Document:

Exhibit
4.3

EXECUTION COPY

 

 

 

 

ASBURY AUTOMOTIVE GROUP, INC.

 

and each of the Guarantors named herein 

 

7.625% SENIOR SUBORDINATED NOTES DUE 2017

 

INDENTURE

Dated as of March 26, 2007

 

 

THE BANK OF NEW YORK

 

as Trustee

 

 

 

CROSS-REFERENCE
TABLE*

	
  Trust

  Indenture

  Act Section

  	
   

  	
   

  	
  Indenture 

  Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(5)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.05

  
	
   

  	
  (b)

  	
   

  	
  13.03

  
	
   

  	
  (c)

  	
   

  	
  13.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06, 7.07

  
	
   

  	
  (c)

  	
   

  	
  7.06, 13.02

  
	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
  (a)

  	
   

  	
  4.03, 13.02

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  13.04

  
	
   

  	
  (c)(2)

  	
   

  	
  13.04

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  13.05

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05, 13.02

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last sentence)

  	
   

  	
  2.09

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.07

  
	
   

  	
  (c)

  	
   

  	
  2.12

  
					

 

* This Cross Reference Table is not a part of
the Indenture.

  N.A. means not applicable.

 

 i
 

 

	
  Trust

  Indenture

  Act Section

  	
   

  	
   

  	
  Indenture 

  Section

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.04

  
	
  318

  	
  (a)

  	
   

  	
  13.01

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)

  	
   

  	
  13.01

  
					

 

 

 ii
 

TABLE
OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
  ARTICLE 1

  	
   

  	
   

  
	
   

  	
   

  	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02.

  	
   

  	
  Other Definitions

  	
   

  	
  19

  
	
  Section 1.03.

  	
   

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  20

  
	
  Section 1.04.

  	
   

  	
  Rules of Construction

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 2

  	
   

  	
   

  
	
   

  	
   

  	
  THE NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
   

  	
  Form and Dating

  	
   

  	
  21

  
	
  Section 2.02.

  	
   

  	
  Execution and Authentication

  	
   

  	
  22

  
	
  Section 2.03.

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  22

  
	
  Section 2.04.

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  23

  
	
  Section 2.05.

  	
   

  	
  Holder Lists

  	
   

  	
  23

  
	
  Section 2.06.

  	
   

  	
  Transfer and Exchange

  	
   

  	
  23

  
	
  Section 2.07.

  	
   

  	
  Replacement Notes

  	
   

  	
  35

  
	
  Section 2.08.

  	
   

  	
  Outstanding Notes

  	
   

  	
  36

  
	
  Section 2.09.

  	
   

  	
  Treasury Notes

  	
   

  	
  36

  
	
  Section 2.10.

  	
   

  	
  Temporary Notes

  	
   

  	
  36

  
	
  Section 2.11.

  	
   

  	
  Cancellation

  	
   

  	
  37

  
	
  Section 2.12.

  	
   

  	
  Defaulted Interest

  	
   

  	
  37

  
	
  Section 2.13.

  	
   

  	
  CUSIP Numbers

  	
   

  	
  37

  
	
  Section 2.14.

  	
   

  	
  Issuance of Additional Notes

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 3

  	
   

  	
   

  
	
   

  	
   

  	
  REDEMPTION AND
  PREPAYMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
   

  	
  Notices to Trustee

  	
   

  	
  38

  
	
  Section 3.02.

  	
   

  	
  Selection of Notes to Be Redeemed

  	
   

  	
  38

  
	
  Section 3.03.

  	
   

  	
  Notice of Redemption

  	
   

  	
  39

  
	
  Section 3.04.

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  39

  
	
  Section 3.05.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  40

  
	
  Section 3.06.

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  40

  
	
  Section 3.07.

  	
   

  	
  Optional Redemption

  	
   

  	
  40

  
	
  Section 3.08.

  	
   

  	
  Mandatory Redemption

  	
   

  	
  41

  
	
  Section 3.09.

  	
   

  	
  Offer to Purchase by Application of Excess Proceeds

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 4

  	
   

  	
   

  
	
   

  	
   

  	
  COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
   

  	
  Payment of Notes

  	
   

  	
  43

  
	
  Section 4.02.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  43

  
	
  Section 4.03.

  	
   

  	
  Reports

  	
   

  	
  44

  
	
  Section 4.04.

  	
   

  	
  Compliance Certificate

  	
   

  	
  45

  

 

 iii
 

 

	
  Section 4.05.

  	
   

  	
  Payment of Taxes and Other Claims

  	
   

  	
  45

  
	
  Section 4.06.

  	
   

  	
  Stay, Extension and Usury Laws

  	
   

  	
  45

  
	
  Section 4.07.

  	
   

  	
  Restricted Payments

  	
   

  	
  46

  
	
  Section 4.08.

  	
   

  	
  Dividend and Other Payment Restrictions Affecting
  Restricted Subsidiaries

  	
   

  	
  47

  
	
  Section 4.09.

  	
   

  	
  Incurrence of Indebtedness and Issuance of Preferred
  Stock

  	
   

  	
  48

  
	
  Section 4.10.

  	
   

  	
  Asset Sales

  	
   

  	
  50

  
	
  Section 4.11.

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  52

  
	
  Section 4.12.

  	
   

  	
  Limitation on Liens

  	
   

  	
  53

  
	
  Section 4.13.

  	
   

  	
  Designation of Restricted and Unrestricted
  Subsidiaries

  	
   

  	
  53

  
	
  Section 4.14.

  	
   

  	
  Corporate Existence

  	
   

  	
  53

  
	
  Section 4.15.

  	
   

  	
  Offer to Repurchase Upon Change of Control

  	
   

  	
  53

  
	
  Section 4.16.

  	
   

  	
  Anti-Layering

  	
   

  	
  55

  
	
  Section 4.17.

  	
   

  	
  Additional Subsidiary Guarantees

  	
   

  	
  55

  
	
  Section 4.18.

  	
   

  	
  Payments for Consent

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 5

  	
   

  	
   

  
	
   

  	
   

  	
  SUCCESSORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01.

  	
   

  	
  Merger, Consolidation, or Sale of Assets

  	
   

  	
  55

  
	
  Section 5.02.

  	
   

  	
  Successor Company Substitute

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 6

  	
   

  	
   

  
	
   

  	
   

  	
  DEFAULTS AND
  REMEDIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01.

  	
   

  	
  Events of Default

  	
   

  	
  56

  
	
  Section 6.02.

  	
   

  	
  Acceleration

  	
   

  	
  58

  
	
  Section 6.03.

  	
   

  	
  Other Remedies

  	
   

  	
  59

  
	
  Section 6.04.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  59

  
	
  Section 6.05.

  	
   

  	
  Control by Majority

  	
   

  	
  59

  
	
  Section 6.06.

  	
   

  	
  Limitation on Suits

  	
   

  	
  60

  
	
  Section 6.07.

  	
   

  	
  Rights of Holders of Notes to Receive Payment

  	
   

  	
  60

  
	
  Section 6.08.

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  60

  
	
  Section 6.09.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  60

  
	
  Section 6.10.

  	
   

  	
  Priorities

  	
   

  	
  61

  
	
  Section 6.11.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 7

  	
   

  	
   

  
	
   

  	
   

  	
  TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01.

  	
   

  	
  Duties of Trustee

  	
   

  	
  62

  
	
  Section 7.02.

  	
   

  	
  Rights of Trustee

  	
   

  	
  63

  
	
  Section 7.03.

  	
   

  	
  Individual Rights of Trustee.

  	
   

  	
  64

  
	
  Section 7.04.

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  64

  
	
  Section 7.05.

  	
   

  	
  Notice of Defaults

  	
   

  	
  64

  
	
  Section 7.06.

  	
   

  	
  Reports by Trustee to Holders of the Notes

  	
   

  	
  65

  
	
  Section 7.07.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  65

  
	
  Section 7.08.

  	
   

  	
  Replacement of Trustee

  	
   

  	
  66

  
	
  Section 7.09.

  	
   

  	
  Successor Trustee by Merger, etc.

  	
   

  	
  67

  
	
  Section 7.10.

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  67

  
	
  Section 7.11.

  	
   

  	
  Preferential Collection of Claims Against Company

  	
   

  	
  67

  

 

 iv
 

 

	
  

  	
   

  	
  ARTICLE 8

  	
   

  	
   

  
	
   

  	
   

  	
  LEGAL DEFEASANCE
  AND COVENANT DEFEASANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01.

  	
   

  	
  Option to Effect Legal Defeasance or Covenant
  Defeasance

  	
   

  	
  67

  
	
  Section 8.02.

  	
   

  	
  Legal Defeasance and Discharge

  	
   

  	
  67

  
	
  Section 8.03.

  	
   

  	
  Covenant Defeasance

  	
   

  	
  68

  
	
  Section 8.04.

  	
   

  	
  Conditions to Legal or Covenant Defeasance

  	
   

  	
  68

  
	
  Section 8.05.

  	
   

  	
  Deposited Money and Government Securities to be Held
  in Trust; Other Miscellaneous Provisions

  	
   

  	
  69

  
	
  Section 8.06.

  	
   

  	
  Repayment to Company

  	
   

  	
  70

  
	
  Section 8.07.

  	
   

  	
  Reinstatement

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 9

  	
   

  	
   

  
	
   

  	
   

  	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01.

  	
   

  	
  Without Consent of Holders of Notes

  	
   

  	
  71

  
	
  Section 9.02.

  	
   

  	
  With Consent of Holders of Notes

  	
   

  	
  72

  
	
  Section 9.03.

  	
   

  	
  Compliance with Trust Indenture Act

  	
   

  	
  73

  
	
  Section 9.04.

  	
   

  	
  Revocation and Effect of Consents

  	
   

  	
  73

  
	
  Section 9.05.

  	
   

  	
  Notation on or Exchange of Notes

  	
   

  	
  74

  
	
  Section 9.06.

  	
   

  	
  Trustee to Sign Amendments, etc.

  	
   

  	
  74

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 10

  	
   

  	
   

  
	
   

  	
   

  	
  SUBORDINATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.01.

  	
   

  	
  Agreement to Subordinate

  	
   

  	
  74

  
	
  Section 10.02.

  	
   

  	
  Liquidation; Dissolution; Bankruptcy

  	
   

  	
  74

  
	
  Section 10.03.

  	
   

  	
  Default on Designated Senior Debt

  	
   

  	
  75

  
	
  Section 10.04.

  	
   

  	
  Acceleration of Notes

  	
   

  	
  76

  
	
  Section 10.05.

  	
   

  	
  When Distribution Must Be Paid Over

  	
   

  	
  76

  
	
  Section 10.06.

  	
   

  	
  Notice by Company

  	
   

  	
  76

  
	
  Section 10.07.

  	
   

  	
  Subrogation

  	
   

  	
  76

  
	
  Section 10.08.

  	
   

  	
  Relative Rights

  	
   

  	
  76

  
	
  Section 10.09.

  	
   

  	
  Subordination May Not Be Impaired by Company

  	
   

  	
  77

  
	
  Section 10.10.

  	
   

  	
  Distribution or Notice to Representative

  	
   

  	
  77

  
	
  Section 10.11.

  	
   

  	
  Rights of Trustee and Paying Agent

  	
   

  	
  77

  
	
  Section 10.12.

  	
   

  	
  Authorization to Effect Subordination

  	
   

  	
  78

  
	
  Section 10.13.

  	
   

  	
  Amendments

  	
   

  	
  78

  
	
  Section 10.14.

  	
   

  	
  Reliance on Judicial Order or Certificate of
  Liquidating Agent

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 11

  	
   

  	
   

  
	
   

  	
   

  	
  SUBSIDIARY
  GUARANTEES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01.

  	
   

  	
  Guarantees

  	
   

  	
  78

  
	
  Section 11.02.

  	
   

  	
  Subordination of Subsidiary Guarantees

  	
   

  	
  79

  
	
  Section 11.03.

  	
   

  	
  Limitation on Guarantor Liability

  	
   

  	
  80

  
	
  Section 11.04.

  	
   

  	
  Execution and Delivery of Subsidiary Guarantees

  	
   

  	
  80

  
	
  Section 11.05.

  	
   

  	
  Guarantors May Consolidate, etc., on Certain Terms

  	
   

  	
  80

  
	
  Section 11.06.

  	
   

  	
  Releases Following Sale of Assets

  	
   

  	
  81

  

 

 v
 

 

	
  

  	
   

  	
  ARTICLE 12

  	
   

  	
   

  
	
   

  	
   

  	
  SATISFACTION AND
  DISCHARGE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.01.

  	
   

  	
  Satisfaction and Discharge

  	
   

  	
  82

  
	
  Section 12.02.

  	
   

  	
  Application of Trust Money

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 13

  	
   

  	
   

  
	
   

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.01.

  	
   

  	
  Trust Indenture Act Controls

  	
   

  	
  83

  
	
  Section 13.02.

  	
   

  	
  Notices

  	
   

  	
  84

  
	
  Section 13.03.

  	
   

  	
  Communication by Holders of Notes with Other Holders
  of Notes

  	
   

  	
  85

  
	
  Section 13.04.

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  85

  
	
  Section 13.05.

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  85

  
	
  Section 13.06.

  	
   

  	
  Rules by Trustee and Agents

  	
   

  	
  86

  
	
  Section 13.07.

  	
   

  	
  No Personal Liability of Directors, Officers,
  Employees and Stockholders

  	
   

  	
  86

  
	
  Section 13.08.

  	
   

  	
  Governing Law

  	
   

  	
  86

  
	
  Section 13.09.

  	
   

  	
  No Adverse Interpretation of Other Agreements

  	
   

  	
  86

  
	
  Section 13.10.

  	
   

  	
  Successors

  	
   

  	
  86

  
	
  Section 13.11.

  	
   

  	
  Severability

  	
   

  	
  86

  
	
  Section 13.12.

  	
   

  	
  Counterpart Originals

  	
   

  	
  86

  
	
  Section 13.13.

  	
   

  	
  Table of Contents, Headings, etc.

  	
   

  	
  86

  
	
  Section 13.14.

  	
   

  	
  Benefits of Indenture

  	
   

  	
  86

  
	
  Section 13.15

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A1

  	
   

  	
  Form of Note

  	
   

  	
   

  
	
  Exhibit A2

  	
   

  	
  Form of Regulation S Temporary Global Note

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Form of Certificate of Transfer

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Form of Certificate of Exchange

  	
   

  	
   

  
	
  Exhibit D

  	
   

  	
  Form of Certificate From Acquiring Institutional
  Accredited Investor

  	
   

  	
   

  
	
  Exhibit E

  	
   

  	
  Form of Subsidiary Guarantee

  	
   

  	
   

  
	
  Exhibit F

  	
   

  	
  Form of Supplemental Indenture To Be Delivered By
  Subsequent Guarantors

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule I

  	
   

  	
  Schedule of Guarantors

  	
   

  	
   

  

 

 vi

INDENTURE dated as of March 26, 2007 among Asbury
Automotive Group, Inc., a Delaware corporation (the “Company”), the
subsidiary guarantors listed on Schedule I hereto (collectively, the “Guarantors”)
and The Bank of New York, a New York banking corporation, as trustee (the “Trustee”).

The Company, the Guarantors and the Trustee agree as
follows for the benefit of each other and for the equal and ratable benefit of
the Holders of the 7.625% Senior Subordinated Notes due 2017 (the “Notes”):

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01.                                   Definitions.

“144A Global Note” means a global note
substantially in the form of Exhibit A-1 hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered
in the name of, the Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Notes sold in
reliance on Rule 144A.

“Acquired Debt” means, with respect to any
specified Person, (i) Indebtedness of any other Person existing at the time
such other Person is merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person merging with or into, or
becoming a Subsidiary of, such specified Person and (ii) Indebtedness secured
by a Lien encumbering any asset acquired by such specified Person.

“Additional Notes” means additional notes
(other than the Initial Notes) issued from time to time under this Indenture in
accordance with Sections 2.02, 2.14 and 4.09 hereof, as part of the same series
as the Initial Notes.

“Affiliate” of any specified Person means any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of
this definition, “control,” as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided
that beneficial ownership of 10% or more of the Voting Stock of a Person shall
be deemed to be control. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative
meanings.

“Agent” means any Registrar, Paying Agent or
co-registrar.

“Applicable Premium” means, with respect to a
Note at any Redemption Date, the greater of (i) 1.0% of the principal amount of
such Note and (ii) the excess of (A) the present value at such Redemption Date
of (1) the redemption price of such Note at March 15, 2012 (such redemption
price being described in Section 3.07 hereof) plus (2) all required interest
payments due on such Note through March 15, 2012 (excluding accrued but unpaid
interest), computed, in

both cases, using a discount rate equal to the
Treasury Rate plus 50 basis points, over, (B) the principal amount of such
Note.

