (iii)

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                11.05

            	
              Certificates
                of the Trustee

            	
              62

            
	
              SECTION
                11.06

            	
              Authorization
                of Actions to be Taken by the Trustee and the Collateral Agent under
                the
                Senior Note Collateral Documents

            	
              62

            
	
              SECTION
                11.07

            	
              Authorization
                of Receipt of Funds by the Collateral Agent under the Senior Note
                Collateral Documents

            	
              63

            
	
              SECTION
                11.08

            	
              Termination
                of Security Interest

            	
              63

            
	
              SECTION
                11.09

            	
              Conflicts
                between Indenture and Senior Note Collateral Documents

            	
              63

            
	 
	
              ARTICLE
                12

            
	 
	
              SATISFACTION
                AND DISCHARGE

            
	 	 	 
	
              SECTION
                12.01

            	
              Satisfaction
                and Discharge

            	
              64

            
	
              SECTION
                12.02

            	
              
                Deposited
                  Cash and U.S. Government Securities to
                  be Held in Trust; Other Miscellaneous
                  Provisions

              

            	
              
                64

              

            
	
              SECTION
                12.03

            	
              Repayment
                to Company

            	
              65

            
	 
	
              ARTICLE
                13

            
	 
	
              MISCELLANEOUS

            
	 	 	 
	
              SECTION
                13.01

            	
              Trust
                Indenture Act Controls

            	
              65

            
	
              SECTION
                13.02

            	
              Notices

            	
              65

            
	
              SECTION
                13.03

            	
              Communication
                by Holders of Senior Notes with Other Holders of Senior
                Notes

            	
              66

            
	
              SECTION
                13.04

            	
              Certificate
                and Opinion as to Conditions Precedent

            	
              66

            
	
              SECTION
                13.05

            	
              Statements
                Required in Certificate or Opinion

            	
              67

            
	
              SECTION
                13.06

            	
              Rules
                by Trustee and Agents

            	
              67

            
	
              SECTION
                13.07

            	
              No
                Personal Liability of Directors, Officers, Employees and
                Stockholders

            	
              67

            
	
              SECTION
                13.08

            	
              Governing
                Law

            	
              67

            
	
              SECTION
                13.09

            	
              No
                Adverse Interpretation of Other Agreements

            	
              67

            
	
              SECTION
                13.10

            	
              Successors

            	
              68

            
	
              SECTION
                13.11

            	
              Severability

            	
              68

            
	
              SECTION
                13.12

            	
              Counterpart
                Originals

            	
              68

            
	
              SECTION
                13.13

            	
              Table
                of Contents, Headings, Etc.

            	
              68

            
	
              SECTION
                13.14

            	
              Agent
                for Service; Submission to Jurisdiction; Waiver Of
                Immunities

            	
              68

            
	
              SECTION
                13.15

            	
              Arbitration

            	
              69

            

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        (iv)

        
          

        

      

      
        
        

      

      

        
          	
                  Exhibits:

                	
                	 
	 	 	 
	  	
                  Exhibit
                    A:

                	
                  Form
                    of Senior Note

                
	  	
                  Exhibit
                    B:

                	
                  Schedule
                    of Exchanges of Interests in the Global Note

                
	  	
                  Exhibit
                    C:

                	
                  Form
                    of Intercreditor Agreement

                
	  	
                  Exhibit
                    D:

                	
                  Form
                    of Officer’s Compliance Certificate

                
	  	
                  Exhibit
                    E:

                	
                  Oil
                    Rig Related Assets

                
	  	
                  Exhibit
                    F:

                	
                  Use
                    of Proceeds Certificate

                
	  	
                  Exhibit
                    G:

                	
                  Form
                    of Investor Letter

                

        

      

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        (v)

        
          

        

      

      
        
        

      

    

     

    INDENTURE
      dated as of January 3, 2008 by and among FORSTER DRILLING CORPORATION, a
      corporation organized under the laws of the State of Nevada (the “Company”),
      its
      three (3) wholly-owned subsidiaries, Forster Drilling, Inc., a Texas corporation
      (“FDI”), Forster Tool & Supply, Inc., a Nevada corporation (“FTSI”), and
      Forster Exploration & Production, Inc., a Nevada corporation (“FEP”)
      (collectively, FDI, FTSI and FEP are referred to herein as the “Forster
      Subsidiaries”
or
      the
“Subsidiary
      Guarantors”)
      and
      First Security Bank (the “Trustee”).

     

    The
      Company and the Trustee agree as follows for the benefit of each other and
      for
      the equal and ratable benefit of the Holders of the US$4,805,000 aggregate
      principal amount of the Senior Secured Notes due January 15, 2013 (the
“Senior
      Notes”)
      issued
      by the Company pursuant to this Indenture:

     

    ARTICLE
      1

     

    DEFINITIONS
      AND INCORPORATION

    BY
      REFERENCE

     

    
      	
              SECTION
                1.01

            	
              Definitions.

            

    

     

    “Additional
      Obligations”
means
      the Obligations.

     

    “Affiliate”
of
      any
      specified Person means any other Person directly or indirectly controlling
      or
      controlled by or under direct or indirect common control with such specified
      Person. For purposes of this definition, “control” (including, with correlative
      meanings, the terms “controlling,” “controlled by” and “under common control
      with”), as used with respect to any Person, shall mean the possession, directly
      or indirectly, of the power to direct or cause the direction of the management
      or policies of such Person, whether through the ownership of voting securities,
      by agreement or otherwise, provided,
      however,
      that
      beneficial ownership of 10% or more of the voting securities of a Person shall
      be deemed to be control.

     

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

     

    “Annual
      Debt Service”
means,
      with respect to all or any particular amount of the outstanding Senior Notes,
      the Debt Service for any particular 12 month period required to be paid or
      set
      aside during such 12 month period, less
      the
      amount of such payment which is provided from the proceeds of the sale of the
      Notes or from sources other than Pledged Revenues.

     

    “Annual
      Expansion Debt Service”
means,
      with respect to any Expansion Debt, the proposed Debt Service for any particular
      12 month period required to be paid or set aside during such 12 month period,
      less the amount of such payment which is provided from the proceeds of the
      sale
      of the Notes or Expansion Debt or from sources other than Revenues.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Applicable
      Procedures”
means
      the applicable procedures in effect from time to time of DTC, Euroclear or
      Clearstream. 

     

    “Authorized
      Denominations”
means
      $5,000 and minimum increments of $5,000 in excess thereof.

     

    “Bankruptcy
      Law”
means
      title 11, U.S. Code or any similar law of the United States, any state or other
      jurisdiction thereof, or any other country, state or jurisdiction thereof for
      the relief of debtors.

     

    “Beneficial
      Owner”
means
      a
      beneficial owner as defined in Rules 13d-3 and 13d-5 under the Exchange Act
      (or
      any successor rules), including the provision of such Rules that a Person shall
      be deemed to have beneficial ownership of all securities that such Person has
      a
      right to acquire within 60 days; provided,
      that a
      Person will not be deemed a beneficial owner of, or to own beneficially, any
      securities if such beneficial ownership (i) arises solely as a result of a
      revocable proxy delivered in response to a proxy or consent solicitation made
      pursuant to, and in accordance with, the Exchange Act and (ii) is not also
      then
      reportable on Schedule 13D or Schedule 13G (or any successor schedule)
      under the Exchange Act.

     

    “Board
      of Directors”
means,
      unless otherwise specified, the Board of Directors of the Company or any
      authorized committee thereof.

     

    “Board
      Resolution”
means
      a
      resolution of the Board of Directors.

     

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

     

    “Capital
      Stock”
means
      (i) in the case of a corporation, corporate stock, (ii) in the case of an
      association or business entity, any and all shares, interests, participations,
      rights or other equivalents (however designated) of corporate stock and (iii)
      in
      the case of a partnership, partnership interests (whether general or limited)
      and 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,
      such partnership.

     

    “Certificated
      Notes”
means
      certificated Senior Notes in fully registered form without interest coupons,
      in
      substantially the form of Exhibit
      A
      attached
      hereto.

     

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

     

    (i) a
      merger
      or consolidation in which the Company is not the surviving entity, except for
      a
      transaction the principal purpose of which is to change the state in which
      the
      Company is incorporated; 

     

    (ii) the
      sale,
      transfer or other disposition of all or substantially all of the assets of
      the
      Company;

     

    
      
        Senior
          Note Indenture

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (iii) approval
      by the Company’s stockholders of any plan or proposal for the complete
      liquidation or dissolution of the Company;

     

    (iv) reserved;
      

     

    (v) any
      reverse merger in which the Company is the surviving entity but in which
      securities possessing more than fifty percent (50%) of the total combined voting
      power of the Company’s outstanding securities are transferred to a person or
      persons different from those who held such securities immediately prior to
      such
      merger; or

     

    (vi) the
      acquisition by any person or related group of persons (other than the Company,
      existing equity-holders or a person that directly or indirectly controls, is
      controlled by, or is under common control with, the Company) of beneficial
      ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
      securities possessing more than fifty percent (50%) of the total combined voting
      power of the Company’s outstanding securities. 

     

    “Collateral” as
      used
      in this Indenture shall have the same meaning as set forth for such term in
      the
      Senior Note Security Agreement.” 

     

    “Collateral
      Agent”
means
      the Trustee or any other Person from time to time acting as the Collateral
      Agent
      for the Senior Notes under the Senior Note Collateral Documents.

     

    “Commission”
means
      the United States Securities and Exchange Commission or any successor
      governmental agency.

     

    “Common
      Stock”
of
      any
      Person means Capital Stock of such Person that does not rank prior, as to the
      payment of dividends or as to the distribution of assets upon any voluntary
      or
      involuntary liquidation, dissolution or winding up of such Person, to shares
      of
      Capital Stock of any other class of such Person.

     

    “Corporate
      Trust Office of the Trustee”
shall
      be at the address of the Trustee specified in Section
      14.02
      hereof
      or such other address as to which the Trustee may give notice to the
      Company.

     

    “Custodian”
means,
      with respect to the Senior Notes issuable or issued in whole or in part in
      global form, the Person specified in Section
      2.03(c)
      as
      Custodian with respect to the Senior Notes, and any and all successors thereto
      appointed as custodian hereunder and having become such pursuant to the
      applicable provisions of this Indenture.

     

    “Debt
      Service”
means,
      with respect to all or any particular amount of the Senior Notes, the total
      as
      of any particular date of computation and for any particular period of the
      scheduled amount of interest and amortization of principal payable on such
      Senior Notes, excluding amounts scheduled during such period which relate to
      principal which has been retired before the beginning of such period. When
      calculating Debt Service, any obligation with a balloon maturity shall be
      treated as though the aggregate debt service thereon was equally amortizing
      over
      the term thereof and any obligation subject to a floating interest rate shall
      be
      calculated at the maximum interest rate permissible thereon.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

    “Depository”
means,
      with respect to the Senior Notes issued in the form of one or more Global Notes,
      DTC or another Person designated as depository by the Company, which must be
      a
      clearing agency registered under the Exchange Act.

     

    “DTC”
means
      The Depository Trust Company, its nominees and their respective successors
      and
      assigns, or such other depository institution hereinafter appointed by the
      Company pursuant to the terms of the Indenture.

     

    “Eligible
      Institution”
means
      a
      commercial banking institution that has combined capital and surplus of not
      less
      than US$500 million or its equivalent in foreign currency, whose debt is rated
      “A” (or higher) according to Standard & Poor’s or Moody’s at the time as of
      which any deposit or Investment therein is made.

     

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

     

    “Euroclear”
means
      Euroclear Bank S.A./N.V., as operator of the Euroclear system and its
      successors. 

     

    “Excess
      Revenue”
means
      an amount computed as set forth in Section 5.02 of this Indenture.

     

    “Excess
      Revenue Account”
means
      an account of the Company maintained with the Trustee.

     

    “Exchange
      Act”
means
      the United States Securities Exchange Act of 1934, as amended (or any successor
      act), and the rules and regulations thereunder.

     

    “Expansion
      Assets”
means
      any additional oil and natural gas drilling rigs and equipment, drilling
      prospects, real property, mineral interests or other assets procured by the
      Company or its Affiliates on and after the date of this Indenture.

     

    “Expansion
      Debt”
means
      any Additional Obligations incurred by the Company or its Affiliates or
      Subsidiaries for the acquisition of Expansion Assets. Expansion Debt shall
      only
      be incurred in accordance with the provisions of this Indenture. 

     

    “Fair
      Market Value”
means
      with respect to any asset or property, the sale value that would be obtained
      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.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Fiscal
      Year”
means
      the 12-month period used, at any time, by the Company for accounting purposes
      with respect to the Company, which may be the calendar year.

     

    “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
      Institute of Certified Public Accountants and statements and pronouncements
      of
      the Financial Accounting Standards Board or in such other statements by such
      other entity as may be approved by a significant segment of the accounting
      profession of the United States, which are in effect on the Issue Date,
      consistently applied.

     

    “Global
      Note”
means
      a
      Senior Note evidencing all or a part of the Senior Notes issued in accordance
      with Section
      2.02
      and
      substantially in the form of Exhibit
      A
      (with
Exhibit B)
      attached hereto.

     

    “Government
      Securities”
means
      direct obligations of, or obligations guaranteed by, the United States of
      America for the payment of which guarantee or obligations the full faith and
      credit of the United States is pledged.

     

    “Guarantee”
means
      any obligation, contingent or otherwise, of any Person directly or indirectly
      guaranteeing any Indebtedness of any Person and any obligation, direct or
      indirect, contingent or otherwise, of such Person:

     

    (i) to
      purchase or pay (or advance or supply funds for the purchase or payment of)
      such
      Indebtedness of such Person (whether arising by virtue of partnership
      arrangements, or by agreements to keep-well, to purchase assets, goods,
      securities or services, to take-or-pay or to maintain financial statement
      conditions or otherwise), or

     

    (ii) entered
      into for the purpose of assuring in any other manner the obligee of such
      Indebtedness of the payment thereof or to protect such obligee of such
      Indebtedness of the payment thereof or to protect such oblige against loss
      in
      respect thereof (in whole or in part); 

     

    provided,
      however,
      that the
      term “Guarantee” shall not include endorsements for collection or deposit in the
      ordinary course of business. The term “Guarantee” used as a verb has a
      corresponding meaning. 

     

    “Guarantor”
means,
      collectively and individually, the Subsidiary Guarantors.

     

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

     

    “Indebtedness”
means,
      with respect to any Person on any date of determination,

     

    
      
        Senior
          Note Indenture

        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (i) any
      indebtedness of such Person, whether or not contingent, in respect of borrowed
      money or evidenced by bonds, notes, debentures or similar instruments or letters
      of credit (or reimbursement agreements in respect thereof) or representing
      the
      balance deferred and unpaid of the purchase price of any property (including
      pursuant to capital leases not incurred in the ordinary course of business),
      except any such balance outstanding as of the Issue Date and balances that
      constitutes an accrued expense or trade payable, if and to the extent any of
      the
      foregoing (other than letters of credit) would appear as a liability upon a
      balance sheet of such Person prepared in accordance with GAAP,

     

    (ii) all
      capital lease obligations of such Person, except as incurred in the ordinary
      course of business,

     

    (iii) all
      indebtedness of others secured by a Lien on any asset of such Person (whether
      or
      not such indebtedness is assumed by such Persons), 

     

    (iv) all
      obligations of such Person issued or assumed as the deferred purchase price
      of
      property, all conditional sale obligations of such Person and all obligations
      of
      such Person under any title retention agreement (but excluding trade accounts
      payable arising in the ordinary course of business),

     

    (v) all
      obligations of such Person for the reimbursement of any obligor on any letter
      of
      credit, bankers’ acceptance or similar credit transaction (other than
      obligations with respect to letters of credit securing obligations in clauses
      (i) through (iv) above) entered into in the ordinary course of business of
      such
      Person to the extent such letters of credit are not drawn upon or, if and to
      the
      extent drawn upon, such drawing is reimbursed no later than the tenth Business
      Day following payment on the letter of credit,

     

    (vi) all
      obligations to purchase, redeem, retire, defease or otherwise acquire for value
      any stock or any warrants, rights or options to acquire such stock valued,
      in
      the case of stock, at the greatest amount payable in respect thereof on a
      liquidation (whether voluntary or involuntary) plus accrued and unpaid
      dividends, and

     

    (vii) to
      the
      extent not otherwise included, the Guarantee of items that would be included
      within this definition and any amendment, supplement, modification, deferral,
      renewal, extension or refunding of any of the above.

     

    Notwithstanding
      the foregoing, in no event will performance bonds or similar security for
      performance be deemed Indebtedness so long as such performance bonds or similar
      security for performance would not appear as a liability on a balance sheet
      of
      such Person prepared in accordance with GAAP, and provided,
      that
      the
      amount of any Indebtedness in respect of any Guarantee shall be the maximum
      principal amount of the Indebtedness so guaranteed.

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Intercreditor
      Agreement”
means
      the Intercreditor Agreement in substantially the form of Exhibit C
      hereto.

     

    “Interest
      Payment Date”
means
      (a) January
      15, April 15, July 15 and October 15, commencing April 15, 2008,
      or if
      any such day is not a Business Day, on the next succeeding Business Day; and
      (b)
      for the Senior Notes subject to redemption in whole or in par on any date,
      the
      date of such redemption.

     

    “Interest
      Rate”
means
      the annual interest rate applicable at any time and from time to time with
      respect to the Senior Note Obligations, as provided in the Senior
      Notes.

     

    “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, Guaranties, advances
      or capital contributions (excluding commission, travel and similar advances
      to
      officers and employees made in the ordinary course of business), purchases
      or
      other acquisitions for consideration of Indebtedness, Equity Interests or other
      securities of any other Person and all other items that are or would be
      classified as investments on a balance sheet prepared in accordance with GAAP.
      If the Company or any Subsidiary of the Company sells or otherwise disposes
      of
      any Capital Stock of any direct or indirect Subsidiary of the Company, such
      that
      after giving effect to any such sale or disposition, such Person is no longer
      a
      Subsidiary of the Company, the Company will be deemed to have made an Investment
      on the date of any such sale or disposition equal to the fair market value
      of
      the Capital Stock of such Subsidiary not sold or disposed of. The acquisition
      by
      the Company or any Subsidiary of the Company of a Person that holds an
      investment in a third person will be deemed to be an Investment by the Company
      or such Subsidiary in such third Person in an amount equal to the Fair Market
      Value of such Investment held by the acquired Person in such third Person.
      

     

    “Investor
      Letter”
means
      a
      written instrument signed by each original purchaser of the Senior Notes as
      a
      condition precedent to the issuance of a Senior Note to such purchaser and
      each
      transferee of a Note in substantially the same form as that attached hereto
      as
      Exhibit G.

     

    “Issue
      Date”
means
      January 3, 2008.

     

    “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. If a payment date is a Legal Holiday at a place of
      payment, payment may be made at that place on the next succeeding day that
      is
      not a Legal Holiday, and no interest shall accrue for the intervening
      period.

     

    “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 Texas Uniform
      Commercial Code (or equivalent statutes of any jurisdiction).

     

    
      
        Senior
          Note Indenture

        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Marketable
      Securities”
      means:

     

    (i) Government
      Securities,

     

    (ii) any
      certificate of deposit maturing not more than 270 days after the date of
      acquisition that is issued by, or time deposit of, an Eligible
      Institution,

     

    (iii) commercial
      paper maturing not more than 270 days after the date of acquisition issued
      by a
      corporation (other than an Affiliate of the Company) with a rating, at the
      time
      as of which any investment therein is made, of “A-1” (or higher) according to
      Standard & Poor’s or “P-1” (or higher) according to Moody’s,

     

    (iv) any
      banker’s acceptances or money market deposit accounts issued or offered by an
      Eligible Institution, and

     

    (v) any
      fund
      with assets of at least $500 million investing exclusively in investments of
      the
      types described in clauses (i) through (iv) above.

     

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

     

    “Mortgage”
means
      that certain Senior Deed of Trust delivered by a Forster Subsidiary conveying
      a
      first priority lien and security interest in certain real property of the
      Company, in form and substance satisfactory to the Trustee and Special Counsel.
      

     

    “Net
      Proceeds”
means
      the aggregate cash proceeds received by the Company or any of its Restricted
      Subsidiaries in respect of any sale of any assets that constitute Collateral,
      net of the direct costs relating to such sale (including, without limitation,
      legal, accounting and investment banking fees, and sales commissions) and any
      relocation expenses incurred as a result thereof, 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), amounts required to
      be
      applied to the repayment of Indebtedness secured by a Lien on the asset or
      assets that are the subject of such asset sale, any reserve for adjustment
      in
      respect of the sale price of such asset or assets and any contingent purchase
      price payments in connection with purchase price adjustments, escrowed proceeds,
      reserves or indemnities until such amounts are released. Net Proceeds shall
      exclude any non-cash proceeds received from any asset sale, but shall include
      such proceeds when and as converted by the Company or any Restricted Subsidiary
      of the Company to cash.

     

    “Net
      Revenues”
means
      Revenues, less those Operation and Maintenance Expenses, charges and deductions
      that are allowable for federal tax purposes in the calculation of taxable income
      and as reported by the Company on its federal tax returns, exclusive of
      depletion, impairment, interest, depreciation and amortization.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “New
      Subsidiaries”
means
      direct or indirect Subsidiaries of the Company formed or acquired after
      execution of the Indenture.

     

    “Obligations”
means
      any principal, interest, penalties, fees, indemnifications, reimbursements
      (including reimbursement obligations with respect to letters of credit and
      banker’s acceptances), damages and other liabilities, and guarantees of payment
      of such principal, interest, penalties, fees, indemnifications, reimbursements,
      damages and other liabilities, payable under the documentation governing any
      Indebtedness; for avoidance of doubt, Capital Stock and Operation and
      Maintenance Expenses are not Obligations.

     

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

     

    “Officers’
      Certificate”
means,
      with respect to any Person, a certificate signed by the Chief Executive Officer
      or President and the Chief Financial Officer of such Person. 

     

    “Oil
      Rig Business”
means,
      when used in reference to any Person, that such Person is engaged primarily
      in
      the business of manufacturing, remanufacturing, assembly and re-assembly of
      oil
      and natural gas rigs and equipment; provided,
      that
      the determination of what constitutes an Oil Rig Business shall be made in
      good
      faith by the Board of Directors and shall include exploration activities that
      may be part of a drilling contract entered into by the Company or Forster
      Subsidiary.

