Document:

Exhibit
4.1

EXECUTION
COPY

Molson
Coors Brewing Company,

as
Issuer;

The
Guarantors Named Herein,

as
Guarantors;

and

Deutsche
Bank Trust Company Americas,

as
Trustee

INDENTURE

Dated as
of June 15, 2007

CROSS-REFERENCE TABLE 

	
  

  	
   

  	
   

  	
   

  	
  Indenture

  
	
   

  	
   

  	
  TIA Section

  	
   

  	
  Section

  
	
  310

  	
   

  	
  (a)(1)

  	
   

  	
  7.11

  
	
   

  	
   

  	
  (a)(2)

  	
   

  	
  7.11

  
	
   

  	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (b)

  	
   

  	
  7.08; 7.11

  
	
   

  	
   

  	
  (c)

  	
   

  	
  N.A

  
	
  311

  	
   

  	
  (a)

  	
   

  	
  7.12

  
	
   

  	
   

  	
  (b)

  	
   

  	
  7.12

  
	
   

  	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
   

  	
  (a)

  	
   

  	
  2.06

  
	
   

  	
   

  	
  (b)

  	
   

  	
  11.03

  
	
   

  	
   

  	
  (c)

  	
   

  	
  11.03

  
	
  313

  	
   

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (b)(2)

  	
   

  	
  7.06

  
	
   

  	
   

  	
  (c)

  	
   

  	
  11.02

  
	
   

  	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
   

  	
  (a)

  	
   

  	
  4.02; 4.03

  
	
   

  	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (c)(1)

  	
   

  	
  11.04

  
	
   

  	
   

  	
  (c)(2)

  	
   

  	
  11.04

  
	
   

  	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (e)

  	
   

  	
  10.05

  
	
  315

  	
   

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
   

  	
  (b)

  	
   

  	
  7.05; 11.02

  
	
   

  	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
   

  	
  (a)(last sentence)

  	
   

  	
  11.06

  
	
   

  	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
  (b)

  	
   

  	
  6.07

  
	
  317

  	
   

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
   

  	
  (b)

  	
   

  	
  2.04

  
	
  318

  	
   

  	
  (a)

  	
   

  	
  11.01

  

 

N.A.  means Not Applicable.

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

TABLE OF CONTENTS

	
  

  	
   

  	
  Page

  
	
  Article I

  	
   

  	
   

  
	
  Definitions and
  Incorporation by Reference

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02

  	
   

  	
  Other
  Definitions

  	
   

  	
  6

  
	
  Section 1.03

  	
   

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
   

  	
  6

  
	
  Section 1.04

  	
   

  	
  Rules of
  Construction

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article II

  	
   

  	
   

  
	
  The Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Amount
  Unlimited; Terms of Securities

  	
   

  	
  7

  
	
  Section 2.02

  	
   

  	
  Form and Dating

  	
   

  	
  7

  
	
  Section 2.03

  	
   

  	
  Execution and
  Authentication

  	
   

  	
  8

  
	
  Section 2.04

  	
   

  	
  Paying Agent,
  Registrar, Service Agent and Conversion Agent

  	
   

  	
  8

  
	
  Section 2.05

  	
   

  	
  Paying Agent to
  Hold Money in Trust

  	
   

  	
  9

  
	
  Section 2.06

  	
   

  	
  Securityholder
  Lists

  	
   

  	
  9

  
	
  Section 2.07

  	
   

  	
  Transfer and
  Exchange

  	
   

  	
  9

  
	
  Section 2.08

  	
   

  	
  Replacement
  Securities

  	
   

  	
  10

  
	
  Section 2.09

  	
   

  	
  Outstanding
  Securities

  	
   

  	
  10

  
	
  Section 2.10

  	
   

  	
  Temporary
  Securities

  	
   

  	
  11

  
	
  Section 2.11

  	
   

  	
  Cancellation

  	
   

  	
  11

  
	
  Section 2.12

  	
   

  	
  Defaulted
  Interest

  	
   

  	
  11

  
	
  Section 2.13

  	
   

  	
  Global
  Securities

  	
   

  	
  11

  
	
  Section 2.14

  	
   

  	
  CUSIP Numbers

  	
   

  	
  14

  
	
  Section 2.15

  	
   

  	
  Additional
  Securities

  	
   

  	
  14

  
	
   

  	
   

  	
   

  
	
  Article III

  	
   

  	
   

  
	
  Redemption

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Redemption

  	
   

  	
  15

  
	
   

  	
   

  	
   

  
	
  Article IV

  	
   

  	
   

  
	
  Covenants

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
  Payment of
  Securities

  	
   

  	
  15

  
	
  Section 4.02

  	
   

  	
  SEC Reports

  	
   

  	
  16

  
	
  Section 4.03

  	
   

  	
  Compliance
  Certificate

  	
   

  	
  16

  

 

 i
 

 

	
  Section 4.04

  	
   

  	
  Further
  Instruments and Acts

  	
   

  	
  16

  
	
  Section 4.05

  	
   

  	
  Future
  Guarantors

  	
   

  	
  16

  
	
  Section 4.06

  	
   

  	
  Additional
  Interest Notice

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article V

  	
   

  	
   

  
	
  Merger and Consolidation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  When the Company
  or Guarantors May Merge or Transfer Assets

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article VI

  	
   

  	
   

  
	
  Defaults and Remedies

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
   

  	
  Events of
  Default

  	
   

  	
  18

  
	
  Section 6.02

  	
   

  	
  Acceleration

  	
   

  	
  19

  
	
  Section 6.03

  	
   

  	
  Other Remedies

  	
   

  	
  19

  
	
  Section 6.04

  	
   

  	
  Waiver of Past
  Defaults

  	
   

  	
  20

  
	
  Section 6.05

  	
   

  	
  Control by
  Majority

  	
   

  	
  20

  
	
  Section 6.06

  	
   

  	
  Limitation on
  Suits

  	
   

  	
  20

  
	
  Section 6.07

  	
   

  	
  Rights of
  Holders to Receive Payment

  	
   

  	
  21

  
	
  Section 6.08

  	
   

  	
  Collection Suit
  by Trustee

  	
   

  	
  21

  
	
  Section 6.09

  	
   

  	
  Trustee May File
  Proofs of Claim

  	
   

  	
  21

  
	
  Section 6.10

  	
   

  	
  Priorities

  	
   

  	
  21

  
	
  Section 6.11

  	
   

  	
  Undertaking for
  Costs

  	
   

  	
  21

  
	
  Section 6.12

  	
   

  	
  Waiver of Stay
  or Extension Laws

  	
   

  	
  22

  
	
  Section 6.13

  	
   

  	
  Sole Remedy for
  Failure to Report

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  Article VII

  	
   

  	
   

  
	
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
   

  	
  Duties of
  Trustee

  	
   

  	
  22

  
	
  Section 7.02

  	
   

  	
  Rights of
  Trustee

  	
   

  	
  23

  
	
  Section 7.03

  	
   

  	
  Individual
  Rights of Trustee

  	
   

  	
  24

  
	
  Section 7.04

  	
   

  	
  Trustee’s
  Disclaimer

  	
   

  	
  24

  
	
  Section 7.05

  	
   

  	
  Notice of
  Defaults

  	
   

  	
  24

  
	
  Section 7.06

  	
   

  	
  Reports by
  Trustee to Holders

  	
   

  	
  25

  
	
  Section 7.07

  	
   

  	
  Compensation and
  Indemnity

  	
   

  	
  25

  
	
  Section 7.08

  	
   

  	
  Experts

  	
   

  	
  26

  

 

 ii
 

 

	
  Section 7.09

  	
   

  	
  Replacement of
  the Trustee

  	
   

  	
  26

  
	
  Section 7.10

  	
   

  	
  Successor
  Trustee by Merger

  	
   

  	
  27

  
	
  Section 7.11

  	
   

  	
  Eligibility;
  Disqualification

  	
   

  	
  27

  
	
  Section 7.12

  	
   

  	
  Preferential
  Collection of Claims Against Company

  	
   

  	
  28

  
	
  Section 7.13

  	
   

  	
  Securityholder
  List

  	
   

  	
  28

  
	
  Section 7.14

  	
   

  	
  Initial
  Appointment of Trustee

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article VIII

  	
   

  	
   

  
	
  Discharge of Indenture;
  Defeasance

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01

  	
   

  	
  Discharge of
  Liability on Securities; Defeasance

  	
   

  	
  28

  
	
  Section 8.02

  	
   

  	
  Defeasance

  	
   

  	
  30

  
	
  Section 8.03

  	
   

  	
  Application of
  Trust Money

  	
   

  	
  30

  
	
  Section 8.04

  	
   

  	
  Repayment to
  Company

  	
   

  	
  30

  
	
  Section 8.05

  	
   

  	
  Indemnity for
  Government Obligations

  	
   

  	
  30

  
	
  Section 8.06

  	
   

  	
  Reinstatement

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article IX

  	
   

  	
   

  
	
  Amendments

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
   

  	
  Without Consent
  of Holders

  	
   

  	
  31

  
	
  Section 9.02

  	
   

  	
  With Consent of
  Holders

  	
   

  	
  32

  
	
  Section 9.03

  	
   

  	
  Compliance with
  Trust Indenture Act

  	
   

  	
  33

  
	
  Section 9.04

  	
   

  	
  Revocation and
  Effect of Consents and Waivers

  	
   

  	
  33

  
	
  Section 9.05

  	
   

  	
  Notation on or
  Exchange of Securities

  	
   

  	
  33

  
	
  Section 9.06

  	
   

  	
  Trustee To Sign
  Amendments

  	
   

  	
  33

  
	
  Section 9.07

  	
   

  	
  Payment for
  Consent

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article X

  	
   

  	
   

  
	
  Guaranties

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
   

  	
  Guaranties

  	
   

  	
  34

  
	
  Section 10.02

  	
   

  	
  Limitation on
  Liability

  	
   

  	
  35

  
	
  Section 10.03

  	
   

  	
  Successors and
  Assigns

  	
   

  	
  35

  
	
  Section 10.04

  	
   

  	
  No Waiver

  	
   

  	
  36

  
	
  Section 10.05

  	
   

  	
  Modification

  	
   

  	
  36

  
	
  Section 10.06

  	
   

  	
  Release of
  Guarantor

  	
   

  	
  36

  

 

 iii
 

 

	
  Section 10.07

  	
   

  	
  Contribution

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Article XI

  	
   

  	
   

  
	
  Miscellaneous

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
   

  	
  Trust Indenture
  Act Controls

  	
   

  	
  36

  
	
  Section 11.02

  	
   

  	
  Notices

  	
   

  	
  36

  
	
  Section 11.03

  	
   

  	
  Communication by
  Holders with Other Holders

  	
   

  	
  37

  
	
  Section 11.04

  	
   

  	
  Certificate and
  Opinion as to Conditions Precedent

  	
   

  	
  37

  
	
  Section 11.05

  	
   

  	
  Statements
  Required in Certificate or Opinion

  	
   

  	
  38

  
	
  Section 11.06

  	
   

  	
  When Securities
  Disregarded

  	
   

  	
  38

  
	
  Section 11.07

  	
   

  	
  Rules by
  Trustee, Paying Agent and Registrar

  	
   

  	
  38

  
	
  Section 11.08

  	
   

  	
  Business Days

  	
   

  	
  38

  
	
  Section 11.09

  	
   

  	
  Governing Law

  	
   

  	
  38

  
	
  Section 11.10

  	
   

  	
  No Recourse Against
  Others

  	
   

  	
  39

  
	
  Section 11.11

  	
   

  	
  Successors

  	
   

  	
  39

  
	
  Section 11.12

  	
   

  	
  Multiple
  Originals

  	
   

  	
  39

  
	
  Section 11.13

  	
   

  	
  Table of
  Contents; Headings

  	
   

  	
  39

  
	
  Section 11.14

  	
   

  	
  Language of
  Notices, Etc

  	
   

  	
  39

  
	
  Section 11.15

  	
   

  	
  Submission to
  Jurisdiction

  	
   

  	
  39

  
	
  Section 11.16

  	
   

  	
  Patriot Act

  	
   

  	
  39

  
	
  Annex A:  Form of First Supplemental Indenture

  	
   

  	
  A-1

  

 

 iv

INDENTURE dated as of
June 15, 2007, among Molson Coors Brewing Company, a Delaware corporation (the “Company”),
Coors Brewing Company, a Colorado corporation, Molson Coors Capital Finance
ULC, a Nova Scotia unlimited liability company, Coors Distributing Company, a
Colorado corporation, Coors International Market Development, L.L.L.P., a
Colorado limited liability limited partnership, Coors Global Properties, Inc.,
a Colorado corporation, Molson Coors International LP, a Delaware limited
partnership, CBC Holdco, Inc., a Colorado corporation, MCBC International
Holdco, Inc., a Colorado corporation, Molson Coors International General, ULC,
a Nova Scotia unlimited liability company, Coors International Holdco, ULC, a
Nova Scotia unlimited liability company, Molson Coors Callco ULC, a Nova Scotia
unlimited liability company, and Deutsche Bank Trust Company Americas, 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
securities issued under this Indenture (the “Securities”):

Article I

Definitions and Incorporation by Reference

Section 1.01                                Definitions.

“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.

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the board of directors of the Company or pursuant to
authorization by the board of directors of the Company and to be in full force
and effect on the date of the certificate and delivered to the Trustee.

“Board of Directors” means the Board of Directors of
the Company or any committee thereof duly authorized to act on behalf of such
Board.

“Business Day” means any day other than (x) a
Saturday, (y) a Sunday or (z) a day on which state or federally chartered
banking institutions in New York, New York are not required to be open.

“Capital Stock” of any Person means any and all
shares, interests, 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.

“Cash” means such coin or currency of the
United States as at any time of payment is legal tender for the payment of
public and private debts.

“Company” means the party named as such in this
Indenture until a successor replaces it and, thereafter, means the successor
and, for purposes of any provision contained herein and required by the TIA,
each other obligor on the indenture securities.

“Company Order” means a written order signed in the
name of the Company by an Officer who must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

“Corporate Trust Office” means the principal office of
the Trustee in the Borough of Manhattan, The City of New York, at which at any
particular time its corporate trust business shall be administered, which
office at the date hereof is located at 60 Wall Street, 27th Floor – MS NYC60-2710,
New York, New York 10005, Attention: 
Trust & Securities Services, or such other address as the Trustee
may designate from time to time by notice to the holders, the Company and the
Guarantors, or the principal corporate trust office of any successor Trustee
(or such other address as such successor Trustee may designate from time to
time by notice to the Holders, the Company and the Guarantors).

“Custodian” means the Trustee in its capacity as
custodian of the Securities in global form or any successor custodian.

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

“Definitive Security” means a certificated Security
registered in the name of the holder thereof (which is a Person other than the
Depositary or its nominee) and issued in accordance with Section 2.13 hereof.

“Depositary” means The Depository Trust Company or
such successor or additional clearing agency registered under the Exchange Act
as shall have been appointed and become such pursuant to the applicable
provisions of this Indenture, whereafter “Depositary”
shall mean or include such successor or additional clearing agency.

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

“GAAP” means generally accepted accounting principles
in the United States of America as in effect as of the 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

 2
 

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.  All computations based on
GAAP contained in this Indenture shall be computed in conformity with GAAP.

“Global Security” means a Security (1) which is
executed by the Company and authenticated and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with
this Indenture and an indenture supplemental hereto, if any, or with a Board
Resolution and pursuant to a Company Order, (2) which shall be registered
in the name of the Depositary or its nominee and (3) which shall represent, and
shall be denominated in, an amount equal to the aggregate principal amount of
all the outstanding Securities or any portion thereof, in either case having
the same terms, including, without limitation, the same original issue date,
date or dates on which principal is due, and interest rate or method of
determining interest and which shall bear the Global Security Legend.

“Global Security Legend” means the legend set forth in
Section 2.13(c), which is required to be placed on all Global Securities issued
under this Indenture.

“Guarantors” means Coors Brewing Company, Molson Coors
Capital Finance ULC, Coors Distributing Company, Coors International Market
Development, L.L.L.P., Coors Global Properties, Inc., Molson Coors
International LP, CBC Holdco, Inc., MCBC International Holdco, Inc., Molson
Coors International General, ULC, Coors International Holdco, ULC, Molson Coors
Callco ULC and any of the Company’s future Subsidiaries or any one or
combination of such Subsidiaries to the extent designated in accordance with
Section 9.01(3) as a “Guarantor.”

“Guaranty” means each guaranty of the Guaranteed
Obligations by a Guarantor as provided for in this Indenture.

“Guaranty Agreement” means a supplemental indenture,
in a form satisfactory to the Trustee, pursuant to which a Guarantor guarantees
the Guaranteed Obligations on the terms provided for in this Indenture.

“Holder” or “Securityholder” means the Person in whose
name a Security is registered on the Registrar’s books.

“Indebtedness”
means, with respect to any Person:

(1)                                  indebtedness for money borrowed of such
Person, whether outstanding on the date of this Indenture or thereafter
incurred; and

(2)                                  indebtedness evidenced by notes,
debentures, bonds or other similar instruments for the payment of which such
Person is responsible or liable.

“Indenture” means this Indenture dated as of June 15,
2007 among the Company, the Guarantors and the Trustee, as amended or
supplemented from time to time.

“interest”
means, when used with reference to the Securities, any interest payable under
the terms of the Securities, including Additional Interest, if any.

 3
 

“Interest Payment Date” means the dates specified in
the Securities for the payment of any installment of interest on the
Securities.

“Issue Date” means the date on which the initial
Securities are first issued.

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

“Officer” means, with respect to any Person (other
than the Trustee), the Chairman of the Board, the President, any Vice
President, the Treasurer or the Secretary of such Person.

“Officers’ Certificate” means a certificate signed by
two Officers of the Company.

“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 or the
Trustee.

“Participant” means a Person who has an account with
the Depositary.

“Person” means any individual, company, 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.

“principal” of a Security means the principal of the
Security payable on the Security which is due or overdue or is to become due at
the relevant time.

“SEC” means the United States Securities and Exchange
Commission.

“Security” or “Securities” means each security issued
formally by the Company under this Indenture.

“Securities
Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder, as in effect from time to
time.

“Senior Indebtedness” means, with respect to any
Person, Indebtedness of such Person, whether outstanding on the date of this
Indenture or thereafter incurred unless, in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is
provided that such obligations are subordinate in right of payment to the
Securities or the Guaranty, as the case may be;
provided, however, that
Senior Indebtedness shall not include:

(1)                                  any Indebtedness of such Person owing to
the Company or any affiliate of the Company; or

(2)                                  any Indebtedness of such Person (and any
accrued and unpaid interest in respect thereof) which is subordinate or junior
in any respect to any other Indebtedness of such Person.

 4
 

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

“Stated Maturity,” when used with respect to any
Security, means the date specified in such Security as the fixed date on which
an amount equal to the principal amount of such Security is due and payable.

“Subsidiary” means, with respect to any Person, any
corporation, association, partnership or other business entity more than 50% of
the outstanding Voting Stock of which at the time of determination is owned or
controlled, directly or indirectly, by (i) such Person; (ii) such
Person and one or more Subsidiaries of such Person; or (iii) one or more
Subsidiaries of such Person.

“TIA” means the Trust Indenture Act of 1939 (15
U.S.C.  sections 77aaa-77bbbb) as in
effect on the date of this Indenture.

“Trustee” means the party named as such in the first
paragraph of this Indenture until a successor shall have become such pursuant
to the applicable provisions of this Indenture, and, thereafter, means such
successor.

“Trust Officer” means, when used with respect to the
Trustee, any managing director, director, vice president, assistant vice
president, assistant treasurer, assistant secretary, associate or any other
officer within the corporate trust department of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also shall mean, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge and familiarity with the particular subject.

“U.S. Dollar,” “U.S.$” and “$” means a dollar or other
equivalent unit in such coin or currency of the United States as at the time
shall be legal tender for the payment of public and private debt.

“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 or other interests (including partnership interests) of such
Person then outstanding and normally entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, general partners
or trustees thereof.

 5
 

Section 1.02                                Other Definitions.

	
  

  	
   

  	
  Defined in

  
	
  TERM

  	
   

  	
  Section

  
	
   

  	
   

  	
   

  
	
  “Additional
  Interest”

  	
   

  	
  6.13

  
	
  “Additional
  Interest Notice”

  	
   

  	
  4.06

  
	
  “Agent”

  	
   

  	
  2.04

  
	
  “Bankruptcy Law”

  	
   

  	
  6.01

  
	
  “Conversion
  Agent”

  	
   

  	
  2.04

  
	
  “CUSIP”

  	
   

  	
  2.14

  
	
  “Event of
  Default”

  	
   

  	
  6.01

  
	
  “Guaranteed
  Obligations”

  	
   

  	
  10.01

  
	
  “ISIN”

  	
   

  	
  2.14

  
	
  “Paying Agent”

  	
   

  	
  2.04

  
	
  “Registrar”

  	
   

  	
  2.04

  
	
  “Retiring
  Trustee”

  	
   

  	
  7.09

  
	
  “Service Agent”

  	
   

  	
  2.04

  
	
  “Successor
  Company”

  	
   

  	
  5.01

  

 

Section 1.03                                Incorporation by Reference of Trust Indenture Act.  This Indenture is subject to the mandatory
provisions of the TIA which are incorporated by reference in and made a part of
this Indenture.  The following TIA terms
have the following meanings:

“Commission” means the SEC;

“indenture securities” means the Securities and the
Guaranties;

“indenture security holder” means a Securityholder;

“indenture to be qualified” means this Indenture;

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

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

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

Section 1.04                                Rules of Construction.  Unless the context otherwise requires:

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

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

 6
 

(3)                                  “or”
is not exclusive;

(4)                                  “including”
means including without limitation;

(5)                                  words
in the singular include the plural and words in the plural include the
singular;

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

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

ARTICLE II

The Securities

Section 2.01                                Amount Unlimited; Terms of Securities.  The aggregate principal amount of Securities
that may be executed, authenticated and delivered under this Indenture is
unlimited.  All Securities shall be
substantially identical except as provided in Section 2.15.   At or prior to the issuance of any
Securities, the following shall be established in one or more supplemental
indentures hereto:

(a)                                  the
title of the Securities;

(b)                                 the
date or dates on which the principal of the Securities is payable;

(c)                                  the
rate or rates at which the Securities shall bear interest, the date or dates
from which such interest shall accrue, the Interest Payment Dates on which such
interest, shall be payable, the record dates, for the determination of Holders
thereof to whom such interest is payable, and the basis upon which such
interest will be calculated;

(d)                                 the
place or places, if any, in addition to or instead of the Corporate Trust
Office of the Trustee where the principal and interest with respect to the
Securities shall be payable or the method of such payment, if by wire transfer,
mail or other means;

(e)                                  the
terms and conditions upon which the Company shall be required to purchase the
Securities at the option of a Holder thereof;

(f)                                    the
terms and conditions upon which the Securities will be convertible into the
Company’s common stock, including the initial conversion or exchange price or
rate, the conversion or exchange period and any other additional provisions;
and

(g)                                 any
other terms of Securities (which terms shall not be prohibited by, or
inconsistent with, the provisions of this Indenture).

Section 2.02                                Form and Dating.  The form of the Securities and the
corresponding Trustee’s certificate of authentication shall be attached as an
exhibit to a supplemental indenture

 7
 

hereto.  The Securities may have
notations, legends or endorsements required by law, stock exchange rule or
usage.

Section 2.03                                Execution and Authentication.  One Officer of the Company shall sign the
Securities for the Company by manual or facsimile signature.

If an Officer whose signature is on a Security no
longer holds that office at the time the Security is authenticated, the
Security shall nevertheless be valid.  A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  The
signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

The Trustee shall at any time, and from time to time,
authenticate Securities for original issue in the principal amount provided in
the supplemental indenture hereto upon receipt by the Trustee of a Company
Order.  Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from
the Company or its duly authorized agent or agents, which oral instructions
shall be promptly confirmed in writing. 
Each Security shall be dated the date of its authentication.