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

“Asset Sale” means: (i) the sale, lease,
conveyance or other disposition of any assets or rights; provided
that the sale, conveyance or other disposition of all or substantially all of
the assets of the Company and its Subsidiaries taken as a whole will be
governed by Section 4.15 and/or Section 5.01 of this Indenture and not by the
provisions of Section 4.10 hereof; and (ii) the issuance of Equity Interests by
any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in
any of its Restricted Subsidiaries.

Notwithstanding the preceding, the following items
will not be deemed to be Asset Sales: (1) for purposes of Section 4.10
hereof only, any single transaction or series of related transactions that
involves assets having a fair market value of less than $2.5 million; (2) a
transfer of assets between or among the Company and its Restricted
Subsidiaries, (3) an issuance of Equity Interests by a Subsidiary to the
Company or to a Restricted Subsidiary of the Company; (4) the sale or lease of
inventory or accounts receivable in the ordinary course of business; (5) the
sale of obsolete or damaged equipment in the ordinary course of business;(6)
the sale or other disposition of cash of Cash Equivalents; (7) for purposes of
Section 4.10 hereof only, a Restricted Payment or Permitted Investment that is
permitted by Section 4.07 of this Indenture; (8) any sale of Equity Interests
in, or Indebtedness or other securities of, an Unrestricted Subsidiary; and
(9) the creation of Liens.

“Attributable Debt” in respect of a sale and
leaseback transaction means, at the time of determination, the present value of
the obligation of the lessee for net rental payments during the remaining term
of the lease included in such sale and leaseback transaction including any
period for which such lease has been extended or may, at the option of the
lessor, be extended. Such present value shall be calculated using a discount
rate equal to the rate of interest implicit in such transaction, determined in
accordance with GAAP.

“Bankruptcy Law” means Title 11, U.S. Code or
any similar federal or state law for the relief of debtors.

“Beneficial Owner” has the meaning assigned to
such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in
calculating the beneficial ownership of any particular “person” (as that
term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether
such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning.

“Board of Directors” means (i) with respect to
a corporation, the board of directors of the corporation; (ii) with respect to
a partnership, the board of directors of the general partner of the
partnership; and (iii) with respect to any other Person, the board or committee
of such Person serving a similar function.

 2
 

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

“Broker-Dealer” has the meaning set forth in
the Registration Rights Agreement.

“Business Day” means any day other than a Legal
Holiday.

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

“Capital Stock” means: (i) in the case of a
corporation, corporate stock; (ii) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock; (iii) in the case of a partnership or
limited liability company, partnership or membership interests (whether general
or limited); and (iv) any other interest or participation that confers on a
Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person.

“Cash Equivalents” means (i) United States
dollars; (ii) securities issued or directly and fully guaranteed or insured by
the United States government or any agency or instrumentality of the United
States government (provided that
the full faith and credit of the United States is pledged in support of those
securities) having maturities of not more than six months from the date of
acquisition; (iii) time deposit accounts, certificates of deposit and money
market deposits maturing within 180 days of the date of acquisition thereof
issued by a bank or trust company which is organized under the laws of the
United States, any state thereof or any foreign country recognized by the
United States, and which bank or trust company has capital, surplus aggregating
in excess of $500.0 million and has outstanding debt which is rated “A”
(or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the
Securities Act) or any money-market fund sponsored by a registered broker
dealer or mutual fund distributor; (iv) repurchase obligations with a term of
not more than 30 days for underlying securities of the types described in
clauses (ii) and (iii) above entered into with any financial institution
meeting the qualifications specified in clause (iii) above; (v) commercial
paper having the highest rating obtainable from Moody’s Investors Service, Inc.
or Standard & Poor’s Ratings Services (or carrying an equivalent rating by
another nationally recognized statistical rating organization (as defined under
Rule 436 under the Securities Act) if both of such two rating agencies cease
publishing ratings of investments) and maturing not more than 180 days from the
date of acquisition; (vi) money market funds at least 95% of the assets of
which constitute Cash Equivalents of the kinds described in clauses (i) through
(v) above; and (vii) in the case of any Subsidiary organized or having its
principal place of business outside the United States, investments denominated
in the currency of the jurisdiction in which that Subsidiary is organized or
has its principal place of business which are similar to the items specified in
clauses (i) through (vi) above, including, without limitation, any deposit with
a bank that is a lender to any Restricted Subsidiary of the Company.

“Change of Control” means the occurrence of any
of the following: (i) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries, taken as a whole, to
any “person” (as

 3
 

that term is used in Section 13(d)(3) of the Exchange
Act); (ii) the adoption of a plan relating to the liquidation or dissolution of
the Company; (iii) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person”
(as defined above) becomes the Beneficial Owner, directly or indirectly, of
more than 50% of the Voting Stock of the Company, measured by voting power
rather than number of shares; (iv) the first day on which a majority of the
members of the Board of Directors of the Company are not Continuing Directors;
or (v) the Company’s merger or consolidation with or into any Person, or the
consolidation of any Person with, or the merger of any Person with or into, the
Company, in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of the Company or such other Person is converted into
or exchanged for cash, securities or other property, other than any such
transaction where the Voting Stock of the Company outstanding immediately prior
to such transaction is converted into or exchanged for Voting Stock (other than
Disqualified Stock) of the surviving or transferee Person constituting a
majority of the outstanding shares of such Voting Stock of such surviving or
transferee Person (immediately after giving effect to such issuance).

“Clearstream” means ClearStream Bank S.A.

“Company” means Asbury Automotive Group, Inc.,
and any and all successors thereto.

“Consolidated Cash Flow” means, with respect to
any specified Person for any period, the Consolidated Net Income of such Person
for such period plus, without
duplication: (i) provision for taxes based on income or profits of such
Person and its Restricted Subsidiaries for such period, to the extent that such
provision for taxes was deducted in computing such Consolidated Net Income; plus (ii) consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether or not
capitalized ((i) including, without limitation, amortization of debt issuance
costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all
payments associated with Capital Lease Obligations, imputed interest with
respect to Attributable Debt, commissions, discounts and other fees and charges
incurred in respect of letters of credit or bankers’ acceptance financings and
net of the effect of all payments made or received pursuant to Hedging Obligations
and (ii) excluding interest expense attributable to Indebtedness incurred under
Floor Plan Facilities), to the extent that any such expense was deducted in
computing such Consolidated Net Income; plus (iii) depreciation, amortization
(including amortization of goodwill and other intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and
other non-cash expenses (excluding any such non-cash expense to the extent that
it represents an accrual of or reserve for cash expenses in any future period
or amortization of a prepaid cash expense that was paid in a prior period) of
such Person and its Restricted Subsidiaries for such period to the extent that
such depreciation, amortization and other non-cash expenses were deducted in
computing such Consolidated Net Income; minus
(iv) non-cash items increasing such Consolidated Net Income for such
period, other than the accrual of revenue in the ordinary course of business,
in each case, on a consolidated basis and determined in accordance with GAAP.

“Consolidated Net Income” means, with respect
to any specified Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated
basis, determined in accordance with GAAP, provided that:
(i) the Net Income (or loss) of any Person that is not a Restricted Subsidiary
of such Person or that is

 4
 

accounted for by the equity method of accounting will
not be included except such Net Income will be included to the extent of the
amount of dividends or distributions paid in cash to the specified Person or a
Restricted Subsidiary of the Person; (ii) the Net Income of any Restricted
Subsidiary of such Person will be excluded to the extent that the declaration
or payment of dividends or similar distributions by that Restricted Subsidiary
of that Net Income is not at the date of determination permitted without any
prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its stockholders; (iii) the Net
Income (or loss) of any Person acquired in a pooling of interests transaction
for any period prior to the date of such acquisition will be excluded; and (iv)
the cumulative effect of a change in accounting principles will be excluded.

“Consolidated Net Tangible Assets” of any
Person means, as of any date, the amount which, in accordance with GAAP, would
be set forth under the caption “Total Assets” (or any like caption) on a
consolidated balance sheet of such Person and its Restricted Subsidiaries, as
of the end of the most recently ended fiscal quarter for which internal financial
statements are available, less all intangible assets, including, without
limitation, goodwill, organization costs, patents, trademarks, copyrights,
franchises, and research and development costs.

“Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Company who (i) was
a member of such Board of Directors on the date of this Indenture; or (ii) was
nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board at the
time of such nomination or election.

“Corporate Trust Office of the Trustee” shall
be at the address of the Trustee specified in Section 13.02 hereof or such
other address as to which the Trustee may give notice to the Company.

“Credit Agreement” means that Revolving Credit
Agreement, dated as of March 23, 2005, among the Company, the Subsidiary
Borrowers listed therein, as Borrowers, the Lenders listed therein, JPMorgan
Chase Bank, N.A., as Administrative Agent and as Floor Plan Agent, and Bank of
America, N.A., as Syndication Agent, as amended by the First Amendment to
Credit Agreement and Waiver, effective as of March 1, 2006, and the Second
Amendment to Credit Agreement, effective as of August 1, 2006, and the
Third Amendment to Credit Agreement, effective as of March 8, 2007.

“Credit Facility” or “Credit Facilities”
means, one or more debt facilities (including, without limitation, the Credit
Agreement) or commercial paper facilities, in each case with banks or other
institutional lenders providing for revolving credit loans, term loans, or
letters of credit, in each case, as amended, extended, renewed, restated,
supplemented, Refinanced, replaced or otherwise modified (in whole or in part,
and without limitation as to amount, terms, conditions, covenants and other
provisions, or lenders or holders) from time to time.

“Custodian” means the Trustee, as custodian
with respect to the Notes in global form, or any successor entity thereto.

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

 5
 

“Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, substantially in the form of Exhibit A-1 hereto
except that such Note shall not bear the Global Note Legend and shall not have
the “Schedule of Exchanges of Interests in the Global Note” attached
thereto.

“Depositary” means, with respect to the Notes
issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 hereof as the Depositary with respect to the Notes, and any and
all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

“Designated Senior Debt” means (i) any
Obligation outstanding under the Credit Agreement and Floor Plan Facilities;
and (ii) after payment in full of all Obligations under the Credit Agreement
and Floor Plan Facilities, any other Senior Debt permitted under this Indenture
the principal amount of which is $25.0 million or more and that has been
designated by the Company as “Designated Senior Debt.”

“Disqualified Stock” means any Capital Stock
that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the
holder of the Capital Stock), or upon the happening of any event (other than
any event solely within the control of the issuer thereof), matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in
part, on or prior to the date that is 91 days after the date on which the Notes
mature. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders of the Capital Stock
have the right to require the Company to repurchase such Capital Stock upon the
occurrence of a change of control or an asset sale will not constitute
Disqualified Stock if the terms of such Capital Stock provide that the Company
may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section 4.07 hereof.

“Domestic Subsidiary” means any Restricted
Subsidiary of the Company that was formed under the laws of the United States
or any state of the United States or the District of Columbia.

“Equity Interests” means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock).

“Equity Offering” means any primary offering of
common stock of the Company; provided that,
if such primary offering is not a public offering, it shall not include the
portion of such offering made to an Affiliate of the Company.

“Euroclear” means Euroclear Bank.

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

“Exchange Notes” means the Notes issued in the
Exchange Offer pursuant to Section 2.06(f) hereof.

 6
 

“Exchange Offer” has the meaning set forth in
the Registration Rights Agreement.

“Exchange Offer Registration Statement” has the
meaning set forth in the Registration Rights Agreement.

“Existing Indebtedness” means Indebtedness of
the Company and its Restricted Subsidiaries (other than Indebtedness under the
Credit Agreement and Floor Plan Facilities) in existence on the date of this
Indenture (including the Company’s 3.00% Senior Subordinated Convertible Notes
due 2012), until such amounts are repaid.

“Existing Senior Subordinated Indentures” mean
(i) that certain Indenture, dated as of June 5, 2002, governing the
Company’s 9% Senior Subordinated Notes due 2012, as amended by that certain
First Supplemental Indenture, dated as of March 19, 2003, that certain Second
Supplemental Indenture, dated as of December 23, 2003, that certain Third
Supplemental Indenture, dated as of December 7, 2004, that certain Fourth
Supplemental Indenture, dated as of September 30, 2005, and that certain Fifth
Supplemental Indenture, dated as of March 8, 2007 (ii) that certain
Indenture, dated as of December 23, 2003, governing the Company’s 8%
Senior Subordinated Notes due 2014, as amended by that certain First
Supplemental Indenture, dated as of January 21, 2004, that certain Second
Supplemental Indenture, dated as of December 23, 2003, that certain Third
Supplemental Indenture, dated as of September 30, 2005, and that certain Fourth
Supplemental Indenture, dated as of March 15, 2007 and (iii) that certain
Indenture, dated as of March 16, 2007, governing the Company’s 3.00% Senior
Subordinated Convertible Notes due 2012, as amended or supplemented.

“Existing Senior Subordinated Notes” means, as
of any time of determination, notes outstanding at such time of determination
issued by the Company under the Existing Senior Subordinated Indentures.

“Existing Senior Subordinated Notes Guarantees”
means, as of any time of determination, guarantees outstanding at such time of
determination entered into by Subsidiaries of the Company to guarantee the
Company’s obligations under the Existing Senior Subordinated Indentures.

“Fixed Charges” means, with respect to any
specified Person and its Restricted Subsidiaries for any period, the sum,
without duplication, of: (i) the consolidated interest expense of such Person
and its Restricted Subsidiaries for such period, including, without limitation,
amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease
Obligations, imputed interest with respect to Attributable Debt, commissions,
discounts and other fees and charges incurred in respect of letter of credit or
bankers’ acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations (but excluding interest expense
attributable to Indebtedness incurred under Floor Plan Facilities); plus (ii) the consolidated interest of
such Person and its Restricted Subsidiaries that was capitalized during such
period; plus (iii) any interest expense on Indebtedness of another Person that
is Guaranteed by such Person or one of its Restricted Subsidiaries or secured
by a Lien on assets of such Person or one of its Restricted Subsidiaries,
whether or not such Guarantee or Lien is called upon; plus (iv) the product of
(A) all dividends, whether or not in cash, on any series of preferred stock of
such Person or any of its Restricted

 7
 

Subsidiaries, other than dividends on Equity Interests
payable solely in Equity Interests of the Company (other than Disqualified
Stock) or the applicable Restricted Subsidiary to the Company or a Restricted
Subsidiary of the Company, times (B)
a fraction, the numerator of which is one and the denominator of which is one
minus the effective combined federal, state and local tax rate of such Person
for such period as estimated by the chief financial officer of such Person in
good faith, expressed as a decimal, in each case, on a consolidated basis and
in accordance with GAAP.

“Fixed Charge Coverage Ratio” means with
respect to any specified Person for any period, the ratio of the Consolidated
Cash Flow of such Person and its Restricted Subsidiaries for such period to the
Fixed Charges of such Person and its Restricted Subsidiaries for such period.
In the event that the specified Person or any of its Restricted Subsidiaries
incurs, assumes, Guarantees, repays, repurchases or redeems any Indebtedness
(other than ordinary working capital borrowings) or issues, repurchases or
redeems preferred stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated and on or prior to the date
on which the event for which the calculation of the Fixed Charge Coverage Ratio
is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio
will be calculated giving pro forma effect to such incurrence, assumption,
Guarantee, repayment, repurchase or redemption of Indebtedness, or such
issuance, repurchase or redemption of preferred stock, and the use of the
proceeds therefrom as if the same had occurred at the beginning of the
applicable four-quarter reference period. In addition, for purposes of calculating
the Fixed Charge Coverage Ratio: (i) acquisitions that have been made by the
specified Person or any of its Restricted Subsidiaries, including through
mergers or consolidations and including any related financing transactions,
during the four-quarter reference period or subsequent to such reference period
and on or prior to the Calculation Date will be given pro forma effect as if
they had occurred on the first day of the four-quarter reference period and
Consolidated Cash Flow for such reference period will be calculated on a pro
forma basis in accordance with Regulation S-X under the Securities Act, but
without giving effect to clause (iii) of the proviso set forth in the
definition of Consolidated Net Income; (ii) the Consolidated Cash Flow
attributable to discontinued operations, as determined in accordance with GAAP,
and operations or businesses disposed of prior to the Calculation Date, will be
excluded; and (iii) the Fixed Charges attributable to discontinued operations,
as determined in accordance with GAAP, and operations or businesses disposed of
prior to the Calculation Date, will be excluded, but only to the extent that
the obligations giving rise to such Fixed Charges will not be obligations of
the specified Person or any of its Restricted Subsidiaries following the
Calculation Date. For purposes of this definition, whenever pro forma effect is
to be given to an acquisition of assets, the amount of income or earnings
relating thereto and the amount of Fixed Charges associated with any Indebtedness
incurred in connection therewith, the pro forma calculations shall be
determined in good faith by the chief financial officer of the Company. If any
Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the date of determination had been the applicable rate for the entire
period (taking into account any Hedging Obligation applicable to such
Indebtedness if such Hedging Obligation has a remaining term in excess of 12
months).