     

    “Oil
      Rig Related Assets”
means
      all assets, rights (contractual or otherwise), concessions, including without
      limitation, those set forth on Exhibit E, and comprising Rigs #15, #12, #41
      and
      #22, used in connection with the Company’s Oil Rig Business, which
      are currently encumbered by liens that will be paid off immediately following
      the Closing.
      

     

    “Operation
      and Maintenance Expenses”
means,
      for any period, all ordinary and necessary expenses of operation, labor, payroll
      taxes, state and local taxes, materials, supplies, repair, maintenance and
      insuring of the Oil Rig Related Assets and other properties and assets of the
      Company under generally accepted accounting principles, and shall include the
      monthly or other periodic payment of annual insurance premiums, except that
      there shall not be included: (i) any allowance for depreciation, depletion
      or
      impairment, or (ii) any deposits or transfers to the credit of the Senior Note
      Fund or any other fund or account created for the payment of Debt Service on
      the
      Notes or Additional Obligations as permitted under this Indenture.

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Percentage”
means,
      for each Holder, the percentage resulting from the principal amount outstanding
      on each such Holder’s Senior Notes divided
      by
      the
      total aggregate principal amount of Senior Notes outstanding. 

     

    “Permitted
      Investment”
means
      

     

    (i) any
      Investments in the Company or any Restricted Subsidiary of the Company or any
      Person that will become a Restricted Subsidiary, provided,
      however,
      such
      Restricted Subsidiary’s primary business is the Oil Rig Business,

     

    (ii) any
      Investments in Marketable Securities, 

     

    (iii) Investments
      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 Restricted Subsidiary of
      the
      Company 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 Restricted Subsidiary of the Company, provided,
      however,
      such
      Restricted Subsidiary’s primary business is the Oil Rig Business, 

     

    (iv) any
      Investment in property or assets to be used in (a) any line of business in
      which
      the Company or any of its Restricted Subsidiaries was engaged on the Issue
      Date
      or (b) any Oil Rig Business, 

     

    (v) Investments
      in any Person primarily engaged in the Oil Rig Business in connection with
      the
      acquisition of such Person or substantially all of the property or assets of
      such Person by the Company or any Restricted Subsidiary of the Company;
provided,
      that
      within 90 days from the first date of any such Investment, either (a) such
      Person becomes a Restricted Subsidiary of the Company or any of its Restricted
      Subsidiaries or (b) the amount of any such Investment is repaid in full to
      the
      Company or any of its Restricted Subsidiaries,

     

    (vi) Investments
      in prepaid expenses, negotiable instruments held for collection and lease,
      utility and workers’ compensation, performance and other similar deposits,
      and

     

    (vii) Investments
      aggregating not more than US$1.0 million in securities or other debt instruments
      of companies with a minimum Moody’s bond rating of Aa that mature or are
      redeemed within 180 days of the date of the purchase thereof.

     

    “Permitted
      Liens”
means
      

     

    (i) Liens
      in
      favor of the Company, 

     

    (ii) Liens
      on
      property of a Person existing at the time such Person is merged 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, 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (iii) 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,
      

     

    (iv) Liens
      to
      secure the performance of statutory obligations, surety or appeal bonds,
      performance bonds or other obligations of a like nature incurred in the ordinary
      course of business, 

     

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

     

    (vi) 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 $5.0
      million at any one time outstanding and that (a) are not incurred in connection
      with the borrowing of money or the obtaining of advances or credit (other than
      trade credit in the ordinary course of business) and (b) do not in the aggregate
      materially detract from the value of the property or materially impair the
      use
      thereof in the operation of business by the Company or such Restricted
      Subsidiary, 

     

    (vii) Liens
      on
      existing Oil Rig Related Assets existing during the time of the construction
      thereof, in each case to the extent the Investment in such assets is permitted
      under this Indenture, 

     

    (viii) easements,
      rights of way, municipal and zoning ordinances and similar charges and
      encumbrances, title defects or other irregularities that do not materially
      interfere with the ordinary course of business of the Company or any Restricted
      Subsidiary,

     

    (ix) Liens
      in
      favor of the Holders of the Senior Notes, 

     

    (x) Liens
      in
      favor of the holders of the Subordinated Notes created by the Subordinated
      Note
      Documents, 

     

    (xi) Liens
      created by the issuance of Expansion Debt and the Working Capital Loan,

     

    (xii) Liens
      that do not have a material adverse effect on the business or financial
      condition of the Company and Forster Subsidiaries taken as a whole,
      and

     

    (xiii) Liens
      that are being paid off from Senior Note Proceeds.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Person”
means
      any individual, corporation, partnership, joint venture, association, joint
      stock company, trust, sociedad, unincorporated organization, government or
      any
      agency or political subdivision thereof or any other entity.

     

    “Placement
      Agent”
means
      Crews & Associates, Inc.

     

    “Placement
      Agreement”
means
      that certain Placement Agreement dates as of December 20, 2007 between the
      Company and the Placement Agent pursuant to which Placement Agent has privately
      placed the Notes.

     

    “Pledged
      Revenues”
means
      seventy-five percent (75%) of all Net Revenues.

     

    “Preferred
      Stock”
as
      applied to the Capital Stock of any Person, means Capital Stock of such Person
      of any class or classes (however designated) that ranks prior, as to payment
      of
      dividends or as to the distribution of assets upon any voluntary or involuntary
      liquidation, dissolution or winding up of such Person, to shares of Capital
      Stock of any other class of such Person.

     

    “Qualified
      Accountant” means an independent certified public accountant in the regular
      employ or hire of Company, including, but not limited to, the current
      independent firm of certified public accountants of the Company. For purposes
      of
      the issuance or incurrence of Expansion Debt at a time when current audited
      financial statements of the Company are unavailable, a Qualified Accountant
      may
      include Company’s chief financial officer or other certified public accountant
      employed or hired by Issuer.

     

    “Receivables”
means,
      with respect to any Person, all of the following property and interests in
      property of such person or entity, whether now existing or existing in the
      future or hereafter acquired or arising, provided that they arise out of the
      Revenues: (i) accounts, (ii) accounts receivable, including, without limitation,
      all rights to payment created by or arising from sales of goods, leases of
      goods
      or the rendition of services no matter how evidenced, whether or not earned
      by
      performance, (iii) all unpaid seller’s or lessor’s rights including, without
      limitation, rescission, replevin, reclamation and stoppage in transit, relating
      to any of the foregoing after creation of the foregoing or arising therefrom;
      (iv) all rights to any goods or merchandise represented by any of the
      foregoing, including, without limitation, returned or repossessed goods, (v)
      all
      reserves and credit balances with respect to any such accounts receivable or
      account debtors, (vi) all letters of credit, security, or Guaranties for any
      of
      the foregoing, (vii) all insurance policies or reports relating to any of the
      foregoing, (viii) all collection of deposit accounts relating to any of the
      foregoing; (ix) all proceeds of any of the foregoing, and (x) all books and
      records relating to any of the foregoing.

     

    “Responsible
      Officer”
when
      used with respect to the Trustee, means any officer within the Corporate Trust
      Department 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.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

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

     

    “Restricted
      Payment” means,

     

    (i) any
      dividend or any distribution, direct or indirect, on account of any Equity
      Interests of, or other Equity Interests in, the Company or any of its Restricted
      Subsidiaries other than dividends or distributions payable (A) in Equity
      Interests of the Company or (B) to the Company or any Restricted
      Subsidiary,

     

    (ii) any
      payment to Retire any Equity Interests of the Company or any of its Subsidiaries
      or other Affiliate of the Company (other than any such Equity Interests owned
      by
      the Company or any Restricted Subsidiary or employee, consultant, officer or
      director of the Company, or Equity Interests of any Subsidiary or other
      Affiliate of the Company that qualifies as a Permitted Investment),
      or

     

    (iii) any
      payment to Retire any Indebtedness of the Company or its Restricted Subsidiaries
      that is subordinate in right of payment to the Senior Notes except at final
      maturity or in accordance with the mandatory redemption or repayment provisions
      set forth in the original documentation governing such
      Indebtedness.

     

    “Restricted
      Subsidiary”
means
      the Forster Subsidiaries, provided,
      however,
      that
      upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted
      Subsidiary, such Subsidiary shall be included in the definition of “Restricted
      Subsidiary.”

     

    “Retire”
and
      “Retirement”
      mean
      purchase, redeem, defease, retire or otherwise acquire any interest for
      value.

     

    “Revenues”
      means all contract drilling income earned pursuant to every type of drilling
      contract, rents, charges, fees, Net Proceeds, issue and other income, except
      for
      reimbursements for drill pipe and other component parts by FDI, derived by
      the
      Company or the Forster Subsidiaries at any time and from time to time from
      the
      operation of Forster Drilling, Inc. and the drilling rigs and equipment
      associated with Rigs # 15, #12, #22 and #41. 

     

    “Securities
      Act”
means
      the United States Securities Act of 1933, as amended (or any successor act),
      and
      the rules and regulations thereunder.

     

    “Senior
      Notes”
means
      the Senior Notes described above issued under this Indenture.

     

    “Senior
      Note Collateral Documents”
means,
      collectively, the Senior Note Security Agreement, the Senior Note Stock Pledge
      Agreement and any other mortgage, pledge, stock pledge, deed of trust,
      collateral assignment, security agreement, fiduciary transfer, debenture,
      fiduciary assignment or other agreements or instruments evidencing or creating
      any Liens in favor of the Collateral Agent in all or any portion of the
      Collateral pursuant to or in connection with the Indenture or any other Senior
      Note Document, in each case, as amended, restated, extended, renewed,
      supplemented or otherwise modified from time to time, in accordance with the
      terms thereof.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Senior
      Note Documents”
means
      the Indenture, the Senior Notes, the Senior Note Collateral Documents and the
      other documents entered into by the Company, any Restricted Subsidiary, the
      Trustee, the Collateral Agent and/or any other party pursuant to or in
      connection with the Indenture or any other Senior Note Document.

     

    “Senior
      Note First Lien Collateral”
means
      the Oil Rig Related Assets and any assets specified as being Collateral
      hereunder.

     

    “Senior
      Note Obligations”
means
      the Obligations of the Company and the Guarantors (including all interest
      accrued thereon after the commencement of any insolvency or liquidation
      proceeding at the rate, including any applicable post-default rate, specified
      in
      this Indenture, the Senior Notes and the other Senior Note Documents, even
      if
      such interest is not enforceable, allowable or allowed as a claim in such
      proceeding) in respect of the Senior Notes.

     

    “Senior
      Note Security Agreements”
      means
      one or more agreements or equivalent documents granting to the Collateral Agent
      for the benefit of the Holders a security interest in all of the personal
      property of the Company and Forster Subsidiaries pursuant to or in connection
      with the Indenture or other Senior Note Documents. 

     

    “Senior
      Note Stock Pledge Agreement”
means
      one or more stock pledge agreements or equivalent documents granting to the
      Collateral Agent for the benefit of Holders a security interest in all of the
      Capital Stock of the Forster Subsidiaries. 

     

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

     

    “Subordinated
      Notes”
means,
      collectively, the $1,215,000 Subordinated Notes due January 15,
      2013.

     

    “Subordinated Note
      Documents”
means,
      collectively, the Subordinated Notes Indenture, the Subordinated Notes, the
      Subordinated Note Collateral Documents and the other documents entered into
      by
      the Company, any Restricted Subsidiary, the Trustee, the Collateral Agent and/or
      any other party pursuant to or in connection with the Indenture or any other
      Subordinated Note Document.

     

    “Subordinated Note
      Obligations”
means
      the Subordinated Note Debt and all other Obligations of the Company and the
      Guarantors (including all interest accrued thereon after the commencement of
      any
      insolvency or liquidation proceeding at the rate, including any applicable
      post-default rate, specified in the Subordinated Note Documents, even if such
      interest is not enforceable, allowable or allowed as a claim in such proceeding)
      in respect of the Subordinated Note Debt.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

    “Subsidiary
      Guarantors”
means,
      individually and collectively Forster Drilling, Inc., a Texas corporation
      (“FDI”), Forster Tool & Supply, Inc., a Nevada corporation (“FTSI”), and
      Forster Exploration & Production, Inc., a Nevada corporation (“FEP”)
      (collectively, FDI, FTSI and FEP are referred to herein as the “Foster
      Subsidiaries”).
      

     

    “TIA”
means
      the United States Trust Indenture Act of 1939, as it may be amended from time
      to
      time.

     

    “Trading
      Day”
with
      respect to a securities exchange or automated quotation system, means a day
      on
      which such exchange or system is open for a full day of trading.

     

    “Trustee”
means
      the party named as such above until a successor replaces it in accordance with
      the applicable provisions of this Indenture and thereafter means the successor
      serving hereunder. 

     

    “UCC”
means
      the Uniform Commercial Code as in effect on the date of determination in the
      relevant jurisdiction, or any successor statute thereto. 

     

    “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.

     

    “Voting
      Stock”
of
      any
      Person means Capital Stock of such Person which ordinarily has voting power
      for
      the election of directors (or Persons performing similar functions) of such
      Person, whether at all times or only so long as no senior class of securities
      has such voting power by reason of any contingency.

     

    “Working
      Capital Credit Facility”
means
      a
      line of credit subordinate to the Senior Notes in an amount not to exceed
      $1,000,000 incurred pursuant to the terms and conditions of Section
      4.09(a).

     

    “Written
      Request”
means
      any written request, letter or similar document from the Company to Trustee
      and
      signed by the appropriate Officer, including, but not limited to, the initial
      written closing and delivery instructions.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1.02

            	
              Other
                Definitions.

            

    

     

    
      
        	
                Term

              	
                Defined
                  in

                Section

              
	 	 
	
                “Additional
                  Collateral” 

              	
                4.09

              
	
                “Affiliate
                  Transaction” 

              	
                4.12

              
	
                “Agent
                  for Service” 

              	
                14.14

              
	
                “Agent
                  Members” 

              	
                2.01

              
	
                “Authentication
                  Order” 

              	
                2.02

              
	
                “Change
                  of Control Offer” 

              	
                3.10

              
	
                “Change
                  of Control Payment” 

              	
                3.10

              
	
                “Change
                  of Control Payment Date” 

              	
                3.10

              
	
                “Covenant
                  Defeasance” 

              	
                9.03

              
	
                “Collateral
                  Valuation” 

              	
                4.09

              
	
                “Event
                  of Default” 

              	
                7.01

              
	
                “Excess
                  Revenue Offer” 

              	
                3.09

              
	
                “Financial
                  Reports”

              	
                4.05

              
	
                “incur”
                  

              	
                4.12

              
	
                “Legal
                  Defeasance” 

              	
                9.02

              
	
                “Offer
                  Amount” 

              	
                3.09

              
	
                “Offer
                  Period” 

              	
                3.09

              
	
                “Paying
                  Agent” 

              	
                2.03

              
	
                “Payment
                  Default” 

              	
                7.01

              
	
                “Purchase
                  Date”

              	
                3.09

              
	
                “Registrar”
                  

              	
                2.03

              

      

    

     

    
      	
              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 Senior Notes;

     

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

     

    “indenture
      to be qualified” means this Indenture;

     

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

     

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

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1.04

            	
              Rules
                of Construction.

            

    

     

    Unless
      the context otherwise requires:

     

    1. a
      capitalized term has the meaning assigned to it under this
      Article 1;

     

    2. an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with GAAP;

     

    3. “or”
is
      not exclusive;

     

    4. “including”
      means including without limitation; and

     

    5. words
      in
      the singular include the plural, and words in the plural include the
      singular.

     

    ARTICLE
      2

     

    THE
      SENIOR NOTES

     

    
      	
              SECTION
                2.01

            	
              Terms;
                Form and Dating.

            

    

     

    (a) General.
      

     

    (i). The
      Senior Notes shall bear interest at the Interest Rate in effect from time to
      time, subject to Section
      4.01
      below.

     

    (ii) No
      Senior
      Notes may be issued under the provisions of this Indenture except in accordance
      with this Article 2. The total principal amount of the Senior Notes that may
      be
      issued is hereby expressly limited to $4,805,000, except as provided in Section
      2.07 with respect to replacement Notes. Additionally, Expansion Debt may be
      issued hereunder form time to time in such amount as shall be specified in
      a
      supplemental indenture.

     

    (iii) The
      Senior Notes: (A) shall be designated “Forster Drilling Corporation $4,805,000
      10.00% Senior Secured Notes, Series 2007,” maturing on January 15, 2013
      (B) shall be in the aggregate principal amount of $4,805,000; (C) shall be
      dated as of January 3, 2008; (D) shall be payable in installments of
      interest-only payments to be paid on April 15, 2008 and on each January
      15, April 15, July 15 and October 15 thereafter
      until maturity; and (E) shall be issued in Authorized Denominations
      only.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (b) Form
      of Certificated Notes.
      The
      Senior Notes and the Trustee’s certificate of authentication, other than those
      issued in global form, shall be substantially in the form of Exhibit
      A
      hereto,
      the terms of which are hereby incorporated in and expressly made a part of
      this
      Indenture. The Senior Notes may have notations, legends or endorsements required
      by law, stock exchange rule or usage in addition to those set forth on
Exhibit
      A.
      Each
      Senior Note shall be dated the date of its authentication. The terms and
      provisions contained in the Senior 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. To the extent any
      provision of any Senior Note conflicts with the express provisions of this
      Indenture, the provisions of the Indenture shall govern and be
      controlling.

     

    (c) Form
      of Global Notes.
      Senior
      Notes issued in global form shall be substantially in the form of Exhibit
      A
      attached
      hereto (but including the Global Note Legend thereon and the “Schedule of
      Exchanges of Interests in the Global Note” attached as Exhibit
      B
      hereto).
      Each Global Note shall represent such aggregate principal amount of the
      outstanding Senior Notes as shall be specified therein, and each shall provide
      that it shall represent the aggregate principal amount of outstanding Senior
      Notes from time to time endorsed thereon and that the aggregate principal amount
      of outstanding Senior Notes represented thereby may from time to time be reduced
      or increased, as appropriate, to reflect exchanges and redemptions thereof
      and
      transfers of interests therein. Any endorsement of a Global Note to reflect
      the
      amount of any increase or decrease in the aggregate principal amount of
      outstanding Senior Notes represented thereby shall be made by the Trustee or
      the
      Custodian, at the direction of the Trustee, in accordance with instructions
      given by the Holder thereof as required by Section
      2.06
      hereof.

     

    (d) Book-entry
      Provisions.
      This
Section
      2.01(d)
      shall
      apply only to Global Notes deposited with the Trustee, as custodian for the
      Depository. Members of, or participants in, the Depository (“Agent
      Members”)
      shall
      have no rights under this Indenture with respect to any Global Note held on
      their behalf by the Depository, or the Trustee as its custodian, or under the
      Global Note, and the Depository or its nominee, as the case may be, may be
      treated by the Company, the Trustee and any agent of the Company or the Trustee
      as the absolute owner of the Global Note for all purposes whatsoever.
      Notwithstanding the foregoing, nothing herein shall prevent the Company, the
      Trustee or any agent of the Company or the Trustee from giving effect to any
      written certification, proxy or other authorization furnished by the Depository
      or impair, as between the Depository and its Agent Members, the operation of
      customary practices governing the exercise of the rights of a holder of any
      Senior Note.

     

    (e) Certificated
      Securities.

     

    (i) The
      Company shall issue Certificated Notes to all owners of beneficial interests
      in
      Global Notes if: (1) at any time the Depository notifies the Company that it
      is
      unwilling or unable to continue to act as Depository for the Global Notes or
      if
      at any time the Depository shall no longer be eligible to act as such because
      it
      ceases to be a properly-registered clearing agency, and, in either case, the
      Company shall not have appointed a successor Depository within 120 days after
      the Company receives such notice or becomes aware of such ineligibility or
      (2)
      the Company, at its option, determines that the Global Notes shall be exchanged
      for Certificated Notes and delivers a written notice to such effect to the
      Trustee. Upon the occurrence of any of the events set forth in clauses (1)
      or
      (2) above, the Company shall execute, and, upon receipt of an Authentication
      Order in accordance with Section
      2.02
      hereof,
      the Trustee shall authenticate and deliver, Certificated Notes, in authorized
      denominations, in an aggregate principal amount equal to the principal amount
      of
      the Global Notes in exchange for such Global Notes. Upon the exchange of a
      Global Note for Certificated Notes, such Global Note shall be cancelled by
      the
      Trustee or an agent of the Company or the Trustee. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    (ii) The
      Company shall issue Certificated Notes to a Holder of, or an owner of a
      beneficial interest in, a Global Note in exchange for such Global Note or
      beneficial interest, as the case may be, upon written request from Holders
      (or
      owners of beneficial interests) representing 25% or more of the then outstanding
      principal amount of the Senior Notes, if a Default or Event of Default shall
      have occurred and be continuing. Upon the occurrence of the foregoing, the
      Company shall execute, and, upon receipt of an Authentication Order in
      accordance with Section
      2.02
      hereof,
      the Trustee shall authenticate and deliver, Certificated Notes, in authorized
      denominations, in an aggregate principal amount equal to the principal amount
      of
      the Global Note owned by such Holder or such owner of a beneficial interest.
      Upon the exchange of all or a portion of a Global Note for Certificated Notes,
      such Global Note shall be cancelled or correspondingly reduced by the Trustee
      or
      an agent of the Company or the Trustee. In the event that the Certificated
      Notes
      are not issued to an owner of a beneficial interest in a Global Note promptly
      after the Company has received a request from such owner, the Company expressly
      acknowledges, with respect to the right of any Holder to pursue a remedy
      pursuant to this Indenture, the right of any such owner to pursue such remedy
      with respect to the portion of the Global Note that represents such owner’s
      beneficial interest as if such Certificated Notes had been issued. 

     

    (iii) Certificated
      Notes issued in exchange for a Global Note pursuant to this Section
      2.01
      shall be
      registered in such names and in such authorized denominations as the Depository,
      pursuant to instructions from its Agent Members or its Applicable Procedures,
      shall instruct the Trustee or an agent of the Company or the Trustee in writing.
      The Trustee or such agent shall deliver such Certificated Notes to or as
      directed by the Persons in whose names such Certificated Notes are so registered
      or to the Depository. 

    

    
      	
              SECTION
                2.02

            	
              Execution
                and Authentication.

            

    

     

    (a) A
      duly
      authorized Officer of the Company shall sign the Senior Notes for the Company
      by
      manual or facsimile signature. 

     

    (b) If
      an
      Officer whose signature is on a Senior Note no longer holds that office at
      the
      time a Senior Note is authenticated, the Senior Note shall nevertheless be
      valid. In addition, if a Person is not an Officer at the time a Senior Note
      is
      authenticated, but becomes an Officer on or prior to the delivery of the Senior
      Note, the Senior Note shall nevertheless be valid.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (c) A
      Senior
      Note shall not be valid until authenticated by the manual signature of an
      authorized signatory of the Trustee. The signature of the Trustee shall be
      conclusive evidence that the Senior Note has been authenticated under this
      Indenture.