Prior to the issuance of Securities, the Trustee shall
have received and (subject to Section 7.02) shall be fully protected in relying
on: (a) one or more supplemental indentures hereto establishing the form of the
Securities and the terms of the Securities, (b) an Officers’ Certificate
complying with Section 11.04, and (c) an Opinion of Counsel complying with
Section 11.04.

The Trustee may decline to authenticate and deliver
any Securities: (a) if the Trustee, being advised by counsel, determines that
such action may not lawfully be taken; or (b) if the Trustee in good faith by
its board of directors or trustees, executive committee or a trust committee of
directors and/or vice-presidents shall determine that such action would expose
the Trustee to personal liability to Holders of any then-outstanding
Securities.

The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate the Securities.  Unless limited by the terms of such appointment,
an authenticating agent may authenticate Securities 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 any Registrar, Paying Agent or Service Agent.

The Securities shall be issuable only in book-entry
form without coupons and only in denominations of $1,000 principal amount and
any integral multiple thereof.

Section 2.04                                Paying Agent, Registrar, Service Agent and Conversion
Agent.  The Company shall
maintain an office or agency in the Borough of Manhattan, the City and State of
New York where the Securities may be presented or surrendered for payment (“Paying
Agent”), where the Securities may be presented for registration of transfer or
exchange (“Registrar”), where the Securities may be presented for conversion (“Conversion Agent”) and where notices
and demands to or upon the Company in respect of the Securities and this
Indenture (not including, however, service of process) may be served (“Service
Agent” and collectively with the Paying Agent, the Registrar and the Conversion
Agent, the “Agents” and each, an “Agent”). 
The Trustee, as Registrar, shall keep a register with respect to the
Securities and to their transfer

 8
 

and exchange.  The Company shall
give prompt written notice to the Trustee of the name and address, and any
change in the name or address, of each Registrar, Paying Agent, Conversion
Agent or Service Agent.  If at any time
the Company shall fail to maintain any such required Registrar, Paying Agent,
Conversion Agent or Service Agent or shall fail to furnish the Trustee with the
name and address thereof, such presentations, surrenders, notices and demands
(other than service of process) may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

The Company may also from time to time designate one
or more co-registrars, additional paying agents, additional conversion agents
or additional service agents 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 obligations to maintain
a Registrar, Paying Agent, Conversion Agent and Service Agent as specified in
this Section 2.04 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 name or address of any such
co-registrar, additional paying agent or additional service agent.  The term “Registrar” includes any
co-registrar; the term “Paying Agent” includes any additional paying agent; the
term “Conversion Agent” includes any additional conversion agent; and the term “Service
Agent” includes any additional service agent.

The Company hereby appoints the Trustee as the initial
Registrar, Paying Agent, Conversion Agent and Service Agent for the Securities.

Section 2.05                                Paying Agent to Hold Money in Trust.  The Company shall require each Paying Agent,
other than the Trustee, to agree in writing that the Paying Agent will hold in
trust, for the benefit of Holders of the Securities, or the Trustee, all money
held by the Paying Agent for the payment of principal of or interest on the
Securities, and will notify the Trustee of any default by the Company in making
any such payment.  While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it
to the Trustee.  The Company at any time
may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying
Agent (if other than the Company or a Subsidiary) shall have no further
liability for the money.  If the Company
or a Subsidiary of the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Holders of the Securities all
money held by it as Paying Agent.

Section 2.06                                Securityholder Lists.  The Trustee, as Registrar, shall preserve in
as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders of the Securities and shall
otherwise comply with TIA section 312(a). 
If the Trustee is not the Registrar, the Company shall furnish to the
Trustee, in writing, at least five Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing a list, in
such form and as of such date as the Trustee may reasonably require, of the
names and addresses of Holders of the Securities.

Section 2.07                                Transfer and Exchange.  When Securities are presented to the
Registrar or a co-registrar with a request to register a transfer or to
exchange them for an equal principal amount of Securities containing identical
terms and provisions, the Registrar shall register the transfer or make the
exchange if its requirements for such transactions are met.  To permit

 9
 

registrations of transfers and exchanges, the Company shall issue and
execute and the Trustee shall authenticate and deliver Securities at the
Registrar’s request.  No service charge
shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company or Registrar 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 tax or similar
governmental charge payable upon exchanges pursuant to Section 9.05).

Section 2.08                                Replacement Securities.  If any mutilated Security is surrendered to
the Trustee, the Company shall issue and execute and, if the requirements of
Section 8-405 of the New York Uniform Commercial Code, as in effect from time
to time, are met and the Holder satisfies any other reasonable requirements of
the Company or the Trustee, the Trustee shall authenticate and deliver in
exchange therefor a new Security containing identical terms and provisions and
of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

If there shall be delivered to the Company and the
Trustee (i) evidence to their satisfaction of the destruction, loss or theft of
any Security and (ii) such security or indemnity as may be required by them to
save each of them and any agent of either of them harmless, then, in the
absence of written notice to the Company or a Trust Officer of the Trustee that
such Security has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and make available
for delivery, in lieu of any such destroyed, lost or stolen Security, a new
Security containing identical terms and provisions and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

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

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

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

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

Section 2.09                                Outstanding Securities.  The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation, those reductions in the interest on
a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding.  A

 10
 

Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security.

If a Security is replaced pursuant to Section 2.08, it
ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a bona fide
purchaser.

If the Paying Agent (other than the Company, a
Subsidiary of the Company or an Affiliate of any thereof) has received on time
from the Company and holds on the Maturity of Securities money sufficient to
pay such Securities payable on that date, then on and after that date such
Securities cease to be outstanding and interest on them ceases to accrue.

Section 2.10                                Temporary Securities.  Until Definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities upon a Company Order. 
Temporary Securities shall be substantially in the form of Definitive
Securities but may have variations that the Company considers appropriate for
temporary Securities.  Without
unreasonable delay, the Company shall prepare and the Trustee upon request
shall authenticate Definitive Securities of the same date of maturity in
exchange for temporary Securities.  Until
so exchanged, temporary Securities shall have the same rights under this
Indenture as the Definitive Securities.

Section 2.11                                Cancellation.  The Company at any time may deliver
Securities to the Trustee for cancellation. 
The Registrar, the Paying Agent and the Conversion Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment.  The Trustee shall
cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall dispose of such canceled Securities according to its
normal operating procedures (subject to the record retention requirements of
the Exchange Act) and deliver a certificate of such destruction to the Company,
unless the Company otherwise directs the Trustee to deliver canceled Securities
to the Company.  The Company may not
issue new Securities to replace Securities 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 Securities, it shall pay the defaulted interest, plus, to the
extent permitted by law, any interest payable on the defaulted interest, to the
persons who are Holders of the Securities on a subsequent special record
date.  The Company shall fix such record
date and payment date.  At least 30 days
before the record date, the Company shall mail, first class, to the Trustee and
to each Holder of the Securities a notice that states the record date, the
payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any
other lawful manner.

Section 2.13                                Global Securities.

(a)                                  Issuance of Global Securities.  The Securities shall be initially evidenced
by one or more Global Securities. Beneficial interests in a Global Security
shall be represented through book-entry accounts, to be established and
maintained by the Depositary.

 11
 

(b)                                 Transfer and Exchange.  Notwithstanding any provisions to the
contrary contained in Section 2.07 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 of the
Indenture for Definitive Securities only if (i) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for such
Global Security or if at any time the Depositary ceases to be a clearing agency
registered under the Exchange Act or other applicable law, and, in either case,
the Company fails to appoint a successor Depositary, (ii) the Company executes
and delivers to the Trustee an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable or (iii) an Event of Default shall
have happened and be continuing.  Any
Global Security that is exchangeable pursuant to the preceding sentence shall
be exchangeable for Securities registered in such names as the Depositary shall
direct in writing in an aggregate principal amount equal to the principal
amount of the Global Security with like tenor and terms.

Except as provided in this Section 2.13(b), a Global
Security may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary with the prior
written consent of the Company.

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

(c)                                  Legend. 
Any Global Security issued hereunder shall bear a legend in
substantially the following form:

“THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE,
(II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV)
THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE ISSUER HEREOF”

(d)                                 Acts of Holders.  (i) 
Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments (and the
action embodied therein and evidenced

 12
 

thereby) are herein sometimes referred to as the “Act” of Holders signing
such instrument or instruments.  Proof of
execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and conclusive in favor
of the Trustee and the Company, if made in the manner provided in this Section.

(ii)                                  The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take acknowledgments
of deeds, certifying that the individual signing such instrument or writing
acknowledged to such officer the execution thereof.  Where such execution is by a signer acting in
a capacity other than such signer’s individual capacity, such certificate or
affidavit shall also constitute sufficient proof of such signer’s
authority.  The fact and date of the
execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee
deems sufficient.

(iii)                               The
ownership of Securities shall be proved by the register maintained by the
Registrar.

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

(v)                                 If
the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may, at its
option, by or pursuant to a Board Resolution, fix in advance a record date for
the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so.  If such
a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but
only the Holders of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the outstanding Securities shall be
computed as of such record date; provided that no such authorization, agreement
or consent by the Holders on such record date shall be deemed effective unless
it shall become effective pursuant to the provisions of this Indenture not
later than six months after the record date.

The Depositary, as a Holder, may appoint agents and
otherwise authorize Participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a
Holder is entitled to give or take under the Indenture.

(e)                                  Payments. 
Notwithstanding the other provisions of this Indenture, (i) payment of
the principal of and interest on any Global Security shall be made by the
Company or a Paying

 13
 

Agent to the Depositary or its nominee, as the case may be, as
registered holder of the Global Security, and (ii) if an Event of Default
specified in Section 6.01(1) or (2) shall have occurred and is continuing on a
day on which payment with respect to the Securities is made, the Company or the
Paying Agent, as the case may be, shall pay any such amounts to be paid to the
Holders of such Securities (other than amounts received pursuant to Article
VIII) ratably, without preference or priority of any kind.  Payments on each Global Security shall be
made by the Company or a Paying Agent either by check dated the applicable
payment date and delivered to the Depositary or its nominee, as the case may
be, two Business Days before the payment date or by wire transfer of immediately
available funds by 12:00 p.m. on the payment date.  As long as the Depositary or its nominee is
the registered owner of a Global Security, the Depositary or its nominee, as
the case may be, shall be considered the sole owner of the Global Security for
the purposes of receiving payment on such Global Security.  Payments on any Definitive Security shall be
made by the Company or a Paying Agent either by check dated the applicable
payment date and delivered at the office of the Paying Agent or at the Corporate
Trust Office of the Trustee; provided, however, that
at the option of the Company such payment may be made by check mailed to the
address of the Person entitled thereto as such address appears in the Register;
provided, further, that a Holder holding an
aggregate principal amount of Definitive Securities in excess of $2,000,000
will be paid by wire transfer in immediately available funds at the election of
such Holder if such Holder has provided wire transfer instructions to the
Company (which the Company shall promptly forward to the Trustee and the Paying
Agent) at least 10 Business Days prior to the payment date.

(f)                                    Consents, Declaration and Directions.  Except as provided in Section 2.13(e), the
Company, the Trustee and each Paying Agent shall treat a person as the Holder
of such principal amount of outstanding Securities represented by a Global
Security as shall be specified in a written statement of the Depositary with
respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this
Indenture.

Section 2.14                                CUSIP Numbers.  The Company in issuing the Securities may use
numbers assigned by the Committee on Uniform Securities Identification
Procedures (“CUSIP”) and corresponding International Securities Identification
Numbers (“ISIN”) (if then generally in use) and, if so, the Trustee shall use
CUSIP numbers in any notices of redemption under any supplemental indenture
hereto as a convenience to Holders; provided,
however, that any such notice may
state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in such notice and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such notice shall not be affected by any defect in or
omission of such numbers.  The Company
shall promptly notify the Trustee of any change in the CUSIP or ISIN numbers.

Section 2.15                                Additional Securities.

(a)                                  The
Company may, from time to time, subject to compliance with any other applicable
provisions of this Indenture, without the consent of any Holder, issue pursuant
to this Indenture additional securities (“Additional Securities”) that shall
have terms and conditions and “CUSIP” numbers identical to those of the other
outstanding Securities, except with respect to:

 14
 

(i)                                     the
issue date;

(ii)                                  the
amount of interest payable on the first Interest Payment Date therefor;

(iii)                               the
issue price; and

(iv)                              any
Additional Interest payable as provided in Section 6.13,

Any
Additional Securities and the Securities issued on the Issue Date shall be
treated as a single class for all purposes and any such Additional Securities
will vote on all matters as one class with the Securities issued on the Issue
Date.  For purposes of this Indenture,
references to the Securities include Additional Securities, if any.

(b)                                 With
respect to any Additional Securities, the Company shall set forth in an
Officers’ Certificate pursuant to a resolution of the Board of Directors of the
Company, copies of which will be delivered to the Trustee, the following
information:

(i)                                     the
aggregate principal amount of such Additional Securities to be authenticated
and delivered pursuant to this Indenture; and

(ii)                                  the
issue date and the issue price of such Additional Securities; provided that no Additional Securities may
be issued at a price that would cause such Additional Securities to have “original
issue discount” within the meaning of Section 1273 of the Internal Revenue Code
of 1986, as amended.

In addition, the Company
shall deliver to the Trustee an Opinion of Counsel in accordance with Section
11.04 hereof certifying as to the satisfaction of all conditions precedent to
the authentication by the Trustee of such Additional Securities.

ARTICLE III

Redemption

Section 3.01                                Redemption.  The Securities will not be subject to
redemption at the option of the Company.

ARTICLE IV

Covenants

Section 4.01                                Payment of Securities.  The Company covenants and agrees for the
benefit of the Holders of the Securities that it shall promptly pay the
principal of, interest on, and other amounts payable (if any) on the Securities
on the dates and in the manner provided in the Securities and in this
Indenture.  Principal and interest shall
be considered paid on the date due if on such date the Trustee or the Paying
Agent has received on time from the Company and holds in accordance with this
Indenture money sufficient to pay all principal and interest then due.

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

 15

Payment of the principal
of and interest on the Securities shall be made in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts.

Section 4.02                                SEC Reports.  The Company shall file with the Trustee and
the SEC, and transmit to Holders, such information, documents and other reports
and such summaries thereof, as may be required pursuant to the TIA at the times
and in the manner provided pursuant to the TIA; provided that any such
information, documents or reports required to be filed with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act shall, unless such information,
documents or reports are available on the SEC’s EDGAR filing system (or any
successor thereto), be filed with the Trustee within 15 days after the same is
so required to be filed with the SEC.

Section 4.03                                Compliance Certificate.  The Company shall deliver to the Trustee
within 120 days after the end of its respective fiscal year (and at least once
in each 12 month period) and at any other reasonable time upon the demand of
the Trustee an Officers’ Certificate stating that in the course of the
performance by the signers of their duties as Officers of the Company, they
would normally have knowledge of any Default and that the Company has complied
with all requirements contained in this Indenture that, if not complied with,
would constitute a Default and whether or not the signers know of any Default
that occurred during such period.  If
they do know of any Default, the certificate shall describe the Default, its
status and what action the Company is taking or proposes to take with respect
thereto.  The Company also shall comply
with section 314(a)(4) of the TIA.

Section 4.04                                Further Instruments and Acts.  Upon request of the Trustee, the Company
shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture.

Section 4.05                                Future Guarantors.  The Company shall cause each of its
Subsidiaries that guarantees any Senior Indebtedness of the Company after the
Issue Date to, at the same time, execute and deliver to the Trustee a Guaranty
Agreement pursuant to which such Subsidiary will guarantee payment of the
Securities on the same terms and conditions as those set forth in Article 10.

Section 4.06                                Additional Interest Notice.  In the event that the Company is
required to pay Additional Interest to Holders of Securities pursuant to Section
6.13 hereof, the Company shall provide a direction or order in the form of a
written notice (“Additional Interest Notice”) to the Trustee (and if the
Trustee is not the Paying Agent, the Paying Agent) of the Company’s obligation
to pay Additional
Interest no later than ten Business Days prior to the proposed payment
date set for the payment of Additional Interest, and the Additional
Interest Notice shall set forth the amount of Additional Interest to be paid by
the Company on such payment date and direct the Trustee (or, if the Trustee is
not the Paying Agent, the Paying Agent) to make payment to the extent it
receives funds from the Company to do so. 
The Trustee shall not at any time be under any duty or responsibility to
any holder of Securities to determine whether Additional Interest is payable,
or with respect to the nature, extent, or calculation of the amount of
Additional Interest owed, or with respect to the method employed in such
calculation of Additional Interest.

 16
 

ARTICLE
V

Merger and Consolidation

Section 5.01                                When the Company or Guarantors May Merge or Transfer
Assets.  (a)  Neither the Company nor, unless otherwise
permitted pursuant to Section 10.06 hereof, any of the Guarantors shall
consolidate or amalgamate with or merge with or into, or sell, 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)                                  (A)
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, (B) the Successor
Company (if not the Company) 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
Securities and this Indenture and (C) immediately after giving pro forma effect
to such transaction, no Default shall have occurred and be continuing; and

(2)                                  the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, amalgamation, merger,
sale or transfer and such supplemental indenture (if any) comply with this
Indenture.

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, which properties and assets, if held by the
Company instead of such Subsidiaries 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.

Upon any transaction in
accordance with this Section 5.01(a), the Successor Company shall 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 Securities.

(b)                                 The
Company shall not permit any Guarantor to consolidate or amalgamate with or
merge with or into, or sell, convey, transfer or lease, in one transaction or
series of transactions, all or substantially all of its assets to any Person
unless: (1) except upon the occurrence of one of the events referred to clause
(i), (ii) or (iii) of Section 10.06, the resulting, surviving or transferee
Person (if not such Guarantor) 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 such Person shall expressly assume all the obligations of such
Guarantor, if any, under its Guaranty; (2) immediately after giving effect to
such transaction or transactions on a pro forma basis (and treating any
indebtedness which becomes an obligation of the resulting, surviving or
transferee Person as a result of such transaction as having been issued by such
Person at the time of such transaction), no Default shall have occurred and be
continuing; and (3) the Company delivers to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such 

 17
 

consolidation, amalgamation, merger or transfer and
such Guaranty Agreement, if any, complies with this Indenture.

ARTICLE
VI

Defaults and Remedies

Section 6.01                                Events of Default.  Each of the following constitutes an “Event
of Default”:

(1)                                  the
Company defaults in any payment of any installment of interest on any Security
when the same becomes due and payable, and such default continues for a period
of 30 days;

(2)                                  the
Company defaults in the payment of any installment of principal of any Security
when the same becomes due and payable at its stated maturity, upon declaration
of acceleration, notice of option to elect repayment or otherwise;

(3)                                  the
Company or any Guarantor fails to comply with any of its covenants in the
Securities or this Indenture (other than those referred to in clause (1) or (2)
above) and such failure continues for 90 days after the notice specified below;

(4)                                  the
payment of any Indebtedness of the Company, any Guarantor or any Significant
Subsidiary in a principal amount exceeding $50,000,000 is accelerated as a result
of the failure of the Company, such Guarantor or such Significant Subsidiary to
perform any covenant or agreement applicable to such Indebtedness, which
acceleration is not rescinded or annulled within 60 days after written notice
thereof or is not paid when otherwise due after the applicable grace period, if
any, specified in the agreement or instrument relating to such Indebtedness;

(5)                                  the
Company pursuant to or within the meaning of any Bankruptcy Law applicable to
it:

(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 any substantial part of its
property; or

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

or takes any comparable
action under any foreign laws relating to insolvency and applicable to it; or

(6)                                  a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law applicable to the Company that:

 18
 

(A)                              is
for relief against the Company in an involuntary case;

(B)                                appoints
a Custodian of the Company or for any substantial part of its property; or

(C)                                orders
the winding up or liquidation of the Company;

or any similar relief is
granted under any foreign laws applicable to the Company and the order or
decree remains unstayed and in effect for 60 days.

The term “Bankruptcy Law”
means Title 11, United States Code,
or any similar United States federal or state law for the relief of
debtors.  The term “Custodian” means any
receiver, interim receiver, receiver and manager, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law.

A Default under clause
(3) is not an Event of Default until the Trustee notifies, or the holders of at
least 25% in principal amount of the outstanding Securities notify, the Company
of the Default and the Company does not cure such Default within the time
specified after receipt of such notice. 
Such notice must specify the Default, demand that it be remedied and
state that such notice is a “Notice of Default.”

The Company shall deliver
to the Trustee, within 30 days after the occurrence thereof, written notice in
the form of an Officers’ Certificate of any event which with the giving of
notice or the lapse of time would become an Event of Default under clause (3),
its status and what action the Company is taking or proposes to take with
respect thereto.

Additional Events of
Default may be provided for in any supplemental indenture hereto.

Section 6.02                                Acceleration.  If an Event of Default (other than an Event
of Default specified in Section 6.01(5) or (6) and except as otherwise provided
in Section 6.13) occurs and is continuing, the Trustee, in its discretion, by
notice to the Company, or the Holders of at least 25% in principal amount of the
outstanding Securities by notice to the Company and the Trustee, may declare
the principal amount of, and accrued and unpaid interest on, all the Securities
to be due and payable.  If an Event of
Default specified in Section 6.01(5) or (6) occurs and is continuing, the
principal amount of and interest on all the outstanding Securities issued
pursuant to this Indenture shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Securityholders.  The Holders of a
majority in principal amount of the Securities by written notice to the Trustee
and the Company may rescind an acceleration of the Securities and its
consequences if the rescission would not conflict with any judgment or decree and
if all existing Events of Default have been cured or waived except nonpayment
of the principal amount of or interest on the Securities that has become due
solely because of acceleration.  No such
rescission shall affect any subsequent Default or impair any right consequent
thereto.

Section 6.03                                Other Remedies.  If an Event of Default occurs and is
continuing, the Trustee may in its discretion pursue any available remedy to
collect the payment of the principal amount of or interest on the Securities or
to enforce the performance of any provision of the Securities or this
Indenture.

 19
 

The Trustee may in its
discretion maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any
Securityholder 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.  The Holders of a majority in principal amount
of the outstanding Securities by notice to the Trustee may waive an existing
Default and its consequences except (i) a Default in the payment of the
principal amount of or interest on any Security, or (ii) a Default in respect
of a provision that under Section 9.02 cannot be amended without the consent of
each Holder of Securities affected.  When
a Default is waived, it is deemed cured, but no such waiver shall extend to any
subsequent or other Default or impair any consequent right.

Section 6.05                                Control by Majority.  The Holders of a majority in principal amount
of the outstanding Securities may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any
trust or power conferred on the Trustee. 
However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of any other Holder of
Securities or that would expose the Trustee to personal liability; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction. 
Prior to taking any action hereunder, the Trustee shall be entitled to
indemnification satisfactory to it in its sole discretion against all losses
and expenses caused by taking or not taking such action.

Section 6.06                                Limitation on Suits.  Except to enforce the right to receive
payment of the principal amount of or interest on a Security when due, no
Holder of a Security may pursue any remedy with respect to this Indenture or
the Securities unless:

(1)                                  the
Holder gives to the Trustee written notice stating that an Event of Default is
continuing;

(2)                                  the
Holders of at least 25% in principal amount of the outstanding Securities make
a written request to the Trustee to pursue the remedy;

(3)                                  such
Holder or Holders offer to the Trustee security or indemnity reasonably
satisfactory to it against any loss, liability or expense;

(4)                                  the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

(5)                                  the
Holders of a majority in principal amount of the outstanding Securities do not
give the Trustee a direction inconsistent with the request during such 60-day
period.