“Floor Plan Facility” means an agreement with
Ford Motor Credit Company, General Motors Acceptance Corporation,
DaimlerChrysler Services North America LLC or any other lending institution
affiliated with a Manufacturer or any bank or asset-based lender under which
the Company or its Restricted Subsidiaries incur Indebtedness, all of the net
proceeds of which are used to purchase, finance or refinance vehicles and/or
vehicle parts and supplies to be sold in the ordinary course of the business of
the Company and its Restricted Subsidiaries and

 8
 

which may not be secured except by a Lien that does
not extend to or cover any property other than property of the dealership(s)
which use the proceeds of the Floor Plan Facility or other dealerships who have
incurred Indebtedness from the same lender.

“GAAP” means generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect from time
to time.

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

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

“Government Securities” 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.

“Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of
business, direct or indirect, in any manner including, without limitation, by
way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness.

“Guarantor” means any Subsidiary of the Company
that guarantees the Notes in accordance with the provisions of this Indenture.

“Hedging Obligations” means, with respect to
any specified Person, the obligations of such Person under (i) interest rate
swap agreements, interest rate cap agreements and interest rate collar
agreements; and (ii) other agreements or arrangements of a similar character
designed to protect such Person against fluctuations in interest rates.

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

“Indebtedness” means, with respect to any
specified Person, any indebtedness of such Person, whether or not contingent:
(i) in respect of borrowed money; (ii) evidenced by bonds, notes, debentures or
similar instruments or letters of credit (or reimbursement agreements in
respect thereof); (iii) in respect of banker’s acceptances; (iv) representing
Capital Lease Obligations or Attributable Debt in respect of sale and leaseback
transactions; (v) representing the balance deferred and unpaid of the purchase
price of any property, except any such balance that constitutes an accrued
expense or trade payable; or (vi) representing any Hedging Obligations, if and
to the extent any of the preceding items (other than letters of credit,
Attributable Debt and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In
addition, the term “Indebtedness” includes all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not

 9
 

such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the specified
Person of any Indebtedness of any other Person. The amount of any Indebtedness
outstanding as of any date will be: (1) the accreted value of the Indebtedness,
in the case of any Indebtedness issued with original issue discount; or (2) the
principal amount of the Indebtedness. In addition, for the purpose of avoiding
duplication in calculating the outstanding principal amount of Indebtedness for
purposes of Section 4.09 hereof, Indebtedness arising solely by reason of the
existence of a Lien to secure other Indebtedness permitted to be incurred under
Section 4.09 hereof will not be considered incremental Indebtedness.
Indebtedness shall not include the obligations of any Person (A) resulting from
the endorsement of negotiable instruments for collection in the ordinary course
of business and (B) under stand-by letters of credit to the extent
collateralized by cash or Cash Equivalents.

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

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

“Initial Notes” means the first $150,000,000
aggregate principal amount of Notes issued under this Indenture on the date
hereof.

“Initial Purchasers” means Goldman, Sachs &
Co. and Deutsche Bank Securities Inc.

“Institutional Accredited Investor” means an
institution that is an “accredited investor” as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.

“Investments” means, with respect to any
Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding commission, travel
and similar advances to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would
be classified as investments on a balance sheet prepared in accordance with GAAP.
If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary of the Company, the Company
will be deemed to have made an Investment on the date of any such sale or
disposition equal to the fair market value of the Equity Interests of such
Subsidiary not sold or disposed of in an amount determined as provided in the
final paragraph of Section 4.07 hereof. The acquisition by the Company or any
Restricted Subsidiary of the Company of a Person that holds an Investment in a
third Person will be deemed to be an Investment by the Company or such Restricted
Subsidiary in such third Person in an amount equal to the fair market value of
the Investment held by the acquired Person in such third Person in an amount
determined as provided in the final paragraph of Section 4.07 hereof. Except as
otherwise provided for herein, the amount of an Investment shall be its fair
value at the time the Investment is made and without giving effect to
subsequent changes in value.

“Issue Date” means March 26, 2007.

 10
 

“Legal Holiday” means a Saturday, a Sunday or a
day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed.
If a payment date is a Legal Holiday at a place of payment, payment may be made
at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period.

“Letter of Transmittal” means the letter of
transmittal to be prepared by the Company and sent to all Holders of the Notes
for use by such Holders in connection with the Exchange Offer.

“Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of an agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction.

“Manufacturer” means a vehicle manufacturer
which is a party to a dealership or national framework franchise agreement with
the Company or a Restricted Subsidiary of the Company.

“Net Income” means, with respect to any
specified Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however: (i) any gain (or loss), together with any
related provision for taxes on such gain (or loss), realized in connection
with: (A) any Asset Sale; or (B) the disposition of any securities by such
Person or any of its Restricted Subsidiaries or the extinguishment of any
Indebtedness of such Person or any of its Restricted Subsidiaries; and
(ii) any extraordinary gain (or loss), together with any related provision
for taxes on such extraordinary gain (or loss).

“Net Proceeds” means the aggregate cash
proceeds received by the Company or any of its Restricted Subsidiaries in
respect of any Asset Sale (including, without limitation, any cash received
upon the sale or other disposition of any non-cash consideration received in
any Asset Sale, but only as and when received), in each case net of (i) the
direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, recording fees,
title transfer fees, appraiser fees, cost of preparation of assets for sale,
and any relocation expenses incurred as a result of the Asset Sale, (ii) taxes
paid or payable as a result of the Asset Sale, in each case, after taking into
account any available tax credits or deductions and any tax sharing
arrangements, (iii) amounts required to be applied to the repayment of
Indebtedness secured by a Lien on the asset or assets that were the subject of
such Asset Sale, (iv) all pro rata distributions and other pro rata payments
required to be made to minority interest holders in Restricted Subsidiaries of
the Company or joint ventures as a result of such Asset Sale, and (v) any
reserve for adjustment in respect of the sale price of such asset or assets
established in accordance with GAAP.

“Non-Recourse Debt” means Indebtedness: (i) as
to which neither the Company nor any of its Restricted Subsidiaries (a)
provides credit support of any kind (including any undertaking, agreement or
instrument that would constitute Indebtedness), (b) is directly or indirectly
liable as a guarantor or otherwise or (c) constitutes the lender; (ii) no
default with

 11
 

respect to which (including any rights that the
holders of the Indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any
holder of any other Indebtedness (other than the notes) of the Company or any
of its Restricted Subsidiaries to declare a default on such other Indebtedness
or cause the payment of the Indebtedness to be accelerated or payable prior to
its stated maturity; and (iii) as to which the lenders have been notified in
writing (which may be by the terms of the instrument evidencing such
Indebtedness) that they will not have any recourse to the stock (other than the
stock of an Unrestricted Subsidiary pledged by the Company or any of its
Restricted Subsidiaries) or assets of the Company or any of its Restricted
Subsidiaries.

“Non-U.S. Person” means a Person who is not a
U.S. Person.

“Notes” has the meaning assigned to it in the
preamble to this Indenture. The Initial Notes and the Additional Notes shall be
treated as a single class for all purposes under this Indenture, and unless the
context otherwise requires, all references to the Notes shall include the
Initial Notes and any Additional Notes.

“Obligations” means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness.

“Offering” means the offering of the Notes by
the Company.

“Officer” means, with respect to any Person,
the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any
Assistant Treasurer, the Controller, the Secretary or any Vice-President of
such Person.

“Officers’ Certificate” means a certificate
signed on behalf of the Company by two Officers of the Company, one of whom
must be the principal executive officer, the principal financial officer, the
treasurer or the principal accounting officer of the Company, that meets the
requirements of Section 13.05 hereof.

“Opinion of Counsel” means an opinion from
legal counsel that meets the requirements of Section 13.05 hereof. The counsel
may be an employee of or counsel to the Company or any Subsidiary of the
Company.

“Participant” means, with respect to the
Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC,
shall include Euroclear and Clearstream).

“Permitted Business” means any business that
derives a majority of its revenues from the business engaged in by the Company
and its Restricted Subsidiaries on the date of original issuance of the Notes
and/or activities that are reasonably similar, ancillary, incidental,
complementary or related to, or a reasonable extension, development or
expansion of, the businesses in which the Company and its Restricted
Subsidiaries are engaged on the date of original issuance of the Notes.

 12
 

“Permitted Investments” means (i) any
Investment in the Company or in a Restricted Subsidiary of the Company;
(ii) any Investment in cash or Cash Equivalents; (iii) any Investment
by the Company or any Restricted Subsidiary of the Company in a Person, if as a
result of such Investment: (A) such Person becomes a Restricted Subsidiary
of the Company; or (B) such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company;
(iv) any Investment made as a result of the receipt of non-cash
consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.10 hereof; (v) any Investment to the extent made in
exchange for the issuance of Equity Interests (other than Disqualified Stock)
of the Company; (vi) Hedging Obligations; (vii) Investments in
prepaid expenses, negotiable instruments held for collection and lease, utility
and workers’ compensation, performance and other similar deposits;
(viii) transactions with officers, directors and employees of the Company
or any of its Restricted Subsidiaries entered into in the ordinary course of
business (including compensation, employee benefit or indemnity arrangements
with any such officer, director or employee) and consistent with past business
practices; (ix) any Investment consisting of a guarantee permitted under
Section 4.09 hereof; (x) Investments consisting of non-cash consideration
received in the form of securities, notes or similar obligations in connection
with dispositions of obsolete assets or assets damaged in the ordinary course
of business and permitted pursuant to this Indenture; (xi) advances, loans
or extensions of credit to suppliers in the ordinary course of business by the
Company or any of its Restricted Subsidiaries; (xii) Investments
(including debt obligations) received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent
obligations of, and other disputes with, customers and suppliers arising in the
ordinary course of business; (xiii) loans and advances to employees made
in the ordinary course of business not to exceed $2.5 million in the aggregate
at any time outstanding; (xiv) payroll, travel and similar advances to
cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary
course of business; (xv) Investments in any Person to the extent such
Investment existed on date of this Indenture and any Investment that replaces,
refinances or refunds such an Investment, provided that
the new Investment is in an amount that does not exceed that amount replaced,
refinanced or refunded and is made in the same Person as the Investment
replaced, refinanced or refunded; (xvi) trade receivables and prepaid
expenses, in each case arising in the ordinary course of business; provided that such receivables and prepaid expenses would be
recorded as assets in accordance with GAAP; and (xvii) other Investments
in any Person having an aggregate fair market value, when taken together with
all other Investments made pursuant to this clause (xvii) since the date
of this Indenture not to exceed $15.0 million.

“Permitted Junior Securities” means (i) Equity
Interests in the Company or any Guarantor; or (ii) debt securities that are
subordinated to all Senior Debt (and any debt securities issued in exchange for
Senior Debt) to substantially the same extent as, or to a greater extent than,
the Notes and the Subsidiary Guarantees are subordinated to Senior Debt under
this Indenture.

“Permitted Liens” means (i) Liens of the
Company or any of its Restricted Subsidiaries securing Senior Debt that was
permitted by the terms of this Indenture to be incurred; (ii) Liens upon any
property or assets of the Company or any of its Restricted Subsidiaries, now
owned or hereafter acquired, which secures any Indebtedness that ranks pari passu with or subordinate to the
Notes; provided that (A) if such
Lien secures Indebtedness which is pari
passu with the Notes, the Notes are secured on an equal and ratable
basis with the Indebtedness so secured until such time as such Indebtedness is
no longer secured by a Lien, or

 13
 

(B) if such Lien secures Indebtedness which is
subordinated to the Notes, any such Lien shall be subordinated to a Lien
granted to the holders of the Notes in the same collateral as that securing
such Lien to the same extent as such subordinated Indebtedness is subordinated
to the Notes; (iii) Liens in favor of the Company or any of its Restricted
Subsidiaries; (iv) Liens on property of a Person existing at the time such
Person is merged with or into or consolidated with the Company or any
Subsidiary thereof; provided that
such Liens were in existence prior to the contemplation of such merger or
consolidation and do not extend to any assets other than those of the Person
merged into or consolidated with the Company or such Subsidiary; (v) Liens on
property existing at the time of acquisition of the property by the Company or
any Subsidiary of the Company, provided that
such Liens were in existence prior to the contemplation of such acquisition;
(vi) Liens to secure the performance of statutory obligations, surety or
appeal bonds, performance bonds or other obligations of a like nature incurred
in the ordinary course of business; (vii) Liens to secure Indebtedness
(including Capital Lease Obligations) permitted by clause (v) of the definition
of Permitted Debt; (viii) Liens existing on the date of this Indenture; (ix)
Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings
promptly instituted and diligently concluded, provided
that any reserve or other appropriate provision as is required in
conformity with GAAP has been made therefore; and (x) Liens incurred in the
ordinary course of business of the Company or any Restricted Subsidiary of the
Company with respect to obligations that do not exceed $10.0 million at any one
time outstanding.

“Permitted Refinancing Indebtedness” means any
Indebtedness of the Company or any of its Restricted Subsidiaries issued to
Refinance other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided
that: (i) the principal amount (or accreted value, if applicable) of such
Permitted Refinancing Indebtedness does not exceed the principal amount (or
accreted value, if applicable) of the Indebtedness being Refinanced (plus all
accrued interest on the Indebtedness and the amount of all expenses and
premiums incurred in connection therewith); (ii) such Permitted Refinancing
Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the
Weighted Average Life to Maturity of, the Indebtedness being Refinanced; (iii)
if the Indebtedness being Refinanced is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and is subordinated in right of payment to,
the notes on terms at least as favorable to the Holders of Notes as those
contained in the documentation governing the Indebtedness being Refinanced; and
(iv) such Indebtedness is incurred either by the Company or by the Restricted
Subsidiary who is the obligor on the Indebtedness being Refinanced.

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

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

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

“Refinance” means, in respect of any
Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem,
defease or retire, or to issue other Indebtedness in exchange or

 14
 

replacement for, such Indebtedness. “Refinanced”
and “Refinancing” shall have correlative meanings.

“Registration Default” has the meaning provided
in the Registration Rights Agreement.

“Registration Default Period” has the meaning
provided in the Registration Rights Agreement.

“Registration Rights Agreement” means the
Exchange and Registration Rights Agreement, dated as of March 26, 2007, by and
among the Company and the other parties named on the signature pages thereof,
as such agreement may be amended, modified or supplemented from time to time
and, with respect to any Additional Notes, one or more registration rights
agreements between the Company and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time,
relating to rights, if any, given by the Company to the purchasers of
Additional Notes to register such Additional Notes under the Securities Act.

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

“Regulation S Global Note” means a global Note
bearing the Private Placement Legend and deposited with or on behalf of the
Depositary and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Notes
initially sold in reliance on Rule 903 of Regulation S.

“Regulation S Permanent Global Note” means a
permanent global Note in the form of Exhibit A2 hereto bearing the Global Note
Legend and Private Placement Legend and deposited with or on behalf of and
registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Regulation S
Temporary Global Note upon expiration of the Restricted Period.

“Regulation S Temporary Global Note” means a
temporary global Note in the form of Exhibit A2 hereto bearing the Private
Placement Legend and deposited with or on behalf of and registered in the name
of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule
903 of Regulation S.

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

“Replacement Assets” means (x) properties and
assets (other than cash or any Capital Stock or other security) that will be
used in a Permitted Business of the Company and its Restricted Subsidiaries or
(y) Capital Stock of any Person that will become on the date of acquisition
thereof a Restricted Subsidiary as a result of such Acquisition and that is
involved principally in Permitted Businesses.

“Representative” means the indenture trustee or
other trustee, agent or representative for any Senior Debt.

 15

“Responsible Officer,” when used with respect
to the Trustee, means any officer within the Corporate Trust Administration
group of the Trustee (or any successor group of the Trustee) including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity
with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

“Restricted Definitive Note” means a Definitive
Note bearing the Private Placement Legend.

“Restricted Global Note” means a Global Note
bearing the Private Placement Legend.