     

    (d) The
      Trustee shall, upon a written order of the Company signed by an Officer of
      the
      Company (an “Authentication
      Order”),
      authenticate and deliver the Senior Notes for issuance. 

     

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

     

    (f) The
      Senior Notes shall be issuable only in denominations of US$5,000 principal
      amount at maturity and any integral multiple thereof.

     

    
      	
              SECTION
                2.03

            	
              Registrar
                and Paying Agent.

            

    

     

    (a) The
      Company shall maintain an office or agency (which may be an office of the
      Trustee or an affiliate of the Trustee, registrar or co-registrar) where Senior
      Notes may be presented for registration of transfer or for exchange
      (“Registrar”),
      an
      office or agency where Senior Notes may be presented for payment (“Paying
      Agent”)
      and an
      office or agency where notices and demands to or upon the Company in respect
      of
      the Senior Notes and this Indenture may be served. The Registrar shall keep
      a
      register of the Senior 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 notice to any Holder. The Company shall notify the Trustee
      and
      the Trustee shall notify the Holders of the Senior Notes in writing of the
      name
      and address of any Agent not a party to this Indenture. The Company or any
      of
      its Restricted Subsidiaries may act as Paying Agent or Registrar. The Company
      shall enter into an appropriate agency agreement with any Registrar or Paying
      Agent not a party to this Indenture. The agreement shall implement the
      provisions of this Indenture that relate to such agent. The Company shall notify
      the Trustee of the name and address of any such agent. If the Company fails
      to
      maintain a Registrar or Paying Agent, or fails to give the foregoing notice,
      the
      Trustee shall act as such, and shall be entitled to appropriate compensation
      in
      accordance with Section 8.07
      hereof.

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (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, and the Trustee hereby
      agrees so to initially act. Except as otherwise specifically provided herein,
      (i) all references in this Indenture to the Trustee shall be deemed to refer
      to
      the Trustee in its capacity as Trustee and in its capacities as Registrar and
      Paying Agent and (ii) every provision of this Indenture relating to the conduct
      of or affecting the liability of or offering protection, immunity or indemnity
      to the Trustee shall be deemed to apply with the same force and effect to the
      Trustee acting in its capacities as Paying Agent and Registrar.

     

    
      	
              SECTION
                2.04

            	
              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
      or
      interest on the Senior 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 funds held by it to the Trustee.
      The Company at any time may require a Paying Agent to pay all funds held by
      it
      to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
      than the Company or a Restricted Subsidiary) shall have no further liability
      for
      such funds. If the Company or a Restricted Subsidiary acts as Paying Agent,
      it
      shall segregate and hold in a separate trust fund for the benefit of the Holders
      all funds held by it as Paying Agent. Upon the occurrence, and during the
      continuation, of any Event of Default, the Trustee shall serve as Paying Agent
      and Registrar for the Senior Notes.

    

    
      	
              SECTION
                2.05

            	
              Holder
                Lists.

            

    

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                2.06

            	
              Transfer
                and Exchange.

            

    

     

    (a) Transfer
      and Exchange of Global Notes.
      A
      Global Note may not be transferred as a whole except by the Depository to a
      nominee of the Depository, by a nominee of the Depository to the Depository
      or
      to another nominee of the Depository, or by the Depository or any such nominee
      to a successor Depository or a nominee of such successor Depository. All Global
      Notes will be exchanged by the Company for Certificated Notes if (1) the Company
      delivers to the Trustee notice from the Depository that it is unwilling or
      unable to continue to act as Depository or that it is no longer a
      properly-registered clearing agency and, in either case, a successor Depository
      is not appointed by the Company within 120 days after the date of such notice
      from the Depository or (2) the Company in its sole discretion determines that
      the Global Notes (in whole but not in part) should be exchanged for Certificated
      Notes and delivers a written notice to such effect to the Trustee. Upon the
      occurrence of any of the preceding events in (1) or (2) above, Certificated
      Notes shall be issued in such names as the Depository shall instruct the
      Trustee. Global Notes also may be exchanged or replaced, in whole or in part,
      as
      provided in Sections
      2.07
      and
Section
      2.10
      hereof.
      Every Senior Note authenticated and delivered in exchange for, or in lieu of,
      a
      Global Note or any portion thereof, pursuant to this Section
      2.06
      or
Sections
      2.07
      or
Section
      2.10
      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 Senior Note other than
      as
      provided in this Section
      2.06(a),
      however, beneficial interests in a Global Note may be transferred and exchanged
      as provided in Section
      2.06(b)
      or
(c)
      hereof.
      Neither the Company nor the Trustee will be liable for any delay by a Holder
      of
      a Global Note or the Depository in identifying the beneficial owners of Senior
      Notes, except as a result of the Company’s or Trustee’s own grossly negligent
      action, grossly negligent failure to act or own willful misconduct, as the
      case
      may be. In the absence of bad faith on their part, the Company and the Trustee
      may conclusively rely on, and will be protected in relying on written
      instructions from the Holder of a Global Note or the Depository for all purposes
      under this Indenture. 

     

    (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 Depository, in accordance with the provisions of this
      Indenture and the Applicable Procedures. Beneficial interests in Global Notes
      may be subject to restrictions on transfer to the extent required by the
      Securities Act. Beneficial interests in any Global Note may be transferred
      to
      Persons who take delivery thereof in the form of a beneficial interest in a
      Global Note, in accordance with the Applicable Procedures. No written orders
      or
      instructions shall be required to be delivered to the Registrar to effect the
      transfers described in this Section
      2.06(b).
      

     

    (c) Transfer
      or Exchange of Beneficial Interests for Certificated Notes. The
      holder of a beneficial interest in a Global Note may exchange such beneficial
      interest for a Certificated Note or transfer such beneficial interest to a
      Person who takes delivery thereof in the form of a Certificated Note only in
      the
      circumstances specified in Section
      2.01(e),
      in
      which event such owner of such beneficial interest shall instruct the Depository
      (or shall cause the appropriate participant to direct the Depository) in
      accordance with the Applicable Procedures to instruct the Trustee to reduce
      the
      aggregate principal amount of the Global Note by the applicable amount of such
      exchange or transfer and to issue in exchange therefore a Certificated Note
      or
      Senior Notes in such aggregate amount and registered as provided in such
      instruction; and upon the Trustee’s receipt of such instruction from the
      Depository (or from the applicable Agent Member or beneficial owner pursuant
      to
      the Depository’s proxy procedures), the Trustee to, and the Trustee shall, cause
      the aggregate principal amount of the applicable Global Note to be reduced
      accordingly pursuant to Section
      2.06(g)
      hereof,
      and the Company shall execute and the Trustee shall authenticate and deliver,
      in
      both cases in accordance with Section
      2.02
      hereof,
      to the Person designated in such instruction a Certificated Note in the
      appropriate principal amount. Any Certificated Note issued in exchange for
      a
      beneficial interest pursuant to this Section
      2.06(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 Depository and the Agent Member. The
      Trustee shall mail or deliver such Certificated Notes to the Persons in whose
      names such Senior Notes are so registered.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (d) Transfer
      and Exchange of Certificated Notes for Beneficial Interests.
      A
      Holder of a Certificated Note may exchange such Senior Note for a beneficial
      interest in a Global Note or transfer such Certificated Notes to a Person who
      takes delivery thereof in the form of a beneficial interest in a Global Note
      at
      any time. Upon receipt of a request for such an exchange or transfer together
      with surrender of the Certificated Note to be exchanged or transferred, (and,
      accompanied by a written instrument or instruments of transfer as provided
      in
Section
      2.06(e)
      hereof,
      and subject to the Applicable Procedures), the Trustee shall cancel the
      applicable Certificated Note and increase or cause to be increased the aggregate
      principal amount of one of the Global Notes pursuant to Section
      2.06(g)
      hereof.

     

    (e) Transfer
      and Exchange of Certificated Notes for Certificated Notes.
      Upon
      request by a Holder of Certificated Notes and such Holder’s compliance with the
      provisions of this Section
      2.06(e),
      the
      Registrar shall register the transfer or exchange of Certificated Notes. Prior
      to such registration of transfer or exchange, the requesting Holder shall
      present or surrender to the Registrar the Certificated 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 must provide any additional
      certifications, documents and information, as applicable, required pursuant
      to
      the Applicable Procedures or reasonably requested by the Company to demonstrate
      compliance by such Holder with applicable law. 

     

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

     

    “THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITORY (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 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
      THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A
      NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
      OR
      ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE
      TO A
      SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

     

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

     

    (g) Cancellation
      and/or Adjustment of Global Notes.
      At such
      time as all beneficial interests in a particular Global Note have been exchanged
      for Certificated Notes or a particular Global Note has been redeemed,
      repurchased or cancelled in whole and not in part, each such Global Note shall
      be returned to or retained and cancelled by the Trustee in accordance with
      Section
      2.11
      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 will take delivery thereof
      in the form of a beneficial interest in another Global Note or for Certificated
      Notes, the principal amount of Senior 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 Depository at the direction of the Trustee to
      reflect such reduction; and if the beneficial interest is being exchanged for
      or
      transferred to a Person who will 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 Depository at the direction of the Trustee to reflect
      such
      increase. 

     

    (h) General
      Provisions Relating to Transfers and Exchanges.
      

     

    (i) To
      permit
      registrations of transfers and exchanges, the Company shall execute Global
      Notes
      and Certificated Notes, and the Trustee shall authenticate Global Notes and
      Certificated Notes upon the Company’s order (including an Authentication Order
      given pursuant to Section
      2.02)
      or at
      the Registrar’s request (in connection with any transfer or exchange of Notes
      pursuant to this Section
      2.06).
      

     

    
      
        Senior
          Note Indenture

        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (ii) No
      service charge shall be made to a Holder of a beneficial interest in a Global
      Note or to a Holder of a Certificated 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
      2.10,
      3.06,
      3.09,
      3.10,
      and
10.05
      hereof,
      which shall be paid by the Company). 

     

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

     

    (iv) Neither
      the Registrar nor the Company shall be required (A) to issue, to register the
      transfer of or to exchange any Senior Notes during a period beginning at the
      opening of business 15 days before the day of any selection of Senior 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 Senior Note so selected for redemption in whole
      or in part, except the unredeemed portion of any Senior Note being redeemed
      in
      part or (C) to register the transfer of or to exchange a Senior Note between
      a
      record date and the next succeeding Interest Payment Date. 

     

    (v) Prior
      to
      due presentment for the registration of a transfer of any Senior Note, the
      Trustee, any Agent and the Company may deem and treat the Person in whose name
      any Senior Note is registered as the absolute owner of such Senior Note for
      the
      purpose of receiving payment of principal of and interest on such Senior Notes
      and for all other purposes whatsoever, whether or not such Senior Note is
      overdue, and none of the Trustee, any Agent nor the Company shall be affected
      by
      notice to the contrary. 

     

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

    

    (vii) All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section
      2.06
      to
      effect a registration of transfer or exchange may be submitted by facsimile.
      

     

    (viii)
      The Trustee is hereby authorized to enter into a letter of representation with
      the Depository in the form provided by the Company and to act in accordance
      with
      such letter. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (ix) Notwithstanding
      anything contained herein to the contrary, neither the Trustee nor the Registrar
      shall be responsible for ascertaining whether any purchase or transfer complies
      with the registration provisions of or exemptions from the Securities Act or
      other state, federal securities laws that may be applicable; provided,
      however,
      that if
      a certificate is specifically required by the express terms of this Section
      2.06
      to be
      delivered to a Trustee by a purchaser or required by the express terms of this
      Section
      2.06
      to be
      delivered to a Trustee by a purchaser or transferee of a Senior Note, the
      Trustee shall be under a duty to receive and examine the same to determine
      whether it conforms on its face to the requirements of this Section
      2.06
      and
      shall promptly notify the party delivering the same if such transfer does not
      comply with such terms. 

    

    (x)
      REGISTRATION
      AND TRANSFER OF THE SENIOR NOTES IS SUBJECT TO TRUSTEE’S PRIOR RECEIPT OF AN
      INVESTOR LETTER FROM EACH PROSPECTIVE TRANSFEREE IN SUBSTANTIALLY THE SAME
      FORM
      OF THAT ATTACHED HERETO AS EXHIBIT G, OR AN OPINION OF SPECIAL COUNSEL THAT
      SUCH
      INVESTOR LETTER IS NO LONGER REQUIRED. 

     

    FURTHERMORE,
      RESALES
      OF THE SENIOR NOTES ARE RESTRICTED AND MAY BE MADE ONLY IN COMPLIANCE WITH
      RULE
      144A TO THE EXTENT APPLICABLE UNLESS OTHERWISE ALLOWABLE UNDER APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS. PARTICULARLY, RESALES MAY BE MADE ONLY TO
      QUALIFIED INSTITUTIONAL BUYERS AS DEFINED BY RULE 144A UNLESS OTHERWISE
      ALLOWABLE UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS AT THE TIME OF
      SUCH
      RESALE.

     

    Notwithstanding
      anything contained herein to the contrary, the Senior Notes and interests
      therein may not be issued, sold or transferred to any Holder other than the
      initial Holder, unless (i) the initial Holder and any subsequent Holder shall
      have delivered to Trustee evidence satisfactory to Trustee that the transferee
      is a Qualified Institutional Buyer, as such term is defined under Rule 144A
      promulgated pursuant to the Securities Act of 1933, as long as such rule is
      applicable, and otherwise in accordance with federal and state securities laws
      applicable at such time, and (ii) Trustee obtained a signed Investor Letter
      in the same form as attached to the Indenture as Exhibit
      G
      and attached to the Notes, or an opinion of Special Counsel that such Investor
      Letter is no longer required. The senior Notes shall bear legends stating that
      they are subject to the transfer restrictions described in this
      Section 2.06 of the Indenture. By purchasing a Note, the initial Holder and
      any subsequent Holder shall be deemed to have agreed to the transfer
      requirements contained in this Section 2.06.

    

    
      	
              SECTION
                2.07

            	
              Replacement
                Senior Notes.

            

    

     

    If
      any
      mutilated Senior Note is surrendered to the Trustee, or the Company and the
      Trustee receives evidence to their satisfaction of the destruction, loss or
      theft of any Senior Note, the Company shall issue and the Trustee, upon receipt
      of an Authentication Order, shall authenticate a replacement Senior 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
      Senior Note is replaced. The Company may charge for its expenses in replacing
      a
      Senior Note.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Every
      replacement Senior Note shall be the valid obligation of the Company, evidencing
      the same debt as the destroyed, lost or stolen Senior Note, and shall be
      entitled to all of the benefits of this Indenture equally and proportionately
      with all other Senior Notes duly issued hereunder.

     

    
      	
              SECTION
                2.08

            	
              Outstanding
                Senior Notes.

            

    

     

    (a) The
      Senior Notes outstanding at any time shall be the entire principal amount of
      the
      Senior Notes represented by all of the Global Notes and Certificated Notes
      authenticated by the Trustee except for those cancelled by it, those delivered
      to it for cancellation and those described in this Section
      2.08
      as not
      outstanding. Except as set forth in
      Section 2.09
      hereof,
      a Senior Note does not cease to be outstanding because the Company or an
      Affiliate of the Company holds the Senior Note; provided,
      however,
      that
      Senior Notes held by the Company or a Subsidiary of the Company shall be deemed
      not to be outstanding for purposes of Section
      3.07(b)
      hereof.

     

    (b) If
      a
      Senior Note is replaced pursuant to Section
      2.07
      hereof,
      it ceases to be outstanding unless the Trustee receives proof satisfactory
      to it
      that the replaced Senior Note is held by a bona fide purchaser.

     

    (c) If
      the
      principal amount of any Senior 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 Restricted Subsidiary or an Affiliate
      of
      any thereof) segregates and holds in trust, in accordance with this Indenture,
      on a redemption date or maturity date, funds sufficient to pay all principal
      and
      interest, if any, payable on that date with respect to the Senior Notes (or
      the
      portion thereof to be redeemed or maturing, as the case may be), other than
      pursuant to Article
      11
      hereof,
      then on and after that date, such Senior Notes (or portions thereof) shall
      be
      deemed to be no longer outstanding and shall cease to accrue
      interest.

     

    
      	
              SECTION
                2.09

            	
              Treasury
                Senior Notes.

            

    

     

    In
      determining whether the Holders of the required principal amount of Senior
      Notes
      have concurred in any direction, waiver or consent, Senior Notes owned by the
      Company, or an Affiliate of 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
      Senior Notes that a Trustee knows are so owned shall be so
      disregarded.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                2.10

            	
              Temporary
                Senior Notes.

            

    

     

    Until
      definitive Senior Notes are ready for delivery, the Company may prepare and
      the
      Trustee shall authenticate temporary Senior Notes. Temporary Senior Notes shall
      be substantially in the form of definitive Senior Notes but may have variations
      that the Company and the Trustee consider appropriate for temporary Senior
      Notes. Without unreasonable delay, the Company shall prepare and the Trustee
      shall authenticate Global Notes or definitive Senior Notes, as applicable,
      and
      deliver them in exchange for temporary Senior Notes.

     

    Holders
      of temporary Senior Notes shall be entitled to all of the benefits of this
      Indenture.

     

    
      	
              SECTION
                2.11

            	
              Cancellation.

            

    

     

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

     

    
      	
              SECTION
                2.12

            	
              Defaulted
                Interest.

            

    

     

    If
      the
      Company defaults in a payment of interest on the Senior 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, which date shall be at the earliest practicable
      date but in all events at least five Business Days prior to the payment date,
      in
      each case at the rate provided in the Senior Notes and in Section 4.01
      hereof.
      The Company shall fix or cause to be fixed each such special record date and
      payment date, provided that the Company shall fix or cause to be fixed each
      such
      special record date as early as practicable prior to the payment date, and
      the
      Company shall mail or cause to be mailed as early as practicable to each Holder
      a notice that states the special record date, the related payment date and
      the
      amount of defaulted interest to be paid.

     

    
      	
              SECTION
                2.13

            	
              Record
                Date.

            

    

     

    The
      record date for purposes of determining the identity of Holders of the Senior
      Notes entitled to vote or consent to any action by vote or consent authorized
      or
      permitted under this Indenture shall be determined as provided for in TIA
§ 316(c).

     

    
      	
              SECTION
                2.14

            	
              Ranking;
                Security; Intercreditor
                Agreement.

            

    

     

    (a) The
      Senior Note Obligations shall be senior in right of payment to all other
      Indebtedness of the Company.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    (b) The
      Obligations of the Company under the Senior Notes shall be secured by (i) a
      first priority Lien in the Collateral, (ii) a first priority security interest
      in the Pledged Revenues, (iii) a first priority security interest in the Stock
      Rights pledged under the Senior Note Stock Pledge Agreement, (iv) the Mortgage,
      and (v) a first priority security interest in all monies held in the funds
      and
      accounts created under this Indenture, including the Revenue Fund and the Senior
      Note Fund (but excluding the Costs of Issuance Account). 

     

    (c) Concurrently
      with the execution of this Indenture, the Company, the Collateral Agent and
      Bank
      of the Ozarks shall enter into the Intercreditor Agreement.

     

    (d) The
      Senior Notes Obligations of the Guarantors under the Guarantees provided to
      the
      Collateral Agent for the benefit of the Holders pursuant to Article
      11
      hereof
      shall be senior in right of payment to all other Indebtedness of such
      Guarantors. 

     

    
      	
              SECTION
                2.15

            	
              CUSIP
                Number.

            

    

     

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

     

    ARTICLE
      3

     

    REDEMPTION
      AND CERTAIN REPURCHASES

     

    
      	
              SECTION
                3.01

            	
              Notices
                to Trustee.

            

    

     

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

     

    
      	
              SECTION
                3.02

            	
              Selection
                of Senior Notes for Redemption or Offers to
                Purchase.

            

    

     

    If
      less
      than all of the Senior Notes are to be redeemed or to be purchased pursuant
      to
      any purchase offer required under the Indenture at any time, selection of Senior
      Notes for redemption or purchase will be made by the Trustee in compliance
      with
      the requirements of the principal national securities exchange, if any, on
      which
      the Senior Notes are listed, or, if the Senior Notes are not so listed, on
      a pro
      rata basis, by lot or by such method as the Trustee shall deem fair and
      appropriate, provided that no Senior Notes with a principal amount of US$5,000
      or less shall be redeemed or purchased in part. A new Senior Note in principal
      amount equal to the unredeemed or unpurchased portion will be issued in the
      name
      of the holder thereof upon cancellation of the original Senior Note. On and
      after the redemption or purchase date, assuming such Senior Notes are redeemed
      or purchased as so required, and interest will cease to accrue on the Senior
      Notes or portions of them called for redemption or purchase.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    The
      Trustee shall promptly notify the Company in writing of the Senior Notes
      selected for redemption and, in the case of any Senior Note selected for partial
      redemption, the principal amount thereof to be redeemed. Senior Notes and
      portions of them selected shall be in amounts of US$5,000 or whole multiples
      of
      US$5,000; except that if all of the Senior Notes of a Holder are to be redeemed,
      the entire outstanding principal amount of Senior Notes held by such Holder,
      even if not a multiple of US$5,000, shall be redeemed. Except as provided in
      the
      preceding sentence, provisions of this Indenture that apply to Senior Notes
      called for redemption also apply to portions of Senior Notes called for
      redemption.

    

    
      	
              SECTION
                3.03

            	
              Notice
                of Redemption.

            

    

     

    Subject
      to the provisions of Section
      3.09
      hereof,
      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 of record as of the record date therefor of the Senior Notes that
      are to be redeemed at its registered address.

     

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

     

    (a) the
      redemption date;

     

    (b) the
      redemption price;

     

    (c) if
      any
      Senior Note is being redeemed in part, the portion of the principal amount
      of
      such Senior Note to be redeemed and that, after the redemption date upon
      surrender of such Senior Note, a new Senior Note or Senior Notes in principal
      amount equal to the unredeemed portion shall be issued;

     

    (d) the
      name
      and address of the paying agent;

     

    (e) that
      Senior Notes called for redemption must be surrendered to the paying agent
      to
      collect the redemption price;

     

    (f) that,
      unless the Company defaults in making such redemption payment, interest on
      Senior Notes (or portions thereof) called for redemption ceases to accrue on
      and
      after the redemption date;

     

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

     

    
      
        Senior
          Note Indenture

        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (h) 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 Senior Notes.