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

 20
 

Section 6.07                                Rights of Holders to Receive Payment.  Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of the principal amount
of and interest on the Securities held by such Holder, on or after the
respective due dates expressed in the Securities, or to bring suit for the
enforcement of any payment with respect to the Securities, shall not be
impaired or affected without the consent of such Holder.

Section 6.08                                Collection Suit by Trustee.  If an Event of Default specified in Section
6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Company for the
whole amount then due and owing (together with interest on any unpaid interest
to the extent lawful) and the amounts provided for in Section 7.07.

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 and the Securityholders allowed in any judicial
proceedings relative to the Company, its creditors or its property and, unless
prohibited by law or applicable regulations, may vote on behalf of and as
directed by the Holders in any election of a trustee in bankruptcy or other
Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it 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.

Section 6.10                                Priorities.  If the Trustee collects any money or property
pursuant to this Article 6 (including Section 6.08) with respect to the
Securities, it shall pay out the money or property in the following order:

FIRST: to the Trustee for
amounts due under Section 7.07;

SECOND: to
Securityholders for amounts due and unpaid on the Securities for principal and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities for principal and interest,
respectively; and

THIRD: to the Company.

The Trustee may fix a
record date and payment date for any payment to Securityholders pursuant to
this Section.  At least 15 days before
such record date, the Company shall mail to each Securityholder and the Trustee
a notice that states the record date, the payment date and amount to be paid.

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, 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 

 21
 

Section does not apply to a suit by the Trustee, a
suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10%
in principal amount of the outstanding Securities.

Section 6.12                                Waiver of Stay or Extension Laws.  The Company (to the extent it may lawfully do
so) shall not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and shall not hinder, delay or impede the execution of any power
herein granted to the Trustee or any Holder, but shall suffer and permit the
execution of every such power as though no such law had been enacted.

Section 6.13                                Sole Remedy for Failure to Report.  Notwithstanding any other provision of this
Indenture, the sole remedy of Holders under this Indenture for an Event of
Default relating to the failure of the Company to comply with its obligations
under Section 4.02 will for the 60 days after the occurrence of such an Event
of Default consist exclusively of the right to receive additional interest (“Additional
Interest”) on the Securities at an annual rate equal to 0.25% of the aggregate
principal amount of the Securities to and including the 60th day following the
occurrence of such Event of Default and at an annual rate of 0.50% of the
aggregate principal amount of the Securities from and including the 61st day
following the occurrence of such Event of Default.  In no event will Additional Interest under
this Section accrue at a rate exceeding 0.50% per annum.  Any such Additional Interest will be payable
in the same manner and on the same dates as the stated interest payable on the
Securities.  Additional Interest will
accrue on all outstanding Securities from and including the date on which an
Event of Default relating to a failure to comply with Section 4.02 first occurs
to, but not including, the 365th day thereafter (or, if applicable, the earlier
date on which the Event of Default relating to a failure to comply with Section
4.02 shall have been cured or waived). 
If such Event of Default is continuing on the 365th day after an Event
of Default relating to a failure to comply with Section 4.02 first occurs, the
Securities will be subject to acceleration and other remedies as provided in
this Article 6.

ARTICLE
VII

Trustee

Section 7.01                                Duties of Trustee.  (a)  If
an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of
care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of such Person’s own affairs.

(b)                                 The
Trustee (i) undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no other duties, covenants or
obligations shall be implied or read into this Indenture otherwise or inferred
against the Trustee; and (ii) in the absence of bad faith on its part, 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.

 22
 

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

(1)                                  this
paragraph does not limit the effect of paragraph (b) of this Section;

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

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

(d)                                 Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b) and (c) of this Section.

(e)                                  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.

(f)                                    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 require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers.

(h)                                 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 and, where applicable by law to the Trustee, to the provisions of
the TIA and other applicable law.

(i)                                     In
the exercise of the rights, powers and duties prescribed or conferred by the
terms of this Indenture, the Trustee shall act honestly, in good faith and in a
commercially reasonable manner and exercise that degree of care, diligence and
skill that a reasonably prudent Person would exercise in comparable
circumstances.

Section 7.02                                Rights of Trustee.  (a) 
The Trustee may rely on 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 the Officers’ Certificate or Opinion of Counsel.

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

 23
 

(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; provided, however,
that the Trustee’s conduct does not constitute willful misconduct or
negligence.

(e)                                  At
the Company’s expense, the Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Securities shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel.

(f)                                    The
Trustee shall have the right to disclose any information disclosed or released
to it if in the opinion of the Trustee, or its legal counsel, it is required to
disclose under any applicable laws, court order or administrative directions.  The Trustee shall not be responsible or
liable to any party for any loss or damage arising out of or in any way
sustained or incurred or in any way relating to such disclosure.

(g)                                 Notwithstanding
anything to the contrary which may be contained herein, the Trustee shall not
have any obligation to exercise any discretion in the performance of its
obligations hereunder and shall only be required to act upon the express
written instructions of the Company or Securityholders as the case may be.  If any provision of this Indenture imposes
any obligation or determination to be taken or made by the Trustee and such
provision does not expressly state who shall instruct or advise the Trustee,
then such instruction or advice shall be required to be provided to the Trustee
by Board Resolution.

(h)                                 The
Trustee and its Affiliates may buy, sell lend upon and deal in the Securities
and generally contract and enter into financial transactions with the Company
or otherwise, without being liable to account for any profits made thereby.

Section 7.03                                Individual Rights of Trustee.  The Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it
were not the Trustee.  Any Service Agent,
Paying Agent, Conversion Agent, Registrar, co-registrar or co-paying agent may
do the same with like rights.  However,
the Trustee must comply with Sections 7.10 and 7.11.

Section 7.04                                Trustee’s Disclaimer.  The Trustee shall not be responsible for, nor
does it make any representation as to, the validity or adequacy of this
Indenture, the Securities or any offering materials, it shall not be
accountable for the Company’s use of the proceeds from the Securities, and it
shall not be responsible for any statement of the Company in the Indenture or
in any document issued in connection with the sale of the Securities or in the
Securities other than the Trustee’s certificate of authentication.

Section 7.05                                Notice of Defaults.  If a Default occurs and is continuing and if
it is actually known to the Trustee, the Trustee shall mail to each
Securityholder notice of the Default within 90 days after it occurs.  Except in the case of a Default in payment of
principal of or interest on any Security (including payments pursuant to the
purchase provisions of such Security, if any), the Trustee may withhold the
notice if and so long as the Trustee in good faith determines that withholding
the notice is in the best interests of Securityholders and so advises 

 24
 

the Company in writing.  Where notice of the occurrence of a Default
is given by the Trustee and the Default is thereafter cured, notice that the
Default is no longer continuing shall be given by the Trustee to the Securityholders
within a reasonable time, but not exceeding 90 days, after the Default has been
cured.

Section 7.06                                Reports by Trustee to Holders.  If required by section 313(a) of the TIA, as
promptly as practicable after each May 15, beginning with May 15, 2007, and in
any event prior to July 15 in each year, the Trustee shall mail to each
Securityholder a brief report dated as of May 15 that complies with TIA section
313(a).  The Trustee also shall comply
with TIA section 313(b).

A copy of each report at
the time of its mailing to Securityholders shall be filed with the SEC and each
stock exchange (if any) on which the Securities are listed.  The Company agrees to notify the Trustee
promptly whenever the Securities become listed on any stock exchange and of any
delisting thereof.

Section 7.07                                Compensation and Indemnity.  The Company shall pay to the Trustee from
time to time reasonable compensation for its services or such compensation
which they shall otherwise agree to in writing. 
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 upon request for all reasonable
out-of-pocket expenses incurred or made by it in connection with this Indenture
or any matter relating to it, including costs of collection, in addition to the
compensation for its services.  Such
expenses shall include the reasonable compensation and expenses, disbursements
and advances of the Trustee’s agents, counsel, accountants and experts.  The Company shall indemnify the Trustee against
any and all loss, liability or expense (including attorneys’ fees) it may incur
in connection with the administration of this trust and the performance of its
duties hereunder.  The Trustee shall
notify the Company promptly of any matter for which it may seek indemnity.  Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder.  If a claim is brought against the Trustee,
the Company shall defend the claim and the Trustee may have separate counsel
and the Company shall pay the fees and expenses of such counsel.  The Company need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee
directly as a result of the Trustee’s own willful misconduct, negligence or bad
faith.

In addition to and
without limiting any other protection of the Trustee hereunder or otherwise by
law, the Company shall indemnify and hold the Trustee, its officers, directors,
employees, representatives and agents harmless from and against any and all
liabilities, losses, claims, damages, penalties, actions, suits, demands,
levies, costs, expenses and disbursements, including any and all reasonable
legal and adviser fees and disbursements of whatever kind or nature which may
at any time be suffered by, imposed on, incurred by or asserted against the
Trustee, whether groundless or otherwise, howsoever arising from or out of any
act, omission or error of the Trustee in connection with its acting as Trustee
hereunder unless arising from the negligence, willful misconduct or breach of
its duties as set forth in Section 7.01(i) on the part of the Trustee.  Notwithstanding any other provision hereof,
this indemnity shall survive the removal, or resignation of the Trustee,
discharge of this Indenture and termination of any trust created hereby.

 25
 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the
Securities on all money or property held or collected by the Trustee other than
money or property received from the Company and held in trust to pay principal
of and interest on particular Securities.

The Company’s payment
obligations pursuant to this Section shall survive the discharge of this
Indenture.  When the Trustee incurs
expenses after the occurrence of a Default specified in Section 6.01(5) or (6),
the expenses are intended to constitute expenses of administration under the
Bankruptcy Law.

Section 7.08                                Experts. 
The Trustee may appoint such agents and employ or retain such counsel,
accountants, engineers, appraisers or other experts or advisers as it may
reasonably require for the purpose of discharging its duties hereunder and
shall not be responsible for any misconduct on the part of any of them.  The Trustee may, at the expense of the
Company, pay remuneration for all services performed for it in the discharge of
the trusts hereof without taxation for costs or fees of any counsel, solicitor
or attorney.  The Trustee may act and
rely and shall be protected in acting and relying on in good faith on the opinion
or advice of or information obtained from any agent, counsel, accountant,
engineer, appraiser or other expert or adviser, whether retained or employed by
the Company, Securityholders or the Trustee, in relation to any matter arising
in the performance of its duties under this Indenture.

Section 7.09                                Replacement of the Trustee.  The Trustee may resign at any time by so
notifying the Company not less than 60 days prior to the effective date of such
resignation.  The Holders of a majority
in principal amount of the outstanding Securities may remove the Trustee by so
notifying the Trustee.  The Company shall
remove the Trustee if:

(1)                                  the
Trustee fails to comply with Section 7.11;

(2)                                  the
Trustee is adjudged bankrupt or insolvent;

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

(4)                                  the
Trustee otherwise becomes incapable of acting.

If the Trustee resigns,
is removed by the Company or by the Holders of a majority in principal amount
of the outstanding Securities or if a vacancy exists in the office of the
Trustee for any reason (the Trustee in each such event being referred to herein
as the “Retiring Trustee”), the Company shall promptly appoint 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.  A successor Trustee shall
mail a notice of its succession to the outstanding Securityholders.  The Retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the
lien provided for in Section 7.07.

 26
 

If a successor Trustee
does not take office within 60 days after the Retiring Trustee resigns or is
removed, the Retiring Trustee or the Holders of 10% in principal amount of the
outstanding Securities may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

If the Trustee fails to
comply with Section 7.11, any outstanding Securityholder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

Notwithstanding the
replacement of the Trustee pursuant to this Section, the Company’s obligations
under Section 7.07 shall continue for the benefit of the Retiring Trustee.

Section 7.10                                Successor Trustee by Merger.  If the Trustee consolidates or amalgamates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

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

Section 7.11                                Eligibility; Disqualification.  (a) 
The Trustee shall at all times satisfy the requirements of TIA section
310(a).  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 section 310(b); provided, however,
that there shall be excluded from the operation of TIA section 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in TIA section 310(b)(1) are met.

(b)                                 The
Trustee represents and warrants to the Company that at the date of the
execution and delivery of this Indenture there exists no material conflict of
interest in the Trustee’s role as a fiduciary hereunder.  If at any time a material conflict of
interest (including a conflicting interest as defined in Section 310(b) of the
TIA) exists in respect of any the Trustee’s role as a fiduciary under this
Indenture that is not eliminated within 90 days after the Trustee becomes aware
that such a material conflict of interest exists, the Trustee shall resign from
the trusts under this Indenture by giving notice in writing of such resignation
and the nature of such conflict to the Company at least 21 days prior to the
date upon which such resignation is to take effect, and shall on such date be
discharged from all further duties and liabilities hereunder.  The validity and enforceability of this
Indenture and any Securities shall not be affected in any manner whatsoever by
reason only of the existence of a material conflict of interest of the Trustee.

 27
 

Section 7.12                                Preferential Collection of Claims Against Company.  The Trustee shall comply with TIA section
311(a), excluding any creditor relationship listed in TIA section 311(b).  The Trustee who has resigned or been removed
shall be subject to TIA section 311(a) to the extent indicated.

Section 7.13                                Securityholder List.  A Securityholder may, upon payment to the
Trustee of a reasonable fee and subject to compliance with any applicable
requirement of the TIA, require the Trustee to furnish within 10 days after
delivering the affidavit or statutory declaration referred to below, a list
setting out (i) the name and address of every registered Securityholder, (ii)
the aggregate principal amount of Securities owned by each registered
Securityholder and (iii) the aggregate principal amount of outstanding
Securities, each as shown on the records of the Trustee on the day that the
affidavit or statutory declaration is delivered to the Trustee.  The affidavit or statutory declaration, as
the case may be, shall contain (1) the name, address and occupation of the
requesting Securityholder, (2) where the requesting Securityholder is a
corporation, its name and address for service and (3) a statement that the list
will not be used except in connection with an effort to influence the voting of
the Securityholders, an offer to acquire Securities or any other matter
relating to the Securities or the affairs of the Company.  Where the requesting Securityholder is a
corporation, the affidavit or statutory declaration shall be made by a director
or officer of the Securityholder.

Section 7.14                                Initial Appointment of Trustee.  The Company hereby appoints Deutsche Bank
Trust Company Americas as the initial Trustee, and Deutsche Bank Trust Company
Americas hereby accepts such appointment.

ARTICLE
VIII

Discharge of Indenture; Defeasance

Section 8.01                                Discharge of Liability on Securities; Defeasance.  (a) 
When (1) the Company delivers to the Trustee all outstanding Securities
(other than Securities replaced pursuant to Section 2.08) for cancellation or
(2) all outstanding Securities have become due and payable and the Company
irrevocably deposits with the Trustee funds sufficient to pay all outstanding
principal and other amounts, if any, payable on the Securities, including
interest thereon to maturity (other than Securities replaced pursuant to
Section 2.08), and if in either case the Company pays all other sums payable
hereunder by the Company, then this Indenture shall, subject to Section
8.01(c), cease to be of further effect. 
The Trustee shall acknowledge satisfaction and discharge of this
Indenture on demand of the Company accompanied by an Officers’ Certificate and
an Opinion of Counsel and at the cost and expense of the Company.

(b)                                 When
all outstanding Securities will become due and payable at their scheduled
maturity within one year and the Company irrevocably deposits with the Trustee
funds sufficient to pay all outstanding principal and other amounts, if any,
payable on the Securities, including interest thereon to maturity (other than
Securities replaced pursuant to Section 2.08), and if the Company pays all
other sums payable hereunder by the Company, then this Indenture shall, subject
to Section 8.01(c), cease to be of further effect.

 28
 

Upon satisfaction of the
conditions set forth herein and upon request of the Company, the Trustee shall
acknowledge in writing the discharge of those obligations that the Company
terminates, subject to Section 8.06.

(c)                                  Notwithstanding
clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05,
2.06, 2.07, 2.08, 2.09, 7.07 and 7.08 and in this Article 8 and to convert or
purchase the Securities pursuant to the terms of any supplemental indenture
hereto shall survive until all the Securities have been paid in full.  Thereafter, the Company’s obligations in
Sections 7.07, 8.04 and 8.05 shall survive.

(d)                                 The
Company may exercise its option under Section 8.01(b) only

(1)                                  if
the Company irrevocably deposits in trust with the Trustee money or U.S.  Government Obligations for the payment of
principal of and interest on, all the Securities to maturity or due date of
such payments in accordance with this Indenture and the Securities;

(2)                                  the
Company delivers to the Trustee a certificate from a nationally recognized firm
of independent accountants expressing their opinion that the payments of
principal and interest when due and without reinvestment on the deposited
U.S.  Government Obligations, plus any
deposited money without investment will provide Cash at such times and in such
amounts as will be sufficient to pay principal and interest when due on all the
Securities to maturity or due date of such payments in accordance with this
Indenture and the Securities;

(3)                                  123
days pass after the deposit is made and during the 123-day period no Default
specified in Sections 6.01(5) or 6.01(6) occurs which is continuing at the end
of the 123-day period;

(4)                                  the
deposit does not constitute a default under any other agreement binding on the
Company;

(5)                                  the
Company delivers to the Trustee an Opinion of Counsel to the effect that the
trust resulting from the deposit does not constitute, or if it does so
constitute, is qualified as, a regulated investment company under the
Investment Company Act of 1940;

(6)                                  the
Company shall have delivered to the Trustee (i) an Opinion of Counsel stating
that since the date of this Indenture there has been a change in the applicable
United States federal income tax law, or a ruling published by the United
States Internal Revenue Service, and under such change in the applicable United
States federal income tax law or ruling, defeasance and discharge will not
result in, or be deemed to result in, a taxable event or any withholding tax
with respect to the Securityholders; and

the Company delivers to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent to the discharge of the Securities as
contemplated by this Article 8 have been complied with.

 29

Section 8.02           Defeasance.  The Securities shall not be subject to
covenant defeasance.

Section 8.03           Application
of Trust Money.  (a)  The Trustee shall hold in trust any money or
U.S.  Government Obligations deposited
with it pursuant to this Article 8.  It
shall apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment
of principal of and interest on the Securities.

(b)           During the term of this Indenture,
the Trustee shall not have an obligation to invest or reinvest any money, U.S.
Government Obligations or other securities deposited or received hereunder,
except as specifically directed by the Company in writing.  Any interest or other income received on such
U.S. Government Obligations or other securities deposited or received
hereunder, or from investment and reinvestment of the money, U.S. Government
Obligations or other securities deposited or received hereunder shall become
part of the property held hereunder and any losses incurred on such investment
and reinvestment of such property shall be debited against the property held
hereunder.

Section 8.04           Repayment
to Company.  The Trustee and
the Paying Agent shall promptly turn over to the Company upon request any excess
money or securities held by them at any time.

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal or
interest that remains unclaimed for two years, and, thereafter, Securityholders
entitled to the money must look to the Company for payment as general
creditors.

Section 8.05           Indemnity
for Government Obligations. 
The Company shall pay and shall indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against deposited money, U.S. Government
Obligations or the principal and interest received on such money or U.S.
Government Obligations.

Section 8.06           Reinstatement.  If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with this Article
8 by reason of any legal proceeding or by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s obligations under this Indenture
and the Securities and the Guarantors’ obligations under their respective
Guaranties shall be revived and reinstated as though no deposit had occurred
pursuant to this Article 8 until such time as the Trustee or Paying Agent are
permitted to apply all such money or U.S. Government Obligations in accordance
with this Article 8; provided, however, that, if the Company has made any
payment of interest on or principal of any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities to receive such payment from the money or
U.S. Government Obligations deposited with and held by the Trustee or Paying
Agent.

 30
 

ARTICLE IX

Amendments

Section 9.01           Without
Consent of Holders.  The
Company, the Guarantors and the Trustee may amend or supplement this Indenture
or the Securities without notice to or consent of any Securityholder:

(1)           to cure any ambiguity, omission,
defect or inconsistency in this Indenture in a manner that does not adversely
affect the rights of any Holder;

(2)           to comply with Article 5;

(3)           to add guaranties with respect to the
Securities, including adding additional Guarantors, or to secure the
Securities;

(4)           to add to the covenants of the
Company or any Guarantor for the benefit of the Holders of the Securities, to
add Events of Default or to surrender any right or power herein conferred upon
the Company or any Guarantor;

(5)           to comply with any requirement of the
SEC in connection with qualifying, or maintaining the qualification of, this
Indenture under the TIA;

(6)           to make any change that does not
adversely affect the rights of any Securityholder; provided that any amendment or supplement that is made
solely to conform the provisions of this Indenture and the Securities to the
description thereof contained in the Company’s prospectus relating to the
Securities dated June 11, 2007 will be deemed not to adversely affect the
rights of any Securityholder;

(7)           to evidence the acceptance of
appointment of a successor or separate Trustee;

(8)           to evidence and provide for the
acceptance of appointment by a successor or separate Trustee and to add to or
change any of the provisions of this Indenture as shall be necessary or
desirable to provide for or facilitate the administration of this Indenture by
additional Trustee;

(9)           to establish the form or terms of
Securities pursuant to Article 2 and to change the procedures for transferring
and exchanging Securities so long as such change does not adversely affect the
holders of any outstanding Securities (except as required by applicable
securities laws); or

(10)         to provide for the issuance of
Additional Securities as permitted by Section 2.15, which will have terms
substantially identical to the other outstanding Securities except as specified
in Section 2.15, and which will be treated, together with any other outstanding
Securities, as a single issue of securities.

 31
 

In addition, the Company,
the Guarantors and the Trustee may, without notice to or consent of any
Securityholder, enter into the first supplemental indenture hereto in the form
attached hereto as Annex A.

After an amendment under
this Section becomes effective, the Company shall mail to Securityholders a
notice briefly describing such amendment. 
The failure to give such notice to all Securityholders, or any defect
therein, shall not impair or affect the validity of an amendment under this
Section.

Section 9.02           With
Consent of Holders.  The
Company, the Guarantors and the Trustee may amend this Indenture or the
Securities with the written consent of the Holders of at least a majority in
aggregate principal amount of the Securities then outstanding (including
consents obtained in connection with a tender offer or exchange for the Securities).  However, without the consent of each
Securityholder affected thereby, an amendment may not:

(1)           change the stated maturity of the
principal of, or the date any installment of interest is due on, any Security;

(2)           reduce the principal amount of, or interest
on, any Security;

(3)           reduce the amount of principal
payable upon acceleration of the maturity of any Security;

(4)           change the place or currency of
payment of principal of, or interest on, any Security;

(5)           impair the right to institute suit
for the enforcement of any payment on, or with respect to, any Security;

(6)           reduce the percentage of the
aggregate principal amount of the outstanding Securities whose Holders must
consent to a modification or amendment;

(7)           reduce the percentage of the aggregate
principal amount of the outstanding Securities required under Sections 6.04 and
6.05 hereof; and

(8)           modify any of the provisions of this
Section or Section 9.04, except to increase any such percentage or to
provide that certain provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each outstanding Security affected
thereby.

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

After an amendment under
this Section becomes effective, the Company shall mail to all affected
Securityholders a notice briefly describing such amendment.  The failure to give such notice to all such
Securityholders, or any defect therein, shall not impair or affect the validity
of 

 32
 

an amendment under this
Section.  Every amendment to this
Indenture or the Securities shall be set forth in a supplemental indenture.

Section 9.03           Compliance
with Trust Indenture Act. 
Every amendment to this Indenture or the Securities shall comply with
the TIA as then in effect and otherwise with applicable law.

Section 9.04           Revocation
and Effect of Consents and Waivers. 
A consent to an amendment or a waiver by a Holder of a Security shall
bind the Holder and every subsequent Holder of that Security or portion of the
Security that evidences the same debt as the consenting Holder’s Security, even
if notation of the consent or waiver is not made on the Security.  However, any such Holder or subsequent Holder
may revoke the consent or waiver as to such Holder’s Security or portion of the
Security if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective. 
After an amendment or waiver becomes effective, it shall bind every
Securityholder.  An amendment or waiver
becomes effective upon the execution of such amendment or waiver by the
Trustee.