“Restricted Investment” means an Investment
other than a Permitted Investment.

“Restricted Period” means the 40-day
distribution compliance period as defined in Regulation S.

“Restricted Subsidiary” of a Person means any
Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

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

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

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

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

“SEC” means the Securities and Exchange
Commission.

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

“Senior Debt” means: (i) all Indebtedness of
the Company or any Guarantor outstanding under Credit Facilities, and all
Hedging Obligations with respect thereto, and under Floor Plan Facilities; (ii)
any other Indebtedness of the Company or any Guarantor permitted to be incurred
under the terms of this Indenture; and (iii) all Obligations with respect to
the items listed in the preceding clauses (i) and (ii); unless in the case of
clauses (i) and (ii), the instrument under which such Indebtedness is incurred
expressly provides that it is on a parity with or subordinated in right of
payment to the Notes or any Subsidiary Guarantee, as the case may be.

Notwithstanding anything to the contrary in the
preceding paragraph, Senior Debt will not include:  (a) any liability for federal, state, local
or other taxes owed or owing by the Company; (b) any intercompany Indebtedness
of the Company or any of its Restricted Subsidiaries owing to the Company or
any of its Affiliates; (c) any trade payables; or (d) the portion of any
Indebtedness that is incurred in violation of this Indenture.

 16
 

“Senior Subordinated Indebtedness” means, with
respect to any Person, the Notes and the Existing Senior Subordinated Notes (in
the case of the Company), the Subsidiary Guarantees and the Existing Senior
Subordinated Notes Guarantees (in the case of a Guarantor), and any other
Indebtedness of such Person that specifically provides that such Indebtedness
is to rank pari passu with the
Notes, the Existing Senior Subordinated Notes or such Subsidiary Guarantee or
Existing Senior Subordinated Notes Guarantee, as the case may be, in right of
payment and is not subordinated by its terms in right of payment to any
Indebtedness or other obligation of such Person which is not Senior Debt of such
Person.

“Shelf Registration Statement” means the Shelf
Registration Statement as defined in the Registration Rights Agreement.

“Significant Subsidiary” means any Restricted
Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as
such regulation is in effect on the date of this Indenture.

“Special Interest” means special interest
payable to Holders of Notes following the occurrence of a Registration Default
in an amount equal to $.05 per week per $1,000 principal amount of Notes, and
in an amount increasing by an additional $.05 per week per $1,000 principal
amount of Notes with respect to each subsequent 90 days of the Registration
Default Period until all Registration Defaults have been cured, up to a maximum
amount of Special Interest for all Registration Defaults of $.50 per week per
$1,000 principal amount of Notes as described under Section 2 of the
Registration Rights Agreement.

“Stated Maturity” means, with respect to any
installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the
original documentation governing such Indebtedness, but excluding any provision
providing for any contingent obligations to repay, redeem or repurchase any
such interest or principal prior to the date originally scheduled for the
payment thereof.

“Subsidiary” means, with respect to any
specified Person (i) any corporation, limited liability company, association or
other business entity whether now existing or hereafter formed or acquired of
which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees of the corporation, association or
other business entity is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that
Person (or a combination thereof); and (ii) any partnership whether now
existing or hereafter formed or acquired (A) the sole general partner or the
managing general partner of which is such Person or a Subsidiary of such Person
or (B) the only general partners of which are that Person or one or more
Subsidiaries of that Person (or any combination thereof).

“Subsidiary Guarantee” means a Guarantee by a
Guarantor of the Company’s obligations with respect to the Notes.

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

“Treasury Rate” means the yield to maturity at
a time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent

 17
 

Federal Reserve Statistical Release H.15 (519) which
has become publicly available at least two business days prior to the
Redemption Date (or, if such Statistical Release is no longer published, any
publicly available source similar market data)) most nearly equal to the period
from the Redemption Date to March 15, 2012, provided,
however, that if the period from
the Redemption Date to March 15, 2012 is not equal to the constant maturity of
a United States Treasury security for which a weekly average yield is given,
the Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury securities for which such yields are given, except that if the period
from the Redemption Date to March 15, 2012 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to
a constant maturity of one year shall be used.

“Trustee” means the party named as such above
until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder.

“Unrestricted Global Note” means a permanent
Global Note substantially in the form of Exhibit A1 attached hereto that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in
the Global Note” attached thereto, and that is deposited with or on behalf of
and registered in the name of the Depositary, representing a series of Notes
that do not bear the Private Placement Legend.

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

“Unrestricted Subsidiary” means any Subsidiary
of the Company that is designated by the Board of Directors of the Company as
an Unrestricted Subsidiary pursuant to a Board Resolution, and any Subsidiary
of an Unrestricted Subsidiary, but only to the extent that such Subsidiary: (i)
has no Indebtedness other than Non-Recourse Debt; (ii) is not party to any
agreement, contract, arrangement or understanding with the Company or any
Restricted Subsidiary of the Company unless the terms of any such agreement,
contract, arrangement or understanding are no less favorable to the Company or
such Restricted Subsidiary than those that might be obtained at the time from
Persons who are not Affiliates of the Company; (iii) is a Person with respect
to which neither the Company nor any of its Restricted Subsidiaries has any
direct or indirect obligation (A) to subscribe for additional Equity Interests
or (B) to maintain or preserve such Person’s financial condition or to cause
such Person to achieve any specified levels of operating results; (iv) has not
guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of the Company or any of its Restricted Subsidiaries; and (v) has
at least one director on its Board of Directors that is not a director or
executive officer of the Company or any Restricted Subsidiary of the Company and
has at least one executive officer that is not a director or executive officer
of the Company or any Restricted Subsidiary of the Company.  Any designation of a Subsidiary of the
Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing
with the Trustee a certified copy of the Board Resolution giving effect to such
designation and an officers’ certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07
hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the
preceding requirements as an Unrestricted Subsidiary, it will thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary of the Company as of such date and, if such Indebtedness is not
permitted to be incurred as of

 18
 

such date under Section 4.09 hereof, the Company will
be in default of such covenant. The Board of Directors of the Company may at
any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary, provided that such designation will be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of the Company of any
outstanding Indebtedness of such Unrestricted Subsidiary and such designation
will only be permitted if: (x) such Indebtedness is permitted under Section
4.09 hereof, calculated on a pro forma basis as if such designation had
occurred at the beginning of the four-quarter reference period; and (y) no
Default or Event of Default would occur or be in existence following such
designation.

“U.S. Person” means a U.S. person as defined in
Rule 902(k) under the Securities Act.

“Voting Stock” of any Person as of any date
means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person.

“Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by
dividing: (i) the sum of the products obtained by multiplying (A) the amount of
each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect
of the Indebtedness, by (B) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment;
by (ii) the then outstanding principal amount of such Indebtedness.

Section 1.02.                                   Other
Definitions.

	
  Term

  	
   

  	
  Defined

  in Section

  
	
   

  	
   

  	
   

  
	
  “Affiliate
  Transaction”

  	
   

  	
  4.11

  
	
  “Asset Sale
  Offer”

  	
   

  	
  3.09, 4.10

  
	
  “Asset Sale
  Offer Price”

  	
   

  	
  4.10

  
	
  “Authentication
  Order”

  	
   

  	
  2.02

  
	
  “Change of
  Control Offer”

  	
   

  	
  4.15

  
	
  “Change of
  Control Payment”

  	
   

  	
  4.15

  
	
  “Change of
  Control Payment Date”

  	
   

  	
  4.15

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.03

  
	
  “DTC”

  	
   

  	
  2.03

  
	
  “Event of
  Default”

  	
   

  	
  6.01

  
	
  “Excess
  Proceeds”

  	
   

  	
  4.10

  
	
  “incur”

  	
   

  	
  4.09

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.02

  
	
  “Offer Amount”

  	
   

  	
  3.09

  
	
  “Offer Period”

  	
   

  	
  3.09

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Payment
  Default”

  	
   

  	
  6.01

  
	
  “Permitted Debt”

  	
   

  	
  4.09

  
	
  “Purchase Date”

  	
   

  	
  3.09

  
	
  “Redemption Date”

  	
   

  	
  3.07

  
	
  “Registrar”

  	
   

  	
  2.03

  

 

 19
 

 

	
  Term

  	
   

  	
  Defined

  in Section

  
	
   

  	
   

  	
   

  
	
  “Restricted
  Payments”

  	
   

  	
  4.07

  
	
  “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 used in this Indenture have
the following meanings:

“indenture securities” means the Notes;

“indenture security Holder” means a Holder of a Note;

“indenture to be qualified” means this Indenture;

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

“obligor” on the Notes and the Subsidiary Guarantees
means the Company and the Guarantors, respectively, and any successor obligor
upon the Notes and the Subsidiary Guarantees, respectively.

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

Section 1.04.                                   Rules
of Construction.

Unless the context otherwise requires:

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

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

(c)           “or”
is not exclusive;

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

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

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

 20
 

ARTICLE
2

THE NOTES

Section 2.01.                                   Form
and Dating.

(a)           General.  The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock
exchange rule or usage. Each Note shall be dated the date of its
authentication. The Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture, and the
Company, the Guarantors and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

(b)           Global
Notes.  Notes issued in global form
shall be substantially in the form of Exhibits A1 or A2 attached hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive
form shall be substantially in the form of Exhibit A1 attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges
of Interests in the Global Note” attached thereto). Each Global Note shall
represent such of the outstanding Notes as shall be specified therein and each
shall provide that it shall represent the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the aggregate principal amount of outstanding Notes represented
thereby shall be made by the Trustee or the Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06 hereof.

(c)           Temporary
Global Notes.  Notes offered and sold
in reliance on Regulation S shall be issued initially in the form of the
Regulation S Temporary Global Note, which shall be deposited on behalf of the
purchasers of the Notes represented thereby with the Trustee, at its New York
office, as custodian for the Depositary, and registered in the name of the
Depositary or the nominee of the Depositary for the accounts of designated
agents holding on behalf of Euroclear or Clearstream Bank, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The
Restricted Period shall be terminated upon the receipt by the Trustee of (i) a
written certificate from the Depositary, together with copies of certificates
from Euroclear and Clearstream Bank certifying that they have received
certification of non-United States beneficial ownership of 100% of the aggregate
principal amount of the Regulation S Temporary Global Note (except to the
extent of any beneficial owners thereof who acquired an interest therein during
the Restricted Period pursuant to another exemption from registration under the
Securities Act and who will take delivery of a beneficial ownership interest in
a 144A Global Note bearing a Private Placement Legend, all as contemplated by
Section 2.06(a)(ii) hereof), and (ii) an Officers’ Certificate from the
Company. Following the termination of the Restricted Period, beneficial
interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in Regulation S Permanent Global Notes pursuant to the
Applicable Procedures. Simultaneously with the authentication of Regulation S Permanent
Global

 21
 

Notes, the Trustee shall cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and
the Regulation S Permanent Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

(d)           Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures
of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear”
and the “General Terms and Conditions of Clearstream” and “Customer Handbook”
of Clearstream shall be applicable to transfers of beneficial interests in the
Regulation S Temporary Global Note and the Regulation S Permanent Global Notes
that are held by Participants through Euroclear or Clearstream.

Section 2.02.                                   Execution
and Authentication.

An Officer shall sign the Notes for the Company by
manual or facsimile signature.

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

A Note shall not be valid until authenticated by the
manual signature of the Trustee. The signature shall be conclusive evidence
that the Note has been authenticated under this Indenture.

On the Issue Date, the Trustee shall, upon a written
order of the Company signed by an Officer (an “Authentication Order”),
authenticate Notes for original issue up to $150,000,000 in aggregate principal
amount and, upon delivery of any Authentication Order at any time and from time
to time thereafter, the Trustee shall authenticate Notes for original issue in
an aggregate principal amount specified in such Authentication Order.

The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Notes. An authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Company.

Section 2.03.                                   Registrar
and Paying Agent.

The Company shall maintain an office or agency where
Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may appoint one or more co-registrars and
one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent.
The Company may change any Paying Agent or Registrar without notice to any
Holder. The Company shall promptly notify the Trustee in writing of the name
and address of any Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying
Agent or Registrar.

 22
 

The Company initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes.

The Company initially appoints the Trustee to act as
the Registrar and Paying Agent and to act as Custodian with respect to the
Global Notes.

Section 2.04.                                   Paying
Agent to Hold Money in Trust.

The Company shall require each Paying Agent other than
the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal, premium, or Special Interest if any, or interest on
the Notes, 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 acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent.
Upon any bankruptcy or reorganization proceedings relating to the Company, the
Trustee shall serve as Paying Agent for the Notes.

Section 2.05.                                   Holder
Lists.

The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA § 312(a). If the
Trustee is not the Registrar, the Company shall furnish to the Trustee in
writing at least seven Business Days before each interest payment date and at
such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and
addresses of the Holders of Notes and the Company shall otherwise comply with TIA
§ 312(a).

Section 2.06.                                   Transfer
and Exchange.

(a)           Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a
whole except by the Depositary to a nominee of the Depositary, by a nominee of
the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of
such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if (i) the Company delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or
that it is no longer a clearing agency registered under the Exchange Act and,
in either case, a successor Depositary is not appointed by the Company within
120 days after the date of such notice from the Depositary or (ii) the Company
in its sole discretion determines that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and delivers a written notice to
such effect to the Trustee; provided that
in no event shall the Regulation S Temporary Global Note be exchanged by the
Company for Definitive Notes prior to the expiration of the Restricted
Period.  Upon the occurrence of either of
the preceding events in (i) or (ii) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu

 23
 

of, a Global Note or any portion thereof, pursuant to this Section 2.06
or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note. A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a), however,
beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(b), (c) or (f) hereof.

(b)           Transfer
and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes shall be subject to the
restrictions set forth herein to the extent required by the Securities Act.
Transfers of beneficial interests in the Global Notes also shall require
compliance with either subparagraph (i) or (ii) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable:

(i)            Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any
Restricted Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement
Legend; provided that prior to the expiration of
the Restricted Period, transfers of beneficial interests in the Regulation S
Temporary Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section
2.06(b)(i).

(ii)           All Other Transfers
and Exchanges of Beneficial Interests in Global Notes. In connection with all
transfers and exchanges of beneficial interests that are not subject to Section
2.06(b)(i) above, the transferor of such beneficial interest must deliver to
the Registrar either (A) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in
accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B) (1) a written
order from a Participant or an Indirect Participant given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to cause to
be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given by the Depositary to the
Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred
to in (1) above; provided that in no event shall
Definitive Notes be issued upon the transfer or exchange of beneficial
interests in the Regulation S Temporary Global Note prior to the expiration of
the Restricted Period.  Upon consummation
of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(ii) shall be deemed to have been
satisfied upon receipt by the Registrar of the instructions contained in the
Letter of Transmittal delivered by the Holder of such beneficial interests in
the Restricted Global Notes. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise

 24
 

applicable
under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof.

(iii)          Transfer of
Beneficial Interests to Another Restricted Global Note. A beneficial interest
in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note
if the transfer complies with the requirements of Section 2.06(b)(ii) above and
the Registrar receives the following:

(A)          if the transferee
will take delivery in the form of a beneficial interest in the 144A Global
Note, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

(B)           if the transferee
will take delivery in the form of a beneficial interest in the Regulation S
Temporary Global Note or the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

(C)           if the transferee is
an Institutional Accredited Investor who will take delivery in the form of a
beneficial interest in the 144A Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications and
certificates and Opinion of Counsel required by item (3) thereof, if
applicable.

(iv)          Transfer and Exchange
of Beneficial Interests in a Restricted Global Note for Beneficial Interests in
the Unrestricted Global Note. A beneficial interest in any Restricted Global
Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note if the
exchange or transfer complies with the requirements of Section 2.06(b)(ii)
above and:

(A)          such exchange is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of the beneficial interest to be exchanged
certifies in the applicable Letter of Transmittal that it is not (1) a
broker-dealer, (2) a Person participating in the distribution of the Exchange
Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the
Company;

(B)           such transfer is
effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

(C)           such transfer is
effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

(D)          the Registrar
receives the following:

 25
 

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

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

and, in each such
case set forth in this subparagraph (D), if the Applicable Procedures so
require, an Opinion of Counsel to the effect that such exchange or transfer is
in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

If any such transfer is
effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above.

Beneficial interests in an Unrestricted Global Note
cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Restricted Global Note.

(c)           Transfer
or Exchange of Beneficial Interests for Definitive Notes.