     

    At
      the
      Company’s request, the Trustee shall give the notice of redemption in the
      Company’s name and at its expense, provided,
      however,
      that
      the Company shall have delivered to the Trustee, at least 45 days prior to
      the
      redemption date, an Officers’ Certificate requesting that the Trustee give such
      notice and setting forth the information to be stated in such notice as provided
      in the preceding paragraph.

     

    
      	
              SECTION
                3.04

            	
              Effect
                of Notice of Redemption.

            

    

     

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

     

    
      	
              SECTION
                3.05

            	
              Deposit
                of Redemption Price.

            

    

     

    At
      least
      one Business Day prior to the redemption date, the Company shall deposit with
      the Trustee or with the Paying Agent (or, if the Company or a Restricted
      Subsidiary is the Paying Agent, shall segregate and hold in trust) immediately
      available funds sufficient to pay the redemption price of and accrued interest,
      if any, on all Senior Notes to be redeemed on that date. The Trustee or the
      Paying Agent shall promptly return to the Company any funds so 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, if any, on,
      all
      Senior Notes to be redeemed.

     

    If
      a
      Senior 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 Senior Note was registered at the close
      of
      business on such record date. If any Senior Note called for redemption shall
      not
      be so paid upon surrender for redemption because of the failure of the Company
      to comply with the preceding paragraph, interest shall be paid on the unpaid
      redemption price, from the redemption date until such redemption price 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 Senior Notes and in Section
      4.01
      hereof.

     

    
      	
              SECTION
                3.06

            	
              Senior
                Notes Redeemed in Part.

            

    

     

    Upon
      surrender of a Senior Note that is redeemed in part, the Company shall issue
      and
      the Trustee shall authenticate for the Holder of the Senior Notes at the expense
      of the Company a new Senior Note equal in principal amount to the unredeemed
      portion of the Senior Note surrendered.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                3.07

            	
              Optional
                Redemption.

            

    

     

    (a) Except
      as
      set forth in Section
      3.10
      below,
      the Senior Notes will not be redeemable at the Company’s option prior to April
      15, 2008. Thereafter, the Senior Notes will be subject to redemption at the
      option of the Company, in whole or in part, upon not less than 30 nor more
      than
      60 days’ notice to the Holders, at 100% of the principal amount plus accrued and
      unpaid interest thereon to the applicable redemption date.

     

    (b) 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

            	
              Mandatory
                Redemption.

            

    

     

    The
      Company shall not be required to make mandatory redemption or sinking fund
      payments with respect to the Senior Notes, except as required pursuant to
Sections
      3.09
      and
3.10.

     

    
      	
              SECTION
                3.09

            	
              Offer
                to Purchase with Excess revenue;
                Mandatory Redemption FROM Excess
                Revenue.

            

    

     

    (a) The
      Trustee shall establish and maintain within the Senior Note Fund (as described
      in Sections 5.01 and 5.02) the Excess Revenue Account. The Excess Revenue
      Account shall be established and maintained so as to create, perfect and
      establish the priority of the security interest of the Trustee in such account
      and all cash, Permitted Investments and other property from time to time
      deposited therein and otherwise to effectuate the lien of the Senior
      Notes.

     

    (b) The
      Trustee shall have sole dominion and control over the Excess Revenue Account
      (including, inter alia, the sole power to direct withdrawals or transfers from
      the Excess Revenue Account and to direct the investment and reinvestment of
      funds in the Excess Revenue Account, subject to the provisions of this
Section 3.09).
      The
      Trustee shall make withdrawals and transfers from the Excess Revenue Account
      in
      accordance with the terms of this Indenture. The Company and the Trustee
      acknowledge that the Excess Revenue Account is a “deposit account” or
“investment property” within the meaning of Section 9-102 of the UCC and that
      the Trustee has “control,” for purposes of Section 9-315 of the UCC, of the
      Excess Revenue Account.

     

    (c) The
      Trustee shall establish and maintain the Excess Revenue Account on the date
      of
      this Indenture, and the Excess Revenue Account shall bear a designation clearly
      indicating that the funds deposited therein are held for the benefit of the
      Senior Note holders. Except as expressly provided herein, all Excess Revenue
      attributable
      to the Senior Notes shall
      be
      deposited in the Excess Revenue Account and transferred therefrom in accordance
      with the terms of this Indenture. No funds shall be deposited in the Excess
      Revenue Account that do not constitute Excess Revenue except as expressly
      provided in this Indenture without the prior written consent of the
      Trustee.

     

    (d) Excess
      Revenue shall be transferred to the Excess Revenue Account as set forth in
      Sections 5.01 and 5.02 below.

     

    (e) The
      Senior Notes are subject to mandatory redemption upon any Interest Payment
      Date,
      as a whole or in part at the principal amount thereof, plus accrued interest
      thereon to the date of redemption, but without premium, from Excess Revenues
      (the “Excess
      Revenue Offer”).

     

    
      
        Senior
          Note Indenture

        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    (f) The
      Excess Revenue Offer shall remain open for a period of 20 Business Days
      following its commencement and no longer, except to the extent that a longer
      period is required by applicable law (the “Offer
      Period”).
      No
      later than five Business Days after the termination of the Offer Period (the
      “Purchase
      Date”),
      the
      Company shall purchase the maximum principal amount of Senior Notes that may
      be
      purchased with such Excess Revenue (or such pro
      rata
      portion
      based upon the principal amount of the Senior Notes tendered, if the principal
      amount of Senior Notes tendered is in excess of the Excess Revenue) (which
      maximum principal amount of Senior Notes shall be the “Offer
      Amount”)
      or, if
      less than the Offer Amount has been tendered, all Senior Notes tendered in
      response to the Excess Revenue Offer. 

     

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

     

    (h) Upon
      the
      commencement of any Excess Revenue Offer, the Company shall send, by first
      class
      mail, a notice to the Trustee and each of the Holders of the Senior Notes,
      with
      a copy to the Trustee. The notice shall contain all instructions and materials
      necessary to enable such Holders to tender Senior Notes pursuant to the Excess
      Revenue Offer. The Excess Revenue Offer shall be made to all Holders. The
      notice, which shall govern the terms of the Excess Revenue Offer, shall
      state:

     

    (i) that
      the
      Excess Revenue Offer is being made pursuant to Section
      3.09
      hereof
      and the length of time the Excess Revenue Offer shall remain open;

     

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

     

    (iii) that
      any
      Senior Note or portion thereof not tendered or accepted for payment shall
      continue to accrue interest;

     

    (iv) that
      Holders electing to have a Senior Note or portion thereof purchased pursuant
      to
      any Excess Revenue Offer shall be required to surrender the Senior Note, with
      the form entitled “Option of Holder to Elect Purchase” on the reverse of the
      Senior Note completed, to the Company, a Depository, if appointed by the
      Company, or a Paying Agent at the address specified in the notice at least
      three
      Business Days before the Purchase Date;

     

    (v) that
      Holders shall be entitled to withdraw their election if the Company, Depository
      or Paying Agent, as the case may be, receives, not later than the expiration
      of
      the Offer Period, written communication setting forth the name of the Holder,
      the principal amount of the Senior Note or portion thereof the Holder delivered
      for purchase and a statement that such Holder is withdrawing his election to
      have the Senior Note or portion thereof purchased;

     

    
      
        Senior
          Note Indenture

        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    (vi) that,
      if
      the aggregate principal amount of Senior Notes tendered by holders of such
      Senior Notes exceeds the Offer Amount, the Trustee shall select the Senior
      Notes
      to be purchased on a pro
      rata
      basis as
      described above (with such adjustments as may be deemed appropriate by the
      Trustee so that only Senior Notes in denominations of US$5,000, or integral
      multiples thereof, shall be purchased); and

     

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

     

    (i) On
      the
      Purchase Date, the Company shall, to the extent lawful, accept for payment,
      on a
pro
      rata
      basis
      (as described above) to the extent necessary, the Offer Amount of Senior Notes
      or portions thereof tendered pursuant to the Excess Revenue Offer, or if less
      than the Offer Amount has been tendered, all Senior Notes or portions thereof
      tendered, and deliver to the Trustee an Officers’ Certificate stating that such
      Senior Notes or portions thereof were accepted for payment by the Company in
      accordance with the terms of this Section
      3.09.
      The
      Company or Paying Agent, as the case may be, shall promptly (but in any case
      not
      later than five days after the Purchase Date) mail or deliver to each tendering
      Holder an amount equal to the purchase price of the Senior Note or portion
      thereof tendered by such Holder and accepted by the Company for purchase, and
      the Company shall promptly issue a new Senior Note, and the Trustee shall
      authenticate and mail or deliver such new Senior Note to such Holder equal
      in
      principal amount to any unpurchased portion of the Senior Note surrendered.
      Any
      Senior Note not so accepted shall be promptly mailed or delivered by the Company
      to the Holder thereof. The Company shall publicly announce the results of the
      Excess Revenue Offer on the Purchase Date. In the event that the aggregate
      amount of Excess Revenue Proceeds exceeds the aggregate principal amount of
      Senior Notes or portion thereof surrendered by Holders of such Senior Notes
      pursuant to an Excess Revenue Offer, the Company may use the remaining Excess
      Revenue for general purposes. Upon completion of an Excess Revenue Offer, the
      amount of the Excess Revenue shall be deemed to be reset at zero.

     

    (j) Other
      than as specifically provided in this Section
      3.09,
      any
      purchase pursuant to this Section 3.09
      shall be
      made pursuant to the provisions of Sections
      3.01
      through
3.06
      hereof.

     

    
      	
              SECTION
                3.10

            	
              Redemption
                at the Option of Holders Upon A Change of
                Control.

            

    

     

    (a) If
      a
      Change of Control occurs, the Company shall make an offer (the “Change
      of Control Offer”)
      to
      each of the Holders of Senior Notes to repurchase all or any part (equal to
      $5,000 or an integral multiple of $5,000) of that Holder’s Senior Notes pursuant
      to the Change of Control Offer at a purchase price, in cash, equal to 100%
      of
      the aggregate principal amount of Senior Notes repurchased, plus accrued and
      unpaid interest on the Senior Notes repurchased, to the Purchase Date (the
      “Change
      of Control Payment”)
      (subject to the right of Holders of record on the relevant Regular Record Date
      to receive interest due on the relevant Interest Payment Date).

     

    
      
        Senior
          Note Indenture

        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    (b) Within
      30
      days following any Change of Control, the Company shall mail a notice of such
      Change of Control Offer by first class mail, postage prepaid, to each Holder
      describing the transaction or transactions that constitute the Change of Control
      and stating: 

     

    (i) that
      the
      Change of Control Offer is being made pursuant to this Section
      3.10
      and that
      all Senior Notes tendered shall be accepted for payment; 

     

    (ii) the
      purchase price and the purchase date, which shall be no earlier than 30 days
      and
      no later than 60 days from the date such notice is mailed (the “Change
      of Control Payment Date”);
      

     

    (iii) that
      any
      Senior Note not tendered shall remain outstanding and continue to accrue
      interest; 

     

    (iv) that,
      unless the Company defaults in the payment of the Change of Control Payment,
      all
      Senior Notes accepted for payment pursuant to the Change of Control Offer shall
      cease to accrue interest after the Change of Control Payment Date; 

     

    (v) that
      Holders electing to have any Senior Notes purchased pursuant to a Change of
      Control Offer shall be required to surrender the Senior Notes, with the form
      entitled “Option of Holder to Elect Purchase” on the reverse of the Senior Notes
      completed, to the Paying Agent at the address specified in the notice prior
      to
      the close of business on the third Business Day preceding the Change of Control
      Payment Date; 

     

    (vi) that
      Holders shall be entitled to withdraw their election if the Paying Agent
      receives, not later than the close of business on the second Business Day
      preceding the Change of Control Payment Date, a written communication setting
      forth the name of the Holder, the principal amount of Senior Notes delivered
      for
      purchase, and a statement that such Holder is withdrawing his election to have
      such Senior Notes purchased; and 

     

    (vii) that
      Holders whose Senior Notes are being purchased only in part shall be issued
      new
      Senior Notes equal in principal amount to the unpurchased portion of the Senior
      Notes surrendered. 

     

    (c) So
      long
      as the Senior Notes are in global form, if the Company makes an offer to
      purchase all of the Senior Notes pursuant to a Change of Control Offer, a Holder
      may exercise its option to elect for the purchase of Senior Notes through the
      facilities of the Depository, subject to its rules and regulations.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    (d) On
      the
      Change of Control Payment Date, the Company shall, to the extent lawful:

     

    (i) accept
      for payment all Senior Notes or portions thereof properly tendered pursuant
      to
      the Change of Control Offer; 

     

    (ii) prior
      to
      11:00 a.m. (New York City time) on such date, deposit with the Paying Agent
      an
      amount equal to the Change of Control Payment in respect of all Senior Notes
      or
      portions of Senior Notes properly tendered; and 

     

    (iii) deliver
      or cause to be delivered to the Trustee the Senior Notes so accepted together
      with an Officers’ Certificate stating the aggregate principal amount of Senior
      Notes or portions of Senior Notes being purchased by the Company. 

     

    (e) The
      Paying Agent shall promptly mail to each Holder of Senior Notes properly
      tendered the Change of Control Payment for such Senior Notes, and the Trustee
      shall promptly authenticate and mail (or cause to be transferred by book entry)
      to each Holder a new Senior Note equal in principal amount to any unpurchased
      portion of the Senior Notes surrendered, if any. The Company shall publicly
      announce the results of the Change of Control Offer on or as soon as practicable
      after the Change of Control Payment Date. 

     

    (f) Notwithstanding
      anything to the contrary in this Section
      3.10,
      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
      3.10
      and
      purchases all Senior Notes validly tendered and not withdrawn under the Change
      of Control Offer. A Change of Control Offer may be made in advance of a Change
      of Control, conditional upon such Change of Control, if a definitive agreement
      is in place for the Change of Control at the time of making the Change of
      Control Offer. 

     

    
      	
              SECTION
                3.11

            	
              Compliance
                with the Exchange Act.

            

    

     

    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 any redemption pursuant to
      Sections
      3.07,
      3.09,
      and
3.10.
      To the
      extent that the provisions of any securities laws or regulations conflict with
      the provisions of the Indenture, the Company shall comply with the applicable
      securities laws and regulations and shall not be deemed to have breached its
      obligations described in the Indenture by virtue thereof.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      4

     

    COVENANTS

     

    
      	
              SECTION
                4.01

            	
              Payment
                of Senior Notes.

            

    

     

    The
      Company shall pay or cause to be paid the principal of, premium, if any, and
      interest on the Senior Notes at the Interest Rate on the dates and in the manner
      provided in the Senior Notes and this Indenture. Principal, premium, if any,
      and
      interest shall be considered paid on the date due if the Paying Agent, if other
      than the Company, holds as of the due date money deposited by, or on behalf
      of,
      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 interest (including post-petition interest in any proceeding
      under any Bankruptcy Law) on overdue principal at the rate equal to 1% (one
      percent) in excess of the otherwise applicable Interest Rate on the Senior
      Notes
      to the extent lawful until such overdue principal is paid; it shall pay interest
      (including post-petition interest in any proceeding under any Bankruptcy Law)
      on
      overdue installments of interest (without regard to any applicable grace period)
      at the same rate to the extent lawful until such overdue installments of
      interest are paid.

     

    
      	
              SECTION
                4.02

            	
              Use
                of Proceeds.

            

    

     

    The
      Company shall use the proceeds from the sale of the Senior Notes solely to
      (i)
      purchase Oil Rig Related Assets or to refinance or to retire certain outstanding
      loans and indebtedness of the Company previously incurred to acquire and
      construct the Oil Rig Related Assets and to fund other operations of the
      Company; (ii) paying the costs of retiring and redeeming certain outstanding
      convertible debentures issued by the Company, (iii) providing working capital
      to
      the Company and (iv) paying the costs of issuance. Within ten (10) Business
      Days
      after the Issue Date, the Company shall deliver to the Trustee a certificate
      of
      the use of proceeds in substantially the form of Exhibit
      F
      hereto,
      which shall be signed by the Company’s Chief Executive Officer and Chief
      Financial Officer. 

     

    
      	
              SECTION
                4.03

            	
              Further
                Assurances.

            

    

     

    (a) The
      Company shall, and shall cause each of the Subsidiary Guarantors to, execute
      and
      deliver such additional instruments, certificates or documents, and take such
      actions as may be reasonably required from time to time in order to:

     

    (i) carry
      out
      more effectively the purposes of Section
      2.14
      and the
      Collateral Documents; 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    (ii) create,
      grant, perfect and maintain the validity, effectiveness and priority of any
      of
      the Senior Note Collateral Documents and the Liens created, or intended to
      be
      created, by the Senior Note Collateral Documents; and 

     

    (iii) ensure
      the protection and enforcement of any of the rights granted or intended to
      be
      granted to the Trustee or the Collateral Agent under any other instrument
      executed in connection therewith. 

     

    (b) Upon
      the
      exercise by the Trustee, the Collateral Agent or any Holder of any power, right,
      privilege or remedy under this Indenture or any of the Senior Note Collateral
      Documents which requires any consent, approval, recording, qualification or
      authorization of any governmental authority, the Company shall, and shall cause
      each of the Subsidiary Guarantors to, execute and deliver all applications,
      certifications, instruments and other documents and papers that may be required
      of the Company or any of the Subsidiary Guarantors for such governmental
      consent, approval, recording, qualification or authorization. 

     

    
      	
              SECTION
                4.04

            	
              Maintenance
                of Office or Agency.

            

    

     

    The
      Company shall give prompt written notice to the Trustee of the location, and
      any
      change in the location of the office or agency required to be maintained
      pursuant to Section
      2.03 hereof.
      If at any time the Company shall fail to maintain any such required office
      or
      agency or shall fail to furnish the Trustee with the address thereof, such
      presentations, surrenders, notices and demands may be made or served at the
      Corporate Trust Office of the Trustee.

     

    The
      Company also may from time to time designate one or more other offices or
      agencies where the Senior 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 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.

     

    
      	
              SECTION
                4.05

            	
              Reports.

            

    

     

    (a) So
      long
      as any of the Senior Notes remain outstanding, the Company shall furnish to
      the
      Holders of Senior Notes:

     

    (i) unless
      otherwise required to be filed with the Commission under cover of an appropriate
      form in which event furnishment is not required, all quarterly (not later than
      60 days after the end of each fiscal quarter) and annual (not later than 120
      days after the end of the fiscal year) consolidated financial information that
      would be required to be contained in a filing with the Commission on Forms
      10-QSB and 10-KSB, respectively, under the Exchange Act if the Company were
      required to file such forms (provided that the information that is required
      by
      Form 10-KSB will be provided within 120 days of the Company’s fiscal year end),
      including a “Management’s Discussion and Analysis of Financial Condition and
      Results of Operations” that describes the financial condition and results of
      operations of the Company and its Restricted Subsidiaries, a Receivable aging
      report and, with respect to the annual information only, a report thereon by
      the
      Company’s independent certified public accountants; and

     

    
      
        Senior
          Note Indenture

        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    (ii) unless
      otherwise required to be filed with the Commission in which event furnishment
      is
      not required, all information that would be required to be filed with the
      Commission on Form 8-K under the Exchange Act if the Company were required
      to
      file such reports (clauses (i) and (ii) hereof shall collectively be referred
      to
      as the “Financial
      Reports”).
      

     

    (b) The
      Company shall provide the Trustee with a sufficient number of copies of all
      Financial Reports that the Trustee may be required to deliver to the Holders
      of
      the Senior Notes under this Section
      4.05.

     

    
      	
              SECTION
                4.06

            	
              Compliance
                Certificate.

            

    

     

    (a) The
      Company shall deliver to the Trustee, within 180 days after the end of each
      fiscal year of the Company, an Officers’ Certificate substantially in the form
      of Exhibit
      D
      hereto
      stating that (i) a review of the activities of the Company and its Restricted
      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 (x) kept, observed, performed and fulfilled, and (y) caused each
      of
      its Restricted Subsidiaries to keep, observe, perform and fulfill, its
      obligations under this Indenture, and (ii) as to each such Officer signing
      such
      certificate, that to the best of his or her knowledge (A) the Company has kept,
      observed, performed and fulfilled, and has caused each of its Restricted
      Subsidiaries to keep, observe, perform and fulfill, each and every covenant
      contained in this Indenture and is not then in default in the performance or
      observance of any of the terms, provisions and conditions of this Indenture
      to
      be performed or observed by it (or, if a Default or Event of Default shall
      have
      occurred and remains in existence, describing all such defaults or Events of
      Default of which he or she may have knowledge and what action each is taking
      or
      proposes to take with respect thereto) and (B) 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 Senior Notes is prohibited or if such event has
      occurred, a description of the event and what action each is taking or proposes
      to take with respect thereto.

     

    (b) Concurrently
      with the delivery of the year-end Financial Reports pursuant to Section
      4.05
      above,
      the Company shall, so long as any of the Senior Notes are outstanding, deliver
      to the Trustee, forthwith upon any Officer becoming aware of any Default or
      Event of Default that has occurred and remains in existence, an Officers’
Certificate specifying such Default or Event of Default and what action the
      Company is taking or proposes to take with respect thereto.

     

    
      
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          Note Indenture

        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                4.07

            	
              Taxes.

            

    

     

    The
      Company shall pay, and shall cause each of its Restricted Subsidiaries to pay,
      prior to delinquency, all material taxes, assessments, and governmental levies,
      except as 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 Senior Notes.

     

    
      	
              SECTION
                4.08

            	
              Stay,
                Extension and Usury Laws.

            

    

     

    The
      Company covenants (to the extent that it may lawfully do so) that it shall
      not
      at any time insist upon, plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay, extension or usury law wherever enacted,
      now
      or at any time hereafter in force, that may affect the covenants or the
      performance of this Indenture; and the Company (to the extent that it may
      lawfully do so) hereby expressly waives all benefit or advantage of any such
      law, and covenants that it 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
                4.09

            	
              Expansion
                Debt and Additional
                obligations.

            

    

     

    (a) Notwithstanding
      anything herein to the contrary, the Company shall not issue or incur any
      Additional Obligations except as permitted pursuant to this Indenture. The
      Company may from time to time issue or incur Expansion Debt and Additional
      Obligations for the purpose of acquiring or constructing Expansion Assets and
      for working capital purposes, pursuant to the following terms and
      conditions:

     

    (i) Renewals
      or extensions of existing indebtedness outstanding as of the Issue
      Date;

     

    (ii) Establishment
      or incurrence of the Working Capital Credit Facility for working capital
      purposes not to exceed US $1.0 million that is subordinated to the Senior Notes
      or establishment of a credit facility used to purchase a rig that is not an
      Oil
      Rig Related Asset which credit facility is secured solely by such
      rig.