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the
Securityholders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who
were Securityholders at such record date (or their duly designated proxies),
and only those Persons, shall be entitled to give such consent, to revoke any
consent previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. 
No such consent shall be valid or effective for more than 120 days after
such record date.

Section 9.05           Notation
on or Exchange of Securities. 
If an amendment changes the terms of a Security, the Trustee may require
the Holder of the Security to deliver it to the Trustee.  The Trustee may place an appropriate notation
on the Security regarding the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee
so determines, the Company in exchange for the Security shall issue and execute
and the Trustee shall authenticate and deliver a new Security that reflects the
changed terms.  Failure to make the
appropriate notation or to issue, execute, authenticate or deliver a new Security
shall not affect the validity of such amendment.

Section 9.06           Trustee
To Sign Amendments.  The
Trustee shall sign any amendment, consent or waiver authorized pursuant to this
Article 9 if the amendment consent or waiver does not adversely affect the rights,
duties, liabilities or immunities of the Trustee.  If it does, the Trustee may but need not sign
it.  In signing such amendment, consent
or waiver, the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and to receive, and (subject to Section 7.01) shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that such amendment consent or waiver is authorized or permitted by
this Indenture.

Section 9.07           Payment
for Consent.  Neither the
Company nor any Affiliate of the Company shall, directly or indirectly, pay or
cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder for or as an inducement to any consent, waiver or 

 33
 

amendment of any of the terms or provisions of this
Indenture or any Guaranty or the Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in
the time frame set forth in solicitation documents relating to such consent, waiver
or agreement.

ARTICLE X

Guaranties

Section 10.01         Guaranties.  Each Guarantor hereby unconditionally and
irrevocably guarantees, jointly and severally, to each Holder of Securities and
to the Trustee and its successors and assigns (a) the full and punctual payment
of all of the principal of, and interest on, the Securities when due, whether
at maturity, by acceleration or otherwise, and all other monetary obligations
of the Company under this Indenture and the Securities and (b) the full and
punctual performance within applicable grace periods of all other obligations
of the Company under this Indenture (all the foregoing being hereinafter
collectively called the “Guaranteed Obligations”).  Each Guarantor further agrees that the
Guaranteed Obligations 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 10 notwithstanding any extension or renewal of
any Guaranteed Obligation.

In addition, each Guarantor
waives (1) presentation to, demand of, payment from and protest to the Company
of any of the Guaranteed Obligations and also waives notice of protest for
nonpayment and (2) notice of any default under the Securities or the Guaranteed
Obligations, and agrees that the Holders of the Securities may exercise their
rights of enforcement under its Guaranty without first exercising their rights
of enforcement directly against the Company. 
The obligations of each Guarantor hereunder shall not be affected by (a)
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 under this
Indenture, the Securities or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the
Securities or any other agreement; (d) the release of any security held by any
Holder or the Trustee for the Guaranteed Obligations or any of them; (e) the
failure of any Holder or the Trustee to exercise any right or remedy against
any other guarantor of the Guaranteed Obligations; or (f) any change in the
ownership of such Guarantor.

Each Guarantor further
agrees that its Guaranty constitutes a guaranty of payment, performance and
compliance when due (and not a guaranty 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 Guaranteed Obligations.

Except as expressly set
forth in Sections 10.02 and 10.06, 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 Guaranteed 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 

 34
 

any Holder or the Trustee
to assert any claim or demand or to enforce any remedy under this Indenture,
the Securities 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 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 Guaranteed Obligations 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 Guaranteed Obligation is rescinded or must
otherwise be restored by any Holder or the Trustee upon the bankruptcy or
reorganization of the Company 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
Guaranteed Obligation when and as the same shall become due, whether at
maturity, by acceleration or otherwise, or to perform or comply with any other
Guaranteed 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 (1) the
unpaid amount of such Guaranteed Obligations, (2) accrued and unpaid interest
on such Guaranteed Obligations (but only to the extent not prohibited by law)
and (3) all other monetary Guaranteed Obligations of the Company to the Holders
and the Trustee.

Each Guarantor
agrees that, as between it, on the one hand, and the Holders and the Trustee,
on the other hand, (x) the maturity of the Guaranteed Obligations may be
accelerated as provided in Article 6 for the purposes of such Guarantor’s
Guaranty herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guaranteed Obligations, and (y)
in the event of any declaration of acceleration of such Obligations as provided
in Article 6, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by such Guarantor for the purposes of
this Section.

Each Guarantor also
agrees to pay any and all costs and expenses (including reasonable fees and
expenses of attorneys and other agents) incurred by the Trustee or any Holder
in enforcing any rights under this Section.

Section 10.02         Limitation
on Liability.  Any term or
provision of this Indenture to the contrary notwithstanding, the maximum
aggregate amount of the Guaranteed Obligations 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 10.03         Successors
and Assigns.  This Article 10
shall be binding upon each Guarantor so providing a Guaranty and its successors
and assigns and shall inure 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 

 35
 

party in this Indenture and in the Securities shall
automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions of this Indenture.

Section 10.04         No
Waiver.  Neither a failure nor
a delay on the part of the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 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 they may have under this Article 10 or this Indenture at law, in
equity, by statute or otherwise.

Section 10.05         Modification.  No modification, amendment or waiver of any
provision of this Article 10, 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 10.06         Release
of Guarantor.  Upon (i) the
sale or other disposition (including by way of consolidation, amalgamation or
merger), in one transaction or a series of related transactions, of a majority
of the total voting power of the capital stock or other interests of a
Guarantor or (ii) the sale or other disposition of all or substantially all the
assets of such Guarantor or if (iii) at any time when no Default has occurred
and is continuing, such Guarantor no longer guarantees any other debt of the
Company or any other Guarantor, such Guarantor shall be deemed released from
all obligations under this Article 10 without any further action required on
the part of the Trustee or any Holder; provided,
however, that, in each of cases
(i) and (ii) above, such sale or disposition is to a Person other than the
Company or any of its Affiliates.  At the
request of the Company, the Trustee shall execute and deliver an appropriate
instrument evidencing such release.

Section 10.07         Contribution.  Each Guarantor that makes a payment under its
Guaranty shall be entitled upon payment in full of all Guaranteed Obligations
to a contribution from each other Guarantor so providing a Guaranty 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 so providing a Guaranty at
the time of such payment determined in accordance with GAAP.

ARTICLE XI

Miscellaneous

Section 11.01         Trust
Indenture Act Controls.  If
any provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the TIA or
otherwise by applicable law, the required provision shall control.

Section 11.02         Notices.  Any notice or communication shall be in
writing and delivered in person or mailed by first-class mail addressed as
follows:

 36
 

if to the Company or any
Guarantor:

Molson Coors
Brewing Company

1225 17th Street, Suite 3200

Denver, Colorado 80202

Attention:  Chief Legal Officer

Facsimile:  (303) 279-6565

if to the Trustee:

Deutsche Bank
Trust Company Americas

60 Wall Street, 27th Floor – MS NYC60-2710

New York, New York 10005

Attention:  Trust & Securities
Services

with copy to:

Deutsche Bank
National Trust Company

25 DeForest Avenue

Summit, New Jersey  07901

Attn: Irina Golovashchuk

Tel:  (908) 608-3162

Fax:  (732) 578-4635

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

Any notice or
communication mailed to a Securityholder shall be mailed to the Securityholder
at the Securityholder’s address as it appears on the registration books of the
Registrar and shall be sufficiently given if so mailed within the time
prescribed.

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

Section 11.03         Communication
by Holders with Other Holders. 
Securityholders may communicate pursuant to TIA section 312(b) with
other Securityholders with respect to their rights under this Indenture or the
Securities.  The Company, any Guarantor,
the Trustee, the Registrar and anyone else shall have the protection of TIA
section 312(c).

Section 11.04         Certificate
and Opinion as to Conditions Precedent.  Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

(1)           an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee 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

 37
 

(2)           an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion of
such counsel, all such conditions precedent have been complied with.

Section 11.05         Statements
Required in Certificate or Opinion. 
Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture shall include:

(1)           a statement that the individual
making such certificate or opinion has read and understands 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 individual, 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 complied with; and

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

Section 11.06         When
Securities Disregarded.  In
determining whether the Holders of the required principal amount of Securities
have concurred in any direction, waiver or consent, Securities owned by the
Company or by any Person directly or indirectly controlling or controlled by or
under direct or indirect common control with the Company shall be disregarded
and deemed not to be outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Securities which the Trustee knows are so owned shall be so
disregarded.  Also, subject to the
foregoing, only Securities outstanding at the time shall be considered in any
such determination.

Section 11.07         Rules
by Trustee, Paying Agent and Registrar.  The Trustee may make reasonable rules for
action by or a meeting of Securityholders; provided that Securityholders
representing a majority of the outstanding principal amount of the Securities
shall be entitled to direct the Trustee to call such a meeting.  The Registrar, the Paying Agent and the
Conversion Agent may make reasonable rules for their functions.

Section 11.08         Business
Days.  If a payment date is
not a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue for the intervening period.  If a regular record date is not a Business
Day, the record date shall not be affected.

Section 11.09         Governing
Law.  This Indenture and the
Securities shall be governed by, and construed in accordance with, the laws of
the State of New York but without giving effect to applicable principles of
conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

 38
 

Section 11.10         No
Recourse Against Others.  A
director, officer, employee or stockholder, as such, of the Company or any
Guarantor shall not have any liability for any obligations of the Company under
the Securities or this Indenture or of such Guarantor under its Guaranty or
this Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Security, each Securityholder waives and releases all such
liability.  The waiver and release shall
be part of the consideration for the issue of the Securities.

Section 11.11         Successors.  All agreements of the Company and the
Guarantors in this Indenture and the Securities shall bind their respective
successors.  All agreements of the
Trustee in this Indenture shall bind its successors.

Section 11.12         Multiple
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.  One signed
copy is enough to prove this Indenture.

Section 11.13         Table
of Contents; Headings.  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 intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

Section 11.14         Language
of Notices, Etc.  Any request,
demand, authorization, direction, notice, consent or waiver required or
permitted under this Indenture shall be in the English language, except that
any published notice may be in an official language of the company of
publication, or unless otherwise required by applicable law.

Section 11.15         Submission
to Jurisdiction.  Each of the
Company and the Guarantors (i) submits for itself and its property in any legal
action or proceeding relating to this Indenture, or for recognition and
enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the courts of the State of New York, the courts of the United
States for the Southern District of New York, and appellate courts from any
thereof; (ii) consents that any such action or proceeding may be brought in
such courts, waives any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or
claim the same; (iii) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to the
address of the Authorized Agent it at its address set forth above at such other
address of which the Trustee shall have been notified pursuant thereto; and
(iv) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction.

Section 11.16         Patriot
Act.  The parties hereto
acknowledge that in accordance with Section 326 of the USA Patriot Act the
Trustee, like all financial institutions, is required to obtain, verify, and
record information that identifies each person or legal entity that establishes
a relationship or opens an account with Deutsche Bank Trust Company
Americas.  The parties to this Indenture
agree that they will provide the Trustee with such information as it may
reasonably request in order for the Trustee to satisfy the requirements of the
USA Patriot Act.

 39
 

[Remainder of this page
intentionally left blank]

 40
 

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

	
  

  	
  MOLSON COORS BREWING COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MOLSON COORS CAPITAL FINANCE ULC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COORS BREWING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Treasurer and Chief Corp. Finance Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COORS DISTRIBUTING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CBC HOLDCO, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  President

  
					

 

 41
 

 

	
  

  	
  MCBC INTERNATIONAL HOLDCO, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MOLSON COORS INTERNATIONAL LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:
  MOLSON COORS INTERNATIONAL

  GENERAL, ULC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Timothy E. Scully

  
	
   

  	
   

  	
   

  	
  Title:   Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  MOLSON
  COORS INTERNATIONAL 

  GENERAL, ULC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name:

  	
  Timothy E. Scully

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COORS INTERNATIONAL HOLDCO, ULC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name:

  	
  Timothy E. Scully

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MOLSON COORS CALLCO ULC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name:

  	
  Timothy E. Scully

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
							

 

 42
 

 

	
  

  	
  COORS
  INTERNATIONAL MARKET 

  DEVELOPMENT, L.L.L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  COORS GLOBAL PROPERTIES, INC.,

  
	
   

  	
  its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tara L.M. Deard

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Tara L.M. Deard

  
	
   

  	
   

  	
  Title:

  	
  Secretary and Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COORS GLOBAL PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tara L.M. Deard

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Tara L.M. Deard

  
	
   

  	
   

  	
  Title:

  	
  Secretary and Assistant Treasurer

  
								

 

 43
 

 

	
  

  	
  DEUTSCHE
  BANK TRUST COMPANY

  AMERICAS, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L. Buckwalter

  
	
   

  	
   

  	
  Name: Richard L. Buckwalter

  
	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Wanda Camacho

  
	
   

  	
   

  	
  Name: Wanda Camacho

  
	
   

  	
   

  	
  Title:   Vice
  President

  

 

 44Exhibit
4.2

EXECUTION COPY

FIRST
SUPPLEMENTAL INDENTURE

DATED
AS OF JUNE 15, 2007

to

INDENTURE

dated
as of June 15, 2007

among

MOLSON
COORS BREWING COMPANY,

as
Issuer

THE
GUARANTORS NAMED THEREIN,

as
Guarantors

and

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

as
Trustee

TABLE
OF CONTENTS

	
  

  	
  Page

  
	
  ARTICLE I

  	
   

  
	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
  2

  
	
  Section 1.02.

  	
  Other Definitions

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
  DESIGNATION AND
  TERMS OF THE SECURITIES

  	
   

  
	
   

  	
   

  
	
  Section 2.01.

  	
  Title and Aggregate Principal Amount

  	
  7

  
	
  Section 2.02.

  	
  Execution and Authentication

  	
  7

  
	
  Section 2.03.

  	
  Form of the Securities

  	
  7

  
	
  Section 2.04.

  	
  Maturity and Interest Payments

  	
  7

  
	
  Section 2.05.

  	
  Transfer and Exchange

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
  PURCHASE OF
  SECURITIES UPON FUNDAMENTAL CHANGE

  	
   

  
	
   

  	
   

  
	
  Section 3.01.

  	
  Purchase of Securities at Option of the Holder Upon
  Fundamental Change

  	
  8

  
	
  Section 3.02.

  	
  Effect of Fundamental Change Purchase Notice

  	
  11

  
	
  Section 3.03.

  	
  Deposit of Fundamental Change Purchase Price

  	
  12

  
	
  Section 3.04.

  	
  Securities Purchased in Part

  	
  13

  
	
  Section 3.05.

  	
  Compliance with Securities Laws Upon Purchase of
  Securities

  	
  13

  
	
  Section 3.06.

  	
  No Fundamental Change Purchase Following
  Acceleration

  	
  13

  
	
  Section 3.07.

  	
  Trustee’s Fundamental Change Purchase Disclaimer

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
  CONVERSION OF
  SECURITIES

  	
   

  
	
   

  	
   

  
	
  Section 4.01.

  	
  Conversion Privilege

  	
  13

  
	
  Section 4.02.

  	
  Conversion Procedure

  	
  16

  
	
  Section 4.03.

  	
  Fractional Shares

  	
  17

  
	
  Section 4.04.

  	
  Taxes on Conversion

  	
  17

  
	
  Section 4.05.

  	
  Payment Upon Conversion

  	
  18

  
	
  Section 4.06.

  	
  Adjustment of Conversion Price

  	
  20

  
	
  Section 4.07.

  	
  No Adjustment

  	
  25

  
	
  Section 4.08.

  	
  Adjustment for Tax Purposes

  	
  25

  
	
  Section 4.09.

  	
  Temporary Reduction of Conversion Price

  	
  25

  
	
  Section 4.10.

  	
  Notice of Certain Transactions

  	
  26

  

 

 i
 

 

	
  Section 4.11.

  	
  Effect of Reclassification, Consolidation, Merger or
  Sale on Conversion Privilege

  	
  26

  
	
  Section 4.12.

  	
  Disclaimer

  	
  27

  
	
  Section 4.13.

  	
  Additional Shares

  	
  28

  
	
  Section 4.14.

  	
  Limitation on Adjustments

  	
  29

  
	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
  DEFAULT AND
  REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 5.01.

  	
  Events of Default

  	
  30

  
	
  Section 5.02.

  	
  Amendment and Waiver of Past Defaults

  	
  30

  
	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section 6.01.

  	
  Ratification of Original Indenture: Supplemental
  Indentures Part of Original Indenture

  	
  30

  
	
  Section 6.02.

  	
  Concerning the Trustee

  	
  30

  
	
  Section 6.03.

  	
  Counterparts

  	
  31

  
	
  Section 6.04.

  	
  Governing Law

  	
  31

  
	
  Schedule 4.13

  	
  Additional
  Shares

  	
  Sch-1

  
	
  Exhibit A

  	
  Form of Security

  	
  A-1

  

 

 ii

FIRST SUPPLEMENTAL INDENTURE, dated as of June 15,
2007 (this “First Supplemental Indenture”),
to the Indenture dated as of June 15, 2007 (the “Original Indenture”), among Molson Coors Brewing Company, a
Delaware corporation (the “Company”),
Coors Brewing Company, a Colorado corporation, Molson Coors Capital Finance
ULC, a Nova Scotia unlimited liability company, Coors Distributing Company, a
Colorado corporation, Coors International Market Development, L.L.L.P., a
Colorado limited liability limited partnership, Coors Global Properties, Inc.,
a Colorado corporation, Molson Coors International LP, a Delaware limited
partnership, CBC Holdco, Inc., a Colorado corporation, MCBC International
Holdco, Inc., a Colorado corporation, Molson Coors International General, ULC,
a Nova Scotia unlimited liability company, Coors International Holdco, ULC, a
Nova Scotia unlimited liability company, Molson Coors Callco ULC, a Nova Scotia
unlimited liability company (collectively, the “Guarantors”), and Deutsche Bank Trust Company Americas, a New
York banking corporation, as Trustee (the “Trustee”).

WHEREAS, the Company, the Guarantors and the Trustee
have heretofore executed and delivered the Original Indenture to provide for
the issuance from time to time of the Securities (as defined in the Original
Indenture);

WHEREAS, Section 9.01 of the Original Indenture
provides that the Company and the Trustee may enter into this First
Supplemental Indenture;

WHEREAS, the Company desires the issuance of the
Securities and has requested the Trustee to enter into this First
Supplemental Indenture for the purpose of establishing additional provisions
regarding the designation, form, terms and conditions of the Securities;

WHEREAS, the Company has duly authorized the creation
of the Securities and their designation as its 2.5% Convertible Senior Notes
due July 30, 2013;

WHEREAS, each Guarantor has duly authorized its
guarantee hereunder; and

WHEREAS, all action on the part of the Company and the
Guarantors necessary to authorize the issuance of the Securities under the
Original Indenture and this First Supplemental Indenture (the Original
Indenture, as supplemented by this First Supplemental Indenture, being
hereinafter called the “Indenture”)
has been duly taken.

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE
WITNESSETH:

That, in order to establish additional provisions
regarding the designation, form, terms and conditions of, and to authorize the
authentication and delivery of, the Securities, and in consideration of the
acceptance of the Securities by the Holders thereof and of other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

Definitions

Section 1.01.  Definitions.

(a)           Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings ascribed thereto in the
Original Indenture.

(b)           The rules of interpretation set forth in the Original
Indenture shall be applied hereto as if set forth in full herein.

(c)           For all purposes of this First Supplemental Indenture,
except as otherwise expressly provided or unless the context otherwise
requires, the following terms shall have the following respective meanings
(such meanings shall apply equally to both the singular and plural forms of the
respective terms):

“Applicable Procedures”
means, with respect to any transfer or exchange of beneficial ownership
interests in a Global Security, the rules and procedures of the
Depositary, in each case to the extent applicable to such transfer or exchange.

“Closing Sale Price” of the Class B Common Stock means, as
of any date of determination, the closing per share sale price (or, if no such
closing sale price is reported on such day, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) at 4:00 p.m. (New York City time) on such date
as reported in composite transactions for the principal U.S. national or
regional securities exchange on which the Class B Common Stock is traded or, if
the Class B Common Stock is not listed on a U.S. national or regional
securities exchange, as reported by the National Quotation Bureau Incorporated.

“Class A Common
Stock” means the Class A common stock of the Company, par value
$0.01 per share, as it exists on the date of this First Supplemental Indenture
and any shares of any class or classes of Capital Stock of the Company
resulting from any reclassification or reclassifications thereof and which have
no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding-up of the Company
and which are not subject to redemption by the Company.

“Class B Common
Stock” means the Class B common stock of the Company, par value
$0.01 per share, as it exists on the date of this First Supplemental Indenture
and any shares of any class or classes of Capital Stock of the Company
resulting from any reclassification or reclassifications thereof and which have
no preference in respect of dividends or of amounts 

 2
 

payable in the event of
any voluntary or involuntary liquidation, dissolution or winding-up of the
Company and which are not subject to redemption by the Company; provided, however, that, if at any time there shall be more than one
such resulting class, the shares of each such class then so issuable on
conversion of the Securities shall be substantially in the proportion which the
total number of shares of such class resulting from all such reclassifications bears
to the total number of shares of all such classes resulting from all such
reclassifications.

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

“Continuing
Directors” means, as of any date of determination, any member of the
Board of Directors who (a) was a member of the Board of Directors as of the
date hereof or (b) was nominated for election by the nominating committee or
nominating subcommittee of the Board of Directors in accordance with the
Company’s Restated Certificate of Incorporation or was elected to the Board of
Directors with the approval of a majority of the Continuing Directors who were
members of the Board of Directors at the time of such nomination or election.

“Conversion Rate”
means, as of any date of determination, an amount equal to $1,000 divided by
the then applicable Conversion Price on such date.  As of the date hereof and subject to
adjustment pursuant to Section 4.06, the Conversion Rate with respect to the
Securities is approximately
9.1316 shares of
Class B Common Stock, rounded to the nearest 1/10,000th of a share, for each
$1,000 principal amount of the Securities.

“Conversion Value”
of a Security means, as of any date of determination, the product of the
Closing Sale Price of the Class B Common Stock on such date multiplied by the
then current Conversion Rate of such Security on such date.

“Coors Family Group” means:

(i)            individuals who are descendents of the late Adolph
Coors, including adopted issue and issue born out of wedlock of any such
individuals, as well as spouses and former spouses (including widows and
widowers), whether or not lawfully married, of any of such individuals and
spouses, former spouses (including widows and widowers) and descendents of such
spouses or former spouses (including widows and widowers) (the “Coors Family Members”);

(ii)           estates of any Coors Family Members;

(iii)          trusts for which the principal beneficiaries are one
or more of the Coors Family Members;

(iv)          any corporation, limited liability company, or
partnership or similar entity directly or indirectly under the control of one
or more of the foregoing;

(v)           any corporation, limited liability company, or
partnership or similar entity controlled by one of the foregoing;

 3
 

(vi)          any corporation or trust with a charitable,
scientific, religious or educational purpose described in Section 501(c)(3) of
the Internal Revenue Code, with respect to which the Coors Family Members
comprise not less than 40% of the directors, trustees or persons carrying out a
similar function, as applicable; and

(vii)         any foundation or charitable organization, not less
than 40% of the trustees, governors or persons carrying out a similar function
of which are Coors Family Members.

“Coors Family Group
Beneficiaries” means the Adolph Coors, Jr. Trust dated
September 12, 1969 and members of the Coors Family Group.

“‘ex’ date,”
when used with respect to any dividend or distribution, means the first date on
which the Class B Common Stock trades, regular way, on the relevant exchange or
in the relevant market from which the Closing Sale Price was obtained without
the right to receive such dividend or distribution.

“Final Maturity Date”
means July 30, 2013.