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

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

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

(C)           if such beneficial
interest is being transferred to a Non-U.S. Person in an offshore transaction
in accordance with Rule 903 or Rule 904

 26
 

under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (2) thereof;

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

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

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

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

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

(ii)           Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes.
Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in
the Regulation S Temporary Global Note may not be exchanged for a Definitive
Note or transferred to a Person who takes delivery thereof in the form of a
Definitive Note prior to the expiration of the Restricted Period, except in the
case of a transfer pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 903 or Rule 904.

(iii)          Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder
of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such

 27
 

beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only if:

(A)          such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the holder of such beneficial interest, in
the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) a
broker-dealer, (2) a Person participating in the distribution of the Exchange Notes
or (3) a Person who is an affiliate (as defined in Rule 144) of the Company;

(B)           such transfer is
effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

(C)           such transfer is
effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

(D)          the Registrar
receives the following:

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

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

and, in each such case set forth in this subparagraph
(D), if the Applicable Procedures so require, an Opinion of Counsel to the
effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in 
order to maintain compliance with the Securities Act.

(iv)          Beneficial Interests
in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of
a beneficial interest in an Unrestricted Global Note proposes to exchange such
beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive
Note, then, upon satisfaction of the conditions set forth in Section
2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section
2.06(h) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv)
shall be registered

 28
 

in such name
or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend.

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

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

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

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

(C)           if such Restricted
Definitive Note is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof;

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

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

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

(G)           if such Restricted
Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a

 29
 

certificate to
the effect set forth in Exhibit B hereto, including the certifications in item
(3)(c) thereof,

the Trustee shall cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in
the case of clause (A) above, the appropriate Restricted Global Note, in the
case of clause (B) above, the 144A Global Note, in the case of clause (C)
above, the Regulation S Global Note, and in all other cases, the 144A Global
Note.

(ii)           Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder
of a Restricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if:

(A)          such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a broker-dealer, (2) a Person participating
in the distribution of the Exchange Notes or (3) a Person who is an affiliate
(as defined in Rule 144) of the Company;

(B)           such transfer is
effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

(C)           such transfer is
effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

(D)          the Registrar
receives the following:

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

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

and, in each such case
set forth in this subparagraph (D), if the Applicable Procedures so require, an
Opinion of Counsel to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 30

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

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

If any such exchange or
transfer from a Definitive Note to a beneficial interest is effected pursuant
to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted
Global Note has not yet been issued, the Company shall issue and, upon receipt
of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so
transferred.

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

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

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

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

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

 31
 

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

(A)          such exchange or
transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a broker-dealer, (2) a Person participating
in the distribution of the Exchange Notes or (3) a Person who is an affiliate
(as defined in Rule 144) of the Company;

(B)           any such transfer is
effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

(C)           any such transfer is
effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

(D)          the Registrar
receives the following:

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

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

and, in each such
case set forth in this subparagraph (D), an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

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

(f)            Exchange
Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02, the Trustee shall
authenticate (i) one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of the beneficial interests in the
Restricted Global Notes tendered for acceptance by Persons that

 32
 

certify in the applicable Letters of Transmittal that (x) they are not
broker-dealers, (y) they are not participating in a distribution of the
Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the
Company, and accepted for exchange in the Exchange Offer and (ii) Definitive
Notes in an aggregate principal amount equal to the principal amount of the
Restricted Definitive Notes accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company shall execute and the Trustee shall
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Definitive Notes in the appropriate principal amount.

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

(i)            Private Placement
Legend.

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

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A
PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR
IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF
THE UNITED STATES AND OTHER JURISDICTIONS.”

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

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

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY

 33
 

MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.”

(iii)          Regulation S
Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear
a legend in substantially the following form:

“THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY
GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER
THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.”

(h)           Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes or a
particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes,
the principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note shall be increased accordingly and
an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

(i)            General
Provisions Relating to Transfers and Exchanges.

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

(ii)           No service charge
shall be made to a holder of a beneficial interest in a Global Note or to a
Holder of a Definitive Note for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof).

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

 34
 

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

(v)           The Company shall
not be required (A) to issue, to register the transfer of or to exchange any
Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and
ending at the close of business on the day of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part or (C)
to register the transfer of or to exchange a Note between a record date and the
next succeeding Interest Payment Date.

(vi)          Prior to due presentment
for the registration of a transfer of any Note, the Trustee, any Agent and the
Company may deem and treat the Person in whose name any Note is registered as
the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the
contrary.

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

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

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

Section 2.07.                                   Replacement
Notes.

If a mutilated Note is surrendered to the Registrar or
if the Holder of a Note claims that the Note has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall authenticate,
upon receipt of an Authentication Order, a replacement Security. If required by
the Trustee or the Company, such Holder shall furnish an indemnity bond
sufficient in the judgment of the Company and the Trustee to protect the
Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from
any loss which any of them may suffer if a Note is replaced. The Company and
the Trustee may charge the Holder for their expenses in replacing a Note.

 35
 

Every replacement Note is an additional obligation of
the Company and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder.

Section 2.08.                                   Outstanding
Notes.

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section
2.09 hereof, a Note does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Note; however, Notes held by the Company or
a Subsidiary of the Company shall not be deemed to be outstanding for purposes
of Section 3.07(b) hereof.

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

If the principal amount of any Note is considered paid
under Section 4.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue.

If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest payable on that date with respect
to the Notes (or portions thereof) to be redeemed or maturing, as the case may
be, and the Paying Agent is not prohibited from paying such money to the
Holders on that date pursuant to the terms of this Indenture, then on and after
that date such Notes (or portions thereof) cease to be outstanding and interest
on them ceases to accrue.

Section 2.09.                                   Treasury
Notes.

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Company, or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded.

Section 2.10.                                   Temporary
Notes.

Until certificates representing Notes are ready for
delivery, the Company may prepare and the Trustee, upon receipt of an
Authentication Order, shall authenticate temporary Notes. Temporary Notes shall
be substantially in the form of certificated Notes but may have variations that
the Company considers appropriate for temporary Notes. Without unreasonable
delay, the Company shall prepare and the Trustee shall authenticate definitive
Notes in exchange for temporary Notes.

 36
 

Holders of temporary Notes shall be entitled to all of
the benefits of this Indenture.

Section 2.11.                                   Cancellation.

The Company at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee and no one else shall cancel and dispose of such Notes in
its customary manner (subject to the record retention requirements of the
Exchange Act) all Notes surrendered for registration of transfer, exchange,
payment or cancellation and deliver a certificate of such disposal to the
Company unless the Company directs the Trustee to deliver canceled Notes to the
Company. Certification of the disposition of all canceled Notes shall be
delivered to the Company. The Company may not issue new Notes to replace Notes
that it has redeemed or paid or that have been delivered to the Trustee for
cancellation.

Section 2.12.                                   Defaulted
Interest.

If the Company defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to
the extent lawful, interest payable on the defaulted interest, to the Persons
who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Company shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment. The Company shall fix or cause
to be fixed each such special record date and payment date, provided that no such special record date shall be less than
10 days prior to the related payment date for such defaulted interest. At least
15 days before the special record date, the Company (or, upon the written
request of the Company, the Trustee in the name and at the expense of the
Company) shall mail or cause to be mailed to Holders a notice that states the
special record date, the related payment date and the amount of such interest
to be paid.

Section 2.13.                                   CUSIP
Numbers.

The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes,
and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company shall promptly notify the Trustee of any change in
the CUSIP numbers.

Section 2.14.                                   Issuance
of Additional Notes.

The Company shall be entitled, subject to its
compliance with Section 4.09, to issue Additional Notes under this Indenture
which shall have identical terms as the Initial Notes issued on the Issue Date,
other than with respect to the date of issuance and issue price. The Initial
Notes issued on the Issue Date, any Additional Notes and all Exchange Notes or
Private Exchange Notes issued in exchange therefor shall be treated as a single
class for all purposes under this Indenture.

 37
 

With respect to any Additional Notes, the Company
shall set forth in a resolution of the Board of Directors and an Officers’
Certificate, a copy of each which shall be delivered to the Trustee, the
following information:

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

(b)           the
issue price, the issue date and the CUSIP number of such Additional Notes; provided that no Additional Notes may be issued unless
fungible with the Initial Notes for U.S. federal income tax purposes; and

(c)           whether
such Additional Notes shall be transfer restricted notes and issued in the form
of Initial Notes as set forth in Section 2.02 this Indenture or shall be issued
in the form of Exchange Notes.

ARTICLE
3

REDEMPTION AND PREPAYMENT

Section 3.01.                                   Notices
to Trustee.

If the Company elects to redeem Notes pursuant to the
optional redemption provisions of Section 3.07 hereof, it shall furnish to the
Trustee, at least 30 days but not more than 60 days before a redemption date,
an Officers’ Certificate setting forth (i) the clause of this Indenture
pursuant to which the redemption shall occur, (ii) the redemption date, (iii)
the principal amount of Notes to be redeemed and (iv) the redemption price.

Section 3.02.                                   Selection
of Notes to Be Redeemed.

If less than all of the Notes are to be redeemed or
purchased in an offer to purchase at any time, the Trustee shall select the
Notes to be redeemed or purchased among the Holders of the Notes in compliance
with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not so listed, on a pro rata
basis, by lot or in accordance with any other method the Trustee deems fair and
appropriate.  In the event of partial
redemption by lot, the particular Notes to be redeemed shall be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior
to the redemption date by the Trustee from the outstanding Notes not previously
called for redemption.

The Trustee shall promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Note
selected for partial redemption, the principal amount thereof to be redeemed.
Notes and portions of Notes selected shall be in principal amounts of $1,000 or
whole multiples of $1,000 in excess thereof; except that (i) if all of the
Notes of a Holder are to be redeemed, the entire outstanding amount of Notes
held by such Holder, even if not a multiple of $1,000, shall be redeemed and
(ii) if only a portion of the Notes of a Holder is to be redeemed, the
unredeemed portion of the Notes of such Holder must be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. Except as
provided in the preceding sentence, provisions of this Indenture that apply to
Notes called for redemption also apply to portions of Notes called for
redemption. The Trustee shall notify the Company promptly of the Notes or
portions of Notes to be redeemed.

 38
 

Section 3.03.                                   Notice
of Redemption.

Subject to the provisions of Section 3.09 hereof, at
least 30 days but not more than 60 days before a redemption date (except that a
notice of redemption may be mailed more than 60 days prior to the redemption
date if the notice is issued in connection with Article 8 or Article 12
hereof), the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at such
Holder’s registered address.

The notice shall identify the Notes to be redeemed,
including applicable CUSIP numbers, and shall state:

(a)           the
redemption date;

(b)           the
redemption price;

(c)           if
any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such
Note, a new Note or Notes in principal amount equal to the unredeemed portion
shall be issued upon cancellation of the original Note;

(d)           the
name and address of the Paying Agent;

(e)           that
Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

(f)            that,
unless the Company defaults in making such redemption payment or the Paying
Agent is prohibited from making such payment pursuant to the terms of this
Indenture, interest on Notes called for redemption ceases to accrue on and
after the redemption date;

(g)           the
paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

(h)           that
no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.

At the Company’s written request delivered at least 15
days prior to the date such notice is to be given (unless a shorter period
shall be acceptable to the Trustee), the Trustee shall give the notice of
redemption as prepared by the Company in the Company’s name and at its expense.

Section 3.04.                                   Effect
of Notice of Redemption.

Once notice of redemption is mailed in accordance with
Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price stated in the notice. A
notice of redemption may not be conditional.

 39
 

Section 3.05.                                   Deposit
of Redemption Price.

One Business Day prior to the redemption date, the
Company shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption price of and accrued interest on all Notes to
be redeemed on that date. The Trustee or the Paying Agent shall promptly return
to the Company any money deposited with the Trustee or the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption price of, and
accrued interest on, all Notes to be redeemed.

If the Company complies with the provisions of the
preceding paragraph, on and after the redemption date, interest shall cease to
accrue on the Notes or the portions of Notes called for redemption. If a Note
is redeemed on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest shall be paid to
the Person in whose name such Note was registered at the close of business on
such record date. If any Note called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest shall be paid on the unpaid principal, from
the redemption date until such principal is paid, and to the extent lawful on
any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.01 hereof.

Section 3.06.                                   Notes
Redeemed in Part.

Upon surrender of a Note that is redeemed in part, the
Company shall issue and, upon the Company’s written request, the Trustee shall
authenticate for the Holder at the expense of the Company a new Note equal in
principal amount to the unredeemed portion of the Note surrendered.

Section 3.07.                                   Optional
Redemption.

(a)           On
and after March 15, 2012, the Company shall have the option to redeem all or a
portion of the Notes, at the redemption prices (expressed as percentages of
principal amount) set forth below plus accrued and unpaid interest and Special
Interest thereon, if any, on the Notes redeemed, to the applicable redemption
date, if redeemed during the twelve-month period beginning on March 15 of the
years indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2012

  	
   

  	
  103.813

  	
  %

  
	
  2013

  	
   

  	
  102.542

  	
  %

  
	
  2014

  	
   

  	
  101.271

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           Notwithstanding
the provisions of clause (a) of this Section 3.07, at any time on or prior to
March 15, 2010, the Company may on any one or more occasions redeem up to 35%
of the aggregate principal amount of the Notes originally issued at a
redemption price equal to 107.625% of the aggregate principal amount thereof,
plus accrued and unpaid interest and Special Interest thereon, if any, to the
redemption date with the net cash proceeds of one or more Equity Offerings provided that:

 40
 

(i)            at least 65% of the
aggregate principal amount of the Notes originally issued remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by
the Company or any of its Subsidiaries or Affiliates); and

(ii)           the redemption
occurs within 45 days of the date of the closing of such Equity Offering.

(c)           At
any time prior to March 15, 2012, all or part of the Notes may also be redeemed
at the option of the Company, at a redemption price equal to 100% of the
principal amount thereof plus the Applicable Premium as of, and accrued and
unpaid interest and Special Interest thereon, if any, to the date of redemption
(the “Redemption Date”).

(d)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof.

Section 3.08.                                   Mandatory
Redemption.

The Company shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes.

Section 3.09.                                   Offer
to Purchase by Application of Excess Proceeds.

In the event that, pursuant to Section 4.10 hereof,
the Company shall be required to commence an offer to all Holders (and to
holders of the Existing Senior Subordinated Notes and to holders of other
Senior Subordinated Indebtedness of the Company designated by the Company) to purchase
Notes (and the Existing Senior Subordinated Notes and such other Senior
Subordinated Indebtedness of the Company) (an “Asset Sale Offer”), it
shall follow the procedures specified below.

The Company shall complete the Asset Sale Offer no
earlier than 30 days and no later than 60 days after notice of the Asset Sale
Offer is provided to the Holders or such later date as may be required by
applicable law.

The Asset Sale Offer shall remain open for a period of
20 Business Days following its commencement, or longer to the extent that a
longer period is required by applicable law (the “Offer Period”).  No later than five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Company shall
purchase the principal amount of Notes required to be purchased pursuant to
Section 4.10 hereof (the “Offer Amount”) or, if less than the Offer
Amount has been tendered, all Notes tendered in response to the Asset Sale
Offer. Payment for any Notes so purchased shall be made in the same manner as interest
payments are made.

If the Purchase Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid
interest shall be paid to the Person in whose name a Note is registered at the
close of business on such record date, and no additional interest shall be
payable to Holders who tender Notes pursuant to the Asset Sale Offer.

Upon the commencement of an Asset Sale Offer, the
Company shall send, by first class mail, a notice to the Trustee and each of
the Holders, with a copy to the Trustee. The

 41
 

notice shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Asset Sale
Offer. The Asset Sale Offer shall be made to all Holders. The notice, which
shall govern the terms of the Asset Sale Offer, shall state:

(a)           that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section
4.10 hereof and the length of time the Asset Sale Offer shall remain open;

(b)           the
Offer Amount, the purchase price and the Purchase Date;

(c)           that
any Note not tendered or accepted for payment shall continue to accrete or
accrue interest;

(d)           that,
unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrete or accrue
interest after the Purchase Date;

(e)           that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
elect to have Notes purchased in integral multiples of $1,000 only; provided that, if only a portion of the Notes of any Holder
is to be purchased, the unpurchased portion of the Notes of such Holder must be
equal to $2,000 in principal amount or an integral multiple of $1,000 in excess
thereof;

(f)            that
Holders electing to have a Note purchased pursuant to any Asset Sale Offer
shall be required to surrender the Note, with the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Note completed, or transfer by
book-entry transfer, to the Company, a depositary, if appointed by the Company,
or a Paying Agent at the address specified in the notice at least three days
before the Purchase Date;

(g)           that
Holders shall be entitled to withdraw their election if the Company, the
depositary or the Paying Agent, as the case may be, receives, not later than
the closing, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Note the Holder delivered
for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased;

(h)           that,
if the aggregate principal amount of Notes surrendered by Holders, holders of
Existing Senior Subordinated Notes and holders of other Senior Subordinated
Indebtedness tendered exceeds the Offer Amount, the Company shall select Notes,
Existing Senior Subordinated Notes and such other Senior Subordinated
Indebtedness to be purchased on a pro rata basis (with such adjustments as may
be deemed appropriate by the Company so that (i) only Notes in principal
amounts of $1,000, or integral multiples of $1,000 in excess thereof, shall be
purchased and (ii) the unpurchased portion of the Notes of any Holder
shall be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof); and

(i)            that
Holders whose Notes were purchased only in part shall be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer).