     

    (iii) Expansion
      Debt may be issued as additional notes under the Indenture pursuant to a
      supplemental indenture or may be otherwise incurred by the Company provided
      that
      in either event such Expansion Debt shall be secured solely by (i) a Lien on
      the
      Expansion Assets acquired or constructed with the proceeds of such Expansion
      Debt (subject to Section 12.03(e) of the Indenture), and/or (ii) a Lien on
      the
      Revenues produced by or derived from such Expansion Assets; 

     

    (iv) At
      the
      time any Expansion Debt is issued or incurred, no Event of Default and no event
      that with the passage of time or the giving of notice or both would constitute
      an Event of Default hereunder shall have occurred or be continuing. 

     

    
      
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          Note Indenture

        
        

      

      
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              SECTION
                4.10

            	
              Restricted
                Payments.

            

    

     

    (a) The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly make any Restricted Payment, unless, at the time of
      such
      Restricted Payment no Default or Event of Default has occurred and is continuing
      or would occur as a consequence thereof.

     

    (b) The
      Board
      of Directors may designate any Restricted Subsidiary to be an Unrestricted
      Subsidiary if such designation would not cause a Default or Event of Default
      pursuant to Article 7
      hereof.
      All such outstanding Investments will be deemed to constitute Investments in
      an
      amount equal to the greatest of (x) the net book value of such Investments
      at
      the time of such designation, (y) the Fair Market Value of such Investments
      at
      the time of such designation and (z) the original Fair Market Value of such
      Investments at the time they were made. Such designation will only be permitted
      if such Restricted Payment would be permitted at such time.

     

    (c) The
      Board
      of Directors may at any time designate any Unrestricted Subsidiary to be a
      Restricted Subsidiary; provided
      that
      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 (i)
      such
      indebtedness is permitted under Section
      4.12
      hereof,
      (ii) no Default or Event of Default pursuant to Article
      7
      hereof
      would be in existence following such designation and (iii) such Restricted
      Subsidiary becomes a Guarantor immediately upon such designation.

     

    (d) Any
      designation of the Board of Directors pursuant to Sections
      4.10(b)
      and
4.10(c)
      shall be
      notified by the Company to the Trustee by promptly filing with the Trustee
      a
      copy of the Board Resolution giving effect to such designation and delivering
      the Officers’ Certificate described below in Section
      4.10(e).

     

    (e) 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.

     

    
      	
              SECTION
                4.11

            	
              Dividend
                and Other Payment Restrictions Affecting Restricted
                Subsidiaries.

            

    

     

    The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly, create or otherwise cause or become effective any
      consensual encumbrance or restriction on the ability of any Restricted
      Subsidiary to:

     

    (a) pay
      dividends or make any other distributions to the Company or any of its
      Restricted Subsidiaries on its Capital Stock or with respect to any other
      interest or participation in, or measured by, its profits, or pay any
      Indebtedness owed to the Company or any of its Restricted
      Subsidiaries;

     

    (b) make
      loans or advances to the Company or any of its Restricted Subsidiaries;
      or

     

    
      
        Senior
          Note Indenture

        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    (c) transfer
      any of its properties or assets to the Company or any of its Restricted
      Subsidiaries, except for such encumbrances or restrictions existing as of the
      Issue Date or under or by reason of:

     

    (i) applicable
      law;

     

    (ii) any
      instrument governing any obligation relating to a business acquired by the
      Company (“Acquired
      Debt”)
      as in
      effect at the time of acquisition (except to the extent such Indebtedness was
      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;

     

    (iii) by
      reason
      of customary non-assignment provisions in leases entered into in the ordinary
      course of business and consistent with past practices;

     

    (iv) purchase
      money obligations for property acquired in the ordinary course of business
      or
      performance bonds or similar security for performance which Liens securing
      such
      obligations do not cover any asset other than the asset acquired or, in the
      case
      of performance bonds or similar security for performance, the assets associated
      with the Company’s performance;

     

    (v) this
      Indenture and the Senior Notes;

     

    (vi) the
      Subordinated Note Documents; or

     

    (vii) in
      the
      case of clauses (ii), (v), and (vi) above, any amendments, modifications,
      restatements, renewals, increases, supplements, refundings, replacements or
      refinancings thereof; provided,
      that
      such amendments, modifications, restatements, renewals, increases, supplements,
      refundings, replacements or refinancings are not materially more restrictive
      with respect to such divided and other payment restrictions than those contained
      in such instruments as in effect on the date of their incurrence or, if later,
      the Issue Date.

     

    
      	
              SECTION
                4.12

            	
              Asset
                Sales

            

    

     

    (a) If
      the
      Company proposes to sell any asset that constitutes Collateral;

     

    (i) such
      sale
      shall be for not less than the Collateral Value of such asset; 

     

    (ii) all
      Net
      Proceeds shall be used to repay the outstanding Senior Notes as if such proceeds
      were Excess Revenue;

     

    
    

    
      
        Senior
          Note Indenture

        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    
       

      (iii) the
        Company shall make an Excess Revenue Offer in accordance with the procedures
        set
        forth in Section
        3.09
        of the
        Indenture utilizing such Net Proceeds. 

    

    
       

      (b) Pending
        the final application of any Net Proceeds pursuant to this Section
        4.12,
        the
        Company or the applicable Restricted Subsidiary shall deposit all such Net
        Proceeds in the Excess Revenue Account and shall invest such Net Proceeds
        in
        Permitted Investments. 

    

     

    
      	
              SECTION
                4.13

            	
              Transactions
                with Affiliates.

            

    

     

    The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      in one or more related transactions, sell, lease, transfer or otherwise dispose
      of any of their properties or assets to, or purchase any property or assets
      from, or enter into or make any contract, agreement, understanding, loan,
      advance or Guarantee with, or for the benefit of, any Affiliate (each of the
      foregoing, an “Affiliate
      Transaction”),
      unless:

     

    (a) such
      Affiliate Transaction is on terms that are no less favorable to the Company
      or
      such Restricted Subsidiary than those that would have been obtained in a
      comparable transaction by the Company or such Restricted Subsidiary with an
      unrelated Person; 

     

    (b) the
      Company delivers to the Trustee:

     

    (i) with
      respect to any Affiliate Transaction involving aggregate consideration in excess
      of US$1.0 million, an Officers’ Certificate certifying that such Affiliate
      Transaction complies with clause (a) above and has been approved by a majority
      of disinterested members of the Board of Directors; and

     

    (ii) with
      respect to any Affiliate Transaction involving aggregate consideration in excess
      of US$5.0 million, a written opinion as to the fairness of such Affiliate
      Transaction to the Company or Restricted Subsidiary involved in such Affiliate
      Transaction from a financial point of view issued by an
      internationally-recognized investment banking firm; and

     

    provided,
      that
      the following shall be deemed not to be Affiliate Transactions:

     

    (A) transactions
      pursuant to any employment, consulting, stock option or stock purchase agreement
      entered into by the Company or any of its Restricted Subsidiaries, or any grant
      of stock, in the ordinary course of business that are approved by the Board
      of
      Directors;

     

    (B) transactions
      pursuant to existing Indebtedness owed to officers and directors of the Company
      as of the Issue Date;

     

    (C) transactions
      between or among the Company and its Restricted Subsidiaries;

     

    
      
        Senior
          Note Indenture

        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    (D) transactions
      permitted by the provisions of the Indenture described above in Sections
      4.09 and 4.10;
      

     

    (E) Permitted
      Investments; and 

     

    (F) transactions
      with Enhanced Oil Resources, Inc. and/or Oil Sands Quest.

     

    
      	
              SECTION
                4.14

            	
              Liens.

            

    

     

    Neither
      the Company nor any of its Restricted Subsidiaries may, directly or indirectly,
      create, incur, assume or suffer to exist any Lien on any asset now owned or
      hereafter acquired, or on any income or profits therefrom or assign or convey
      any right to receive income therefrom, except for Permitted Liens. 

     

    
      	
              SECTION
                4.15

            	
              Corporate
                Existence.

            

    

     

    Subject
      to Article 6
      hereof,
      the Company shall do or cause to be done all things necessary to preserve and
      keep in full force and effect (i) its existence as a corporation, and the
      corporate, partnership or other existence of any Restricted Subsidiary, in
      accordance with the respective organizational documents (as the same may be
      amended from time to time) of the Company or any such Restricted Subsidiary
      and
      (ii) the rights (charter and statutory), licenses and franchises of the Company
      and its Restricted Subsidiaries; provided,
      however,
      that the
      Company shall not be required to preserve any such right, license or franchise,
      or the corporate, partnership or other existence of any of its Restricted
      Subsidiaries if the Board of Directors shall determine that the preservation
      thereof is no longer desirable in the conduct of the business of the Company
      and
      its Restricted Subsidiaries, taken as a whole, and that the loss thereof is
      not
      adverse in any material respect to the Holders of the Senior Notes.

     

    
      	
              SECTION
                4.16

            	
              Business
                Activities.

            

    

     

    The
      Company shall not, and shall not permit any of its Restricted Subsidiaries
      to,
      directly or indirectly, engage in any business other than the Oil Rig
      Business.

     

    ARTICLE
      5

     

    FUNDS
      AND
      DEPOSITS

     

    
      	
              SECTION
                5.01

            	
              Revenue
                Fund; Distributions from the Revenue
                Fund.

            

    

     

    There
      is
      hereby created and ordered established with Trustee, a special fund, whether
      currently existing or hereafter created, in the name of the Company, designated
      “Forster Drilling Corporation. Revenue Fund” (the “Revenue Fund”). All Pledged
      Revenues shall, as and when received by the Company or Forster Subsidiary,
      be
      deposited into the Revenue Fund. All monies at any time in the Revenue Fund
      shall be applied for the payment of the annual fees of Trustee and Payment
      Agent, Annual Debt Service on the Notes or any additional Notes and distribution
      of the surplus, in the following order, at the following times and in the
      amounts set forth below:

     

    
      
        Senior
          Note Indenture

        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    (a) FIRST,
      to the
      Senior Note Fund for payment on the Senior Notes, the amounts at the times
      for
      the purposes set forth in Section 5.02 below;

     

    (b) SECOND,
      to the
      Subordinated Note Trustee for payment on the Subordinated Notes, the amount
      of
      interest then due on the Subordinated Notes at the Interest Rate on the
      Subordinated Notes; 

     

    (b) THIRD,
      no
      later than five (5) business days prior to the commencement of each Offer Period
      described in Section 3.09, the balance of the Revenue Fund after making all
      disbursements and providing for all funds described above (the “Excess
      Revenues”), shall be transferred as follows: eighty percent (80%) of such Excess
      Revenues to the Excess Revenue Account of the Senior Note Fund for redemption
      of
      the Senior Notes pursuant to Section
      3.09
      above,
      and twenty percent (20%) of such Excess Revenues to the Subordinated Note
      Trustee for redemption of the Subordinated Note pursuant to Section
      3.09
      of the
      Subordinated Note Indenture.

     

    It
      is
      agreed that Trustee shall have and the Company does hereby grant to Trustee
      a
      first priority lien on the Revenue Fund. 

     

    The
      Company and its Affiliates and Subsidiaries hereby covenant that Company and
      Forster Subsidiaries shall, within ten (10) Business Days of its receipt of
      any
      Revenues, deposit the Pledged Revenues into the Revenue Fund.

     

    
      	
              SECTION
                5.02

            	
              Senior
                Note Fund.

            

    

     

    There
      is
      hereby created and ordered established with Trustee a special fund, in the
      name
      of the Company, to be designated “Forster Drilling Corporation Senior Note Fund”
(the “Senior Note Fund”). 

     

    It
      shall
      be the unconditional obligation of the Company to make payments into the Senior
      Note Fund, unless sufficient funds exist as a result of the Revenue Fund, as
      follows:

     

    (a) For
      Payment of Interest and Trustee Fees: On
      or
      before the fifth (5th) calendar
      day of each month, there shall be paid into the Senior Note Fund, beginning
      on
      the fifth (5th) calendar day of February, 2008 (pro-rated accordingly for the
      first payment due April 15, 2008), and continuing on the fifth (5th) calendar
      day of each month thereafter, until all Outstanding Senior Notes with interest
      and premium, if any, thereon have been paid in full, or provision made for
      such
      payment, a sum (to be computed by Trustee) equal to: (i) one-third (1/3) of
      the
      installment of interest coming due on the Senior Notes on the next Interest
      Payment Date; and (ii) beginning on the fifth (5th) calendar day of February,
      2008 (pro-rated accordingly for the first payment due April 15, 2008), and
      continuing on the fifth (5th) calendar day of each month thereafter until all
      outstanding Notes with interest and premium, if any, thereon have been paid
      in
      full, or provision made for such payment, a sum (to be computed by Trustee)
      equal to one-twelfth (1/12) of Trustee’s and Paying Agent’s annual fees for the
      Senior Notes. All monies in the Senior Note Fund shall be used solely for the
      purpose of paying Annual Debt Service on the Senior Notes or for any redemption
      of the Senior Notes, plus Trustee’s and Paying Agent’s fees, except as herein
      specifically provided. Trustee shall withdraw from the Senior Note Fund, on
      the
      date of any principal or interest payment, an amount equal to the amount of
      such
      payment for the sole purpose of paying the same plus Trustee’s and Paying
      Agent’s fees, which direction Trustee hereby accepts. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    (b) For
      Payment of any Deficiency: On
      or
      before the fifth (5th) calendar
      day of the month preceding each Interest Payment Date, there shall be paid
      by
      the Company into the Senior Note Fund until all outstanding Senior Notes with
      interest thereon have been paid in full, or provision made for such payment,
      a
      sum (to be computed by Trustee) that shall, when added to the amounts that
      have
      been transferred from the Revenue Fund as provided for in subparagraph (a)
      above, be equal to the installment of interest coming due on the Senior Notes
      (whether at maturity, upon mandatory redemption, or otherwise) on the then
      next
      Interest Payment Date, plus one-third (1/3) of Trustee’s and Paying Agent’s
      annual fees for the Notes. The obligation of the Company to pay interest and
      of
      the Trustee to transfer funds to the Subordinated Note Trustee with respect
      to
      the Subordinate Notes shall be only to the extent of available Pledged Revenues
      as set forth in subparagraph (a) above. The Subordinate Notes shall not be
      subject to this subparagraph (b). 

     

    Notwithstanding
      the above, unless the Company is notified by Trustee that insufficient funds
      exist in the Senior Note Fund to effect such coming due interest payment and
      Trustee fee payments, the Company will not make any payment to the Senior Note
      Fund.

     

    
      	
              SECTION
                5.03

            	
              Refinancing
                Fund.

            

    

     

    There
      is
      hereby created and ordered established with Trustee a special fund in the name
      of the Company, designated “Forster Drilling Corporation Refinancing Fund” (the
“Refinancing Fund”). Within
      the Refinancing Fund, there shall be created the Costs of Issuance Account.
      From
      the proceeds of the sale of the Senior Notes, the sum of approximately
      $4,000,000 (with the exact amount to be provided by the Company to Trustee
      in a
      Written Request delivered prior to the Issue Date) shall be deposited into
      the
      Refinancing Fund and an additional sum of $800,000 shall be deposited into
      the
      Costs of Issuance Account to be disbursed as provided in Section 5.04, below.
      The deposit of $4,000,000 into the Refinancing Fund will be used to (i) retire
      outstanding obligations of the Company as shall be designated in writing by
      the
      Company, and (ii) provide working capital for the Company. Amounts in the
      Refinancing Fund to be used to retire the Company’s outstanding obligations
      shall be disbursed by the Trustee to the entities designated by the Company
      in a
      Written Request to be delivered by the Corporation prior to the Issue Date,
      and
      the amounts in the Refinancing Fund representing working capital for the Company
      shall be wired into the Company’s operating accounts, as instructed by the
      Company, on the Issue Date. All amounts remaining in the Refinancing Fund after
      paying the Costs of Issuance and making the disbursements described in the
      preceding sentence, shall be wired into the Company’s operating accounts, as
      instructed by the Company, for use by the Company without further
      restriction.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.04

            	
              Costs
                of Issuance Account

            

    

     

    There
      is
      hereby created and established with Trustee a special account within the
      Refinancing Fund, in the name of the Company, to be designated “Forster Drilling
      Corporation Note Costs of Issuance Account” (the “Costs of Issuance
      Account”).

     

    From
      proceeds of the Senior Notes and from other funds provided by Issuer, if any,
      the sum of approximately $800,000 (the exact amount to be set forth in the
      final
      Written Request from Placement Agent to Trustee on the Issue Date) to pay the
      costs of issuance of the Senior Notes issued and delivered on that date and
      such
      other amounts as shall be delivered by the Company for deposit therein shall
      be
      deposited into the Costs of Issuance Account. Monies at any time held in the
      Costs of Issuance Account shall be used for and applied solely to pay costs
      of
      issuance of the Notes, including underwriting, consultants, legal, printing,
      publication, trustee, paying agent and financial advisory fees and expenses.
      Payments from the Costs of Issuance Account shall be made by Trustee, upon
      receipt of a Written Request, signed by an appropriate Officer of the Company.
      Upon receipt of each such Written Request, Trustee shall pay each such item
      directly to the person or party entitled thereto as named in such authorization.
      Nothing in Section 5.03, above, or elsewhere in this Indenture shall be
      construed to prohibit the Company from directly paying some or all of the Costs
      of Issuance without utilizing the Costs of Issuance Account. 

     

    After
      payment of the funds directed by the Written Request, Trustee shall wire the
      balance of monies in the Costs of Issuance Account to the Company’s operating
      account, as instructed by the Company, for use by the Company, without further
      restriction. 

     

    ARTICLE
      6

     

    SUCCESSORS

     

    
      	
              SECTION
                6.01

            	
              Merger,
                Consolidation or Sale of
                Assets.

            

    

     

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

     

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

     

    
      
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          Note Indenture

        
        

      

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

     

    (c) immediately
      after such transaction no Default or Event of Default exists; and

     

    (d) such
      transaction would not result in the loss, material impairment or adverse
      modification or amendment of any authorization, license, permit or franchise
      (governmental or otherwise) of the Company or its Restricted Subsidiaries that
      would have a material adverse effect on the business or operations of the
      Company and its Restricted Subsidiaries taken as a whole.

     

    
      	
              SECTION
                6.02

            	
              Successor
                Corporation Substituted.

            

    

     

    Upon
      any
      consolidation or merger, or any sale, lease, conveyance or other disposition
      of
      all or substantially all of the assets of the Company in accordance with
Section
      6.01
      hereof,
      the successor corporation formed by such consolidation or into or with which
      the
      Company is merged or to which such sale, lease, conveyance or other disposition
      is made shall succeed to, and be substituted for (or that from and after the
      date of such consolidation, merger, sale, lease, conveyance or other
      disposition, 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 under this Indenture with the
      same
      effect as if such successor Person has been named as the Company, herein;
provided,
      however,
      that
      the predecessor Company shall not be relieved from the obligations to pay the
      principal of, premium, if any, and interest on the Senior Notes, except in
      the
      case of a sale of all of the Company’s assets that meets the requirements of
Section
      6.01
      hereof.

     

    ARTICLE
      7

     

    DEFAULTS
      AND REMEDIES

     

    
      	
              SECTION
                7.01

            	
              Events
                of Default.

            

    

     

    Each
      of
      the following constitutes an “Event of Default”; 

     

    (a) default
      for thirty days in the payment when due of interest on the Senior
      Notes;

     

    (b) default
      in payment when due (whether at maturity, upon redemption or repurchase, or
      otherwise) of the principal of or premium, if any, on the Senior
      Notes;

     

    
      
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    (c) failure
      by the Company to comply with the provisions described in Section
      5.01;

     

    (d) failure
      by the Company or any of its Restricted Subsidiaries for thirty days after
      notice to comply with any of their other covenants in this Indenture or the
      Senior Notes;

     

    (e) default
      under any mortgage, pledge, indenture or instrument under which there may be
      issued or by which there may be secured or evidenced any Indebtedness for money
      borrowed, including, without limitation, this Indenture and the Senior Notes,
      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 the
      Indenture, which default: is caused by a failure to pay principal of, or
      premium, if any, or interest on, such Indebtedness prior to the expiration
      of
      the grace period provided in such Indebtedness on the date of such default,
      provided that such default shall be in an amount or aggregate amounts in excess
      of US $1.0 million and excluding debt being paid from proceeds of the Senior
      Notes (a “Payment
      Default”);
      or

     

    (f) failure
      by the Company or any of its Restricted Subsidiaries to pay final judgments
      (other than any judgment as to which a reputable insurance company has accepted
      full liability and whose bond, premium or similar charge therefor is not in
      excess of US$4.0 million) aggregating in excess of US$4.0 million, which
      judgments are not paid, discharged or stayed within 60 days after the date
      on
      which any period for appeal has expired and during which a stay of enforcement
      of such judgment shall not be in effect; 

     

    (g) if
      the
      Company or any Restricted Subsidiary shall be dissolved (other than a technical
      dissolution of a Subsidiary which is cured within sixty (60) days of notice
      thereof) or liquidated (or any judgment, order or decree therefor shall be
      entered); or if a creditors’ committee shall have been appointed for the
      business of the Company or any Restricted Subsidiary; or if the Company or
      any
      Restricted Subsidiary shall have made a general assignment for the benefit
      of
      creditors or shall have been adjudicated bankrupt and if not an adjudication
      based on a filing made by the Trustee, it shall not have been dismissed within
      sixty (60) days, or shall have filed a voluntary petition in bankruptcy or
      for
      reorganization or to effect a plan or arrangement with creditors or shall fail
      to pay its debts generally as such debts become due in the ordinary course
      of
      business (except as contested in good faith and for which adequate reserves
      are
      made in such party’s financial statements); or shall file an answer to a
      creditor’s petition or other petition filed against it, admitting the material
      allegations thereof for an adjudication in bankruptcy or for reorganization;
      or
      shall have applied for or permitted the appointment of a receiver or trustee
      or
      custodian for any of its property or assets; or such receiver, trustee or
      custodian shall have been appointed for any of its property or assets (otherwise
      than upon application or consent of the Company or of any Restricted Subsidiary)
      and shall not have been removed within sixty (60) days; or if an order shall
      be
      entered approving any petition for reorganization of the Company or any
      Restricted Subsidiary and shall not have been reversed or dismissed within
      sixty
      (60) days; or if the Company, any of the Restricted Subsidiaries or any of
      the
      creditors of the Company or any of Restricted Subsidiary initiates a mandatory
      Conciliation Proceeding; if the Company or any Restricted Subsidiary shall
      take
      any action (corporate or other) authorizing or in furtherance any of the actions
      described above; and

     

    
      
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    (h) any
      Guarantee of the Senior Notes by the Subsidiary Guarantor shall be held in
      a
      judicial proceeding to be unenforceable or invalid or any Subsidiary Guarantor,
      or chief executive officer of such Subsidiary Guarantor shall deny or disaffirm
      its obligations under its Guarantee of any Senior Notes.