“Market Disruption
Event” means the occurrence or existence for more than one half hour
period in the aggregate on any Scheduled Trading Day for the Class B Common
Stock of any suspension or limitation imposed on trading, by reason of
movements in price exceeding limits permitted by the New York Stock Exchange or
otherwise, in the Class B Common Stock or in any options, contracts or future
contracts relating to the Class B Common Stock, and such suspension or
limitation occurs or exists at any time before 1:00 p.m. (New York City time)
on such day.

“Molson Family Group” means:

(i)            individuals who are
descendents of the late Thomas H.P. Molson of Montreal, who passed away on or
about April 4, 1978, including adopted issue and issue born out of wedlock of
any such individuals, as well as spouses and former spouses (including widows
and widowers), whether or not lawfully married, of any of such individuals and
spouses, former spouses (including widows and widowers) and descendents of such
spouses or former spouses (including widows and widowers) (the “Molson Family Members”);

(ii)           estates of Thomas Molson and
any Molson Family Members;

(iii)          trusts for which the
principal beneficiaries are one or more of the Molson Family Members;

(iv)          any corporation, limited
liability company, or partnership or similar entity directly or indirectly
under the control of one or more of the foregoing;

(v)           any corporation, limited
liability company, or partnership or similar entity controlled by one of the
foregoing;

 4
 

(vi)          any corporation with charitable, scientific,
religious or educational objects or any trust the beneficiaries of which are
charities, with respect to which the Molson Family Members comprise not less
than 40% of the directors, trustees or persons carrying out a similar function,
as applicable; and

(vii)         any
foundation or charitable organization, not less than 40% of the trustees,
governors or persons carrying out a similar function of which are Molson Family
Members, including, without limitation, The Molson Foundation and The Molson
Companies Donation Fund.

“Molson Family Group
Beneficiaries” means Pentland Securities (1981) Inc. and members of
the Molson Family Group.

“Permitted Parties”
means any of the Coors Family Group Beneficiaries or the Molson Family Group
Beneficiaries.

“Qualifying
Fundamental Change” means any Change in Control included in clause
(i), (ii) or (iii) of the definition of Change in Control, excluding any
merger, consolidation, assignment, conveyance, sale, transfer, lease or other
disposition otherwise constituting a Change in Control in respect of which at
least 90% of the consideration paid for the Class B Common Stock in that
transaction, excluding Cash payments for fractional shares and Cash payments
made pursuant to dissenters’ appraisal rights, consists of shares of common
stock traded on the New York Stock Exchange or another U.S. national securities
exchange, or will be so traded immediately following the merger or
consolidation, and, as a result of the merger or consolidation, the Securities
become convertible into such shares of such common stock.

“Residual Amount”
means the total of the Daily Net Share Settlement Values for the 25 Trading
Days within the Conversion Period.

“Scheduled Trading Day”
means any day on which the New York Stock Exchange or, if the Class B Common
Stock is not listed on the New York Stock Exchange, the principal other U.S.
national or regional securities exchange on which the Class B Common Stock is then listed is scheduled to
be open for trading or, if the Class B Common Stock is not so listed, any
Business Day.

“Securities”
means the 2.5% Convertible Senior Notes due July 30, 2013, or any of them
(each, a “Security”).

“Special Class A
Common Stock” means the Special Class A voting stock of the Company,
par value $0.01 per share, as it exists on the date of this First Supplemental
Indenture and any shares of any class or classes of Capital Stock of the
Company resulting from any reclassification or reclassifications thereof and
which have no preference in respect of dividends or of amounts payable in the
event of any voluntary or involuntary liquidation, dissolution or winding-up of
the Company and which are not subject to redemption by the Company.

“Trading Day” means a
day on which (i) there is no Market Disruption Event and (ii) the New York
Stock Exchange or, if the Class B Common Stock is not listed on the New York
Stock Exchange, the principal other U.S. national or regional securities
exchange on which the Class B 

 5
 

Common Stock is then listed is open for trading or, if the Class B
Common Stock is not so listed, any Business Day.  A “Trading Day” only includes those days that
have a scheduled closing time of 4:00 p.m. (New York City time) or the then
standard closing time for regular trading on the relevant exchange or trading
system.

“Trading Price” means,
on any date of determination with respect to any Security, the average of the
secondary bid quotations per Security obtained by the Conversion Agent for
$1,000,000 principal amount of Securities at approximately 3:30 p.m. (New
York City time) on such determination date from three independent nationally
recognized securities dealers selected by the Company; provided
that, if at least three such bids cannot reasonably be obtained, but two such
bids can reasonably be obtained, then the average of these two bids shall be
used; provided, further, that, if at least two
such bids cannot reasonably be obtained, but one such bid can reasonably be
obtained, this one bid shall be used. 
If, on any date of determination, the Conversion Agent cannot reasonably
obtain at least one bid for $1,000,000 principal amount of the Securities from
an independent nationally recognized securities dealer, then the Trading Price
of such Securities on such date of determination will be deemed to be less than
95% of the Conversion Value.

“Voting Stock”
of any entity means the class or classes of Capital Stock or other interests
then outstanding that are normally entitled (without regard to the occurrence
of any contingency) to vote generally on matters to be decided by the
stockholders (or other owners) of such entity, which, for the avoidance of
doubt, in the case of the Company as of the date hereof consists of the Class A
Common Stock and the Special Class A Voting Stock, taken together.

Section 1.02.  Other
Definitions.

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Additional
  Shares”

  	
   

  	
   

  	
  4.13(a)

  
	
  “Cash
  Percentage”

  	
   

  	
   

  	
  4.05(c)

  
	
  “Change in
  Control”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Closing Sale
  Price Condition”

  	
   

  	
   

  	
  4.01(a)

  
	
  “Conversion
  Date”

  	
   

  	
   

  	
  4.02

  
	
  “Conversion
  Notice”

  	
   

  	
   

  	
  4.02

  
	
  “Conversion
  Period”

  	
   

  	
   

  	
  4.05(a)

  
	
  “Conversion
  Price”

  	
   

  	
   

  	
  4.06

  
	
  “Current Market
  Price”

  	
   

  	
   

  	
  4.06(f)

  
	
  “Daily
  Conversion Value”

  	
   

  	
   

  	
  4.05(d)

  
	
  “Daily Net Share
  Settlement Value”

  	
   

  	
   

  	
  4.05(a)

  
	
  “Dividend
  Adjustment Amount”

  	
   

  	
   

  	
  4.06(f)

  
	
  “Dividend
  Threshold Amount”

  	
   

  	
   

  	
  4.06(f)

  
	
  “Effective Date”

  	
   

  	
   

  	
  4.13(b)

  
	
  “Expiration
  Date”

  	
   

  	
   

  	
  4.06(e)

  
	
  “Expiration
  Time”

  	
   

  	
   

  	
  4.06(e)

  
	
  “Fundamental
  Change”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Fundamental
  Change Purchase Date”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Fundamental
  Change Purchase Notice”

  	
   

  	
   

  	
  3.01(c)

  
	
  “Fundamental
  Change Purchase Price”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Interest
  Payment Date”

  	
   

  	
   

  	
  2.04(b)

  
	
  “Maximum
  Adjusted Conversion Rate”

  	
   

  	
   

  	
  4.13(g)

  
	
  “Purchased
  Shares”

  	
   

  	
   

  	
  4.06(e)

  

 6
 

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Quarter”

  	
   

  	
   

  	
  4.01(a)

  
	
  “Record Date”

  	
   

  	
   

  	
  2.04(b)

  
	
  “Reference
  Property”

  	
   

  	
   

  	
  4.11

  
	
  “Rights Plan”

  	
   

  	
   

  	
  4.06(c)

  
	
  “Stock Price”

  	
   

  	
   

  	
  4.13(b)

  
	
  “Termination of
  Trading”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Transforming
  Transaction”

  	
   

  	
   

  	
  4.01(b)

  
	
  “Trigger Event”

  	
   

  	
   

  	
  4.06(c)

  
	
  “Triggering
  Distribution”

  	
   

  	
   

  	
  4.06(d)

  
	
  “Unissued
  Shares”

  	
   

  	
   

  	
  3.01(a)

  
	
  “Volume Weighted
  Average Price”

  	
   

  	
   

  	
  4.05(d)

  

 

ARTICLE II

Designation and Terms of the Securities

Section 2.01.  Title and
Aggregate Principal Amount. 
The Securities are hereby designated “2.5% Convertible Senior Notes due
July 30, 2013” and are issuable in an unlimited aggregate principal amount.

Section 2.02.  Execution
and Authentication.  The
Securities may forthwith be executed by the Company and delivered to the
Trustee for authentication and delivery by the Trustee in accordance with the
provisions of Section 2.03 of the Original Indenture.

Section 2.03.  Form of
the Securities.  The
Securities and the corresponding Trustee’s certificate of authentication shall
be substantially in the form of Exhibit A hereto, which Exhibit is
incorporated in and made part of this First Supplemental Indenture.

Section 2.04.  Maturity
and Interest Payments.

(a)           The Securities will mature on July 30, 2013.

(b)           The Company shall pay interest on the Securities at a
rate of 2.5% per annum, payable semi-annually in arrears on January 30 and July
30 of each year (each, an “Interest Payment Date”), or if
any such day is not a Business Day, the immediately following Business Day,
commencing July 30, 2007. 
Interest on a Security shall be paid to the Holder of such Security at
5:00 p.m. (New York City time) on January 15 or July 15 (each, a “Record Date”), as the case may be, next preceding the related
Interest Payment Date, and shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.  In the event of the maturity,
conversion, or purchase of a Security by the Company at the option of the
Holder, interest shall cease to accrue on such Security.  Interest on the Securities shall accrue from
the most recent date to which interest has been paid or, if no interest has
been paid, from the date of issuance. Payments of the principal of and interest
on the Securities shall be made in U.S. Dollars, and the Securities shall be
denominated in U.S. Dollars.

(c)           Upon conversion of a Security, (i) a Holder shall
not receive any cash payment of interest (unless such conversion occurs between
a Record Date and the Interest Payment Date to 

 7
 

which it relates, in which case a Holder on the Record
Date will receive on the Interest Payment Date accrued and unpaid interest) and the Conversion Rate shall not be adjusted to
account for accrued and unpaid interest and (ii) except as set forth in
Section 2.04(d) below, the Company’s delivery to a Holder of Cash and
shares, if any, of Class B Common Stock into which the Security is convertible
shall be deemed to satisfy its obligation with respect to such Security, and
any accrued but unpaid interest shall be deemed to be paid in full upon
conversion, rather than cancelled, extinguished or forfeited.

(d)           Securities surrendered for conversion by a Holder
after 5:00 p.m. (New York City time) on any Record Date but prior to the next
Interest Payment Date must be accompanied by payment of an amount equal to the
interest  that the Holder is to receive on the Securities; provided, however,
that no such payment need be made (1) if the Company has specified a
Fundamental Change Purchase Date that is after a Record Date and on or prior to
the next Interest Payment Date, (2) with respect to any Securities
surrendered for conversion following the Record Date for the payment of
interest  immediately preceding the Final Maturity Date or
(3) only to the extent of overdue interest, if any overdue interest exists
at the time of conversion with respect to such Securities.

Section 2.05.  Transfer and
Exchange.  Notwithstanding the
provisions of Section 2.07 of the Original Indenture, none of the Company, the
Registrar or the Trustee shall be required to exchange or register a transfer
of any Securities or portions thereof in respect of which a Fundamental Change
Purchase Notice has been delivered and not withdrawn by the Holder thereof
(except, in the case of the purchase of a Security in part, the portion thereof
not to be purchased).

ARTICLE III

Purchase of Securities Upon Fundamental Change

Section 3.01.  Purchase
of Securities at Option of the Holder Upon Fundamental Change.

(a)           If at any time that Securities remain outstanding
there shall occur a Fundamental Change, Securities shall be purchased by the
Company at the option of the Holders, as of the date that is 30 Business Days
after the occurrence of the Fundamental Change (the “Fundamental Change Purchase Date”) at a
purchase price equal to 100% of the principal amount of the Securities,
together with any accrued and unpaid interest to, but excluding, the
Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”),
payable in Cash, subject to satisfaction by or on behalf of any Holder of the
requirements set forth in subsection (c) of this Section 3.01.

A “Fundamental Change” shall
mean the occurrence of a Change in Control or a Termination of Trading.

A “Change in Control” shall
be deemed to have occurred if any of the following occurs after the date
hereof:

(i)            any “person” or “group” (as such terms are defined
below) (other than the Permitted Parties) is or becomes the “beneficial owner”
(as defined below), directly or 

 8
 

indirectly, of shares of
Voting Stock of the Company representing 50% or more of the total voting power
of all outstanding classes of Voting Stock of the Company or has the power,
directly or indirectly, to elect a majority of the members of the Board of
Directors;

(ii)           any “person” or “group” is or becomes the “beneficial
owner,” directly or indirectly, of 80% or more of the Class B Common Stock then
outstanding;

(iii)          the Company consolidates with, or merges with or into,
another Person or the Company sells, assigns, conveys, transfers, leases or
otherwise disposes of all or substantially all of the assets of the Company, or
any Person consolidates with, or merges with or into, the Company, in any such
event other than pursuant to a transaction in which the Persons that “beneficially
owned” (as defined below), directly or indirectly, the shares of Voting Stock
of the Company immediately prior to such transaction “beneficially own” (as
defined below), directly or indirectly, shares of Voting Stock of the Company
representing at least a majority of the total voting power of all outstanding
classes of Voting Stock of the surviving or transferee Person;

(iv)          a majority of the members of the Board of Directors
are not Continuing Directors; or

(v)           the holders of the Capital Stock of the Company
approve any plan or proposal for the liquidation or dissolution of the Company
(whether or not otherwise in compliance with the terms of the Indenture).

For the purpose of the definition of “Change in Control,” (i) ”person”
and “group” have the meanings given such terms under
Section 13(d) and 14(d) of the Exchange Act or any successor
provision to either of the foregoing, and the term “group” includes any group
acting for the purpose of acquiring, holding or disposing of securities within
the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any
successor provision thereto), (ii) a “beneficial owner” shall be
determined in accordance with Rule 13d-3 under the Exchange Act, as in
effect on the date of the Indenture, except that the number of shares of Voting
Stock of the Company shall be deemed to include, in addition to all outstanding
shares of Voting Stock of the Company and Unissued Shares deemed to be held by
the “person” or “group” (as such terms are defined above) or other Person with
respect to which the Change in Control determination is being made, all
Unissued Shares deemed to be held by all other Persons, and (iii) the
terms “beneficially owned” and “beneficially own” shall have meanings
correlative to that of “beneficial owner.”  The term “Unissued Shares” means
shares of Voting Stock not outstanding that are subject to options, warrants,
rights to purchase or conversion privileges exercisable within 60 days of the
date of determination of a Change in Control.

Notwithstanding anything to the contrary set forth in
this Section 3.01, Holders will not have the right to require the Company
to purchase any Securities as a result of any transaction described in clause
(iii) of the definition of “Change in Control” above, and the Company will not
be required to deliver a written notice of a Fundamental Change, if at least
90% of the consideration paid for the Class B Common Stock, excluding Cash
payments for fractional shares and Cash payments made pursuant to dissenters’
appraisal rights, in a merger, 

 9
 

consolidation,
assignment, conveyance, sale, transfer, lease or other disposition otherwise
constituting a Change in Control consists of shares of common stock traded on
the New York Stock Exchange or another U.S. national securities exchange, or
will be so traded immediately following the merger or consolidation, and, as a
result of the merger or consolidation, the Securities become convertible into
such shares of such common stock.

A “Termination of Trading” means
that the Class B Common Stock or other securities into which the Securities are
convertible are not approved for listing on the New York Stock Exchange and are
not listed for trading on another U.S. national securities exchange.

(b)           Within 10 Business Days after the occurrence of a
Fundamental Change, the Company shall mail a written notice of the Fundamental
Change to the Trustee and to each Holder (and to beneficial owners as required
by applicable law).  The notice shall include the form of a Fundamental
Change Purchase Notice to be completed by the Holder and shall state:

(i)            the date of such Fundamental Change and, briefly, the
events causing such Fundamental Change;

(ii)           the date by which the Fundamental Change Purchase
Notice pursuant to this Section 3.01 must be given;

(iii)          the Fundamental Change Purchase Date;

(iv)          the Fundamental Change Purchase Price;

(v)           the Holder’s right to require the Company to purchase
the Securities;

(vi)          briefly, the conversion rights of the Securities;

(vii)         the name and address of each Paying Agent and
Conversion Agent;

(viii)        the Conversion Price and any adjustments thereto
(including the amount of Additional Shares of Class B Common Stock that are
deliverable pursuant to Section 4.13, if any);

(ix)           that Securities as to which a Fundamental Change
Purchase Notice has been given may be converted into Cash and Class B Common
Stock (if any) pursuant to the Indenture only to the extent that the
Fundamental Change Purchase Notice has been withdrawn in accordance with the
terms of the Indenture;

(x)            the procedures that the Holder must follow to exercise
rights under this Section 3.01;

(xi)           the procedures for withdrawing a Fundamental Change Purchase
Notice, including a form of notice of withdrawal; and

(xii)          that the Holder must satisfy the requirements set
forth in the Indenture and the Securities in order to convert the Securities.

 10
 

If any of the Securities is in the form of a Global
Security, then the Company shall modify such notice to the extent necessary to
accord with the procedures of the Depositary applicable to the repurchase of
Global Securities.

(c)           A Holder may exercise its rights specified in
subsection (a) of this Section 3.01 upon delivery of a written
notice (which shall be in substantially the form included in Exhibit A
hereto and which may be delivered by letter, overnight courier, hand delivery,
facsimile transmission or in any other manner reasonably acceptable to the
Paying Agent and, in the case of Global Securities, may be delivered
electronically or by other means in accordance with the Depositary’s customary
procedures) of the exercise of such rights (a “Fundamental Change Purchase Notice”) to any
Paying Agent at any time prior to 5:00 p.m. (New York City time) on the second
Scheduled Trading Day next preceding the Fundamental Change Purchase Date.

The delivery of such Security to any Paying Agent
(together with all necessary endorsements) at the office of such Paying Agent
shall be a condition to the receipt by the Holder of the Fundamental Change
Purchase Price therefor.

The Company shall purchase from the Holder thereof,
pursuant to this Section 3.01, a portion of a Security if the principal
amount of such portion is $1,000 or an integral multiple of $1,000. 
Provisions of the Indenture that apply to the purchase of all of a Security
pursuant to this Article III also apply to the purchase of a portion of a
Security.

Notwithstanding anything herein to the contrary, any Holder
delivering to a Paying Agent the Fundamental Change Purchase Notice
contemplated by this subsection (c) shall have the right to withdraw
such Fundamental Change Purchase Notice in whole or in a portion thereof that
is a principal amount of $1,000 or in an integral multiple thereof at any time
prior to 5:00 p.m. (New York City time) on the second Scheduled Trading
Day next preceding the Fundamental Change Purchase Date by delivery of a
written notice of withdrawal to the Paying Agent in accordance with
Section 3.02 and such withdrawal right shall expire at 5:00 p.m. (New
York City time) on the second Scheduled Trading Day next preceding the
Fundamental Change Purchase Date unless the Company shall default in making the
Fundamental Change Purchase Price payment when due, in which case the
withdrawal right shall terminate at 5:00 p.m. (New York City time) on the date
such default is cured and such Security is purchased.

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

Anything herein to the contrary notwithstanding, in
the case of Global Securities, any Fundamental Change Purchase Notice may be
delivered or withdrawn and such Securities may be surrendered or delivered for
purchase in accordance with the Applicable Procedures as in effect from time to
time.

Section 3.02.  Effect of Fundamental Change Purchase Notice.

Upon receipt by any Paying Agent of the Fundamental
Change Purchase Notice specified in Section 3.01(c), the Holder of the
Security in respect of which such Fundamental Change Purchase Notice was given
shall (unless such Fundamental Change Purchase Notice is withdrawn as specified
below) thereafter be entitled to receive the Fundamental Change 

 11
 

Purchase Price with
respect to such Security.  Such Fundamental Change Purchase Price shall be
paid to such Holder promptly following the later of (a) the Fundamental
Change Purchase Date with respect to such Security (provided the conditions in Section 3.01(c) have been
satisfied) and (b) the time of delivery of such Security to a Paying Agent
by the Holder thereof in the manner required by Section 3.01(c). 
Securities in respect of which a Fundamental Change Purchase Notice has been
given by the Holder thereof may not be converted into shares of Class B Common
Stock pursuant to Article IV hereof on or after the date of the delivery
of such Fundamental Change Purchase Notice unless such Fundamental Change
Purchase Notice has first been validly withdrawn.

A Fundamental Change Purchase Notice may be validly
withdrawn by means of a written notice (which may be delivered by mail,
overnight courier, hand delivery, facsimile transmission or in any other manner
reasonably acceptable to the Paying Agent and, in the case of Global
Securities, may be delivered electronically or by other means in accordance
with the Depositary’s customary procedures) of withdrawal delivered by the
Holder to a Paying Agent at any time prior to 5:00 p.m. (New York City
time) on the second Scheduled Trading Day immediately preceding the Fundamental
Change Purchase Date, specifying the principal amount of the Security or
portion thereof (which must be a principal amount of $1,000 or an integral
multiple of $1,000 in excess thereof) with respect to which such notice of
withdrawal is being submitted.

Section 3.03.  Deposit of
Fundamental Change Purchase Price.

On or before 11:00 a.m., New York City time, on
the Fundamental Change Purchase Date, the Company shall deposit with the
Trustee or with a Paying Agent (other than the Company or an Affiliate of the
Company) an amount of money (in immediately available funds if deposited on
such Fundamental Change Purchase Date) sufficient to pay the aggregate
Fundamental Change Purchase Price of all the Securities or portions thereof
that are to be purchased as of such Fundamental Change Purchase Date.  The
manner in which the deposit required by this Section 3.03 is made by the
Company shall be at the option of the Company; provided
that such deposit shall be made in a manner reasonably acceptable to the
Trustee and the Paying Agent such that the Trustee or a Paying Agent shall have
immediately available funds on the Fundamental Change Purchase Date.

If a Paying Agent holds, in accordance with the terms
hereof, money sufficient to pay the Fundamental Change Purchase Price of any
Security for which a Fundamental Change Purchase Notice has been tendered and
not withdrawn in accordance with the Indenture, then, on the Fundamental Change
Purchase Date, such Security will cease to be outstanding and the rights of the
Holder in respect thereof shall terminate (other than the right to receive the
Fundamental Change Purchase Price as aforesaid).  The Company shall
publicly announce the principal amount of Securities purchased as a result of
such Fundamental Change on or as soon as practicable after the Fundamental
Change Purchase Date.

To the extent that the aggregate amount of Cash
deposited by the Company pursuant to this Section 3.03 exceeds the
aggregate Fundamental Change Purchase Price of the Securities or portions
thereof that the Company is obligated to purchase, then promptly after the
Fundamental 

 12
 

Change Purchase Date the
Trustee or a Paying Agent, as the case may be, shall return any such excess
Cash to the Company.

Section 3.04.  Securities
Purchased in Part.

Any Security that is to be purchased only in part
shall be surrendered at the office of a Paying Agent, and promptly after the
Fundamental Change Purchase Date the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service
charge, a new Security or Securities, of such authorized denomination or
denominations as may be requested by such Holder, in aggregate principal amount
equal to, and in exchange for, the portion of the principal amount of the
Security so surrendered that is not purchased.

Section 3.05.  Compliance
with Securities Laws Upon Purchase of Securities.

In connection with any offer to purchase or repurchase
Securities under Section 3.01, the Company shall (a) comply with
Rule 13e-4, Rule 14e-1 and any other tender offer rules under
the Exchange Act, (b) file the related Schedule TO (or any successor
or similar schedule, form or report), if required, under the Exchange Act and
(c) otherwise comply with all federal and state securities laws in
connection with such offer to purchase or repurchase Securities, all so as to
permit the rights of the Holders and obligations of the Company under
Section 3.01 through Section 3.04 to be exercised in the time and in
the manner specified therein.