On or before the Purchase Date, the Company shall, to
the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, the Offer Amount of Notes or portions

 42
 

thereof tendered pursuant to the Asset Sale Offer, or
if less than the Offer Amount has been tendered, all Notes tendered, and shall
deliver to the Trustee an Officers’ Certificate stating that such Notes or
portions thereof were accepted for payment by the Company in accordance with
the terms of this Section 3.09. The Company, the Depositary or the Paying
Agent, as the case may be, shall promptly (but in any case not later than five
days after the Purchase Date) mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Company for purchase, and the Company shall promptly issue a
new Note, and the Trustee, upon written request from the Company shall
authenticate and mail or deliver such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered. Any Note not
so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Asset Sale
Offer on the Purchase Date.

Other than as specifically provided in this Section
3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof.

ARTICLE
4

COVENANTS

Section 4.01.                                   Payment
of Notes.

The Company shall pay or cause to be paid the
principal of, premium, if any, and interest on, the Notes on, the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest
shall be considered paid on the date due if the Paying Agent, other than the
Company or a Subsidiary thereof or an Affiliate of any thereof, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Company shall pay all
Special Interest, if any, in the same manner on the dates and in the amounts
set forth in the Registration Rights Agreement.

Interest on the Notes shall be computed on the basis
of a 360 day year of twelve 30-day months.

The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to 1% per annum in excess of the then applicable interest
rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Special Interest (without regard to any applicable
grace period) at the same rate to the extent lawful.

Section 4.02.                                   Maintenance
of Office or Agency.

The Company shall maintain in the Borough of
Manhattan, the City of New York, an office or agency (which may be an office of
the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with

 43
 

the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

The Company may also from time to time designate one
or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided that no such designation
or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in the Borough of Manhattan, the City of New York
for such purposes. The Company shall give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any
such other office or agency.

The Company hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Company in accordance
with Section 2.03.

Section 4.03.                                   Reports.

(a)           Whether
or not required by the rules and regulations of the SEC, so long as any Notes
are outstanding, the Company shall furnish to the Holders (i) all quarterly and
annual financial information that would be required to be contained in a filing
with the SEC on Forms 10-Q and 10-K if the Company were required to file such
forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a
report on the annual financial statements by the Company’s certified
independent accountants and (ii) all current reports that would be required to
be filed with the SEC on Form 8-K if the Company were required to file such
reports, in each case, within the time periods specified in the SEC’s rules and
regulations. In addition, after the Shelf Registration Statement becomes
effective, whether or not required by the SEC, the Company shall file a copy of
all the information and reports referred to in clauses (i) and (ii) hereof with
the SEC for public availability within the time periods specified in the SEC’s
rules and regulations (unless the SEC will not accept such a filing) and make
such information available to securities analysts and prospective investors
upon request.  The Company shall at all
times comply with TIA § 314(a).

(b)           For
so long as any Notes remain outstanding, the Company and the Guarantors shall
furnish to the Holders and to securities analysts and prospective investors,
upon their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.

(c)           If
the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by
clause (a) of this Section 4.03 shall include a reasonably detailed
presentation, either on the face of the financial statements or in the
footnotes thereto, and in Management’s Discussion and Analysis of Financial
Condition and Results of Operations, of the financial condition and results of
operations of the Company and its Restricted Subsidiaries separate from the
financial condition and results of operations of the Unrestricted Subsidiaries
of the Company.

(d)           Delivery
of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, 

 44
 

including the
Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

Section 4.04.                                   Compliance
Certificate.

(a)           The
Company and each Guarantor (to the extent that such Guarantor is so required
under the TIA) shall deliver to the Trustee, within 90 days after the end of
each fiscal year, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any
of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto.

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

Section 4.05.                                   Payment
of Taxes and Other Claims.

The Company shall pay, and shall cause each of its
Restricted Subsidiaries to pay, prior to delinquency, all material taxes,
assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment
would not reasonably be expected to be materially adverse to the interests of
the Holders of the Notes.

Section 4.06.                                   Stay,
Extension and Usury Laws.

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

 45

Section 4.07.                                   Restricted
Payments.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly: (i) declare or pay any
dividend on, or make any other payment or distribution on account of, the
Company’s or any of its Restricted Subsidiaries’ Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation
involving the Company or any of its Restricted Subsidiaries) or to the direct
or indirect holders of the Company’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as such (other than dividends or
distributions payable in (A) Equity Interests (other than Disqualified Stock)
of the Company or (B) to the Company or a Restricted Subsidiary of the Company);
(ii) purchase, redeem or otherwise acquire or retire for value (including,
without limitation, in connection with any merger or consolidation involving
the Company) any Equity Interests of the Company or any direct or indirect
parent of the Company (other than such Equity Interests owned by the Company or
any of its Restricted Subsidiaries); (iii) make any payment on or with respect
to, or purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness that is subordinated to the Notes or the Subsidiary Guarantees,
except a payment of interest or principal at the Stated Maturity thereof; or
(iv) make any Restricted Investment (all such payments and other actions set
forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such
Restricted Payment:

(a)           no
Default shall have occurred and be continuing or would occur as a consequence
of such Restricted Payment; and

(b)           the
Company would, after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter period,
have been permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio test set forth in the first paragraph of
Section 4.09 hereof, and

(c)           such
Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and its Restricted Subsidiaries after
December 23, 2003 (excluding Restricted Payments permitted by clauses
(ii), (iii) and (iv) of the next succeeding paragraph), is less than the sum,
without duplication, of: (i) 50% of the Consolidated Net Income of the Company
for the period (taken as one accounting period) from October 1, 2003 up to
the end of the Company’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment (or,
if such Consolidated Net Income for such period is a deficit, less 100% of such
deficit), plus (ii) 100% of the aggregate net cash proceeds received by the
Company after December 23, 2003 as a contribution to its common equity
capital or from the issue or sale of Equity Interests of the Company (other
than Disqualified Stock) or from the issue or sale of convertible or
exchangeable Disqualified Stock or convertible or exchangeable debt securities
of the Company that have been converted into or exchanged for such Equity
Interests (other than Equity Interests, Disqualified Stock or debt securities
sold to a Subsidiary of the Company), plus (iii) to the extent that any
Restricted Investment that was made after December 23, 2003 has been or is
sold for cash or otherwise liquidated or repaid, purchased or redeemed for
cash, the lesser of (A) such cash (less the cost of disposition, if any) and
(B) the amount of such Restricted Investment, plus (iv) to the extent that any
Unrestricted Subsidiary of the Company has been or is redesignated as a
Restricted Subsidiary after December 23, 2003, the lesser of (A) the fair
market value of the Company’s Investment in such Subsidiary as of the date of
such redesignation and (B) such fair market value as of the date on which such
Subsidiary was originally designated as an Unrestricted Subsidiary.

 46
 

So long as no Default has occurred and is continuing
or would be caused thereby (except in the case of clause (i) of this
paragraph), the preceding provisions will not prohibit: (i) the payment of
any dividend or distribution on, or redemption of, Equity Interests, within 60
days after the date of declaration or notice thereof, if at the date of
declaration or the giving of such notice the payment would have complied with
the provisions of this Indenture, (ii) the redemption, repurchase, retirement,
defeasance or other acquisition of any subordinated Indebtedness of the Company
or any Guarantor or of any Equity Interests of the Company, or the making of
any Investment, in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Restricted Subsidiary of the
Company) of, or capital contribution in respect of, Equity Interests of the
Company (other than Disqualified Stock); provided
that the amount of any such net cash proceeds that are utilized for
any such redemption, repurchase, retirement, defeasance or other acquisition or
any such Investment will be excluded from clause (c)(ii) of the preceding
paragraph, (iii) the defeasance, redemption, repurchase or other acquisition of
subordinated Indebtedness of the Company or any Guarantor with the net cash
proceeds from an incurrence of Permitted Refinancing Indebtedness, (iv) the
payment of any dividend or other payment or distribution by a Restricted
Subsidiary of the Company to the holders of its Equity Interests on a pro rata
basis, (v) repurchases of Equity Interests deemed to occur upon exercise
of stock options if those Equity Interests represent all or a portion of the
exercise price of those options, (vi) the repurchase, redemption or other
acquisition or retirement for value of any Equity Interests of the Company or
any Restricted Subsidiary of the Company (in the event such Equity Interests
are not owned by the Company or any of its Restricted Subsidiaries) in an
amount not to exceed $10.0 million in any fiscal year, (vii) the purchase by the
Company of fractional shares arising out of stock dividends, splits or
combinations or business combinations, or (viii) Restricted Payments not to
exceed $50.0 million under this clause (viii) in the aggregate, plus, to the
extent Restricted Payments made pursuant to this clause (viii) are Investments
made by the Company or any of its Restricted Subsidiaries in any Person and
such Investment is sold for cash or otherwise liquidated or repaid, purchased
or redeemed for cash, an amount equal to the lesser of (A) such cash (less the
cost of disposition, if any) and (B) the amount of such Restricted Payment, provided that the amount of such cash will be excluded from
clause (c)(iv) of the preceding paragraph.

The amount of all Restricted Payments (other than
cash) will be the fair market value on the date of the Restricted Payment of
the asset(s) or securities proposed to be transferred or issued by the Company
or such Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment. The fair market value of any assets or securities that are required to
be valued by this Section 4.07 will be determined by the Company (or, if such
fair market value exceeds $5 million, by the Board of Directors of the
Company).

Section 4.08.                                   Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of
any of its Restricted Subsidiaries to: (i) pay dividends or make any other
distributions on its Capital Stock to the Company or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or
measured by, its profits, or pay any indebtedness owed to the Company or any of
its Restricted Subsidiaries; (ii) make any loans or advances to the Company or
any of its Restricted Subsidiaries; or (iii) transfer any of its properties or
assets to the Company or any of its Restricted Subsidiaries.

 47
 

However, the preceding restrictions will not apply to
encumbrances or restrictions existing under or by reason of: (1) any agreement
in effect or entered into on the date of this Indenture, including agreements
governing Existing Indebtedness, Credit Facilities and Floor Plan Facilities as
in effect on the date of this Indenture and any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or
refinancings of those agreements, provided that the
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacement or refinancings of such instrument are no more
restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the date of this
Indenture; (2) this Indenture, the Notes and the Subsidiary Guarantees; (3)
applicable law and any applicable rule, regulation or order; (4) any instrument
governing Indebtedness or Capital Stock of a Person acquired by the Company or
any of its Restricted Subsidiaries as in effect at the time of such acquisition
(except to the extent such Indebtedness or Capital Stock was incurred in
connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person, or the property or assets of the Person, so
acquired, provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to
be incurred; (5) customary non-assignment provisions in leases entered into in
the ordinary course of business; (6) purchase money obligations that impose
restrictions on that property of the nature described in clause (iii) of the preceding
paragraph; provided that any such
encumbrance or restriction is released to the extent the underlying Lien is
released or the related Indebtedness is repaid; (7) any agreement for the sale
or other disposition of assets, including, without limitation, customary
restrictions with respect to a Subsidiary pursuant to an agreement that has
been entered into for the sale or disposition of substantially all of Capital
Stock or substantially all of the assets of that Subsidiary; (8) Permitted
Refinancing Indebtedness, provided that
the restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are no more restrictive, taken as a whole, than those
contained in the agreements governing the Indebtedness being refinanced; (9)
Liens that limit the right of the debtor to dispose of the assets subject to
such Liens; (10) covenants in a franchise or other agreement entered into
in the ordinary course of business with a Manufacturer customary for franchise
agreements in the vehicle retailing industry; (11) customary provisions in
joint venture agreements, assets sale agreements, stock sale agreements and
other similar agreements entered into in the ordinary course of business; and
(12) restrictions on cash or other deposits or net worth imposed by customers
under contracts entered into in the ordinary course of business.

Section 4.09.                                   Incurrence
of Indebtedness and Issuance of Preferred Stock.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable,
contingently or otherwise, with respect to (collectively, “incur”) any
Indebtedness (including Acquired Debt), and the Company shall not issue any
Disqualified Stock and will not permit any of its Restricted Subsidiaries to
issue any shares of preferred stock; provided, however, that the Company may incur Indebtedness (including
Acquired Debt) or issue Disqualified Stock, and the Company’s Restricted Subsidiaries
may incur Indebtedness (including Acquired Debt) or issue preferred stock, in
each case, if the Fixed Charge Coverage Ratio for the Company’s most recently
ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date on which such additional Indebtedness
is incurred or such Disqualified Stock or preferred stock is issued would have
been at least 2.0 to 1, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred or the preferred stock or

 48
 

Disqualified Stock had been issued, as the case may
be, at the beginning of such four-quarter period.

The first paragraph of this Section 4.09 shall not
prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”): (i) the incurrence by the Company and
any of its Restricted Subsidiaries of Indebtedness and letters of credit under
Credit Facilities in an aggregate principal amount at any one time outstanding
under this clause (i) (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Company and its
Restricted Subsidiaries thereunder) not to exceed the greater of (A) $550.0 million
less the aggregate amount of all
Net Proceeds of Asset Sales applied by the Company or any of its Restricted
Subsidiaries since the date of this Indenture to repay term Indebtedness under
a Credit Facility or to repay revolving credit Indebtedness and effect a
corresponding commitment reduction thereunder, in each case, in satisfaction of
the covenant contained in Section 4.10 of this Indenture or (B) 30% of the
Company’s Consolidated Net Tangible Assets as of the date of such incurrence;
(ii) the incurrence by the Company and its Restricted Subsidiaries of the
Existing Indebtedness; (iii) the incurrence by the Company and its Restricted
Subsidiaries of Indebtedness represented by the Notes and the related
Subsidiary Guarantees to be issued, in the case of the Notes, on the date of
this Indenture and the Exchange Notes and the related Subsidiary Guarantees to
be issued pursuant to the Registration Rights Agreement; (iv) the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
under Floor Plan Facilities; (v) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness represented by Capital Lease
Obligations, mortgage financings or purchase money obligations, in each case,
incurred for the purpose of financing all or any part of the purchase price or
cost of construction or improvement of property, plant or equipment used in the
business of the Company or such Restricted Subsidiary, in an aggregate
principal amount, including all Permitted Refinancing Indebtedness incurred to
refund, refinance or replace any Indebtedness incurred pursuant to this clause
(v), not to exceed $30.0 million at any time outstanding; (vi) the incurrence
by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness
in exchange for, or the net proceeds of which are used to refund, refinance or
replace Indebtedness (other than intercompany Indebtedness) that was permitted
by this Indenture to be incurred under the first paragraph of this covenant or
clauses (ii), (iii), (v) or (vi) of this paragraph; (vii) the incurrence by the
Company or any of its Restricted Subsidiaries of intercompany Indebtedness
between or among the Company and its Restricted Subsidiaries; provided, that (A) if the Company or any
Guarantor is the obligor on such Indebtedness owing to a Restricted Subsidiary,
such Indebtedness must be expressly subordinated to the prior payment in full
in cash of all Obligations with respect to the Notes, in the case of the
Company, or the Subsidiary Guarantee, in the case of a Guarantor; and (B) (I)
any subsequent issuance or transfer of Equity Interests that results in any
such Indebtedness being held by a Person other than the Company or a Restricted
Subsidiary of the Company and (II) any sale or other transfer of any such
Indebtedness to a Person that is not either the Company or a Restricted
Subsidiary of the Company; will be deemed, in each case, to constitute an
incurrence of such Indebtedness by the Company or such Restricted Subsidiary,
as the case may be, that was not permitted by this clause (vii);
(viii) the incurrence by the Company or any of its Restricted Subsidiaries
of Hedging Obligations in the ordinary course of business and not for
speculative purposes; (ix) the guarantee by the Company or any of its
Restricted Subsidiaries of Indebtedness of the Company or a Restricted
Subsidiary of the Company that was permitted to be incurred by another
provision of this Section 4.09; (x) Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within five

 49
 

Business Days of its incurrence; (xi) Obligations in
respect of performance, bid and surety bonds and completion guarantees provided
by the Company or any of its Restricted Subsidiaries in the ordinary course of
business; and (xii) the incurrence by the Company or any of its Restricted
Subsidiaries of additional Indebtedness in an aggregate principal amount (or
accreted value, as applicable) which, when taken together with all other
Indebtedness of the Company and its Restricted Subsidiaries outstanding on the
date of such Incurrence and incurred pursuant to this clause (xii) does not
exceed $20.0 million.