     

    
      	
              SECTION
                7.02

            	
              Acceleration.

            

    

     

    If
      any
      Event of Default occurs and is continuing with respect to this Indenture and
      the
      Senior Notes, the Trustee or the Holders of at least 25% of the aggregate
      principal amount of the then outstanding Senior Notes may declare all the Senior
      Notes to be due and payable immediately. Upon such declaration, the principal
      of, premium, if any, and accrued and unpaid interest on the Senior Notes shall
      be due and payable immediately. Notwithstanding the foregoing, in the case
      of an
      Event of Default arising from any of the events described in Section
      7.01(h),
      or in
      the event the Company fails to make any payment when due under clauses (a)
      and
      (b) of Section
      7.01,
      all
      outstanding Senior Notes will become due and payable without further action
      or
      notice. Holders of the Senior Notes may not enforce the Indenture or the Senior
      Notes except as provided in this Indenture. Subject to certain limitations,
      Holders of a majority in principal amount of the then outstanding Senior Notes
      may direct the Trustee in its exercise of any trust or power. The Trustee may
      withhold from Holders of the Senior Notes notice of any continuing Default
      or
      Event of Default (except a Default or Event of Default relating to the payment
      of principal or interest) if it determines that withholding notice is in the
      best interest of the Holders.

     

    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 Senior Notes pursuant to Section
      3.07
      hereof,
      an equivalent premium shall also become and be immediately due and payable
      upon
      the acceleration of the Senior Notes.

     

    
      	
              SECTION
                7.03

            	
              Other
                Remedies.

            

    

     

    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, and interest
      on
      the Senior Notes or to enforce the performance of any provision of the Senior
      Notes or this Indenture.

     

    The
      Trustee may maintain a proceeding even if it does not possess any of the Senior
      Notes or does not produce any of them in the proceeding. A delay or omission
      by
      the Trustee or any Holder of a Senior 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.

     

    
      
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          Note Indenture

        
        

      

      
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              SECTION
                7.04

            	
              Waiver
                of Past Defaults.

            

    

     

    Holders
      of not less than a majority in aggregate principal amount of the then
      outstanding Senior Notes by notice to the Trustee may, on behalf of the Holders
      of all of the Senior Notes, waive any existing Default or Event of Default
      and
      its consequences, except a continuing Default or Event of Default in the payment
      of the principal of, premium, if any, or interest on, the Senior Notes. 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
      Event of Default or impair any right consequent thereon.

     

    
      	
              SECTION
                7.05

            	
              Control
                by Majority.

            

    

     

    Holders
      of a majority in principal amount of the then outstanding Senior Notes may
      direct the time, method and place of conducting any proceeding for exercising
      any remedy available to the Trustee or exercising any trust or power conferred
      on it. However, the Trustee may refuse to follow any direction that conflicts
      with the law or this Indenture that the Trustee, in its sole discretion,
      determines may be unduly prejudicial to the rights of other Holders of Senior
      Notes or that may involve the Trustee in personal liability.

     

    
      	
              SECTION
                7.06

            	
              Limitation
                on Suits.

            

    

     

    No
      Holder
      of a Senior Note shall have any right to institute any proceeding with respect
      to this Indenture or the Senior Notes or for any remedy thereunder,
      unless:

     

    (a) the
      Holder of a Senior Note gives to the Trustee written notice of a continuing
      Event of Default;

     

    (b) the
      Holders of at least 25% in principal amount of the then outstanding Senior
      Notes
      make a written request to the Trustee to pursue the remedy;

     

    (c) such
      Holder of a Senior Note or Holders of Senior Notes provide to the Trustee,
      if
      requested, indemnity satisfactory to the Trustee against any loss, liability
      or
      expense; and

     

    (d) the
      Trustee does not comply with the request within 60 days after receipt of the
      request and, if requested, the provision of indemnity.

     

    Otherwise,
      no Holder of any Senior Note shall have any right to institute any proceeding
      with respect to this Indenture or the Senior Notes or for any remedy thereunder,
      except the institution of any proceedings with respect to this Indenture or
      the
      Senior Notes or any remedy thereunder, including without limitation
      acceleration, by the Holders of a majority in principal amount of the then
      outstanding Senior Notes; provided
      that,
      upon institution of any proceeding or exercise of any remedy such Holders
      provide the Trustee with prompt written notice thereof.

     

    
      
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          Note Indenture

        
        

      

      
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    A
      Holder
      of a Senior Note may not use this Indenture to prejudice the rights of another
      Holder of a Senior Note or to obtain a preference or priority over another
      Holder of a Senior Note.

     

    
      	
              SECTION
                7.07

            	
              Rights
                of Holders of Senior Notes to Receive
                Payment.

            

    

     

    Notwithstanding
      any other provision of this Indenture, the right of any Holder of a Senior
      Note
      to receive payment of principal, premium, if any, and interest on the Senior
      Note, on or after the respective due dates expressed in the Senior Note, or
      to
      bring suit for the enforcement of any such payment on or after such respective
      dates, shall not be impaired or affected without the consent of the Holder
      of
      the Senior Note.

     

    
      	
              SECTION
                7.08

            	
              Collection
                Suit by Trustee.

            

    

     

    If
      an
      Event of Default specified in Section
      7.01(a)
      or
(b)
      hereof
      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, and interest remaining unpaid on the
      Senior Notes and interest on overdue principal and, to the extent lawful,
      interest 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
                7.09

            	
              Trustee
                May File Proofs of Claim.

            

    

     

    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 Senior Notes
      allowed in any judicial proceedings relative to the Company (or any other
      obligor upon the Senior Notes), the Company’s creditors or the Company’s
      property and shall be entitled and empowered to collect, receive and distribute
      any money or other property payable or deliverable on any such claims and any
      custodian in any such judicial proceeding is hereby authorized by each Holder
      of
      a Senior Note 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
      of
      the Senior Notes, 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
      8.07
      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
      8.07
      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 which
      the Holders of the Senior Notes may be entitled to receive in such proceeding
      whether in liquidation or under any plan of reorganization or arrangement or
      otherwise. Nothing contained herein shall be deemed to authorize the Trustee
      to
      authorize or consent to or accept or adopt on behalf of any Holder of a Senior
      Note any plan of reorganization, arrangement, adjustment or composition
      affecting the Senior Notes or the rights of any Holder of a Senior Note thereof,
      or to authorize the Trustee to vote in respect of the claim of any Holder of
      a
      Senior Note in any such proceeding.

     

    
      
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              SECTION
                7.10

            	
              Priorities.

            

    

     

    If
      the
      Trustee collects any money pursuant to this Article
      7,
      it
      shall pay out the money in the following order:

     

    First:
      to
      the Trustee, its agents and attorneys for amounts due under Section
      8.07
      hereof,
      including payment of all compensation, expenses and liabilities incurred, and
      all advances made, by the Trustee and the costs and expenses of
      collection,

     

    Second:
      (i) first to Holders of Senior Notes, for amounts due and unpaid on such Senior
      Notes for interest, ratably, without preference or priority of any kind,
      according to the amounts due and payable on the Senior Notes for interest,
      and
      (ii) second, to the extent any other monies are available, to Holders of all
      Senior Notes for amounts due and unpaid on all such Senior Notes for principal
      and premium, if any, ratably, without preference or priority of any kind,
      according to the amounts due and payable on the Senior Notes for principal
      and
      premium; and

     

    Third:
      to
      the Company or to such party as a court of competent jurisdiction shall
      direct.

     

    The
      Trustee may fix a record date and payment date for any such payment to Holders
      of Senior Notes.

     

    
      	
              SECTION
                7.11

            	
              Undertaking
                of 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 attorney’s 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
      7.11
      does not
      apply to a suit by the Trustee, a suit by a Holder of a Senior Note pursuant
      to
Section
      7.07
      hereof, or
      a suit
      by Holders of more than 10% in principal amount of the then outstanding
      Senior Notes.

     

    
      
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          Note Indenture

        
        

      

      
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    ARTICLE
      8

     

    TRUSTEE

     

    
      	
              SECTION
                8.01

            	
              Duties
                of Trustee.

            

    

     

    (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 their 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:

     

    (i) the
      duties of the Trustee shall be determined solely by the express provisions
      of
      this Indenture and the Trustee need perform only those duties that are
      specifically set forth in this Indenture and no others, and no implied covenants
      or obligations shall be read into this Indenture against the Trustee;
      and

     

    (ii) in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture. However, the Trustee shall examine the
      certificates and opinions to determine whether or not they conform to the
      requirements of this Indenture.

     

    (c) The
      Trustee may not be relieved from liabilities for its own negligent action,
      its
      own negligent failure to act, or its own willful misconduct, except
      that:

     

    (i) this
      paragraph does not limit the effect of paragraph (b) of this Section 8.01;

     

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

     

    (iii) the
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it pursuant to
Section
      7.05
      hereof.

     

    (d) Whether
      or not therein expressly so provided, every provision of this Indenture that
      in
      any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of
      this Section 8.01.

     

    
      
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    (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 of Senior Notes, unless such Holder shall have provided to the Trustee
      security and indemnity satisfactory to the Trustee against any loss, liability
      or expense.

     

    (f) The
      Trustee shall not be liable for interest on any money received by it except
      as
      the Trustee may agree in writing with the Company. Money held in trust by the
      Trustee need not be segregated from other funds except to the extent required
      by
      law.

     

    
      	
              SECTION
                8.02

            	
              Rights
                of Trustee.

            

    

     

    (a) The
      Trustee may conclusively rely upon any document believed by it to be genuine
      and
      to have been signed or presented by the proper Person. The Trustee need not
      investigate any fact or matter stated in the document.

     

    (b) Before
      the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable
      for any action it takes or omits to take in good faith in reliance on such
      Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
      counsel and the advice of such counsel or any Opinion of Counsel shall be full
      and complete authorization and protection from liability in respect of any
      action taken, suffered or omitted by it hereunder in good faith and in reliance
      thereon.

     

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

     

    (d) The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith which it believes to be authorized or within its 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 provided to the Trustee reasonable security
      or
      indemnity 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 thereof is received by the Trustee at the Corporate Trust
      Office of the Trustee, and such notice refers to the Senior Notes or this
      Indenture. 

     

    
      
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          Note Indenture

        
        

      

      
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              SECTION
                8.03

            	
              Individual
                Rights of Trustee.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Senior Notes and may otherwise deal with the Company or any Affiliate of
      the
      Company with the same rights it would have if it were not Trustee. However,
      in
      the event that the Trustee acquires any conflicting interest, it must eliminate
      such conflict within 90 days, apply to the Commission for permission to continue
      as Trustee (if this Indenture is qualified under the Trust Indenture Act) or
      resign. Any Agent may do the same with like rights and duties. The Trustee
      is
      also subject to Sections 8.10
      and
8.11
      hereof.

     

    
      	
              SECTION
                8.04

            	
              Trustee’s
                Disclaimer.

            

    

     

    The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Indenture or the Senior Notes, it shall not be
      accountable for the Company’s use of the proceeds from the Senior 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 Senior
      Notes or any other document in connection with the sale of the Senior Notes
      or
      pursuant to this Indenture other than its certificate of
      authentication.

     

    
      	
              SECTION
                8.05

            	
              Notice
                of Defaults.

            

    

     

    If
      a
      Default or Event of Default occurs and is continuing and if it is known to
      a
      Responsible Officer of the Trustee, the Trustee shall mail to Holders of Senior
      Notes a notice of the Default or Event of Default within 60 days after it
      occurs. Except in the case of a Default or Event of Default in payment of
      principal of, premium, if any, or interest on any Senior 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 best interests
      of
      the Holders of the Senior Notes.

     

    
      	
              SECTION
                8.06

            	
              Reports
                by Trustee to Holders of the Senior
                Notes.

            

    

     

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

     

    A
      copy of
      each report at the time of its mailing to the Holders of Senior Notes shall
      be
      mailed to the Company and (but only if this Indenture is then qualified under
      the TIA) filed with the Commission and each stock exchange on which the Senior
      Notes are listed, if any. The Company shall promptly notify the Trustee when
      the
      Senior Notes are listed on any stock exchange.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                8.07

            	
              Compensation
                and Indemnity.

            

    

     

    The
      Company shall compensate the Trustee for its acceptance of this Indenture and
      services hereunder as follows: $3,500.00. 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 written 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.

     

    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, except any such loss,
      liability or expense as may be attributable to the negligence or bad faith
      of
      the Trustee. The Trustee shall notify the Company promptly of any claim for
      which it may seek indemnity. Failure by the Trustee to so notify the Company
      shall not relieve the Company of its obligations hereunder. The Company shall
      defend the claim and the Trustee shall cooperate in the defense. The Trustee,
      in
      its sole discretion, may elect to have separate counsel selected by it and
      the
      Company shall pay the reasonable fees and expenses of such counsel. The Company
      need not pay for any settlement made without its written consent, which consent
      shall not be unreasonably withheld.

     

    The
      obligations of the Company under this Section
      8.07
      shall
      survive the satisfaction and discharge of this Indenture.

     

    To
      secure
      the Company payment obligations in this Section 8.07,
      the
      Trustee shall have a Lien prior to the Senior Notes on all money or property
      held or collected by the Trustee, except that held in trust to pay principal,
      premium, if any, and interest on particular Senior Notes. Such Lien shall
      survive the satisfaction and discharge of this Indenture.

     

    When
      the
      Trustee incurs expenses or renders services after an Event of Default specified
      in Section 7.01(g)
      or
(h)
      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.

     

    
      	
              SECTION
                8.08

            	
              Replacement
                of Trustee.

            

    

     

    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 8.08.

     

    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 Senior Notes of
      a
      majority in principal amount of the then outstanding Senior Notes may remove
      the
      Trustee by so notifying the Trustee and the Company in writing. The Company
      may
      remove the Trustee if:

     

    
      
        Senior
          Note Indenture

        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

    (a) the
      Trustee fails to comply with Section 8.10
      hereof;

     

    (b) 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;

     

    (c) a
      Custodian or public officer takes charge of the Trustee or its property;
      or

     

    (d) the
      Trustee becomes incapable of acting.

     

    If
      the
      Trustee resigns or is removed or if a vacancy exists in the office of Trustee
      for any reason, the Company shall promptly appoint a successor Trustee. Within
      one year after the successor Trustee takes office, the Holders of a majority
      in
      principal amount of the then outstanding Senior Notes may appoint a successor
      Trustee to replace the successor Trustee appointed by the Company.

     

    If
      a
      successor Trustee does not take office within 60 days after the retiring Trustee
      resigns or is removed, the retiring Trustee, the Company, or the Holders of
      Senior Notes of at least 10% in principal amount of the then outstanding Senior
      Notes may petition any court of competent jurisdiction for the appointment
      of a
      successor Trustee.

     

    If
      the
      Trustee after written request by any Holder of a Senior Note who has been a
      Holder of a Senior Note for at least six months fails to comply with Section
      8.10
      hereof,
      such Holder of a Senior Note may petition any court of competent jurisdiction
      for the removal of the Trustee and the appointment of a successor
      Trustee.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company. 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 of the Senior
      Notes. The retiring Trustee shall promptly transfer all property held by it
      as
      Trustee to the successor Trustee, provided all sums owing to the Trustee
      hereunder have been paid and subject to the Lien provided for in Section
8.07
      hereof.
      Notwithstanding replacement of the Trustee pursuant to this Section 8.08,
      the
      Company’s obligations under Section 8.07
      hereof
      shall continue for the benefit of the retiring Trustee.

     

    
      	
              SECTION
                8.09

            	
              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 corporation, the successor
      corporation without any further act shall be the successor Trustee.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        58

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                8.10

            	
              Eligibility;
                Disqualification.

            

    

     

    There
      shall at all times be a Trustee hereunder which shall be a corporation organized
      and doing business under the laws of the United States of America or of any
      state thereof authorized under such laws to exercise corporate trustee power
      shall be subject to supervision or examination by federal or state authority
      and
      shall have a combined capital and surplus of at least US$25.0 million as set
      forth in its most recent published annual report of condition.

     

    This
      Indenture shall always have a Trustee who satisfies the requirements of TIA
      § 310(a)(1), (2) and (5). The Trustee is subject to TIA §
310(b).

     

    
      	
              SECTION
                8.11

            	
              Preferential
                Collection of Claims Against
                Company.

            

    

     

    The
      Trustee is subject to TIA § 311 (a), excluding any creditor relationship
      listed in TIA § 311(b). A Trustee who has resigned or been removed shall be
      subject to TIA § 311(a) to the extent indicated therein.

     

    ARTICLE
      9

     

    LEGAL
      DEFEASANCE AND COVENANT DEFEASANCE

     

    
      	
              SECTION
                9.01

            	
              Option
                to Effect Legal Defeasance or Covenant
                Defeasance.

            

    

     

    The
      Company may, at the option of the Board of Directors, evidenced by a resolution
      set forth in an Officers’ Certificate and at any time, with respect to the
      Senior Notes, elect to have either Section
      9.02
      or
9.03
      hereof
      be applied to all outstanding Senior Notes upon compliance with the conditions
      set forth below in this Article 9.

     

    
      	
              SECTION
                9.02

            	
              Legal
                Defeasance and Discharge.

            

    

     

    Upon
      the
      Company’s exercise under Section 9.01
      hereof
      of the option applicable to this Section 9.02,
      the
      Company shall be deemed to have been discharged from its obligations with
      respect to all outstanding Senior Notes on the date the conditions set forth
      below are satisfied (hereinafter, “Legal
      Defeasance”).
      For
      this purpose, such Legal Defeasance means that the Company shall be deemed
      to
      have paid and discharged the entire Indebtedness represented by the outstanding
      Senior Notes, which shall thereafter be deemed to be “outstanding” only for the
      purposes of Section 9.05
      hereof
      and the other sections of this Indenture referred to in (a) and (b) below,
      and
      to have satisfied all of its other obligations under such Senior 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 which shall survive until otherwise terminated or discharged
      hereunder: (a) the rights of Holders of outstanding Senior Notes to receive
      from
      the trust described below payments in respect of the principal of, premium,
      if
      any, and interest on such Senior Notes when such payments are due, or on the
      redemption date, as the case may be; (b) the Company’s obligations with respect
      to the Senior Notes concerning issuing temporary Senior Notes, registration
      of
      Senior Notes, mutilated, destroyed, lost or stolen Senior Notes and the
      maintenance of an office or agency for payment and money for security payments
      held in trust; (c) the rights, powers, trust, duties and immunities of the
      Trustee, and the Company’s obligations in connection therewith; and (d) the
      legal defeasance provisions of this Indenture.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        59

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                9.03

            	
              Covenant
                Defeasance.

            

    

     

    Upon
      the
      Company’s exercise under Section
      9.01
      hereof
      of the option applicable to this Section 9.03,
      the
      Company shall be released from its obligations under the covenants contained
      in
Sections
      4.05,
      4.06,
      4.07,
      4.10,
      4.11,
      4.12,
      4.13,
      4.14,
      4.15
      and
4.16
      hereof
      and Article
      6
      hereof
      with respect to the outstanding Senior Notes on and after the date the
      conditions set forth below are satisfied (hereinafter, “Covenant
      Defeasance”),
      and
      the Senior 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 Senior Notes shall not be deemed outstanding for accounting
      purposes). For this purpose, such Covenant Defeasance means that, with respect
      to the outstanding Senior Notes, the Company may omit to comply with and shall
      have no liability in respect of any term, condition or limitation set forth
      in
      any such 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
      Sections 7.01(c),
      (d),
      (e)
      or
(f)
      hereof
      but, except as specified above, the remainder of this Indenture and such Senior
      Notes shall be unaffected thereby. In addition, upon the Company’s exercise
      under Section 9.01
      hereof
      of the option applicable to this Section 9.03,
      Sections 7.01(g)
      through
7.01(h)
      hereof
      shall not constitute Events of Default.

     

    
      	
              SECTION
                9.04

            	
              Conditions
                to Legal or Covenant
                Defeasance.

            

    

     

    The
      following shall be the conditions to the application of either Section
9.02
      or
      Section 9.03
      hereof
      to the outstanding Senior Notes:

     

    (a) the
      Company must irrevocably deposit with the Trustee, in trust, for the benefit
      of
      the Holders of the Senior Notes, cash in United States dollars, non-callable
      Government Securities, or a combination thereof, in such amounts as will be
      sufficient, in the written opinion, delivered to the Trustee, of a United States
      nationally recognized firm of independent public accountants selected by the
      Company, to pay the principal of, premium, if any, and interest on, the
      outstanding Senior Notes, on the stated maturity or on the applicable optional
      redemption date, as the case may be, of such principal or installment of
      principal of, premium, if any, or interest on, in respect of the outstanding
      Senior Notes;

     

    
      
        Senior
          Note Indenture

        
        

      

      
        60

        
          

        

      

      
        
        

      

    

     

    (b) in
      the
      case of legal defeasance, the Company must deliver to the Trustee an opinion
      of
      counsel in the United States reasonably acceptable to the Trustee confirming
      that (A) the Company has received from, or there has been published by, the
      United States Internal Revenue Service a ruling or (B) since the Issue Date,
      there has been a change in the applicable United States 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 Senior 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;

     

    (c) in
      the
      case of covenant defeasance, the Company must deliver to the Trustee an opinion
      of counsel in the United States reasonably acceptable to the Trustee confirming
      that the Holders of the outstanding Senior Notes will not recognize income,
      gain
      or loss for United States federal income tax purposes as a result of such
      covenant defeasance and will be subject to United States 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;

     

    (d) no
      Default or Event of Default shall have occurred and be continuing on the date
      of
      such deposit (other than a Default or Event of Default resulting from the
      borrowing of funds to be applied to such deposit) or insofar as Events of
      Default from bankruptcy or insolvency events are concerned, at any time in
      the
      period ending on the 91st day after the date of deposit;

     

    (e) 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 (other
      than the Indenture) to which the Company or any of its Restricted Subsidiaries
      is a party or by which the Company or any of its Restricted Subsidiaries is
      bound;

     

    (f) the
      Company must have delivered to the Trustee an opinion of counsel to the effect
      that after the 91st day (or such other applicable date) 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;

     

    (g) 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
      Senior Notes over the other creditors of the Company with the intent of
      defeating, hindering, delaying or defrauding creditors of the Company or others;
      and

     

    (h) the
      Company must deliver to the Trustee an Officers’ Certificate and an opinion of
      counsel, each stating that all conditions precedent provided for relating to
      the
      legal defeasance or the covenant defeasance have been complied
      with.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        61

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                9.05

            	
              Deposited
                Money and Government Securities to be Held in Trust; Other Miscellaneous
                Provisions.