Section 3.06.  No
Fundamental Change Purchase Following Acceleration.

No Securities will be purchased by the Company under
Section 3.01 if the principal amount of the Securities has been accelerated
under Section 6.02 of the Original Indenture, and such acceleration has not
been rescinded, on or prior to the Fundamental Change Purchase Date.

Section 3.07.  Trustee’s
Fundamental Change Purchase Disclaimer.

The Trustee has no duty to determine when a
Fundamental Change has occurred, or when purchases of Securities upon a
Fundamental Change under Article III should be made.  The Trustee shall not be accountable for and
makes no representation as to the Fundamental Change Purchase Price payable in
respect of any Fundamental Change.  The
Trustee shall not be responsible for the Company’s failure to comply with this
Article III.

ARTICLE IV

Conversion of Securities

Section 4.01.  Conversion
Privilege.

(a)           Subject to the further provisions of this
Article IV, a Holder of a Security may convert the principal amount of
such Security (or any portion thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof) into Cash and Class B Common Stock at any time
prior to 5:00 p.m. (New York City time) on January 30, 2013, at the Conversion
Price then in effect, if, during any calendar quarter (the “Quarter”) (and only during such Quarter)
commencing after the date hereof, the Closing Sale Price of the Class B Common
Stock for at least 20 Trading Days in the period of 30 consecutive Trading Days
ending on the last Trading 

 13
 

Day of the Quarter preceding the Quarter in which the
conversion occurs is more than 130% of the Conversion Price of the Securities
in effect on that last Trading Day (the “Closing Sale Price
Condition”), subject to the exceptions provided in Section 4.01(b).

Provisions of the Indenture that apply to conversion
of all of a Security also apply to conversion of a portion of a Security.

A Security in respect of which a Holder has delivered
a Fundamental Change Purchase Notice pursuant to
Section 3.01(c) exercising the option of such Holder to require the
Company to purchase such Security may be converted only if such Fundamental
Change Purchase Notice is withdrawn by a written notice of withdrawal delivered
to a Paying Agent prior to 5:00 p.m. (New York City time) on the second
Scheduled Trading Day immediately preceding the Fundamental Change Purchase
Date in accordance with Section 3.02.

A Holder of Securities is not entitled to any rights
of a holder of Class B Common Stock until such Holder has converted its
Securities to Class B Common Stock and only to the extent such Securities are
deemed to have been converted into Class B Common Stock pursuant to this
Article IV.

(b)           Even if the Closing Sale Price Condition is not
satisfied,

(i)            if the Trading Price for the Securities on each
Trading Day during any five consecutive Trading Day period was, as determined
following a request in accordance with the procedures described in Section
4.01(d), less than 95% of the Closing Sale Price of Class B Common Stock on
such date multiplied by the then current Conversion Rate, a Holder may
surrender Securities for conversion at any time during the following 10 Trading
Days, provided, for the avoidance of doubt, that the five dates of
determination within any five consecutive Trading Day period referred to above
shall not include (i) any day on which there is a Market Disruption Event or
(ii) any day on which the New York Stock Exchange or, if the Class B Common
Stock is not listed on the New York Stock Exchange, the principal other U.S.
national or regional securities exchange on which the Class B Common Stock is
then listed is not open for trading.

(ii)           in the event that the Company declares

(A)       a dividend or distribution
of any rights or warrants to all or substantially all holders of Class B Common
Stock entitling them, for a period of not more than 60 days, to subscribe for
or purchase shares of Class B Common Stock at a price per share less than the
Current Market Price per share on the date of declaration of such dividend or
distribution, or

(B)        a dividend or distribution
of Cash, debt securities (or other evidences of Indebtedness) or other assets
(excluding dividends or distributions for which a Conversion Price adjustment
is required to be made under Section 4.06(a) (i) or (ii) or 4.06(b))
to all or substantially all holders of Class B Common Stock where the fair
market value of such dividend or distribution per share of Class B Common
Stock, as determined in good faith by the Board of Directors, together with all
other such dividends and distributions within the 

 14
 

preceding twelve months, exceeds 10% of the Current
Market Price of the Class B Common Stock as of the Trading Day immediately
prior to the date of declaration for such dividend or distribution,

then the Securities may be surrendered for conversion
beginning on the date the Company gives notice to the Holders of such right,
which shall not be less than 20 days prior to the “ex” date for such dividend
or distribution, until the earlier of 5:00 p.m. (New York City time) on the
Business Day prior to the “ex” date or until the Company announces that such
distribution will not take place;

(iii)          the Securities may be surrendered for conversion at
any time from or after the date which is 40 days prior to the anticipated
effective time of any Fundamental Change as announced by the Company, which
announcement must occur, to the extent practicable, not earlier than 70 days
nor later than 40 days prior to such anticipated effective time, until 5:00
p.m. (New York City time) on the second Scheduled Trading Day prior to the
thirtieth Business Day after the effective date of such Fundamental Change (or
the date on which the Company announces that such Fundamental Change will not
take place);

(iv)          if the Company consolidates with or merges with or
into another Person or is a party to a binding share exchange or conveys,
transfers, sells, leases or otherwise disposes of all or substantially all of
its properties and assets in each case pursuant to which the Class B Common
Stock would be converted into Cash, securities and/or other property, the
Securities may be surrendered for conversion at any time from or after the date
which is 40 days prior to the date announced by the Company as the anticipated
effective date of the transaction and until and including the date that is 15
days after the date that is the effective date of such transaction; provided such transaction does not
otherwise constitute a Fundamental Change (to which the provisions of Section
4.01(b)(iii) shall instead apply) (any such transaction to which this Section
4.01(b)(iv) applies, a “Transforming
Transaction”); the Company shall notify Holders of Securities at
least 40 days prior to the anticipated effective date of such Transforming
Transaction and, simultaneously with providing such notice, the Company shall
also publicly announce such anticipated effective date and make the information
available on its website; the Board of Directors shall determine the anticipated
effective date of such Transforming Transaction, and such determination shall
be conclusive and binding on the Holders; and

(v)           at any time after January 30, 2013 and prior to 5:00
p.m. (New York City time) on the Business Day immediately preceding the Final
Maturity Date, the Securities may be surrendered for conversion regardless of
whether any of the foregoing conditions has been satisfied.

(c)           If a Holder converts Securities pursuant to Section
4.01(b)(iii) or 4.01(b)(iv), such Holder shall receive for each Trading Day
during the Conversion Period:

(i)            if such Securities are surrendered for conversion at
any time beginning 30  Trading Days before the date of payment
of consideration in connection with a Change in 

 15
 

Control or a Transforming
Change, as applicable, that results under the terms of the Indenture in the
Securities becoming convertible into Reference Property, Cash and, with respect
to the Daily Net Share Settlement Value (if any), the Reference Property,
subject to the Company’s right to deliver Cash in lieu of all or a portion of
such Reference Property in accordance with Section 4.05(c); or

(ii)           in all other events, Cash or a combination of Cash and
Class B Common Stock, in the same manner as described in Section 4.05;

in each case, taking into
account any Additional Shares deliverable as a result of any Qualifying
Fundamental Change pursuant to Section 4.02.

(d)           Upon request, the Conversion Agent, on behalf of the
Company, will determine whether the Securities are convertible pursuant to the first paragraph of Section 4.01(a) and clause (i) of Section 4.01(b),
and, if so, will notify the Trustee and the Company in writing; provided,
however, that the Conversion Agent shall have no obligation to determine the
Trading Price of the Securities unless the Company has requested such
determination in writing, and the Company shall have no obligation
to make such request unless the Trustee, acting at the request of one or more
Holders holding, in the aggregate, at least $5,000,000 in principal amount of
Securities, provides the Company with reasonable evidence that the Trading
Price of the Securities on any Trading Day would be less than 95% of the product of the then current Conversion Rate
multiplied by the Closing Sale Price of the Class B Common Stock on that date.  At such time, the Company shall instruct the
Conversion Agent to determine the Trading Price of the Securities beginning on
such Trading Day and on each successive Trading Day for four consecutive Trading
Days.

Section 4.02.  Conversion
Procedure.

The right to convert any Security may be exercised, if
such Security is represented by a Global Security, by book-entry transfer to
the Conversion Agent (which initially shall be the Trustee) through the
facilities of the Depositary in accordance with the Applicable Procedures or,
if such Security is represented by a Definitive Security, by delivery of such
Security at the specified office of the Conversion Agent, accompanied, in
either case, by payment of any tax or duty, in accordance with Section
4.04, which may be payable in respect of any transfer involving the issue or
delivery of the Class B Common Stock in the name of a Person other than the
Holder of the Security and, if the Security is a Definitive Security, by:
(a) a completed and duly signed conversion notice, in the form as set
forth on the reverse of Security attached hereto as Exhibit A (a “Conversion Notice”); (b) if the Security is represented by a
Definitive Security and such Definitive Security has been lost, stolen,
destroyed or mutilated, the evidence regarding the loss, theft, destruction or
mutilation of the Security and other requirements under Section 2.08 of
the Original Indenture; and (c) appropriate endorsements and transfer
documents if required by the Conversion Agent.  The “Conversion Date” shall be
the Business Day on which the Holder satisfies all of the requirements set
forth in the immediately preceding sentence, if all such requirements shall
have been satisfied by 11:00 a.m. (New York City time) on such day, and in
all other cases, the Conversion Date shall be the next succeeding Business Day;
however, if a Holder surrenders for conversion a Security at any time after the
30th Scheduled Trading Day prior to the Final Maturity Date, the Conversion
Date shall be deemed to be the Business Day 

 16
 

immediately preceding the
Final Maturity Date.  Securities may not
be submitted for conversion after 5:00 p.m. (New York City time) on the
Business Day immediately prior to the Final Maturity Date.  On the third Business Day following the last
day of the related Conversion Period, subject to Sections 4.05 and 4.13(i), the
Company shall deliver to the Holder through a Conversion Agent a certificate
for the number of whole shares of Class B Common Stock (or the Reference Property)
issuable upon the conversion, if any, and Cash (including Cash in lieu of any
fractional shares pursuant to Section 4.03).

If (A) shares of Class B Common Stock (or the
Reference Property) are deliverable in respect of a Trading Day within the
Conversion Period applicable to a given Security surrendered for conversion and
(B) an adjustment to Conversion Price pursuant to Section 4.06 occurs after
such Trading Day and prior to the date upon which the Holder of the Securities
surrendered for conversion becomes a record holder in respect of the
deliverable shares of Class B Common Stock (or the Reference Property), then
the number of shares deliverable to such Holder in respect of such Trading Day
shall be adjusted by the inverse application of the adjustment factor applied
to the Conversion Price pursuant to Section 4.06; provided that the Company
may, in lieu of such adjustment, deem such Holder to be a holder of record of
the deliverable Class B Common Stock (or Reference Property) for purposes of
such distribution so that such Holder would receive the distribution at the
time such Holder receives the shares of Class B Common Stock (or the Reference
Property).

Upon surrender of a Security that is converted in
part, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder, a new Security equal in principal amount to the unconverted
portion of the Security surrendered.

Section 4.03.  Fractional
Shares.

The Company will not issue fractional shares of Class
B Common Stock upon conversion of Securities.  In lieu thereof, the
Company will deliver a number of shares of Class B Common Stock equal to the
aggregate of the fractional shares otherwise deliverable for each Trading Day
during the Conversion Period (rounding down to the nearest whole number) and
Cash equal to the remainder multiplied by the Volume Weighted Average Price of
the Class B Common Stock on the last Trading Day of the Conversion Period.

Section 4.04.  Taxes on
Conversion.

If a Holder converts a Security, the Company shall pay
any documentary, stamp or similar issue or transfer tax due on the issue of
shares of Class B Common Stock upon such conversion.  However, the Holder
shall pay any such tax which is due because the Holder requests the shares to
be issued in a name other than the Holder’s name.  The Conversion Agent
may refuse to deliver the certificate representing the Class B Common Stock
being issued in a name other than the Holder’s name until the Conversion Agent
receives a sum sufficient to pay any tax which will be due because the shares
are to be issued in a name other than the Holder’s name.  Nothing herein
shall preclude any tax withholding required by law or regulation.

 17

Section 4.05.  Payment Upon Conversion.

(a)           Except as otherwise provided in Section
4.01(c)(i), for each $1,000 principal amount of Securities surrendered for
conversion prior to 5:00 p.m. (New York City time) on the 30th Scheduled
Trading Day prior to the Final Maturity Date, the Company shall be required to
pay to the Holder of such Securities the aggregate of the following for each of
the 25 Trading Days beginning on the third Trading Day following the Conversion
Date (such 25 Trading Day period, a “Conversion Period”):

(i)            if the Daily Conversion Value for such Trading Day for
each $1,000 aggregate principal amount of Securities exceeds $40.00, (1) a
Cash payment of $40.00 and (2) the remaining Daily Conversion Value (the “Daily Net Share Settlement Value”) as provided in Section
4.05(c); or

(ii)           if the Daily Conversion Value for such Trading Day for
each $1,000 aggregate principal amount of Securities is less than or equal to
$40.00, a Cash payment equal to the Daily Conversion Value.

(b)           Except as otherwise provided in Section 4.01(c)(i), if
a Holder surrenders a Security for conversion at any time after the 30th
Scheduled Trading Day immediately preceding the Final Maturity Date and on or
prior to 5:00 p.m. (New York City time) on the Business Day immediately
preceding the Final Maturity Date, (1) the Conversion Date will be deemed
to be the Business Day immediately preceding the Final Maturity Date,
(2) the Conversion Period for such Security will be the 25 Trading Day
period commencing on the Trading Day immediately following the Final Maturity
Date, (3) the Company shall be required to pay $1,000 in Cash on the Final
Maturity Date for each $1,000 principal amount of Securities surrendered for
conversion to the Holder thereof, and (4) the Company shall be required to
deliver the Residual Amount, if any, to such Holder on the third Business Day
following the last Trading Day of the Conversion Period in shares of Class B
Common Stock, subject to the Company’s right to deliver Cash in lieu of all or
a portion of such shares of Class B Common Stock in accordance with Section
4.05(c).

(c)           The Company may elect to deliver Cash in respect of
part or all of the Residual Amount for any Securities that are converted by
notifying the Holder of such Securities and the Trustee of (x) the Company’s
intention to deliver Cash in respect of the related Residual Amount and (y) the
percentage (the “Cash Percentage”)
of the Residual Amount that the Company elects to deliver in Cash on or before
5:00 p.m. (New York City time) on the second Trading Day following the
applicable Conversion Date; provided that the Company shall make a single
election for all outstanding Securities for which the Conversion Date occurs on
or after the 30th Scheduled Trading Day preceding the Final Maturity Date and
on or before 5:00 p.m. (New York City time) on the Trading Day before the Final
Maturity Date.  To make such an election,
the Company shall (x) give notice of such election to the Holders of the Securities
and the Trustee, (y) issue a press release describing such election and (z)
make such press release or the information that it contains available on the
Company’s website.  For each $1,000
principal amount of Securities surrendered for conversion:

 18
 

(i)            if the Company does not elect to deliver Cash in
respect of part or all of the Residual Amount for such Securities (including
through the failure to make any election), the Company shall deliver 100% of
the Residual Amount for such Securities in shares of the Class B Common Stock
(or, if applicable, Reference Property).

(ii)           if the Company elects to deliver Cash in respect of
part or all of the Residual Amount for such Securities, the Company shall
deliver the aggregate of the following for each of the 25 Trading Days during
the Conversion Period:

(A)          Cash in an amount equal to the product of (1) the Cash
Percentage and (2) the Daily Net Share Settlement Value; and

(B)           shares of the Class B Common Stock (or Reference
Property) in an amount equal to the product of (1) 100% minus the Cash Percentage
and (2) the Daily Net Share Settlement Value for such Trading Day.

(d)           The amount to be paid to a converting Holder shall be
computed in accordance with the following:

(i)            The “Daily Conversion Value”
for each Trading Day during the Conversion Period for each $1,000 aggregate
principal amount of Securities is equal to one-twenty-fifth of the product of
the then applicable Conversion Rate multiplied by the Volume Weighted Average
Price of the Class B Common Stock (or, if applicable, the Reference Property)
on such Trading Day.

(ii)           The number of shares of Class B Common Stock to be
delivered under Section 4.05(a)(i)(2), 4.05(b)(4), 4.05(c)(i) or 4.05(c)(ii)(B)
or the amount of Reference Property to be delivered under Section
4.01(c)(i) shall be determined by dividing the Daily Net Share Settlement
Value by the Volume Weighted Average Price of the Class B Common Stock (or such
Reference Property) for such Trading Day.

(iii)          The “Volume Weighted Average
Price” per share of Class B Common Stock (or, if applicable,
Reference Property) on any Trading Day means the volume weighted average price
on the principal exchange or over-the-counter market on which the Class B
Common Stock (or, if applicable, Reference Property) is then listed or traded,
from 9:30 a.m. to 4:00 p.m. (New York City time) on that Trading Day
as displayed under the heading “Bloomberg VWAP” on Bloomberg page TAP.N
<equity> AQR or any successor thereto (or the equivalent Bloomberg page
for any security constituting a portion of the Reference Property), or if such
Volume Weighted Average Price is not available (or the relevant Reference
Property is not a security), the Board of Directors’ reasonable, good faith
estimate of the volume weighted average price of the shares of Class B Common
Stock, or such Reference Property, on such Trading Day (whose determination
shall be conclusive evidence of such Volume Weighted Average Price and which
shall be evidenced by an Officers’ Certificate delivered to the Trustee and the
Conversion Agent).

(e)           The Company shall, prior to the issuance of any
Securities hereunder, and from time to time as may be necessary, reserve at all
times and keep available, free from preemptive

 19
 

rights, out of its authorized but unissued Class B
Common Stock, a sufficient number of shares of Class B Common Stock deliverable
upon conversion of all of the Securities.

(f)            All shares of Class B Common Stock that may be issued
upon conversion of the Securities shall be duly authorized, validly issued,
fully paid and nonassessable and shall be free of any preemptive rights and
free of any lien or adverse claim.

(g)           The Company shall endeavor to comply with all
applicable securities laws regulating the offer and delivery of any Class B
Common Stock upon conversion of Securities and shall list or cause to have
quoted such shares of Class B Common Stock on each national or regional
securities exchange or other over-the-counter market or such other market on
which the Class B Common Stock is then listed or quoted.

(h)           Notwithstanding anything herein to the contrary,
nothing herein shall give to any Holder any rights as a creditor in respect of
its right to conversion.

Section 4.06.  Adjustment
of Conversion Price.

The conversion price as stated in paragraph 6 of the
Securities (the “Conversion Price”) shall be adjusted from
time to time by the Company as follows:

(a)           In case the Company shall (i) pay a dividend on
its Class B Common Stock in shares of Class B Common Stock, (ii) make a
distribution on its Class B Common Stock in shares of Class B Common Stock,
(iii) subdivide its outstanding Class B Common Stock into a greater number
of shares, or (iv) combine its outstanding Class B Common Stock into a
smaller number of shares, the Conversion Price in effect immediately prior
thereto shall be adjusted so that the Holder of any Security thereafter
surrendered for conversion shall be entitled to receive that number of shares
of Class B Common Stock which it would have owned had such Security been
converted immediately prior to the record date of such event or the happening
of such event (assuming such Security were convertible solely into shares of
Class B Common Stock, based on the relevant Conversion Price, rather than Cash
or Cash and Class B Common Stock as set forth in Section 4.05).  An adjustment
made pursuant to this subsection (a) shall become effective on the “ex”
date in the case of a dividend or distribution and shall become effective
immediately after the effective date in the case of subdivision or
combination.  If any dividend or
distribution of the type described in this Section 4.06(a) is declared but not
actually paid or made, the Conversion Price shall again be adjusted to the
Conversion Price that would have been in effect if such dividend or
distribution had not been declared.

(b)           In case the Company shall issue rights or warrants to
all or substantially all holders of its Class B Common Stock entitling them for
a period of not more than 60 days to subscribe for or purchase shares of Class
B Common Stock (or securities convertible into Class B Common Stock) at a price
per share (or having a conversion price per share) less than the Current Market
Price per share of Class B Common Stock on the Trading Day immediately
preceding the “ex” date for such issuance, the Conversion Price shall be
adjusted so that the Conversion Price on the “ex” date shall equal the price
determined by multiplying the Conversion Price in effect immediately prior to
such “ex” date by a fraction of which the numerator shall be the number of
shares of Class B Common Stock outstanding immediately

 20
 

prior to such “ex” date plus the number of shares
which the aggregate offering price of the total number of shares of Class B
Common Stock so offered (or the aggregate conversion price of the convertible
securities so offered, which shall be determined by multiplying the number of
shares of Class B Common Stock issuable upon conversion of such convertible
securities by the conversion price per share of Class B Common Stock pursuant
to the terms of such convertible securities) would purchase at the Current
Market Price per share of Class B Common Stock on the Trading Day immediately
preceding such “ex” date, and of which the denominator shall be the number of
shares of Class B Common Stock outstanding on such record date plus the number
of additional shares of Class B Common Stock offered (or into which the
convertible securities so offered are convertible).  Such adjustment shall
be made successively whenever any such rights or warrants are issued and shall
become effective on such “ex” date.  If at the end of the period during
which such rights or warrants are exercisable not all rights or warrants shall
have been exercised or distributed, the adjusted Conversion Price shall be
immediately readjusted to what it would have been based upon the number of
additional shares of Class B Common Stock actually issued (or the number of
shares of Class B Common Stock issuable upon conversion of convertible
securities actually issued).

(c)           In case the Company shall distribute to all or substantially
all holders of its Class B Common Stock any shares of Capital Stock of the
Company (other than Class B Common Stock), evidences of Indebtedness or other
non-cash assets (including securities of any person other than the Company but
excluding (1) dividends or distributions paid exclusively in Cash referred
to in subsection (d) of this Section 4.06 or (2) dividends or
distributions referred to in subsection (a) of this Section 4.06), or
shall distribute to all or substantially all holders of its Class B Common
Stock rights or warrants to subscribe for or purchase any of its securities
(excluding those rights and warrants referred to in subsection (b) of
this Section 4.06 and also excluding the distribution of rights to all or
substantially all holders of Class B Common Stock pursuant to the adoption of a
stockholder rights plan or the detachment of such rights under the terms of
such stockholder rights plan), then in each such case the Conversion Price
shall be adjusted so that the Conversion Price on the “ex” date for such
distribution shall equal the price determined by multiplying the current
Conversion Price by a fraction of which the numerator shall be the Current
Market Price per share of the Class B Common Stock on the Trading Day
immediately preceding such “ex” date less the fair market value on such Trading
Day (as determined by the Board of Directors, whose determination shall be
conclusive evidence of such fair market value and which shall be evidenced by
an Officers’ Certificate delivered to the Trustee and the Conversion Agent) of
the portion of the Capital Stock, evidences of Indebtedness or other non-cash
assets so distributed or of such rights or warrants applicable to one share of
Class B Common Stock (determined on the basis of the number of shares of Class
B Common Stock outstanding on the Trading Day immediately preceding such “ex”
date), and of which the denominator shall be the Current Market Price per share
of the Class B Common Stock on the Trading Day immediately preceding such “ex”
date.  Such adjustment shall be made successively whenever any such
distribution is made and shall become effective immediately after the record
date for the determination of shareholders entitled to receive such
distribution.