For purposes of determining compliance with this
Section 4.09, in the event that an item of proposed Indebtedness meets the
criteria of more than one of the categories of Permitted Debt described in
clauses (i) through (xii) of the preceding paragraph, or is entitled to be
incurred pursuant to the first paragraph of this Section 4.09, the Company will
be permitted to divide and classify such item of Indebtedness on the date of
its incurrence, or later reclassify all or a portion of such item of
Indebtedness, in any manner that complies with this Section 4.09. Indebtedness
under Credit Facilities outstanding on the date on which Notes are first issued
and authenticated under this Indenture will be deemed to have been incurred on
such date in reliance on the exception provided by clause (i) of the definition
of Permitted Debt.

Accrual of interest and dividends, accretion or
amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms,
changes to amounts outstanding in respect of Hedging Obligations solely as a
result of fluctuations in interest rates and the payment of dividends on
Disqualified Stock or preferred stock in the form of additional shares of the
same class of Disqualified Stock or preferred stock will not be deemed to be an
incurrence of Indebtedness or an issuance of Disqualified Stock or preferred
stock for purpose of this Section 4.09.

Section 4.10.                                   Asset
Sales.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to consummate an Asset Sale unless: (i) the Company (or
the Restricted Subsidiary, as the case may be) receives consideration at the
time of the Asset Sale at least equal to the fair market value of the assets or
Equity Interests issued or sold or otherwise disposed of; (ii) the fair
market value is determined by the Board of Directors of the Company; and (iii)
at least 75% of the consideration received in the Asset Sale by the Company or
such Restricted Subsidiary is in the form of cash or Cash Equivalents.

For purposes of this provision, each of the following
will be deemed to be cash or Cash Equivalents: (a) any liabilities, as shown on
the Company’s or such Restricted Subsidiary’s most recent balance sheet, of the
Company or any such Restricted Subsidiary (other than contingent liabilities
and liabilities that are by their terms subordinated to the Notes or any
Subsidiary Guarantee) that are assumed by the transferee of any such assets and
the lender releases the Company or such Restricted Subsidiary from further
liability; (b) any securities, notes or other obligations received by the
Company or any such Restricted Subsidiary from such transferee that are
promptly converted by the Company or such Restricted Subsidiary into cash or
Cash Equivalents, to the extent of the cash or Cash Equivalents received in
that conversion; and (c) Replacement Assets.

 50
 

Within 365 days after the receipt of any Net Proceeds
from an Asset Sale, the Company or the Restricted Subsidiary, as the case may
be, may apply an amount equal to such Net Proceeds at its option:

(1)           to
repay any Senior Debt of the Company or any of its Restricted Subsidiaries and,
if the Senior Debt repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto;

(2)           to
acquire all or substantially all of the Voting Stock of a Permitted Business;

(3)           to
make a capital expenditure; or

(4)           to
acquire other long-term assets that are used or useful in a Permitted Business.

Pending the final application of any Net Proceeds, the
Company may temporarily reduce revolving credit borrowings or otherwise invest
the Net Proceeds in any manner that is not otherwise prohibited under this
Indenture.

If any portion of the Net Proceeds from Asset Sales is
not applied or invested as provided in clauses (1) through (4) of the paragraph
above, such amount will constitute “Excess Proceeds.” When the aggregate
amount of Excess Proceeds exceeds $10.0 million, the Company shall make an
offer to holders of the Notes (and to holders of Existing Senior Subordinated
Notes and to holders of other Senior Subordinated Indebtedness of the Company
designated by the Company) to purchase Notes (and Existing Senior Subordinated
Notes and such other Senior Subordinated Indebtedness of the Company) pursuant
to and subject to the conditions contained in this Indenture (the “Asset
Sale Offer”). The Company shall purchase Notes, Existing Senior
Subordinated Notes and such other Senior Subordinated Indebtedness of the
Company tendered pursuant to the Asset Sale Offer at a purchase price of 100%
of their principal amount (or, in the event such other Senior Subordinated
Indebtedness of the Company was issued with significant original issue
discount, 100% of the accreted value thereof) without premium, plus accrued but
unpaid interest (or, in respect of such other Senior Subordinated Indebtedness
of the Company, such lesser price, if any, as may be provided for by the terms
of such Senior Subordinated Indebtedness) in accordance with the procedures
(including prorating in the event of oversubscription) set forth in this
Indenture (the “Asset Sale Offer Price”). If the aggregate purchase
price of the securities tendered exceeds the Net Proceeds allotted to their
purchase, the Company will select the securities to be purchased on a pro rata
basis but in round denominations, which in the case of the Notes will be
integral multiples of $1,000; provided that
the unpurchased portion of the Notes of any Holder shall be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. If any
Excess Proceeds remain after consummation of an Asset Sale Offer, the Company
may use those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

The Company shall comply with the requirements of
Section 14(e) of and Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or

 51
 

regulations conflict with the Asset Sale provisions of
this Indenture, the Company shall comply with the applicable securities laws
and regulations and will not be deemed to have breached its obligations under
the Asset Sale provisions of this Indenture by virtue of such conflict.

Section 4.11.                                   Transactions
with Affiliates.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any
property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate (each, an “Affiliate Transaction”), unless:
(a) the Affiliate Transaction is on terms that are not materially less favorable
to the Company or the relevant Restricted Subsidiary than those that would have
been obtained in a comparable transaction by the Company or such Restricted
Subsidiary with an unrelated Person; and (b) the Company delivers to the
Trustee: (i) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $5.0
million, a resolution of the Board of Directors of the Company set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with
this Section 4.11 and that such Affiliate Transaction has been approved by a
majority of the disinterested members of the Board of Directors of the Company;
and (ii) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $15.0
million, an opinion as to the fairness to the Holders of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal
or investment banking firm of national standing.

Notwithstanding the foregoing, the following items
will not be deemed to be Affiliate Transactions and, therefore, will not be
subject to the provisions of the prior paragraph:

(1)           any
employment agreement entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business of the Company or such
Restricted Subsidiary;

(2)           transactions
between or among the Company and/or its Restricted Subsidiaries;

(3)           transactions
with a Person that is an Affiliate of the Company solely because the Company
owns an Equity Interest in, or controls, such Person;

(4)           payment
of reasonable directors fees;

(5)           the
issuance or sale of Equity Interests (other than Disqualified Stock) to
Affiliates of the Company;

(6)           the
pledge of Equity Interests of Unrestricted Subsidiaries to support the
Indebtedness thereof; and

(7)           Restricted
Payments that are permitted by the provisions of Section 4.07 of this
Indenture.

 52
 

Section 4.12.                                   Limitation
on Liens.

The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume or
suffer to exist any Lien of any kind securing Indebtedness or Attributable Debt
on any asset now owned or hereafter acquired, except  Permitted Liens.

Section 4.13.                                   Designation
of Restricted and Unrestricted Subsidiaries.

The Board of Directors of the Company may designate
any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if no
Default has occurred and is continuing at the time of such designation and if
that designation would not cause a Default. If a Restricted Subsidiary of the
Company is designated as an Unrestricted Subsidiary, the aggregate fair market
value of all outstanding Investments owned by the Company and its Restricted Subsidiaries
in the Subsidiary properly designated shall be deemed to be an Investment made
as of the time of the designation and shall reduce the amount available for
Restricted Payments under the first paragraph of Section 4.07 or Permitted
Investments, as determined by the Company. That designation shall only be
permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary of the Company otherwise meets the definition of an
Unrestricted Subsidiary. In addition, no such designation may be made unless
the proposed Unrestricted Subsidiary does not beneficially own any Capital
Stock in any Restricted Subsidiary that is not simultaneously subject to
designation as an Unrestricted Subsidiary. The Board of Directors of the
Company may redesignate any Unrestricted Subsidiary to be a Restricted
Subsidiary of the Company if the redesignation would not cause a Default.

Section 4.14.                                   Corporate
Existence.

Subject to Section 4.10 and Article 5 hereof, the
Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect (i) its corporate existence, and the corporate,
partnership or other existence of each of its Restricted Subsidiaries, in
accordance with the respective organizational documents (as the same may be
amended from time to time) of the Company or any such Restricted Subsidiary and
(ii) the rights (charter and statutory), licenses and franchises of the Company
and its Restricted Subsidiaries; provided that
the Company shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any of its
Restricted Subsidiaries, if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries, taken as a whole, and that the loss thereof
is not adverse in any material respect to the Holders of the Notes.

Section 4.15.                                   Offer
to Repurchase Upon Change of Control.

(a)           Upon
the occurrence of a Change of Control, the Company shall make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to
an integral multiple of $1,000) of each Holder’s Notes at a purchase price
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Special Interest thereon, if any, to the date of purchase (the “Change
of Control Payment”).  Within 30 days
following any Change of Control, the Company shall mail a notice to each Holder
stating: (1) that the Change of Control Offer is being made pursuant to this
Section 4.15 and that all Notes tendered will be accepted for payment; (2) the
purchase price and the purchase date, which shall be no earlier than

 53
 

30 days and no later than 60 days from the date such notice is mailed
(the “Change of Control Payment Date”); (3) that any Note not promptly
tendered will continue to accrue interest; (4) that, unless the Company
defaults in the payment of the Change of Control Payment, all Notes accepted
for payment pursuant to the Change of Control Offer shall cease to accrue
interest after the Change of Control Payment Date; (5) that Holders electing to
have any Notes purchased pursuant to a Change of Control Offer will be required
to surrender the Notes, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Notes completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; (6) that Holders
will be entitled to withdraw their election if the Paying Agent receives, not
later than the close of business on the second Business Day preceding the
Change of Control Payment Date, a telegram, telex, facsimile transmission or
letter setting forth the name of the Holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder is withdrawing his
election to have the Notes purchased; and (7) that Holders whose Notes are
being purchased only in part will be issued new Notes equal in principal amount
to the unpurchased portion of the Notes surrendered, which unpurchased portion
must be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof. The Company shall comply with the requirements of Section
14(e) of and Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws and regulations are
applicable in connection with the repurchase of Notes in connection with a
Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Indenture relating to a Change
of Control Offer, the Company shall comply with the applicable securities laws
and regulations and shall not be deemed to have breached its obligations under
this Indenture by virtue of such conflict.

(b)           On
the Change of Control Payment Date, the Company shall, to the extent lawful,
(1) accept for payment all Notes or portions thereof properly tendered pursuant
to the Change of Control Offer, (2) deposit with the Paying Agent an amount
equal to the Change of Control Payment in respect of all Notes or portions
thereof properly tendered and (3) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions thereof being
purchased by the Company. The Paying Agent shall promptly mail to each Holder
of Notes so tendered the Change of Control Payment for the Notes, and the
Trustee shall promptly authenticate and mail (or cause to be transferred by
book entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered by such Holder, if any; provided that each such new Note shall be in a principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof. Prior to
complying with any of the provisions of this Section 4.15, but in any event
within 90 days following a Change of Control, the Company will either repay all
outstanding Senior Debt or obtain the requisite consents, if any, under all
agreements governing outstanding Senior Debt to permit the repurchase of Notes
required by this covenant. The Company shall publicly announce the results of
the Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date.

(c)           Notwithstanding
anything to the contrary in this Section 4.15, the Company shall not be
required to make a Change of Control Offer upon a Change of Control if a third
party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Company and purchases all
Notes properly tendered and not withdrawn under such Change of Control Offer.

 54
 

Section 4.16.                                   Anti-Layering.

The Company shall not incur, create, issue, assume,
guarantee or otherwise become liable for any Indebtedness that is subordinate
or junior in right of payment to any Senior Debt of the Company and senior in
any respect in right of payment to the Notes. No Guarantor shall incur, create,
issue, assume, guarantee or otherwise become liable for any Indebtedness that
is subordinate or junior in right of payment to the Senior Debt of such
Guarantor and senior in any respect in right of payment to such Guarantor’s
Subsidiary Guarantee.

Section 4.17.                                   Additional
Subsidiary Guarantees.

The Company shall cause any Domestic Subsidiary of the
Company which incurs, has outstanding or guarantees any Indebtedness to, simultaneously
with such incurrence or guarantee (or, if such Domestic Subsidiary has
outstanding or guarantees Indebtedness at the time of its creation or
acquisition, at the time of such creation or acquisition), become a Guarantor
and execute and deliver to the Trustee a supplemental indenture, in form and
substance reasonably satisfactory to the Trustee, pursuant to which such
Subsidiary will agree to guarantee the Company’s obligations under the Notes; provided, however, that
all Subsidiaries of the Company that have properly been designated as
Unrestricted Subsidiary in accordance with this Indenture, for so long as they
continue to constitute Unrestricted Subsidiaries, will not have to comply with
the requirements of this Section 4.17.

Section 4.18.                                   Payments
for Consent.

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of the Notes that consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to
such consent, waiver or agreement.

ARTICLE
5

SUCCESSORS

Section 5.01.                                   Merger,
Consolidation, or Sale of Assets.

The Company shall not, directly or indirectly
(1) consolidate or merge with or into another Person (whether or not the
Company is the surviving corporation), or (2) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or
assets of the Company and its Restricted Subsidiaries taken as a whole, in one
or more related transactions to, another Person, unless (i) either (A) the
Company is the surviving corporation or (B) the Person formed by or
surviving any such consolidation or merger (if other than the Company) or to
which such sale, assignment, transfer, conveyance or other disposition shall
have been made is a corporation organized or existing under the laws of the
United States, any state thereof or the District of Columbia (any such Person,
the “Successor Company”), (ii) the Successor Company assumes all the
obligations of the Company under the Notes, this Indenture and the Registration
Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee
and (iii) immediately after such transaction no Default exists, and (iv) the
Company or the Successor Company shall, on the date of such transaction after
giving pro forma effect thereto and any

 55
 

related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in the first paragraph of Section 4.09 hereof.
The foregoing clause (iv) shall not prohibit (A) a merger between the Company
and any of its Restricted Subsidiaries; or (B) a merger between the Company and
an Affiliate with no liabilities (other than de
minimis liabilities), provided that
such Affiliate is incorporated and the merger undertaken solely for the purpose
of reincorporating the Company in another state of the United States, so long
as, the amount of Indebtedness of the Company and its Restricted Subsidiaries
is not increased thereby. In addition, the Company shall not, directly or
indirectly, lease all or substantially all of its properties or assets, in one
or more related transactions, to any other Person. The provisions of this
Section 5.01 shall not be applicable to a sale, assignment, transfer,
conveyance or other disposition of assets between or among the Company and any
of the Guarantors.

Section 5.02.                                   Successor
Company Substituted.

Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the properties or assets of the Company in accordance with
Section 5.01 hereof, the Successor Company shall succeed to, and be substituted
for (so that from and after the date of such consolidation, merger, sale,
lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the Successor Company
and not to the Company), and may exercise every right and power of the Company
under this Indenture with the same effect as if such successor Person had been
named as the Company herein; provided that
the predecessor Company shall not be relieved from the obligation to pay the
principal of and interest and Special Interest, if any, on the Notes except in
the case of a sale, assignment, transfer, conveyance or other disposition of
all of the Company’s properties or assets that meets the requirements of
Section 5.01 hereof.

ARTICLE
6

DEFAULTS AND REMEDIES

Section 6.01.                                   Events
of Default.