            

    

     

    Subject
      to Section 9.06
      hereof,
      all money and Government Securities (including the proceeds thereof) deposited
      with the Trustee (or other qualifying trustee, collectively for purposes of
      this
      Section 9.05,
      the
“Trustee”)
      pursuant to Section 9.04
      hereof
      in respect of the outstanding Senior Notes shall be held in trust and applied
      by
      the Trustee, in accordance with the provisions of such Senior 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 Senior Notes of all sums due and to become due thereon
      in
      respect of principal, premium, if any, and interest, but such money and
      Government Securities (including any proceeds thereof) need not be segregated
      from other funds except to the extent required by law.

     

    The
      Company shall pay and indemnify the Trustee against any tax, fee or other charge
      imposed on or assessed against the cash or 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 Senior Notes.

     

    Anything
      in this Article
      9
      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 Government Securities
      held by it as provided in Section
      9.04
      hereof
      which, in the opinion of a United States nationally recognized firm of
      independent public accountants expressed in a written certification thereof
      delivered to the Trustee (which may be the opinion delivered under Section
      9.04(a)
      hereof),
      are in excess of the amount thereof which would then be required to be deposited
      to effect an equivalent Legal Defeasance or Covenant Defeasance.

     

    
      	
              SECTION
                9.06

            	
              Repayment
                to 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, or interest on
      any
      Senior Note and remaining unclaimed for two years after such principal, and
      premium, if any, or interest has become due and payable shall be paid to the
      Company on its written request or (if then held by the Company) shall be
      discharged from such trust; and the Holder of such Senior Note shall thereafter,
      as a creditor, look only to the Company for payment thereof, and all liability
      of the Trustee or such Paying Agent with respect to such trust money, and all
      liability of the Company as trustee thereof, shall thereupon cease; provided,
      however,
      that
      the Trustee or such Paying Agent, before being required to make any such
      repayment may at the expense of the Company cause to be published once, in
      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 will be repaid to the
      Company.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                9.07

            	
              Reinstatement.

            

    

     

    If
      the
      Trustee or Paying Agent is unable to apply any United States dollars or
      Government Securities in accordance with Section 9.02
      or
9.03
      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 Senior
      Notes shall be revived and reinstated as though no deposit had occurred pursuant
      to Section 9.02
      or
      9.03
      hereof
      until such time as the Trustee or Paying Agent is permitted to apply all such
      money in accordance with Section 9.02
      or
9.03
      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 Senior Note following the
      reinstatement of its obligations, the Company shall be subrogated to the rights
      of the Holders of such Senior Notes to receive such payment from the money
      held
      by the Trustee or Paying Agent.

     

    ARTICLE
      10

     

    AMENDMENT,
      SUPPLEMENT AND WAIVER

     

    
      	
              SECTION
                10.01

            	
              Without
                Consent of Holders of Senior
                Notes.

            

    

     

    Notwithstanding
      Section 10.02
      hereof,
      the Company and the Trustee may amend or supplement this Indenture or the Senior
      Notes without the consent of any Holder of a Senior Note:

     

    (a) to
      cure
      any ambiguity, defect or inconsistency;

     

    (b) to
      provide for uncertificated Senior Notes in addition to or in place of
      certificated Senior Notes;

     

    (c) to
      provide for the assumption of the Company’s obligations to Holders of the Senior
      Notes in the case of a merger or consolidation;

     

    (d) to
      make
      any change that would provide any additional rights or benefits to the Holders
      of the Senior Notes or that does not adversely affect the legal rights under
      this Indenture of any such Holder; 

     

    (e) to
      add
      any Guarantee with respect to the Senior Notes, including any Subsidiary
      Guarantees, or to secure the Senior Notes; or

     

    (f) to
      comply
      with requirements of the Commission in order to effect or maintain the
      qualification of this Indenture under the TIA.

     

    Upon
      the
      request of the Company accompanied by a Board Resolution authorizing the
      execution of any such amended or supplemental Indenture, and upon receipt by
      the
      Trustee of the documents described in Section 10.06
      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 which may be
      therein contained, but the Trustee shall not be obligated to enter into such
      amended or supplemental Indenture which affects its own rights, duties or
      immunities under this Indenture or otherwise.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                10.02

            	
              With
                Consent of Holders of Senior
                Notes.

            

    

     

    (a) The
      Company and the Trustee may amend or supplement this Indenture or the Senior
      Notes or any amended or supplemental Indenture with the written consent of
      the
      Holders of Senior Notes of at least a majority in aggregate principal amount
      of
      the Senior Notes then outstanding (including consents obtained in connection
      with a tender offer or exchange offer for the Senior Notes), and any existing
      Default and its consequences or compliance with any provision of this Indenture,
      the Senior Notes or any document related thereto may be waived with the consent
      of the Holders of a majority in principal amount of the then outstanding Senior
      Notes (including consents obtained in connection with a tender offer or exchange
      offer for the Senior Notes).

     

    (b) Upon
      the
      request of the Company accompanied by a Board Resolution authorizing the
      execution of any such amended or supplemental Indenture, and upon the filing
      with the Trustee of evidence satisfactory to the Trustee of the consent of
      the
      Holders of Senior Notes as aforesaid, and upon receipt by the Trustee of the
      documents described in Section 10.06
      hereof,
      the Trustee shall join with the Company in the execution of such amended or
      supplemental Indenture unless such amended or supplemental Indenture affects
      the
      Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
      which case the Trustee may in its discretion, but shall not be obligated to,
      enter into such amended or supplemental Indenture.

     

    (c) It
      shall
      not be necessary for the consent of the Holders of Senior Notes under this
      Section 10.02
      to
      approve the particular form of any proposed amendment or waiver, but it shall
      be
      sufficient if such consent approves the substance thereof.

     

    (d) After
      an
      amendment, supplement or waiver under this Section 10.02
      becomes
      effective, the Company shall mail to the Holders of Senior 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 amended or
      supplemental Indenture or waiver. Subject to Sections 7.04
      and
7.07
      hereof,
      the Holders of a majority in aggregate principal amount of the Senior Notes
      then
      outstanding may waive compliance in a particular instance by the Company with
      any provision of this Indenture or the Senior Notes. However, without the
      consent of each Holder affected, an amendment or waiver may not (with respect
      to
      any Senior Notes held by a non-consenting Holder):

     

    (i) reduce
      the principal amount of Senior Notes whose Holders must consent to an amendment,
      supplement or waiver;

     

    (ii) reduce
      the principal of or change the fixed maturity of any Senior Note or alter the
      provisions with respect to the redemption of the Senior Notes;

     

    
      
        Senior
          Note Indenture

        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    (iii) reduce
      the rate of or change the time for payment of interest on any Senior
      Notes;

     

    (iv) waive
      a
      Default or Event of Default in the payment of principal of or premium, if any,
      or interest on, the Senior Notes (except a rescission of acceleration of the
      Senior Notes by the Holders of at least a majority in aggregate principal amount
      of the Senior Notes and a waiver of the payment default that resulted from
      such
      acceleration);

     

    (v) make
      any
      Senior Note payable in money other than that stated in the Senior
      Notes;

     

    (vi) make
      any
      change in the provisions of this Indenture relating to waivers of past Defaults
      or the rights of Holders of Senior Notes to receive payments of principal of,
      premium, if any, or interest on, the Senior Notes;

     

    (vii) waive
      a
      redemption payment with respect to any Senior Note; or

     

    (viii) make
      any
      change in the foregoing amendment and waiver provisions.

     

    
      	
              SECTION
                10.03

            	
              Compliance
                with Trust Indenture Act.

            

    

     

    Every
      amendment or supplement to this Indenture or the Senior Notes shall be set
      forth
      in an amended or supplemental Indenture that complies with the TIA as then
      in
      effect.

     

    
      	
              SECTION
                10.04

            	
              Revocation
                and Effect of Consents.

            

    

     

    Until
      an
      amendment, supplement or waiver becomes effective, a consent to it by a Holder
      of a Senior Note is a continuing consent by the Holder of a Senior Note and
      every subsequent Holder of a Senior Note or portion of a Senior Note that
      evidences the same debt as the consenting Holder’s Senior Note, even if notation
      of the consent is not made on any Senior Note. However, any such Holder of
      a
      Senior Note or subsequent Holder of a Senior Note may revoke the consent as
      to
      its Senior 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 of a Senior Note.

     

    The
      Company may fix a record date for determining which Holders of the Senior Notes
      must consent to such amendment, supplement or waiver. If the Company fixes
      a
      record date, the record date shall be fixed at (i) the later of 30 days prior
      to
      the first solicitation of such consent or the date of the most recent list
      of
      Holders of Senior Notes furnished to the Trustee prior to such solicitation
      pursuant to Section 2.05
      hereof
      or (ii) such other date as the Company shall designate.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                10.05

            	
              Notation
                on or Exchange of Senior
                Notes.

            

    

     

    The
      Trustee may place an appropriate notation about an amendment, supplement or
      waiver on any Senior Note thereafter authenticated. The Company in exchange
      for
      all Senior Notes may issue and the Trustee shall authenticate new Senior Notes
      that reflect the amendment, supplement or waiver.

     

    Failure
      to make the appropriate notation or issue a new Senior Note shall not affect
      the
      validity and effect of such amendment, supplement or waiver.

     

    
      	
              SECTION
                10.06

            	
              Trustee
                to Sign Amendments, Etc.

            

    

     

    The
      Trustee shall sign any amended or supplemental Indenture authorized pursuant
      to
      this Article 9 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 until the Board of Directors
      approves it.

     

    ARTICLE
      11

     

    GUARANTEES

     

    
      	
              SECTION
                11.01

            	
              Guarantees.

            

    

     

    The
      Guarantors each hereby irrevocably and unconditionally guarantees, jointly
      and
      severally, to each Holder and to the Trustee and its successors and assigns
      (a)
      the full and punctual payment of the principal of, premium, if any, and interest
      on the Senior Notes, whether at stated maturity, by acceleration, by redemption
      or otherwise, the due and punctual payment of interest on the overdue principal
      and premium, if any, and (to the extent permitted by law) interest on any
      interest, if any, on the Senior Notes, and the due and punctual performance
      of
      all other Senior Note Obligations of the Company to the Holders or the Trustee,
      (b) in case of any extension of time of payment or renewal of any Senior Notes
      or any such other Senior Note Obligations, that the same shall be promptly
      paid
      in full when due or performed in accordance with the terms of the extension
      or
      renewal, whether at stated maturity, by acceleration or otherwise, and (c)
      the
      payment of any and all costs and expenses (including reasonable attorneys'
      fees
      and expenses) incurred by the Trustee or any Holder in enforcing any rights
      under the Guarantee. Each Guarantor further agrees that its obligations
      hereunder may be extended or renewed, in whole or in part, without notice or
      further assent from such Guarantor and that such Guarantor will remain bound
      under this Article
      11
      notwithstanding any extension or renewal of any such obligation.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    Each
      Guarantor hereby agrees that its obligations with regard to its Guarantee shall
      be joint and several, unconditional, irrespective of the validity or
      enforceability of the Senior Notes or the Senior Note Obligations, the absence
      of any action to enforce the same or any other circumstances (other than
      complete performance) which might otherwise constitute a legal or equitable
      discharge or defense of a Guarantor. Each Guarantor further, to the fullest
      extent permitted by applicable law, waives presentation to, demand of, payment
      from and protest to the Company of any of the obligations and also waives notice
      of protest for nonpayment. Each Guarantor waives notice of any default under
      the
      Senior Notes or any Senior Note Obligation. The obligations of each Guarantor
      hereunder shall not be affected by (1) the failure of any Holder or the Trustee
      to assert any claim or demand or to enforce any right or remedy against the
      Company or any other Person (including any Guarantor) under this Indenture,
      the
      Senior Notes or any other Senior Note Documents or otherwise; (2) any extension
      or renewal of any thereof; (3) any rescission, waiver, amendment or modification
      of any of the terms or provisions of this Indenture, the Senior Note Documents
      or any other agreement; (4) the release of any security held by any Holder
      or
      the Collateral Agent for the Senior Note Obligations or any of them; (5) the
      failure of any Holder or the Collateral Agent to exercise any right or remedy
      against any other guarantor of the obligations; or (6) except as set forth
      in
      Section 11.06,
      any
      change in the ownership of such Subsidiary Guarantor.

     

    Each
      Guarantor further agrees that its Guarantee herein constitutes a guarantee
      of
      payment, performance and compliance when due (and not a guarantee of collection)
      and waives any right to require that any resort be had by any Holder or the
      Trustee to any security held for payment of the obligations.

     

    Except
      as
      expressly set forth in Sections 9.02
      and
11.06,
      the
      Obligations of each Guarantor hereunder shall not be subject to any reduction,
      limitation, impairment or termination for any reason, including any claim of
      waiver, release, surrender, alteration or compromise, and shall not be subject
      to any defense of setoff, counterclaim, recoupment or termination whatsoever
      or
      by reason of the invalidity, illegality or unenforceability of the Senior Note
      Obligations or otherwise. Without limiting the generality of the foregoing,
      the
      obligations of each Guarantor herein shall not be discharged or impaired or
      otherwise affected by the failure of any Holder, the Trustee or the Collateral
      Agent to assert any claim or demand or to enforce any remedy under this
      Indenture, the Senior Notes, any Senior Note Documents or any other agreement,
      by any waiver or modification of any thereof, by any default, failure or delay,
      willful or otherwise, in the performance of the Senior Note Obligations, or
      by
      any other act or thing or omission or delay to do any other act or thing which
      may or might in any manner or to any extent vary the risk of such Guarantor
      or
      would otherwise operate as a discharge of such Guarantor as a matter of law
      or
      equity.

     

    Each
      Guarantor further agrees that its Guarantee herein shall continue to be
      effective or be reinstated, as the case may be, if at any time payment, or
      any
      part thereof, of principal of or interest on any Senior Note Obligation or
      Guarantee’s obligations is rescinded or must otherwise be restored by any Holder
      or the Trustee upon the bankruptcy or reorganization of the Company, any
      Guarantor or otherwise.

     

    In
      furtherance of the foregoing and not in limitation of any other right which
      any
      Holder or the Trustee has at law or in equity against any Guarantor by virtue
      hereof, upon the failure of the Company to pay the principal of or interest
      on
      any Senior Note Obligation when and as the same shall become due, whether at
      maturity, by acceleration, by redemption or otherwise, or to perform or comply
      with any other obligation, each Guarantor hereby promises to and shall, upon
      receipt of written demand by the Trustee, forthwith pay, or cause to be paid,
      in
      cash, to the Holders or the Trustee an amount equal to the sum of (A) the unpaid
      amount of such obligations, (B) accrued and unpaid interest on such obligations
      (but only to the extent not prohibited by law) and (C) all other monetary
      obligations of the Company to the Holders and/or the Trustee.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    Each
      Guarantor agrees that, as between it, on the one hand, and the Holders and
      the
      Trustee, on the other hand, (i) the maturity of the Senior Note Obligations
      Guaranteed hereby may be accelerated as provided in Section 702
      for the
      purposes of such Guarantor’s Guarantee herein, notwithstanding any stay,
      injunction or other prohibition preventing such acceleration in respect of
      the
      obligations guaranteed hereby, and (ii) in the event of any declaration of
      acceleration of such obligations as provided in Section 702,
      such
      obligations (whether or not due and payable) shall forthwith become due and
      payable by such Guarantor for the purposes of this Section 11.1.

     

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

     

    
      	
              SECTION
                11.02

            	
              Limitation
                of Liability.

            

    

     

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

     

    
      	
              SECTION
                11.03

            	
              Successors
                and Assigns.

            

    

     

    This
      Article
      11
      shall be
      binding upon each Guarantor and its successors and assigns and shall enure
      to
      the benefit of the successors and assigns of the Trustee and the Holders and,
      in
      the event of any transfer or assignment of rights by any Holder or the Trustee,
      the rights and privileges conferred upon that party in this Indenture and in
      the
      Senior Notes shall automatically extend to and be vested in such transferee
      or
      assignee, all subject to the terms and conditions of this
      Indenture.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                11.04

            	
              No
                Waiver.

            

    

     

    Neither
      a
      failure nor a delay on the part of either the Trustee or the Holders in
      exercising any right, power or privilege under this Article
      11
      shall
      operate as a waiver thereof, nor shall a single or partial exercise thereof
      preclude any other or further exercise of any right, power or privilege. The
      rights, remedies and benefits of the Trustee and the Holders herein expressly
      specified are cumulative and not exclusive of any other rights, remedies or
      benefits which either may have under this Article
      11
      at law,
      in equity, by statute or otherwise.

     

    
      	
              SECTION
                11.05

            	
              Modification.

            

    

     

    No
      modification, amendment or waiver of any provision of this Article
      11,
      nor the
      consent to any departure by any Guarantor therefrom, shall in any event be
      effective unless the same shall be in writing and signed by the Trustee, and
      then such waiver or consent shall be effective only in the specific instance
      and
      for the purpose for which given. No notice to or demand on any Guarantor in
      any
      case shall entitle such Guarantor to any other or further notice or demand
      in
      the same, similar or other circumstances.

     

    
      	
              SECTION
                11.06

            	
              Release.

            

    

     

    A
      Guarantor shall be released from its obligations under this Article
      11
      (other
      than any obligation that shall have arisen under Section 11.07):

     

    (a) upon
      the
      sale or disposition of a Guarantor (as an entirety) (whether by way of merger,
      consolidation, sale or other disposition of all of the assets of such Guarantor,
      sale or other disposition of all of the Equity Interests of such Guarantor
      or
      otherwise) other than a transaction that constitutes a sale of all or
      substantially all of the assts of the Company so as to trigger a Change of
      Control, to a Person that is not (either before or after giving effect to such
      transactions) the Company or a Guarantor;

     

    (b) upon
      the
      designation of such Guarantor as an Unrestricted Subsidiary in accordance with
      the terms of this Indenture; or

     

    (c) upon
      defeasance of the Senior Notes.

     

    provided,
      however,
      that in
      the case of clause (a) above, such sale or other disposition is made to a Person
      other than the Company or an Affiliate. At the request of the Company, the
      Trustee shall execute and deliver an appropriate instrument evidencing such
      release. Any Guarantor not released from its obligations under its Guarantee
      shall remain liable for the full amount of principal of and interest on the
      Senior Notes, all of the Senior Notes Obligations and for the other obligations
      of any Guarantor under this Indenture as provided in this Article
      11.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                11.07

            	
              Contribution.

            

    

     

    Each
      Guarantor that makes a payment under its Guarantee shall be entitled upon
      payment in full of all guarantied obligations under this Indenture to a
      contribution from each other Guarantor in an amount equal to such other
      Guarantor’s pro rata portion of such payment based on the respective net assets
      of all the Guarantors at the time of such payment determined in accordance
      with
      GAAP.

     

    ARTICLE
      12

     

    COLLATERAL
      AND SECURITY

     

    
      	
              SECTION
                12.01

            	
              Collateral
                Documents.

            

    

     

    The
      due
      and punctual payment of the principal of and interest on the Senior Notes when
      and as the same shall be due and payable, whether on an Interest Payment Date,
      at maturity, by acceleration, repurchase, redemption or otherwise, and interest
      on the overdue principal of and interest on the Senior Notes and performance
      of
      all other Senior Note Obligations of the Company and the Guarantors to the
      Holders or the Trustee under this Indenture, the Senior Notes and the
      Guarantees, according to the terms hereunder or thereunder, shall be secured
      as
      provided in the Senior Note Collateral Documents which the Company and the
      Guarantors shall enter into on the Issue Date, together with such changes as
      may
      be reasonably necessary to accurately reflect the Collateral referred to
      therein, and which the Company and the Guarantors may enter into on or after
      the
      Issue Date in accordance with the terms hereof. Each Holder authorizes the
      Trustee to initially act as Collateral Agent for the Holders under the Senior
      Note Collateral Documents. Each Holder, by its acceptance thereof, consents
      and
      agrees to the terms of the Senior Note Collateral Documents and the
      Intercreditor Agreement (including, without limitation, the provisions providing
      for foreclosure and release of Collateral) as the same may be in effect or
      may
      be amended from time to time in accordance with its terms and the terms of
      this
      Indenture and authorizes and directs the Collateral Agent to enter into the
      Senior Note Collateral Documents and the Intercreditor Agreement and to perform
      its obligations and exercise its rights thereunder in accordance therewith.
      The
      Company and the Guarantors shall deliver to the Collateral Agent copies of
      all
      documents executed pursuant to this Indenture or the Senior Note Collateral
      Documents and shall do or cause to be done all such acts and things as may
      be
      necessary or proper, or as may be required by the provisions of the Senior
      Note
      Collateral Documents, to assure and confirm to the Collateral Agent the security
      interest in the Collateral contemplated hereby, by the Senior Note Collateral
      Documents or any part thereof, as from time to time constituted, so as to render
      the same available for the security and benefit of this Indenture and of the
      Senior Notes and the Guarantees secured hereby, according to the intent and
      purposes herein expressed. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    The
      Company shall, and shall cause its Restricted Subsidiaries to, at its own
      expense, take all reasonable actions (i) that are requested by the Trustee
      or
      the Collateral Agent, or (ii) that an Officer of the Company has knowledge
      are
      necessary as a legal matter, in either case of (i) or (ii), as required to
      establish, maintain and perfect a security interest in and continuing Lien
      on
      all of the Collateral, in favor of the Collateral Agent for the benefit of
      the
      Holders, superior to and prior to the rights of all third Persons, except for
      holders of Priority Lien Obligations, and subject to no Liens other than
      Permitted Liens. Without limiting the generality of the foregoing, the Company
      shall execute or cause to be executed by their Restricted Subsidiaries and
      shall
      file or cause to be filed such financing statements, continuation statements,
      and fixture filings and such mortgages, or deeds of trust in all places
      necessary to establish, maintain and perfect the Liens purported to be provided
      for in the Senior Note Collateral Documents. 

     

    
      	
              SECTION
                12.02

            	
              Recording
                of Opinions.