In the event the then fair market value (as so
determined) of the portion of the Capital Stock, evidences of Indebtedness or
other non-cash assets so distributed or of such rights or warrants applicable
to one share of Class B Common Stock is equal to or greater than the Current Market
Price per share of the Class B Common Stock on the Trading Day immediately

 21
 

preceding such “ex” date,
in lieu of the foregoing adjustment, adequate provision shall be made so that
each holder of a Security shall have the right to receive upon conversion the
amount of Capital Stock, evidences of Indebtedness or other non-cash assets so
distributed or of such rights or warrants such holder would have received had
such holder converted each Security immediately prior to the record date for
such distribution.  In the event that such dividend or distribution is not
so paid or made, the Conversion Price shall again be adjusted to be the
Conversion Price which would then be in effect if such dividend or distribution
had not been declared.  If the Board of Directors determines the fair
market value of any distribution for purposes of this Section 4.06(c) by
reference to the actual or when issued trading market for any securities, it
must in doing so consider the prices in such market over the same period used
in computing the Current Market Price of the Class B Common Stock.

In the event that the Company implements a preferred
shares rights plan (“Rights Plan”), upon
conversion of the Securities into Class B Common Stock, to the extent that the
Rights Plan has been implemented and is still in effect upon such conversion,
the Holders of Securities will receive, in addition to the Class B Common
Stock, the rights described therein (whether or not the rights have separated
from the Class B Common Stock at the time of conversion), subject to the
limitations set forth in the Rights Plan.  Any distribution of rights or
warrants pursuant to a Rights Plan complying with the requirements set forth in
the immediately preceding sentence of this paragraph shall not constitute a
distribution of rights or warrants pursuant to this Section 4.06(c).

Rights or warrants distributed by the Company to all
or substantially all holders of Class B Common Stock entitling the holders
thereof to subscribe for or purchase shares of the Company’s Capital Stock
(either initially or under certain circumstances), which rights or warrants,
until the occurrence of a specified event or events (“Trigger
Event”):  (i) are deemed to be transferred with such
shares of Class B Common Stock; (ii) are not exercisable; and
(iii) are also issued in respect of future issuances of Class B Common
Stock, shall be deemed not to have been distributed for purposes of this
Section 4.06 (and no adjustment to the Conversion Price under this Section 4.06
will be required) until the occurrence of the earliest Trigger Event, whereupon
such rights and warrants shall be deemed to have been distributed and an
appropriate adjustment (if any is required) to the Conversion Price shall be
made under this Section 4.06(c).  If any such right or warrant, including
any such existing rights or warrants distributed prior to the date of this
First Supplemental Indenture, are subject to events, upon the occurrence of
which such rights or warrants become exercisable to purchase different securities,
evidences of Indebtedness or other assets, then the date of the occurrence of
any and each such event shall be deemed to be the date of distribution and
record date with respect to new rights or warrants with such rights (and a
termination or expiration of the existing rights or warrants without exercise
by any of the holders thereof).  In addition, in the event of any
distribution (or deemed distribution) of rights or warrants, or any Trigger
Event or other event (of the type described in the preceding sentence) with
respect thereto that was counted for purposes of calculating a distribution
amount for which an adjustment to the Conversion Price under this Section 4.06
was made, (1) in the case of any such rights or warrants which shall all have
been redeemed or repurchased without exercise by any holders thereof, the
Conversion Price shall be readjusted upon such final redemption or repurchase
to give effect to such distribution or Trigger Event, as the case may be, as
though it were a Cash distribution, equal to the per share redemption or
repurchase price received by a holder or holders of Class B Common Stock with
respect to such rights or warrants

 22
 

(assuming such holder had
retained such rights or warrants), made to all holders of Class B Common Stock
as of the date of such redemption or repurchase, and (2) in the case of
such rights or warrants which shall have expired or been terminated without
exercise by any holders thereof, the Conversion Price shall be readjusted as if
such rights and warrants had not been issued.

(d)           In case the Company shall, by dividend or otherwise,
at any time distribute (a “Triggering Distribution”)
to all or substantially all holders of its Class B Common Stock Cash dividends
and other Cash distributions (other than (x) distributions described in Section
4.06(e) below, (y) any dividend or distribution in
connection with liquidation, dissolution or winding up or (z) any regular
quarterly Cash dividend on Class B Common Stock to the extent that the
aggregate amount of such Cash dividend per share of the Class B Common Stock
does not exceed the Dividend Threshold Amount (subject to adjustment)), the
Conversion Price shall be reduced so that the same shall equal the price
determined by multiplying such Conversion Price in effect on the Trading Day
immediately preceding the “ex” date with respect to such Cash dividend or
distribution by a fraction of which the numerator shall be the Current Market
Price per share of the Class B Common Stock as of the Trading Day immediately preceding
the “ex” date with respect to the dividend or distribution less the Dividend
Adjustment Amount, and the denominator shall be such Current Market Price per
share of the Class B Common Stock as of the Trading Day immediately preceding
the “ex” date with respect to the dividend or distribution. Such decrease shall
become effective immediately prior to the opening of business on the “ex” date
for such dividend or distribution; provided, however, that,
in the event the portion of the Triggering Distribution applicable to one share
of Class B Common Stock is equal to or greater than the Current Market Price on
such record date, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Holder shall have the right to receive upon conversion the
amount of Cash such Holder would have received had such Holder converted each
Security immediately prior to the record date for such dividend or
distribution.  In the event that such dividend or distribution is not so
paid or made, the Conversion Price shall again be adjusted to be the Conversion
Price that would then be in effect if such dividend or distribution had not
been declared.

(e)           In case any tender offer made by the Company or any of
its Subsidiaries for Class B Common Stock shall expire and such tender offer
(as amended upon the expiration thereof) shall involve the payment of aggregate
consideration in an amount (determined as the sum of the aggregate amount of
Cash consideration and the aggregate fair market value (as determined by the
Board of Directors, whose determination shall be conclusive evidence thereof
and which shall be evidenced by an Officers’ Certificate delivered to the
Trustee and the Conversion Agent thereof) of any other consideration) that
exceeds an amount equal to the Current Market Price per share of Class B Common
Stock as of the last date (the “Expiration Date”) tenders
could have been made pursuant to such tender offer (as it may be amended) (the
last time at which such tenders could have been made on the Expiration Date is
hereinafter called the “Expiration Time”), then,
immediately prior to the opening of business on the day after the Expiration
Date, the Conversion Price shall be reduced so that the same shall equal the
price determined by multiplying the Conversion Price in effect immediately
prior to 5:00 p.m. (New York City time) on the Expiration Date by a fraction of
which the numerator shall be the product of the number of shares of Class B
Common Stock outstanding (including tendered shares but excluding any shares
held in the treasury of the Company) immediately before the Expiration Time
multiplied by the Current Market Price per share of the Class B Common Stock on
the Trading Day next

 23
 

succeeding the Expiration Date and the denominator
shall be the sum of (x) the aggregate consideration (determined as aforesaid)
payable to stockholders based on the acceptance (up to any maximum specified in
the terms of the tender offer) of all shares validly tendered and not withdrawn
as of the Expiration Time (the shares deemed so accepted, up to any such
maximum, being referred to as the “Purchased Shares”) and
(y) the product of the number of shares of Class B Common Stock outstanding
(less any Purchased Shares and excluding any shares held in the treasury of the
Company) immediately after the Expiration Time and the Current Market Price per
share of Class B Common Stock on the Trading Day next succeeding the Expiration
Date.  In the event that the Company is obligated to purchase shares
pursuant to any such tender offer, but the Company is permanently prevented by
applicable law from effecting any or all such purchases or any or all such
purchases are rescinded, the Conversion Price shall again be adjusted to be the
Conversion Price which would have been in effect based upon the number of
shares actually purchased.  If the application of this Section
4.06(e) to any tender offer would result in an increase in the Conversion
Price, no adjustment shall be made for such tender offer under this Section
4.06(e).

For purposes of this
Section 4.06(e), the term “tender offer” shall mean and include both tender
offers and exchange offers, all references to “purchases” of shares in tender
offers (and all similar references) shall mean and include both the purchase of
shares in tender offers and the acquisition of shares pursuant to exchange
offers, and all references to “tendered shares” (and all similar references)
shall mean and include shares tendered in both tender offers and exchange
offers.

(f)            For the purpose of any computation under subsections
(b), (c), (d) and
(e) of this Section
4.06 and Section 4.01(b)(ii), (i) the “Current Market Price”
shall mean, with respect to any date of determination, the Closing Sale Price
per share of Class B Common Stock on the date of determination.  For
purposes hereof, the term “Dividend
Adjustment Amount” means the full amount of the dividend or
distribution to the extent payable in Cash applicable to one share of the Class
B Common Stock less the Dividend Threshold Amount.  The term “Dividend
Threshold Amount” means $0.32 per share of Class B Common Stock
per Quarter in the case of regular Cash dividends, adjusted in a manner
proportional to adjustments made to the Conversion Price other than pursuant to
Section 4.06(d) or 4.06(e) and to account for any change in the frequency of
payment of regular Cash dividends, and $0.00 in all other cases.

(g)           In any case in which this Section 4.06 shall require
that an adjustment be made following an “ex” date or Expiration Date, as the
case may be, established for purposes of this Section 4.06, the Company may
elect to defer (but only until five Business Days following the filing by the
Company with the Trustee of the certificate described in Section 4.10) issuing
to the Holder of any Security converted after such “ex” date or Expiration Date
the shares of Class B Common Stock and other Capital Stock of the Company
issuable upon such conversion over and above the shares of Class B Common Stock
and other Capital Stock of the Company issuable, or Cash payable, upon such
conversion only on the basis of the Conversion Price prior to adjustment; and,
in lieu of the shares the issuance of which, or Cash the payment of which, is
so deferred, the Company shall issue or cause its transfer agents to issue due
bills or other appropriate evidence prepared by the Company of the right to
receive such shares or Cash, as the case may be.  If any distribution in
respect of which an adjustment to the Conversion Price is required to be made
as of the “ex” date or Expiration Date therefor is not thereafter made or paid

 24
 

by the Company for any reason, the Conversion Price
shall be readjusted to the Conversion Price which would then be in effect if
such “ex” date had not been fixed or such Expiration Date had not occurred.

For the avoidance of doubt, any adjustments to the
conversion rate pursuant to this Section shall be made through the date on
which payment pursuant to Section 4.05 is made (without regard to the
intervening occurrence of the Final Maturity Date, should that occur).

Section 4.07.  No
Adjustment.

Notwithstanding the provisions of Section 4.06, no
adjustment in the Conversion Price shall be required unless the adjustment
would result in a change of at least 1% in the Conversion Price as last
adjusted; provided, however, that any adjustments
which by reason of this Section 4.07 are not required to be made shall be
carried forward and taken into account in any subsequent adjustment, regardless
of whether the aggregate adjustment is less than 1%, within one year of the
first such adjustment carried forward, upon required purchases of the
Securities in connection with a Fundamental Change and five Business Days prior
to the Final Maturity Date.  All calculations under this Article IV
shall be made to the nearest cent or to the nearest one-hundredth of a share,
as the case may be.

Except as otherwise provided herein, no adjustment
need be made for issuances of Class B Common Stock pursuant to a Company plan
for reinvestment of dividends or interest or for a change in the par value or a
change to no par value of the Class B Common Stock.

To the extent that the Securities become convertible
into the right to receive Cash, no adjustment need be made thereafter as to the
Cash.  Interest will not accrue on the
Cash.

No adjustment to the Conversion Price will be required
in respect of any transaction that Holders will participate in without
conversion of the Securities.

Section 4.08.  Adjustment
for Tax Purposes.

The Company shall be entitled to make such reductions
in the Conversion Price, for the remaining term of the Securities or any
shorter term, in addition to those required by Section 4.06, as the Board of
Directors may determine to be advisable in order to avoid or diminish any tax
to any holders of shares of Class B Common Stock or rights to purchase Class B
Common Stock resulting from any stock dividends, subdivisions of shares,
distributions of rights or warrants to purchase or subscribe for stock or
securities, distributions of securities convertible into or exchangeable for
stock hereafter made by the Company to its stockholders or from any event
treated as such for income tax purposes.

Section 4.09.  Temporary
Reduction of Conversion Price.

To the extent permitted by applicable law and rules of
any stock exchange on which the Class B Common Stock is then listed, the
Company from time to time may reduce the Conversion Price by any amount for any
period of time if the period is at least 20 Business Days, the reduction is
irrevocable during such period, and the Board of Directors shall have made a
determination that such reduction would be in the best interest of the
Company.  Whenever the

 25
 

Conversion Price is
reduced pursuant to the preceding sentence, the Company shall provide notice of
any reduction in the Conversion Price to the Holders in the manner provided in
Section 11.02 of the Original Indenture, with a copy to the Trustee and
Conversion Agent, at least 15 days prior to the date such reduced Conversion
Price takes effect, and such notice shall state the reduced Conversion Price
and the period during which it will be in effect.

Section 4.10.  Notice of
Certain Transactions.  In the
event that (1) the Company takes any action which would require an
adjustment in the Conversion Price; (2) the Company consolidates or merges
with, or transfers all or substantially all of its property and assets to,
another corporation and shareholders of the Company must approve the
transaction; or (3) there is a dissolution or liquidation of the Company, the
Company shall mail to Holders and file with the Trustee a notice stating the
proposed record or effective date, as the case may be, and mail the notice at
least 10 days before such date; provided,
further, that upon occurrence of an event referred to in clause (1)
of this Section 4.10, the Company shall file with the Trustee (and deliver a
copy to the Conversion Agent) an Officers’ Certificate briefly stating the
facts requiring the adjustment and the manner of computing it and promptly mail
to Holders a notice of the adjustment. 
Failure to mail such notice or any defect therein shall not affect the
validity of any transaction referred to in clause (1), (2) or (3) of
this Section 4.10; provided, however,
that unless and until the Trustee and the Conversion Agent shall have received
an Officers’ Certificate setting forth an adjustment of the Conversion Price in
connection with the event referred to in clause (1), the Trustee may assume
without inquiry that the Conversion Price has not been adjusted and that the
last Conversion Price of which it has knowledge remains in effect.

Section 4.11.  Effect of
Reclassification, Consolidation, Merger or Sale on Conversion Privilege.  If any of the following shall occur,
namely:  (a) any reclassification or change of shares of Class B
Common Stock issuable upon conversion of the Securities (other than a change in
par value, or from par value to no par value, or from no par value to par
value, or as a result of a subdivision or combination, or any other change for
which an adjustment is provided in Section 4.06); (b) any consolidation or
merger or combination to which the Company is a party other than a merger in
which the Company is the continuing corporation and which does not result in
any reclassification of, or change (other than in par value, or from par value
to no par value, or from no par value to par value, or as a result of a
subdivision or combination) in, outstanding shares of Class B Common Stock; or
(c) any sale or conveyance as an entirety or substantially as an entirety
of the property and assets of the Company, directly or indirectly, to any
person, then the Company, or such successor, purchasing or transferee
corporation, as the case may be, shall, as a condition precedent to such
reclassification, change, combination, consolidation, merger, sale or
conveyance, execute and deliver to the Trustee a supplemental indenture
providing that the Holder of each Security then outstanding shall have the
right to convert such Security into Cash and, with respect to the Residual
Amount, the kind and amount of shares of stock and other securities and
property (including Cash) receivable upon such reclassification, change,
combination, consolidation, merger, sale or conveyance by a holder of the
number of shares of Class B Common Stock deliverable upon conversion of such
Security immediately prior to such reclassification, change, combination,
consolidation, merger, sale or conveyance (the “Reference Property”).  Such supplemental indenture shall
provide for adjustments of the Conversion Price which shall be as nearly
equivalent as may be practicable to the adjustments of the Conversion Price
provided for in this Article IV.  If, in the case of any such
consolidation, merger, combination, sale or conveyance, the stock or other
securities and property (including Cash)

 26
 

receivable thereupon by a
holder of Class B Common Stock include shares of stock or other securities and
property of a person other than the successor, purchasing or transferee
corporation, as the case may be, in such consolidation, merger, combination,
sale or conveyance, then such supplemental indenture shall also be executed by
such other person and shall contain such additional provisions to protect the
interests of the Holders of the Securities as the Board of Directors shall
reasonably consider necessary by reason of the foregoing.  The provisions
of this Section 4.11 shall similarly apply to successive reclassifications,
changes, combinations, consolidations, mergers, sales or conveyances.  The Trustee has no duty to determine whether
a supplemental indenture under this Section 4.11 need be entered into.

In the event the Company shall execute a supplemental
indenture pursuant to this Section 4.11, the Company shall promptly file with
the Trustee (x) an Officers’ Certificate briefly stating the reasons therefor,
the kind or amount of shares of stock or other securities or property
(including Cash) receivable by Holders of the Securities upon the conversion of
their Securities after any such reclassification, change, combination, consolidation,
merger, sale or conveyance, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with and (y) an Opinion of
Counsel that all conditions precedent have been complied with, and shall
promptly mail notice of such supplemental indenture to all Holders.

In the event that holders of the Class B Common Stock
have the right to elect the form of consideration to be received in connection
with such reclassification, change, combination, consolidation, merger, sale or
conveyance, the Reference Property shall be determined based on the weighted
average of the kind and amount of consideration received by the holders of the
Class B Common Stock that affirmatively make such an election.  The determination of the Reference Property
shall apply to all outstanding Securities and the Company shall notify the
Trustee of the composition of the Reference Property promptly after it is
determined.

Section 4.12.  Disclaimer.  Neither the Trustee nor any Conversion Agent
(other than the Company or an Affiliate of the Company) shall have any duty to
determine when an adjustment under this Article IV should be made, how it
should be made or what such adjustment should be, but may accept as conclusive
evidence of that fact or the correctness of any such adjustment, and shall be
protected in relying upon, an Officers’ Certificate, including the Officers’
Certificate with respect thereto, which the Company is obligated to file with
the Trustee (and to deliver a copy thereof to the Conversion Agent) pursuant to
Section 4.10.  Neither the Trustee nor any Conversion Agent (other than
the Company or an Affiliate of the Company) makes any representation as to the
validity or value of any securities or assets issued upon conversion of Securities,
and neither shall be responsible for the Company’s failure to comply with any
provisions of this Article IV.

The Trustee shall not be under any responsibility to
determine the correctness of any provisions contained in any supplemental
indenture executed pursuant to Section 4.11, but may accept as conclusive
evidence of the correctness thereof, and shall be fully protected in relying
upon, the Officers’ Certificate with respect thereto which the Company is
obligated to file with the Trustee pursuant to Section 4.11.

 27
 

Section 4.13.  Additional Shares.

(a)           If a Holder elects to convert its Securities pursuant
to Section 4.01(b)(iii) in connection with a Qualifying Fundamental Change that
occurs prior to the Final Maturity Date, the Conversion Rate of the Securities
being converted by such Holder at that time shall be increased by an additional
number of shares of Class B Common Stock (the “Additional Shares”) determined by reference to the table
attached as Schedule 4.13 hereto.  For
the avoidance of doubt, the adjustment provided for in this Section 4.13 shall
be made only with respect to the Securities converted in connection with such
Qualifying Fundamental Change and shall not be effective as to any Securities
not so converted.  Conversion of a given
Security shall be considered to be “in connection with” a given Fundamental
Change if that Security is surrendered for conversion during the conversion
period provided for in respect of such Fundamental Change pursuant to Section
4.01(b)(iii).  The adjustment provided
for in this Section 4.13 shall be made only if the Qualifying Fundamental
Change actually occurs or becomes effective.

(b)           For purposes of determining the applicable number of
Additional Shares pursuant to Schedule 4.13:

(i)            “Effective Date” shall
mean the date the Qualifying Fundamental Change occurs or becomes effective;
and

(ii)           “Stock Price” shall
mean:

(x)            in the case of a Qualifying Fundamental Change
described in clause (iii) of the definition of Change in Control, the price
paid per share of Class B Common Stock in the Change in Control, unless the
holders of Class B Common Stock receive only Cash in such Qualifying
Fundamental Change, in which event “Stock Price” shall mean the Cash amount
paid per share;

(y)           in the case of a Qualifying Fundamental Change
described in clause (i) or (ii) of the definition of Change in Control, the
average of the last reported Closing Sale Prices of Class B Common Stock over
the five consecutive Trading Day period ending on the Trading Day preceding the
Effective Date of such Qualifying Fundamental Change.

(c)           If the Stock Price is between two Stock Price amounts
in the table attached as Schedule 4.13 hereto, the number of Additional Shares
shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the higher and lower Stock Price amounts, based
on a 365-day year.

(d)           If the Effective Date falls between two Effective
Dates in the table attached as Schedule 4.13 hereto, the number of Additional
Shares shall be determined by a straight-line interpolation between the number
of Additional Shares set forth for the two dates, based on a 365-day year.

 28
 

(e)           No increase in the Conversion Rate shall be made
pursuant to this Section 4.13 if the Stock Price (i) exceeds $300 per share
(subject to adjustment) or (ii) is less than $87.61 per share (subject to
adjustment).

(f)            The Stock Price figures set forth in the first row of
the table (i.e., column headers) in Schedule 4.13 hereto shall be adjusted as
of any date on which the Conversion Price of the Securities is adjusted
pursuant to Section 4.06.  The adjusted
Stock Price figures shall equal the Stock Price figures applicable immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is
the Conversion Price as so adjusted and the denominator of which is the
Conversion Price immediately prior to the adjustment giving rise to the Stock
Price figure adjustment.  The number of
Additional Shares indicated in the table shall be adjusted by the inverse
application of the adjustment factor applied to the Conversion Price pursuant
to Section 4.06.

(g)           In no event shall the Conversion Rate be increased to
more than 11.4116 shares per $1,000 principal amount of Securities (the “Maximum Adjusted Conversion Rate”) pursuant
to the events described in this Section 4.13. 
The Maximum Adjusted Conversion Rate shall be subject to adjustments by
the inverse application of the adjustment factor applied to the Conversion
Price pursuant to Section 4.06.

(h)           The Company will notify Holders of the anticipated
Effective Date of a Qualifying Fundamental Change and issue a press release as
soon as practicable after the Company first determines the anticipated
Effective Date of such Qualifying Fundamental Change.

(i)            Notwithstanding the provisions of Section 4.02, if a
Holder surrenders the Securities for conversion in connection with a Qualifying
Fundamental Change, the Company will deliver the portion of the conversion
consideration that is payable on account of the increase in the Conversion Rate
pursuant to this Section 4.13 as soon as practicable, but in no event after the
third Business Day after the later of (i) the date the Holder surrenders the
Securities for conversion; (ii) the last Trading Day in the applicable
Conversion Period; and (iii) the Effective Date of the Qualifying Fundamental
Change.

Section 4.14.  Limitation
on Adjustments.

(a)           The Company shall not take any action that would
result in an adjustment pursuant to the foregoing provisions in this Article IV
without complying with the rules of any stock exchange on which the Class B
Common Stock is then listed (including, if applicable, New York Stock Exchange
rules requiring stockholder approval of certain issuance of stock).

(b)           The Company shall not take any action that would
result in an adjustment pursuant to the foregoing provisions in this Article IV
if that adjustment would reduce the Conversion Price below the then par value
of the shares of Class B Common Stock issuable upon conversion of the
Securities.

(c)           The Company shall not take any action or
engage in any transaction that would result in an adjustment pursuant to the
foregoing provisions of this Article IV to the extent that such action or
transaction would result in the number of shares of the Class B Common Stock

 29
 

becoming issuable under
the terms of the Securities and the settlement of the facsimile agreements
confirming the terms and conditions of warrant transactions entered into
between the Company and each of Deutsche Bank AG, acting through its London
branch, Citibank, N.A and Morgan Stanley & Co. International plc on the
trade date of June 11, 2007 to exceed the lesser of (a) 19.99% of the number of
shares of the Class B Common Stock outstanding on the date hereof or (b) 19.99%
of the number of shares of the Class B Common Stock outstanding on the date
such shares of the Class B Common Stock are to be issued without first
obtaining the approval of the holders of the Company’s Class A Common Stock and
Special Class A Common Stock.

ARTICLE V

Default and Remedies

Section 5.01.  Events of
Default.  In addition to the
Events of Default specified in Section 6.01 of the Original Indenture, each of
the following will constitute and Event of Default with respect to the
Securities:

(a)           the Company defaults in the payment of Cash or shares
of Class B Common Stock (if any) upon conversion of any Security (including any
Additional Shares) when the same becomes due and payable;

(b)           the Company defaults in the payment of the purchase
price of any Security when the same becomes due and payable; and

(c)           the Company fails to provide on a timely basis written
notice of a Fundamental Change as required by Section 3.01(b).

Section 5.02.  Amendment
and Waiver of Past Defaults. 
Notwithstanding any other provision of the Indenture, the consent of
each Securityholder affected thereby is required for any amendment to, or
waiver of any Default under, this Article V.

ARTICLE VI

Miscellaneous

Section 6.01.  Ratification
of Original Indenture: Supplemental Indentures Part of Original Indenture.  Except as expressly amended or supplemented
hereby, the Original Indenture is in all respects ratified and confirmed and
all the terms, conditions and provisions thereof shall remain in full force and
effect. This First Supplemental Indenture shall form a part of the Original
Indenture for all purposes, and every Holder of any Securities heretofore or
hereafter authenticated and delivered pursuant hereto shall be bound hereby.
Except only insofar as the Original Indenture may be inconsistent with the
express provisions of this First Supplemental Indenture, in which case the
terms of this First Supplemental Indenture shall govern and supersede those
contained in the Original Indenture, this First Supplemental Indenture shall
henceforth have effect so far as practicable as if all the provisions of the
Original Indenture and this First Supplemental Indenture were contained in one
instrument.

Section 6.02.  Concerning
the Trustee.  The recitals
contained herein and in the Securities, except with respect to the Trustee’s
certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for the correctness of the

 30
 

same. The Trustee makes no representations as to the validity or
sufficiency of this First Supplemental Indenture or of the Securities.  Neither the Conversion Agent nor the Trustee
shall be responsible for determining or monitoring the Closing Sale Price or
any adjustment to the Conversion Price, which shall be determined by the Company
in good faith.  Absent manifest error,
such determinations by the Company shall be binding on all Holders.  The Company shall provide a schedule of its
calculations under this Section 6.02 to the Trustee, which shall be entitled to
rely conclusively on the accuracy thereof without independent verification.

Section 6.03.  Counterparts.  This First Supplemental Indenture may be
executed in any number of counterparts, each of which when so executed shall be
deemed to be an original, but all such counterparts shall together constitute
one and the same instrument.

Section 6.04.  Governing
Law.  This First Supplemental
Indenture, the Indenture and the Securities shall be governed by, and construed
in accordance with, the laws of the State of New York but without giving effect
to applicable principles of conflicts of law to the extent that the application
of the laws of another jurisdiction would be required thereby.

[Remainder of this page intentionally left blank]

 31
 

IN WITNESS WHEREOF, the parties have caused this First
Supplemental Indenture to be duly executed by their respective officers
thereunto duly authorized as of the date first above written.

	
  

  	
  MOLSON COORS BREWING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOLSON COORS CAPITAL FINANCE ULC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COORS BREWING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Treasurer and Chief Corp. Finance Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COORS DISTRIBUTING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CBC HOLDCO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name:

  	
  Michael J. Gannon

  
	
   

  	
  Title:

  	
  President

  
					

 

 32
 

 

	
  

  	
  MCBC INTERNATIONAL HOLDCO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Gannon

  	
   

  
	
   

  	
  Name: Michael J. Gannon

  
	
   

  	
  Title:   President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOLSON COORS INTERNATIONAL LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MOLSON COORS INTERNATIONAL

  GENERAL, ULC, its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Timothy E. Scully

  
	
   

  	
   

  	
   

  	
  Title:   Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOLSON
  COORS INTERNATIONAL

  GENERAL, ULC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name: Timothy E. Scully

  
	
   

  	
  Title:   Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COORS INTERNATIONAL HOLDCO, ULC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name: Timothy E. Scully

  
	
   

  	
  Title:   Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOLSON COORS CALLCO ULC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy E. Scully

  	
   

  
	
   

  	
  Name: Timothy E. Scully

  
	
   

  	
  Title:   Chief
  Financial Officer

  
								

 

 33
 

 

	
  

  	
  COORS
  INTERNATIONAL MARKET DEVELOPMENT, L.L.L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  COORS GLOBAL PROPERTIES, INC.,

  
	
   

  	
   

  	
  its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tara L.M. Deard

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Tara L.M. Deard

  
	
   

  	
   

  	
   

  	
  Title:   Secretary
  and Assistant Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COORS GLOBAL PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tara L.M. Deard

  	
   

  
	
   

  	
  Name: Tara L.M. Deard

  
	
   

  	
  Title:  
  Secretary and Assistant Treasurer

  
							

 

 34
 

 

	
  

  	
  DEUTSCHE
  BANK TRUST COMPANY 

  AMERICAS, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L. Buckwalter

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard L. Buckwalter

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Wanda Camacho

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wanda Camacho

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 35

Schedule 4.13 –
Additional Shares

	
   

  	
   

  	
  Stock Price

  	
   

  
	
  Effective Date

  	
   

  	
  $87.61

  	
   

  	
  $88

  	
   

  	
  $89

  	
   

  	
  $90

  	
   

  	
  $95

  	
   

  	
  $100

  	
   

  	
  $105

  	
   

  	
  $110

  	
   

  	
  $115

  	
   

  	
  $120

  	
   

  	
  $125

  	
   

  	
  $150

  	
   

  	
  $175

  	
   

  	
  $200

  	
   

  	
  $300

  	
   

  
	
  June 15, 2007

  	
   

  	
  2.28

  	
   

  	
  2.26

  	
   

  	
  2.19

  	
   

  	
  2.12

  	
   

  	
  1.83

  	
   

  	
  1.58

  	
   

  	
  1.37

  	
   

  	
  1.19

  	
   

  	
  1.03

  	
   

  	
  0.89

  	
   

  	
  0.77

  	
   

  	
  0.37

  	
   

  	
  0.16

  	
   

  	
  0.06

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2008

  	
   

  	
  2.28

  	
   

  	
  2.28

  	
   

  	
  2.21

  	
   

  	
  2.14

  	
   

  	
  1.83

  	
   

  	
  1.57

  	
   

  	
  1.35

  	
   

  	
  1.16

  	
   

  	
  1.00

  	
   

  	
  0.86

  	
   

  	
  0.74

  	
   

  	
  0.34

  	
   

  	
  0.14

  	
   

  	
  0.04

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2009

  	
   

  	
  2.28

  	
   

  	
  2.28

  	
   

  	
  2.22

  	
   

  	
  2.14

  	
   

  	
  1.82

  	
   

  	
  1.55

  	
   

  	
  1.32

  	
   

  	
  1.12

  	
   

  	
  0.96

  	
   

  	
  0.81

  	
   

  	
  0.69

  	
   

  	
  0.30

  	
   

  	
  0.12

  	
   

  	
  0.03

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2010

  	
   

  	
  2.28

  	
   

  	
  2.28

  	
   

  	
  2.20

  	
   

  	
  2.12

  	
   

  	
  1.78

  	
   

  	
  1.49

  	
   

  	
  1.25

  	
   

  	
  1.05

  	
   

  	
  0.88

  	
   

  	
  0.74

  	
   

  	
  0.62

  	
   

  	
  0.24

  	
   

  	
  0.08

  	
   

  	
  0.01

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2011

  	
   

  	
  2.28

  	
   

  	
  2.25

  	
   

  	
  2.16

  	
   

  	
  2.08

  	
   

  	
  1.70

  	
   

  	
  1.40

  	
   

  	
  1.14

  	
   

  	
  0.93

  	
   

  	
  0.76

  	
   

  	
  0.62

  	
   

  	
  0.50

  	
   

  	
  0.17

  	
   

  	
  0.04

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2012

  	
   

  	
  2.21

  	
   

  	
  2.17

  	
   

  	
  2.08

  	
   

  	
  1.98

  	
   

  	
  1.56

  	
   

  	
  1.21

  	
   

  	
  0.94

  	
   

  	
  0.72

  	
   

  	
  0.55

  	
   

  	
  0.41

  	
   

  	
  0.31

  	
   

  	
  0.06

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  
	
  July 30, 2013

  	
   

  	
  2.28

  	
   

  	
  2.23

  	
   

  	
  2.10

  	
   

  	
  1.98

  	
   

  	
  1.39

  	
   

  	
  0.87

  	
   

  	
  0.39

  	
   

  	
  0.03

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  

 

 Sch-1

EXHIBIT
A

[FORM
OF FACE OF SECURITY]

[THIS GLOBAL SECURITY IS
HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL
SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER HEREOF.] (1)

MOLSON
COORS BREWING COMPANY

CUSIP: 60871R AA8                                                                                               No.                 

2.5% CONVERTIBLE SENIOR NOTES DUE JULY 30, 2013

Molson Coors Brewing Company, a Delaware corporation
(the “Company,” which term shall include any successor corporation under the
Indenture referred to on the reverse hereof), promises to pay
to                                              ,
or registered assigns, the principal sum of
                            dollars
($                         )
on July 30, 2013 [or such greater or lesser amount as is indicated on the
Schedule of Exchanges of Securities on the reverse of this Security].(2)

This Security is convertible as specified on the
reverse of this Security.  Additional
provisions of this Security are set forth on the reverse of this Security.

[SIGNATURE PAGE FOLLOWS]

(1)   This paragraph is to be included only if the
Security is a Global Security.

(2)   This phrase is to be included only if the
Security is a Global Security.

 A-1
 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

	
   

  	
  MOLSON COORS BREWING COMPANY

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Trustee’s
Certificate of Authentication

 

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

 

	
  DEUTSCHE BANK TRUST COMPANY
  AMERICAS,

  
	
  as Trustee

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

 A-2
 

[FORM
OF REVERSE OF SECURITY]

MOLSON COORS
BREWING COMPANY

2.5% CONVERTIBLE SENIOR NOTES DUE JULY 30, 2013

1.                                       INTEREST
AMOUNTS

Molson Coors Brewing Company, a Delaware corporation
(the “Company,” which term shall include any successor corporation under the
Indenture hereinafter referred to), shall pay interest at a rate of 2.5% per
annum, on the principal amount of this Security, semi-annually in arrears on
January 30 and July 30 of each year 
(each, an “Interest Payment Date”), or if any such day is not a Business
Day, the immediately following Business Day, commencing July 30, 2007.  Interest on this Security shall be paid to
the Holder of such Security at 5:00 p.m. (New York City time) on January 15 or
July 15 (each, a “Record Date”), as the case may be, next preceding the related
Interest Payment Date, and shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.  In
the event of the maturity, conversion, or purchase of this Security by the
Company at the option of the Holder, interest shall cease to accrue on this
Security.  Interest on this Security
shall accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the date of issuance.

2.                                       METHOD
OF PAYMENT

The Company shall pay any interest on this Security to
the person who is the Holder of this Security at the close of business on
January 15 or July 15, as the case may be, next preceding the related interest
payment date.  Payments of the principal
of and interest on this Security shall be made in U.S. Dollars, and the
Securities shall be denominated in U.S. Dollars.

3.                                       PAYING
AGENT, REGISTRAR AND CONVERSION AGENT

Initially, Deutsche Bank Trust Company Americas (the “Trustee,”
which term shall include any successor trustee under the Indenture hereinafter
referred to) will act as Paying Agent, Registrar and Conversion Agent.  The Company may change any Paying Agent,
Registrar or Conversion Agent without notice to the Holder.

4.                                       INDENTURE

This Security is one of a duly authorized issue of
Securities of the Company designated as its 2.5% Convertible Senior Notes due
July 30, 2013 (the “Securities”), issued under an Indenture, dated as of June
15, 2007 (as supplemented by the First Supplemental Indenture, dated as of June
15, 2007 (the “First Supplemental Indenture”), by and among the Company, the
Guarantors and the Trustee, (the “Indenture”). 
Terms used in this Security without definition have the meaning given
them in the Indenture.  The terms of this
Security include those stated in the Indenture and those required by or made
part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended, as in effect on the date of the Indenture.  This Security is subject to all such terms,
and the Holder of this Security is referred to the Indenture and said Act for a
statement of them.

 A-3
 

The Securities are senior unsecured obligations of the
Company.  The Indenture does not limit
other debt of the Company, secured or unsecured.

5.                                       PURCHASE
OF SECURITIES AT OPTION OF HOLDER UPON A FUNDAMENTAL CHANGE

At the option of the Holder and subject to the terms
and conditions of the Indenture, the Company shall become obligated to purchase
all or any part specified by the Holder (so long as the principal amount of
such part is $1,000 or an integral multiple of $1,000 in excess thereof) of the
Securities held by such Holder on the date that is 30 Business Days after the
occurrence of a Fundamental Change (as defined in Section 3.01(a) of the First
Supplemental Indenture), at a purchase price equal to 100% of the principal
amount thereof, together with any accrued and unpaid interest up to, but
excluding, the Fundamental Change Purchase Date (as defined in Section 3.01(a)
of the First Supplemental Indenture), payable in cash.  The Holder shall have the right to withdraw
any Fundamental Change Purchase Notice (in whole or in a portion thereof that
is $1,000 or an integral multiple of $1,000 in excess thereof) at any time
prior to 5:00 p.m. (New York City time) on the second Scheduled Trading Day
next preceding the Fundamental Change Purchase Date by delivering a written
notice of withdrawal to the Paying Agent in accordance with the terms of the
Indenture.

6.                                       CONVERSION

The Holder of this Security may convert the principal
amount hereof such Security (or any portion thereof equal to $1,000 or any
integral multiple of $1,000 in excess thereof) into Cash and Class B Common
Stock, if any, subject to the conditions set forth in Section 4.01 of the First
Supplemental Indenture; provided,
however, that, if this Security
is submitted for purchase upon a Fundamental Change, the conversion right shall
terminate at 5:00 p.m. (New York City time) on the second Trading Day
immediately preceding the Fundamental Change Purchase Date for such Security or
such earlier date as the Holder presents such Security for purchase (unless
such submission is validly withdrawn or the Company shall default in making the
Fundamental Change Purchase Price payment when due, in which case the
conversion right shall terminate at 5:00 p.m. (New York City time) on the date
such default is cured and such Security is purchased).

The initial Conversion Price is $109.51 per share,
subject to adjustment under the circumstances provided in the Indenture.  No fractional shares will be issued upon
conversion; in lieu thereof, the Company shall deliver a number of shares of
Class B Common Stock equal to the aggregate of the fractional shares otherwise
deliverable for each Trading Day during the Conversion Period (rounding down to
the nearest whole number) and shall pay an amount in cash equal to the
remainder multiplied by the Volume Weighted Average Price of the Class B Common
Stock on the last Trading Day of the Conversion Period.

[To convert this Security, a Holder must deliver the
Security by book-entry transfer to the Conversion Agent (which initially shall
be the Trustee) through the facilities of the Depositary in accordance with the
Applicable Procedures, accompanied by payment of any tax or duty, in accordance
with Section 4.04 of the First Supplemental Indenture, which may be payable in 

 A-4
 

respect of any transfer
involving the issue or delivery of the Class B Common Stock in the name of a
Person other than the Holder of the Security.] (3)

[To convert this Security, a Holder must deliver such
Security at the specified office of the Conversion Agent, accompanied by (a) a
completed and duly signed Conversion Notice, in the form as set forth on the
reverse hereof; (b) if the Security has been lost, stolen, destroyed or
mutilated, the evidence regarding the loss, theft, destruction or mutilation of
the Security and other requirements under Section 2.08 of the Original
Indenture; (c) appropriate endorsements and transfer documents if required by
the Conversion Agent; and (d) payment of any tax or duty, in accordance with
Section 4.04 of the First Supplemental Indenture, which may be payable in
respect of any transfer involving the issue or delivery of the Class B Common
Stock in the name of a Person other than the Holder of the Security.] (4)

A Holder may convert a portion of a Security equal to
$1,000 or any integral multiple thereof.

A Security in respect of which a Holder had delivered
a Fundamental Change Purchase Notice exercising the option of such Holder to
require the Company to purchase such Security may be converted only if the
Fundamental Change Purchase Notice is withdrawn in accordance with the terms of
the Indenture.

7.                                       GUARANTY

The payment by the Company of the principal of, and
interest on, the Securities is fully and unconditionally guaranteed on a joint
and several senior basis by each of the Guarantors on the terms set forth in
Section 10.01 of the Original Indenture.

8.                                       DENOMINATIONS,
TRANSFER, EXCHANGE

The Securities are in registered form, without
coupons, in denominations of $1,000 and integral multiples of $1,000.  A Holder may transfer or exchange Securities
in accordance with the Indenture.  The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes or other governmental
charges that may be imposed in relation thereto by law or permitted by the Indenture.

9.                                       PERSONS
DEEMED OWNERS

The Holder of a Security may be treated as the owner
of it for all purposes.

(3)   To be included only if the Security is a
Global Security.

(4)   To be included only if the Security is a
Definitive Security

 A-5
 

10.                                 UNCLAIMED
MONEY

If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the
money back to the Company at its request unless an abandoned property law
designates another Person. After any such payment, Holders entitled to the
money must look only to the Company or such other Person and not to the Trustee
for payment.

11.                                 AMENDMENT,
SUPPLEMENT AND WAIVER

Subject to the exceptions set forth in the Indenture,
the Securities and the Indenture may be amended or supplemented with the
written consent of the Holders of at least a majority in aggregate principal
amount of the Securities then outstanding, and an existing default or Event of
Default with respect to the Securities and its consequence or compliance with
any provision of the Securities or the Indenture may be waived in a particular
instance with the consent of the Holders of a majority in aggregate principal
amount of the Securities then outstanding. 
Without notice to or the consent of any Holder, the Company and the
Trustee may amend or supplement the Indenture or the Securities to, among other
things, cure any ambiguity, correct any defect or inconsistency or make any
other change that does not adversely affect the rights of any Holder.

12.                                 SUCCESSOR
ENTITY

When a Successor Company assumes all the obligations
of its predecessor under the Securities and the Indenture in accordance with
the terms and conditions of the Indenture, the predecessor company (except in
the circumstances specified in the Indenture) shall be released from those
obligations.

13.                                 DEFAULTS
AND REMEDIES

Under the Indenture, Events of Default include (i)
default by the Company in any payment of any installment of interest on any
Security when the same becomes due and payable, if such default continues for a
period of 30 days; (ii) default by the Company in the payment of any
installment of principal of any Security when the same becomes due and payable
at its stated maturity, upon declaration of acceleration, notice of option to
elect repayment or otherwise; (iii) failure by the Company or any Guarantor to
comply with any of its covenants in the Securities or the Indenture (other than
those referred to in clause (i) or (ii) above) and continuance of such failure
for 90 days after the notice specified below; (iv) acceleration of the payment
of any Indebtedness of the Company, any Guarantor or any Significant Subsidiary
in a principal amount exceeding $50,000,000 as a result of the failure of the
Company, such Guarantor or such Significant Subsidiary to perform any covenant
or agreement applicable to such Indebtedness, which acceleration is not
rescinded or annulled within 60 days after written notice thereof or is not
paid when otherwise due after the applicable grace period, if any, specified in
the agreement or instrument relating to such Indebtedness; (v) the occurrence
of events of bankruptcy or insolvency with respect to the Company that are set
forth in the Indenture;  (vi) default by
the Company in the payment of Cash or shares of Class B Common Stock (if any)
upon conversion of any Security (including any Additional Shares) when the same
becomes due and payable; (vii) default by the Company in the payment of the
purchase price of any Security when the same 

 A-6
 

becomes due and payable;
and (viii) failure by the Company to provide on a timely basis written notice
of a Fundamental Change as required by Section 3.01(b) of the First
Supplemental Indenture.

If an Event of Default (other than an Event of Default
specified in Section 6.01(5) or (6) of the Original Indenture and except as
otherwise provided in Section 6.13 of the Original Indenture) occurs and is
continuing, the Trustee, in its discretion, by notice to the Company, or the
Holders of at least 25% in principal amount of the outstanding Securities by
notice to the Company and the Trustee, may declare the principal amount of, and
accrued and unpaid interest on all the Securities to be due and payable.  If an Event of Default specified in Section 6.01(5)
or (6) of the Original Indenture occurs and is continuing, the principal amount
of and interest on all the outstanding Securities issued pursuant to this
Indenture shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any
Securityholders.  The Holders of a
majority in principal amount of the Securities by written notice to the Trustee
and the Company may rescind an acceleration of the Securities and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default have been cured or waived except
nonpayment of the principal amount of or interest on the Securities that has
become due solely because of acceleration. 
No such rescission shall affect any subsequent Default or impair any
right consequent thereto.

Securityholders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Securities unless it receives indemnity or
security satisfactory to it. Subject to the limitations provided for in the
Indenture.

14.                                 TRUSTEE
DEALINGS WITH THE COMPANY

Subject to any applicable limitations imposed by the
TIA, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, in
its individual or any other capacity, may make loans to, accept deposits from
and perform services for the Company or an Affiliate of the Company and may
otherwise deal with the Company or an Affiliate of the Company, as if it were
not the Trustee.

15.                                 NO
RECOURSE AGAINST OTHERS

A director, officer, employee or shareholder, as such,
of the Company or any Guarantor shall not have any liability for any
obligations of the Company under the Securities 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 Security by
accepting this Security waives and releases all such liability.  The waiver and release are part of the consideration
for the issuance of this Security.

16.                                 AUTHENTICATION

This Security shall not be valid until the Trustee or
an authenticating agent manually or by facsimile signs the certificate of
authentication on the face of this Security.

 A-7
 

17.                                 ABBREVIATIONS
AND DEFINITIONS

Customary abbreviations may be used in the name of the
Holder 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 UGMA (= Uniform Gifts to
Minors Act).

All terms defined in the Indenture and used in this
Security but not specifically defined herein are used herein as so defined.

18.                                 INDENTURE
TO CONTROL; GOVERNING LAW

In the case of any conflict between the provisions of
this Security and the Indenture, the provisions of the Indenture shall
control.  This Security shall be governed
by, and construed in accordance with, the laws of the State of New York without
giving effect to applicable principles of conflicts of law to the extent that
the application of the laws of another jurisdiction would be required thereby.

The Company will furnish to any Holder, upon written
request and without charge, a copy of the Indenture.  Requests may be made to: Molson Coors Brewing
Company, 1225 17th Street, Suite 3200, Denver, Colorado 80202,
Attention: Chief Legal Officer.

 A-8
 

CONVERSION NOTICE (5)

To convert this
Security into Cash and Class B Common Stock of the Company, check the box:

o

To convert only part of this Security, state the
principal amount to be converted (must be $1,000 or a integral multiple of
$1,000):  $                    .

If you want the stock certificate made out in another
person’s name, fill in the form below:

	
   

  

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

	
   

  
	
   

  
	
   

  
	
   

  

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

	
   

  	
   

  	
  Your Signature: 

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on the other side
  

  of this Security)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  *Signature
  guaranteed by: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
						

 

*      The signature must be guaranteed by an institution which is a
member of one of the following recognized signature guaranty programs: (i) the
Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock
Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
(SEMP); or (iv) such other guaranty program acceptable to the Trustee.

(5)   To be included only if the Security is a
Definitive Security.  

 A-9
 

SCHEDULE OF EXCHANGES OF SECURITIES (6)

The following exchanges, redemptions, repurchases or
conversions of a part of this global Security have been made:

	
  Principal Amount

  of this Global Security

  Following Such Decrease 

  Date of Exchange

  (or Increase)

  	
   

  	
  Authorized

  Signatory of

  Securities

  Custodian

  	
   

  	
  Amount of Decrease in

  Principal Amount

  of this Global Security

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this Global Security

  	
   

  
	
                          

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                            

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(6)   To be included only if the Security is a
Global Security

 A-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]