            

    

     

    The
      Company and the Guarantors shall furnish to the Trustee no later than December
      31st in each year beginning with December 31, 2008, an Opinion of Counsel,
      dated
      as of such date, either: 

     

    (a) stating
      that, in the opinion of such counsel, action has been taken with respect to
      the
      recording, registering, filing, re-recording, re-registering and re-filing
      of
      all supplemental indentures, financing statements, continuation statements
      or
      other instruments of further assurance as is necessary to maintain the Lien
      of
      the Senior Note Collateral Documents and reciting with respect to the security
      interest in the Collateral the details of such action or referring to prior
      Opinions of Counsel in which such details are given, 

     

    (b) stating
      that, in the opinion of such counsel, based on relevant laws as in effect on
      the
      date of such Opinion of Counsel, all financing statements and continuation
      statements have been executed and filed that are necessary as of such date
      and
      during the succeeding 12 months fully to preserve and protect, to the extent
      such protection and preservation are possible by filing, the rights of the
      Holders, the Collateral Agent and the Trustee hereunder and under the Senior
      Note Collateral Documents with respect to the security interest in the
      Collateral; or 

     

    (c) stating
      that, in the opinion of such counsel, no such action is necessary to maintain
      such Lien. 

     

    The
      Company will otherwise comply with the provisions of TIA §314(b).

     

    
      
        Senior
          Note Indenture

        
        

      

      
        71

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                12.03

            	
              Release
                of Collateral.

            

    

     

    (a) Subject
      to subsections (b), (c), (d) and (e) of this Section 12.03
      and the
      Intercreditor Agreement, Collateral may be released from the Lien and security
      interest created by the Senior Note Collateral Documents at any time or from
      time to time in accordance with the provisions of the Senior Note Collateral
      Documents, the Intercreditor Agreement or as provided hereby. In addition,
      subject to the terms of the Intercreditor Agreement, upon the request of the
      Company pursuant to an Officers’ Certificate certifying that all conditions
      precedent under the Indenture have been met, then (at the sole cost and expense
      of the Company) the Collateral Agent shall release (or cause to be released)
      Senior Note Collateral that is sold, conveyed or disposed of in compliance
      with
      the provisions of this Indenture; provided,
      the
      Company will apply any Net Proceeds in compliance with Section
      4.11.
      Upon
      receipt of such Officers’ Certificate the Collateral Agent shall promptly
      execute, deliver or acknowledge any necessary or proper instruments of
      termination, satisfaction or release to evidence the release of any Collateral
      permitted to be released pursuant to this Indenture, the Senior Note Collateral
      Documents or the Intercreditor Agreement. 

     

    (b) No
      Collateral may be released from the Lien and security interest created by the
      Senior Note Collateral Documents pursuant to the provisions of the Senior Note
      Collateral Documents and the Intercreditor Agreement unless the certificate
      required by this Section 12.03
      has been
      delivered to the Collateral Agent. 

     

    (c) At
      any
      time when a Default or Event of Default has occurred and is continuing and
      the
      maturity of the Senior Notes has been accelerated (whether by declaration or
      otherwise) and the Trustee shall have delivered a notice of acceleration to
      the
      Collateral Agent, no release of Collateral pursuant to the provisions of the
      Senior Note Collateral Documents and the Intercreditor Agreement will be
      effective as against the Holders. 

     

    (d) The
      release of any Senior Note Collateral from the terms of this Indenture, the
      Senior Note Collateral Documents and the Intercreditor Agreement shall not
      be
      deemed to impair the security under this Indenture in contravention of the
      provisions hereof if and to the extent the Senior Note Collateral is released
      pursuant to the terms of the Senior Note Collateral Documents, this Indenture
      and the Intercreditor Agreement. To the extent applicable, the Company shall
      cause TIA § 313(b), relating to reports, and TIA § 314(d), relating to the
      release of property or securities from the Lien and security interest of the
      Senior Note Collateral Documents and relating to the substitution therefor
      of
      any property or securities to be subjected to the Lien and security interest
      of
      the Senior Note Collateral Documents, to be complied with. Any certificate
      or
      opinion required by TIA § 314(d) may be made by an Officer of the Company except
      in cases where TIA § 314(d) requires that such certificate or opinion be made by
      an independent Person, which Person shall be an independent engineer, appraiser
      or other expert selected or approved by the Trustee and the Collateral Agent
      in
      the exercise of reasonable care.

     

    (e) Notwithstanding
      anything contained herein to the contrary, in the event that Expansion Debt
      is
      incurred pursuant to the terms of this Indenture, then Trustee or the Collateral
      Agent agrees to release the security interest in the Secondary Equipment (as
      defined in the Senior Note Security Agreement) and Secondary Inventory (as
      defined in the Senior Note Security Agreement) not comprising the Oil Rig
      Related Assets and, if required by the subsequent lender, the Stock Rights
      (as
      defined in the Senior Note Security Agreement) but only to the extent related
      to
      the Secondary Equipment and Secondary Inventory being released. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        72

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                12.04

            	
              Certificates
                of the Company.

            

    

     

    (a) The
      Company shall furnish to the Trustee and the Collateral Agent, prior to each
      proposed release of Senior Note Collateral pursuant to the Senior Note
      Collateral Documents and the Intercreditor Agreement: 

     

    (1) all
      documents required by TIA §314(d); and 

     

    (2) an
      Opinion of Counsel, which may be rendered by internal counsel to the Company
      to
      the effect that such accompanying documents constitute all documents required
      by
      TIA §314(d). 

     

    (b) The
      Trustee, to the extent permitted by Article 7 hereof, and the Collateral Agent
      may accept as conclusive evidence of compliance with the foregoing provisions
      the appropriate statements contained in such documents and such Opinion of
      Counsel. 

     

    (c) Notwithstanding
      anything to the contrary in this Section 12.04,
      the
      Company shall not be required to comply with all or any portion of TIA §314(d)
      if it determines, in good faith based on advice of counsel, that under the
      terms
      of TIA §314(d) and/or any interpretation or guidance as to the meaning thereof
      of the SEC or its staff, including “no action” letters or exemptive orders, all
      or any portion of TIA §314(d) is inapplicable to one or a series of releases of
      Collateral or the SEC will not take any action against the Company for failure
      to comply with, or that the Company is exempt from, all or any portion of TIA
      §314(d). 

     

    
      	
              SECTION
                12.05

            	
              Certificates
                of the Trustee.

            

    

     

    In
      the
      event that the Company wishes to release Senior Note Collateral in accordance
      with the Senior Note Collateral Documents and the Intercreditor Agreement and
      has delivered the certificates and documents required by the Senior Note
      Collateral Documents, the Intercreditor Agreement and Sections 12.03
      and
12.04
      hereof,
      the Trustee will determine whether it has received all documentation required
      by
      TIA §314(d) in connection with such release.

     

    
      	
              SECTION
                12.06

            	
              Authorization
                of Actions to be Taken by the Trustee and the Collateral Agent under
                the
                Senior Note Collateral
                Documents.

            

    

     

    Subject
      to the provisions of Sections 8.01
      and
8.02
      hereof,
      the Trustee may, in its sole discretion and without the consent of the Holders,
      direct, on behalf of the Holders, the Collateral Agent to take all actions
      it
      deems necessary or appropriate in order to: 

     

    (a) enforce
      any of the terms of the Senior Note Collateral Documents and the Intercreditor
      Agreement; and 

     

    (b) collect
      and receive any and all amounts payable in respect of the Senior Note
      Obligations of the Company and the Guarantors hereunder and under the Senior
      Notes and the Guarantees. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        73

        
          

        

      

      
        
        

      

    

     

    The
      Collateral Agent shall have the power to institute and maintain such suits
      and
      proceedings as it may deem expedient to prevent any impairment of the Senior
      Note Collateral by any acts that may be unlawful or in violation of the Senior
      Note Collateral Documents, this Indenture or the Intercreditor Agreement, and
      such suits and proceedings as the Collateral Agent may deem expedient to
      preserve or protect its interests and the interests of the Holders in the Senior
      Note Collateral (including power to institute and maintain suits or proceedings
      to restrain the enforcement of, or compliance with, any legislative or other
      governmental enactment, rule or order that may be unconstitutional or otherwise
      invalid if the enforcement of, or compliance with, such enactment, rule or
      order
      would impair the security interest hereunder or be prejudicial to the interests
      of the Holders or of the Collateral Agent).

     

    
      	
              SECTION
                12.07

            	
              Authorization
                of Receipt of Funds by the Collateral Agent under the Senior Note
                Collateral Documents.

            

    

     

    The
      Collateral Agent is authorized to receive any funds for the benefit of the
      Holders distributed under the Senior Note Collateral Documents and the
      Intercreditor Agreement, and to make further distributions of such funds to
      the
      Holders according to the provisions of this Indenture, the Senior Note
      Collateral Documents and the Intercreditor Agreement.

     

    
      	
              SECTION
                12.08

            	
              Termination
                of Security Interest.

            

    

     

    Subject
      to the Intercreditor Agreement, upon the full and final payment and performance
      of all Senior Note Obligations of the Company and the Guarantors under this
      Indenture, the Senior Notes and the Guarantees or in connection with the
      discharge of all Obligations under the Senior Notes, the Guarantees and this
      Indenture as described under Article
      9
      and
Article
      13
      (including a release of Guarantees under Section 11.05
      hereunder or designation of a Restricted Subsidiary as an Unrestricted
      Subsidiary in accordance with the terms of this Indenture), the Trustee shall,
      at the request of the Company, deliver an Officers’ Certificate to the
      Collateral Agent stating that such Senior Note Obligations have been paid in
      full or discharged, as the case may be, and instruct the Collateral Agent to
      release the Liens pursuant to this Indenture and the Senior Note Collateral
      Documents.

     

    
      	
              SECTION
                12.09

            	
              Conflicts
                between Indenture and Senior Note Collateral
                Documents.

            

    

     

    If
      any
      conflict or inconsistency exists between this Indenture and any of the Senior
      Note Collateral Documents, this Indenture shall govern; provided,
      however,
      that to
      the extent a Collateral Document is governed by a law other than the internal
      laws of the State of Texas, this Indenture shall not require that the internal
      laws of the State of Texas govern such Collateral Document.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        74

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      13

     

    SATISFACTION
      AND DISCHARGE

     

    
      	
              SECTION
                13.01

            	
              Satisfaction
                and Discharge.

            

    

     

    This
      Indenture will be discharged and will cease to be of further effect as to all
      Senior Notes and Guarantees issued hereunder, when either: 

     

    (a) all
      such
      Senior Notes theretofore authenticated and delivered, except lost, stolen or
      destroyed Senior Notes which have been replaced or paid and Senior Notes for
      whose payment money has theretofore been deposited in trust, have been delivered
      to the Trustee for cancellation; or 

    

    (b) (i)
      all
      such Senior Notes not theretofore delivered to such Trustee for cancellation
      have become due and payable by reason of the mailing 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 such
      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 such Senior Notes
      not
      theretofore delivered to the Trustee for cancellation for principal, premium,
      if
      any, and accrued interest to the date of maturity or redemption, (ii) the
      Company has paid or caused to be paid all sums payable by it under the Indenture
      and (iii) the Company has delivered irrevocable instructions to the Trustee
      under the Indenture to apply the deposited money toward the payment of such
      Senior Notes at maturity or the redemption date, as the case may be; and

     

    in
      the
      case of either clause (a) or (b): 

     

    (x)
      no
      Default or Event of Default has occurred and is continuing on the date of the
      deposit or will occur as a result of the deposit (other than a Default or Event
      of Default resulting from the borrowing of funds to be applied to such deposit)
      and the deposit will not result in a breach or violation of, or constitute
      a
      default under, any other instrument (other than the Indenture) to which the
      Company or any Guarantor is a party or by which the Company or any Guarantor
      is
      bound; and 

     

    (y)
      the
      Company shall have delivered to the Trustee an Officers’ Certificate and Opinion
      of Counsel stating that all conditions precedent relating to the satisfaction
      and discharge of this Indenture have been satisfied. 

     

    
      
        Senior
          Note Indenture

        
        

      

      
        75

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                13.02

            	
              Deposited
                Cash and U.S. Government Securities to be Held in Trust; Other
                Miscellaneous Provisions.

            

    

     

    Subject
      to Section 13.03,
      all
      money and Government Securities (including the proceeds thereof) deposited
      with
      the Trustee (or other qualifying trustee, collectively for purposes of this
      Section 13.02,
      the
“Trustee”)
      pursuant to Section 13.01
      hereof
      in respect of the outstanding Senior Notes shall be held in trust and applied
      by
      the Trustee, in accordance with the provisions of such Senior 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 the Senior Notes of all sums due and to become due thereon in
      respect of principal, premium, if any, and interest but such money and
      Government Securities (including any proceeds thereof) need not be segregated
      from other funds except to the extent required by law.

     

    
      	
              SECTION
                13.03

            	
              Repayment
                to 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, or interest on,
      any
      Senior Note and remaining unclaimed for one year after such principal, and
      premium, if any, or interest has become due and payable shall be paid to the
      Company on its request or (if then held by the Company) shall be discharged
      from
      such trust; and the Holder shall thereafter, as a creditor, look only to the
      Company for payment thereof, and all liability of the Trustee or such Paying
      Agent with respect to such trust money, and all liability of the Company as
      trustees 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.

     

    ARTICLE
      14

     

    MISCELLANEOUS

     

    
      	
              SECTION
                14.01

            	
              Trust
                Indenture Act Controls.

            

    

     

    If
      any
      provision of this Indenture limits, qualifies or conflicts with the duties
      imposed by TIA § 318(c), the imposed duties shall control.

     

    
      	
              SECTION
                14.02

            	
              Notices.

            

    

     

    Any
      notice or communication by the Company or the Trustee 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 other’s address:

     

    
      
        Senior
          Note Indenture

        
        

      

      
        76

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company:

     

    Forster
      Drilling Corporation

    2425
      Fountain View Drive

    Suite
      305

    Houston,
      TX 77057

    Attention:
      Fred Forster, III and Bud Navjar

    (713)
      266-8125 (telephone)

    (713)
      266-8024 (facsimile)

    

    With
      a
      copy to:

     

    Thomas
      Pritchard

    Brewer
      & Pritchard, P.C.

    3
      Riverway, Suite 1800

    Houston,
      TX 77056

    (713)
      209-2911 (telephone)

    (713)
      209-2921 (facsimile)

    
If
      to the
      Trustee:

     

    First
      Security Bank

    Trust
      Department

    314
      N.
      Spring Street

    Searcy,
      AR 72143

    Attention:
      Frank Faust, Senior Vice President

    (501)
      279-3420 (telephone)

    (501)
      278-2175 (facsimile)

    

     

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

     

    All
      notices and communications (other than those sent to Holders of Senior Notes)
      shall be deemed to have been duly given: (i) at the time delivered by hand,
      if
      personally delivered; (ii) five Business Days after being deposited in the
      mail, postage prepaid, if mailed; (iii) when receipt acknowledged, if
      telecopied; and (iv) the next Business Day after timely delivery to the courier,
      if sent by overnight air courier guaranteeing next day delivery.

     

    Any
      notice or communication to a Holder of a Senior Note shall be mailed by first
      class mail 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
§ 313(c), to the extent required by the TIA. Failure to mail a notice or
      communication to a Holder of a Senior Note or any defect in it shall not affect
      its sufficiency with respect to other Holders of Senior Notes.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        77

        
          

        

      

      
        
        

      

    

     

    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.

     

    If
      the
      Company mails a notice or communication to Holders of Senior Notes, it shall
      mail a copy to the Trustee and each Agent at the same time.

     

    
      	
              SECTION
                14.03

            	
              Communication
                by Holders of Senior Notes with Other Holders of Senior
                Notes.

            

    

     

    Holders
      of the Senior Notes may communicate pursuant to TIA § 312(b) with other Holders
      of Senior Notes with respect to their rights under this Indenture or the Senior
      Notes. The Company, the Trustee, the Registrar and anyone else shall have the
      protection of TIA § 312(c).

     

    
      	
              SECTION
                14.04

            	
              Certificate
                and Opinion as to Conditions
                Precedent.

            

    

     

    Upon
      any
      request or application by the Company to the Trustee to take any action under
      this Indenture, the Company shall furnish to the Trustee:

     

    (a) an
      Officers’ Certificate in form and substance reasonably satisfactory to the
      Trustee (which shall include the statements set forth in Section 14.05
      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

     

    (b) an
      Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
      (which shall include the statements set forth in Section 14.05
      hereof)
      stating that, in the opinion of such counsel, all such conditions precedent
      and
      covenants have been satisfied.

     

    
      	
              SECTION
                14.05

            	
              Statements
                Required in Certificate or
                Opinion.

            

    

     

    Each
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture (other than a certificate provided pursuant
      to
      TIA § 314(a)(4)) shall include:

     

    (a) a
      statement that the Person making such certificate or opinion has read such
      covenant or condition;

     

    (b) 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;

     

    (c) a
      statement that, in the opinion of such Person, he has made such examination
      or
      investigation as is necessary to enable him to express an informed opinion
      as to
      whether or not such covenant or condition has been satisfied; and

     

    (d) a
      statement as to whether or not, in the opinion of such Person, such condition
      or
      covenant has been satisfied.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        78

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                14.06

            	
              Rules
                by Trustee and Agents.

            

    

     

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

     

    
      	
              SECTION
                14.07

            	
              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 any Restricted Subsidiary under the Senior Notes or this Indenture or for
      any
      claim based on, in respect of, or by reason of, such obligations or their
      creation. Each Holder of the Senior Notes by accepting a Senior Note waives
      and
      releases all such liability. The waiver and release are part of the
      consideration for issuance of the Senior Notes. Such waiver may not be effective
      to waive liabilities under United States federal securities laws and it is
      the
      view of the Commission that such a waiver is against public policy.

     

    
      	
              SECTION
                14.08

            	
              Governing
                Law.

            

    

     

    This
      Indenture and the Senior Notes shall be governed by the laws of the State of
      Texas excluding (to the greatest extent a Texas court would permit) any rule
      of
      law that would cause application of the laws of any jurisdiction other than
      the
      State of Texas.

     

    
      	
              SECTION
                14.09

            	
              No
                Adverse Interpretation of Other
                Agreements.

            

    

     

    This
      Indenture may not be used to interpret another indenture, loan or debt agreement
      of the Company or its Restricted Subsidiaries. Any such indenture, loan or
      debt
      agreement may not be used to interpret this Indenture.

     

    
      	
              SECTION
                14.10

            	
              Successors.

            

    

     

    All
      agreements of the Company and the Guarantors in this Indenture and the Senior
      Notes shall bind their respective successors. All agreements of the Trustee
      in
      this Indenture shall bind its successor.

     

    
      	
              SECTION
                14.11

            	
              Severability.

            

    

     

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

     

    
      	
              SECTION
                14.12

            	
              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.

     

    
      
        Senior
          Note Indenture

        
        

      

      
        79

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                14.13

            	
              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.

     

    
      	
              SECTION
                14.14

            	
              Agent
                for Service; Submission to Jurisdiction; Waiver Of
                Immunities.

            

    

     

    The
      parties to this Indenture hereby waive irrevocably, to the extent permitted
      by
      law, any objection to the laying of venue in Houston, Texas, and any claim
      of
      inconvenient forum in respect of any such action in Houston, Texas to which
      it
      might otherwise be entitled in any actions arising out of or based on this
      Indenture or the Senior Notes.

     

    To
      the
      extent that the Company or any Guarantor has or hereafter may acquire any
      immunity from jurisdiction of any court or from any legal process (whether
      through service of notice, attachment prior to judgment, attachment in aid
      of
      execution, execution or otherwise) with obligations under this Indenture and
      the
      Senior Notes or the separate written instrument referenced in the first
      paragraph of this Section 14.14. 

     

    
      	
              SECTION
                14.15

            	
              Arbitration.

            

    

     

    The
      Holders may elect to resolve any dispute, controversy or claim arising out
      of or
      relating to this Indenture and all agreements and contracts arising therefrom
      by
      arbitration in accordance with the Arbitration Rules of the American Arbitration
      Association. There shall be one arbitrator who shall be selected by agreement
      between the parties but, if the parties are unable to agree on the selection
      of
      an arbitrator within 30 days of the matter being referred to arbitration, then
      the selection of an arbitrator shall be made by the American Arbitration
      Association. The place of the arbitration shall be Houston, Texas and the
      language of the arbitration shall be English. The arbitrator shall have the
      authority to award all forms of relief determined to be just and equitable
      provided that the arbitrator shall have no authority to award punitive or
      exemplary damages, or any other monetary damages not measured by the prevailing
      party’s actual damages. The arbitrator shall be authorized to permit reasonable
      discovery by the parties, and any arbitral award rendered pursuant to this
      provision shall be in writing, shall be final and binding on the parties and
      may
      be enforced in any court of competent jurisdiction.

    
       

      
        	
                SECTION
                  14.16

              	
                
                  No
                    Third Party
                    Beneficiaries.

                

              

      

       

      This
        Indenture is entered solely for the benefit of the parties hereto and the
        Holders of the Senior Notes. No other third party beneficiaries are created
        hereby. 

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        80

        
          

        

      

      
        
        

      

    

     

    
      	
              FORSTER
                DRILLING CORPORATION

            
	 	 
	
              By:

            	
              /s/
                Fred Forster III

            
	 	
              Fred
                Forster III

            
	 	
              Chairman,
                President and CEO:

            
	 
	
              FORSTER
                TOOL & SUPPLY, INC.

            
	 
	
              By:

            	
              /s/
                W. Scott Thompson

            
	 	
              Name:
                W. Scott Thompson

            
	 	
              Title:
                Secretary

            
	 
	
              FORSTER
                DRILLING, INC.

            
	 	 
	
              By:

            	
              /s/
                W. Scott Thompson

            
	 	
              Name:
                W. Scott Thompson

            
	 	
              Title:
                Secretary

            
	 
	
              FORSTER
                EXPLORATION PRODUCTION, INC.

            
	 	 
	
              By:

            	
              /s/
                W. Scott Thompson

            
	 	
              Name:
                W. Scott Thompson

            
	 	
              Title:
                Secretary

            
	 

    

     

    

      SIGNATURE
        PAGE TO SENIOR NOTE INDENTURE

    

     

    
      
        Senior
          Note Indenture

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              FIRST
                SECURITY BANK, as Trustee

            
	 	 
	
              By:

            	
              /s/
                Frank Faust

            
	 	
              Frank
                Faust, Senior Vice President

            

    

    
       

      SIGNATURE
        PAGE TO SENIOR NOTE INDENTURE

    

     

    
      
        Senior
          Note Indenture

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