An “Event of Default” occurs if:

(a)           the
Company defaults in the payment when due of interest on, or Special Interest,
if any, with respect to, the Notes and such default continues for a period of
30 days, whether or not such payment shall be prohibited by Article 10 hereof;

(b)           the
Company defaults in the payment when due of principal of, or premium, if any,
on, the Notes when the same becomes due and payable at maturity, upon
redemption (including in connection with an offer to purchase) or otherwise,
whether or not such payment shall be prohibited by Article 10 hereof;

(c)           the
Company fails to comply with any of the provisions of Section 5.01 hereof;

(d)           the
Company or any of its Restricted Subsidiaries fails to comply with any of the
provisions of Section 4.07, 4.09, 4.10 or 4.15 hereof for a period of 30 days
after

 56
 

receipt of notice to the Company by the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes (including Additional
Notes, if any) then outstanding voting as a single class;

(e)           the
Company or any of its Restricted Subsidiaries fails to observe or perform any
other covenant or other agreement in this Indenture for 60 days after notice to
the Company by the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes (including Additional Notes, if any) then
outstanding voting as a single class;

(f)            a
default occurs under any mortgage, indenture or instrument under which there
may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the
payment of which is guaranteed by the Company or any of its Restricted
Subsidiaries), whether such Indebtedness or guarantee now exists, or is created
after the date of this Indenture, which default is caused by a failure to pay
principal at its stated final maturity (after giving effect to any applicable
grace period provided in such Indebtedness) (a “Payment Default”) or
results in the acceleration of such Indebtedness prior to its express maturity
and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates
$15.0 million or more;

(g)           a
final judgment or final judgments for the payment of money are entered by a
court or courts of competent jurisdiction against the Company or any of its
Restricted Subsidiaries, and such judgment or judgments remain not paid,
discharged or stayed for a period of 60 days, provided
that the aggregate of all such not paid, discharged or stayed judgments exceeds
$15.0 million;

(h)           except
as permitted by this Indenture, any Subsidiary Guarantee is held in any
judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Guarantor, or any Person acting on
behalf of any Guarantor, shall deny or disaffirm its obligations under such
Guarantor’s Subsidiary Guarantee.

(i)            the
Company or any Restricted Subsidiary of the Company that is a Significant
Subsidiary or any Restricted Subsidiaries of the Company that taken together
would constitute a Significant Subsidiary of the Company:

(i)            commences a
voluntary case,

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

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

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

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

 57
 

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

(i)            is for relief
against the Company or any Restricted Subsidiary of the Company that is a
Significant Subsidiary or any Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary of the Company in an
involuntary case;

(ii)           appoints a
custodian of the Company or any Restricted Subsidiary of the Company that is a
Significant Subsidiary or any Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary of the Company or for
all or substantially all of the property of the Company or any Restricted
Subsidiary of the Company that is a Significant Subsidiary or any Restricted
Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary of the Company; or

(iii)          orders the
liquidation of the Company or any Restricted Subsidiary of the Company that is
a Significant Subsidiary or any Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary of the Company;

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

Section 6.02.                                   Acceleration.

If any Event of Default (other than an Event of
Default specified in clause (i) or (j) of Section 6.01 hereof with respect to
the Company, any Restricted Subsidiary of the Company or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary)
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately. Upon any such declaration, the Notes shall become
due and payable immediately. Upon any such declaration the Notes shall become
due and payable immediately. Notwithstanding the foregoing, if an Event of
Default specified in clause (i) or (j) of Section 6.01 hereof occurs with
respect to the Company, any Restricted Subsidiary of the Company or any group
of Restricted Subsidiaries that, taken together, would constitute a  Significant Subsidiary, all outstanding Notes
shall be due and payable immediately without further action or notice. The
Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may on behalf of all of the Holders
rescind an acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium that has become due solely
because of the acceleration) have been cured or waived.

If an Event of Default occurs by reason of any willful
action (or inaction) taken (or not taken) by or on behalf of the Company with
the intention of avoiding payment of the premium that the Company would have
had to pay if the Company then had elected to redeem the Notes pursuant Section
3.07(a) or (c) hereof, as applicable, then, upon acceleration of the Notes, an
equivalent premium shall also become and be immediately due and payable, to the
extent permitted by law, anything in this Indenture or in the Notes to the
contrary notwithstanding.

 58
 

Section 6.03.                                   Other
Remedies.

If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of,
and premium, if any, and interest on, the Notes or to enforce the performance
of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Note in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. Every
right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

No right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

Section 6.04.                                   Waiver
of Past Defaults.

Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on
behalf of the Holders of all of the Notes waive an existing Default or Event of
Default and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of, premium and Special Interest, if
any, or interest on, the Notes including in connection with an offer to
purchase (other than the non-payment of principal of or interest or Special
Interest, if any, on the Notes that became due solely because of the
acceleration of the Notes) (provided that
the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration). Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

Section 6.05.                                   Control
by Majority.

The holders of a majority in principal amount of the
Notes then outstanding shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee, with respect to the
Notes, provided that

(i)                                    such
direction shall not be in conflict with any rule of law or with this Indenture,
and

(ii)                                 the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

 59
 

Section 6.06.                                   Limitation
on Suits.

A Holder of a Note may pursue a remedy with respect to
this Indenture or the Notes only if:

(a)           the
Holder of a Note gives to the Trustee written notice of a continuing Event of
Default;

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

(c)           such
Holder of a Note or Holders of Notes offer and, if requested, provide to the
Trustee indemnity satisfactory to the Trustee against any loss, liability or
expense;

(d)           the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer and, if requested, the provision of indemnity; and

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

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

Section 6.07.                                   Rights
of Holders of Notes to Receive Payment.

Notwithstanding any other provision of this Indenture,
the right of any Holder of a Note to receive payment of principal of, and
premium and Special Interest, if any, and interest on, the Note, on or after
the respective due dates expressed in the Note (including in connection with an
offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the
consent of such Holder.

Section 6.08.                                   Collection
Suit by Trustee.

If an Event of Default specified in Section 6.01(a) or
(b) occurs and is continuing, the Trustee is authorized to recover judgment in
its own name and as trustee of an express trust against the Company for the
whole amount of principal of, and premium and Special Interest, if any, and
interest remaining unpaid on, the Notes and interest on overdue principal and,
to the extent lawful, interest and such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

Section 6.09.                                   Trustee
May File Proofs of Claim.

The Trustee is authorized to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Holders of the Notes allowed in any judicial proceedings relative to
the Company (or any other obligor upon the Notes), its creditors or its
property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or

 60
 

deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof
out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of,
any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

Section 6.10.                                   Priorities.

If the Trustee collects any money pursuant to this
Article, it shall pay out the money in the following order:

First:  to the Trustee, its agents and attorneys for
amounts due under Section 7.07 hereof, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the
costs and expenses of collection;

Second:  subject
to the provisions of Article 10 hereof, to Holders of Notes for amounts due and
unpaid on the Notes for principal, premium and Special Interest, if any, and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium and Special
Interest, if any and interest, respectively; and

Third:  to the
Company or to such party as a court of competent jurisdiction shall direct.

The Trustee may fix a record date and payment date for
any payment to Holders of Notes pursuant to this Section 6.10.

Section 6.11.                                   Undertaking
for Costs.

In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having
due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section does not apply to a suit by the Trustee, a suit by
a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of
more than 10% in principal amount of the then outstanding Notes.

 61

ARTICLE
7

TRUSTEE

Section 7.01.                                   Duties
of Trustee.

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

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

(i)            the duties of the
Trustee shall be determined solely by the express provisions of this Indenture
and the Trustee need perform only those duties that are specifically set forth
in this Indenture and no others, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

(ii)           in the absence of
bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture. However, with respect to certificates or
opinions specifically required by any provision hereof to be furnished to it
hereunder, the Trustee shall examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of any mathematical calculations or other
facts stated therein).

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

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

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

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

(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of
this Section.

(e)           No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any liability. The Trustee shall be under no obligation to
exercise any of its rights and powers under this Indenture at the request of
any Holders, unless such Holders shall have offered to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense.

 62
 

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

Section 7.02.                                   Rights
of Trustee.

(a)           The
Trustee may conclusively rely upon any document (whether in its original or
facsimile form) believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

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

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture.

(e)           Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.

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

(g)           The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.

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

 63
 

(i)            The
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture.

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

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

Section 7.03.                                   Individual
Rights of Trustee.

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the
Company or any Affiliate of the Company with the same rights it would have if
it were not Trustee.

In the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with
like rights and duties.  If the Trustee
fails to eliminate such conflicting interest, obtain said permission or resign
within the ten days after the conclusion of such 90-day period, the Trustee
shall provide notice to the Holders of this effect, and any Holder that has
been a bona fide Holder for at
least six months prior to the delivery of such notice shall have the right to
petition a court of competent jurisdiction to remove the Trustee and appoint a
successor Trustee.  The Trustee is also
subject to Sections 7.10 and 7.11 hereof.

Section 7.04.                                   Trustee’s
Disclaimer.

The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Company’s use of the proceeds from the
Notes or any money paid to the Company or upon the Company’s direction under
any provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

Section 7.05.                                   Notice
of Defaults.

If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee,
the Trustee shall mail to Holders of Notes a notice of the Default or Event of
Default within 90 days after it occurs. Except in the case of a Default or
Event of Default in payment of principal of, and premium, if any, or interest
on, any Note, the

 64
 

Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

Section 7.06.                                   Reports
by Trustee to Holders of the Notes.

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

A copy of each report at the time of its mailing to
the Holders of Notes shall be mailed to the Company and filed with the SEC and
each stock exchange on which the Notes are listed in accordance with TIA
§ 313(d). The Company shall promptly notify the Trustee when the Notes are
listed on any securities exchange or delisted therefrom.

Section 7.07.                                   Compensation
and Indemnity.

The Company shall pay to the Trustee such compensation
as agreed upon from time to time in writing for its acceptance of this
Indenture and services hereunder. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

The Company and the Guarantors, jointly and severally,
shall fully indemnify the Trustee against any and all losses, liabilities,
claims, damages or expenses incurred by it, without negligence, willful
misconduct or bad faith, arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company (including this
Section 7.07) and defending itself against any claim (whether asserted by the
Company or any Holder or any other person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the
extent any such loss, liability or expense has been determined to have been
caused by its own negligence, willful misconduct or bad faith. The Trustee shall
notify the Company promptly of any claim of which it has received notice for
which it may seek indemnity. Failure by the Trustee to so notify the Company
shall not relieve the Company of its obligations hereunder. The Company shall
defend the claim and the Trustee shall reasonably cooperate in the defense. The
Trustee may have separate counsel and the Company shall pay the reasonable fees
and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The
Company need not reimburse any expense or indemnify against any loss, liability
or expense incurred by the Trustee through its own negligence, willful
misconduct or bad faith.

The obligations of the Company under this Section 7.07
shall survive the satisfaction and discharge of this Indenture.

 65
 

To secure the Company’s payment obligations in this
Section, the Trustee shall have a Lien prior to the Notes on all money or
property held or collected by the Trustee, except that held in trust to pay
principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture.

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(g) or (h) hereof occurs,
the expenses and the compensation for the services (including the fees and
expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

The Trustee shall comply with the provisions of TIA §
313(b)(2) to the extent applicable.

Section 7.08.                                   Replacement
of Trustee.

A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section.

The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Company. The
Holders of a majority in principal amount of the then outstanding Notes may
remove the Trustee by so notifying the Trustee and the Company in writing. The
Company may remove the Trustee if:

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

(b)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

(c)           a
custodian or public officer takes charge of the Trustee or its property; or

(d)           the
Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes
office, the Holders of a majority in principal amount of the then outstanding
Notes may appoint a successor Trustee to replace the successor Trustee appointed
by the Company.

If a successor Trustee does not take office within 60
days after the retiring Trustee resigns or is removed, the retiring Trustee (at
the expense of the Company), the Company, or the Holders of at least 10% in
principal amount of the then outstanding Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

If the Trustee, after written request by any Holder
who has been a Holder for at least six months, fails to comply with Section
7.10, such Holder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

 66
 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, provided
that all sums owing to the Trustee hereunder have been paid and subject to the
Lien provided for in Section 7.07 hereof. 
Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company’s obligations under Section 7.07 hereof shall continue for
the benefit of the retiring Trustee.

Section 7.09.                                   Successor
Trustee by Merger, etc.

If the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall be
the successor Trustee.

Section 7.10.                                   Eligibility;
Disqualification.

There shall at all times be a Trustee hereunder that
is a corporation organized and doing business under the laws of the United
States of America or of any state thereof that is authorized under such laws to
exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of
at least $50 million as set forth in its most recent published annual report of
condition.

This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1) and (2). The Trustee is
subject to TIA § 310(b).

Section 7.11.                                   Preferential
Collection of Claims Against Company.

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

ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01.                                   Option
to Effect Legal Defeasance or Covenant Defeasance.

The Company may, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers’ Certificate, at any time,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding
Notes upon compliance with the conditions set forth below in this Article 8. If
the Company exercises its option under this Section 8.01 with respect to either
Section 8.02 or 8.03, each Guarantor will be released from all of its
obligations with respect to its Guarantee.

Section 8.02.                                   Legal
Defeasance and Discharge.

Upon the Company’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.02, the Company shall, subject to
the satisfaction of the conditions set forth in

 67
 

Section 8.04 hereof, be deemed to have been discharged
from its obligations with respect to all outstanding Notes on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Company shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes, which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Notes and this Indenture (and the Trustee, on demand of
and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of outstanding Notes to receive solely from the trust fund described in
Section 8.04 hereof, and as more fully set forth in such Section, payments in
respect of the principal of premium or Special Interest, if any, and interest
on such Notes when such payments are due, (b) the Company’s obligations with
respect to such Notes under Article 2 and Section 4.02 hereof, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
and the Guarantors’ obligations in connection therewith and (d) this Article 8.
Subject to compliance with this Article 8, the Company may exercise its option
under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof.

Section 8.03.                                   Covenant
Defeasance.

Upon the Company’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.03, the Company shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be
released from its obligations under the covenants contained in Sections 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17 and 4.18 hereof and clause
(iv) of Section 5.01 hereof with respect to the outstanding Notes on and after
the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Notes, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Section 6.01(c) through 6.01(f)
hereof shall not constitute Events of Default.

Section 8.04.                                   Conditions
to Legal or Covenant Defeasance.

The following shall be the conditions to the
application of either Section 8.02 or 8.03 hereof to the outstanding Notes:

In order to exercise either Legal Defeasance or
Covenant Defeasance:

 68
 

(a)           the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders, cash in United States dollars, non-callable Government Securities,
or a combination thereof, in such amounts as will be sufficient, in the opinion
of a nationally recognized firm of independent public accountants, to pay the
principal of, premium and Special Interest, if any, and interest on the
outstanding Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be, and the Company must specify whether the
Notes are being defeased to maturity or to a particular redemption date;

(b)           in
the case of an election under Section 8.02 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that (A) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling or (B) since
the date of this Indenture, there has been a change in the applicable federal
income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Notes
will not recognize income, gain or loss for federal income tax purposes as a
result of such Legal Defeasance and will be subject to federal income tax on
the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

(c)           in
the case of an election under Section 8.03 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States confirming
that the Holders of the outstanding Notes will not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

(d)           no
Default shall have occurred and be continuing on the date of such deposit
(other than a Default resulting from the incurrence of Indebtedness all or a
portion of the proceeds of which will be used to defease the Notes pursuant to
this Article 8 concurrently with such incurrence);

(e)           such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any material agreement or
instrument (other than this Indenture) to which the Company or any of its
Restricted Subsidiaries is a party or by which the Company or any of its
Restricted Subsidiaries is bound;

(f)            the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders over any other creditors of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the
Company; and

(g)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or
relating to the Legal Defeasance or the Covenant Defeasance have been complied
with.

Section 8.05.                                   Deposited
Money and Government Securities to be Held in Trust;

Other Miscellaneous Provisions.                                                    

Subject to Section 8.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee,

 69
 

collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof or
the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the
outstanding Notes.

Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon the request of the Company any money or non-callable Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion
of a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04(a) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

Section 8.06.                                   Repayment
to Company.

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

Section 8.07.                                   Reinstatement.

If the Trustee or Paying Agent is unable to apply any
United States dollars or non-callable Government Securities in accordance with
Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as
the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided
that, if the Company makes any payment of principal of, premium, if any, or
interest on any Note following the reinstatement of its obligations, the
Company shall be

 70
 

subrogated to the rights of the Holders of such Notes
to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01.                                   Without
Consent of Holders of Notes.

Notwithstanding Section 9.02 of this Indenture, the
Company, the Guarantors and the Trustee may amend or supplement this Indenture,
the Subsidiary Guarantees or the Notes without the consent of any Holder of a
Note:

(a)           to
cure any ambiguity, defect or inconsistency or to make a modification of a
formal, minor or technical nature or to correct a manifest error;

(b)           to
provide for uncertificated Notes in addition to or in place of certificated
Notes or to alter the provisions of Article 2 hereof (including the related
definitions) in a manner that does not materially adversely affect any Holder;

(c)           to
provide for the assumption of the Company’s or a Guarantor’s obligations to the
Holders of the Notes by a successor to the Company pursuant to Article 5 or
hereof;

(d)           to
add Guarantees with respect to the Notes or to secure the Notes;

(e)           to
add to the covenants of the Company or any Guarantor for the benefit of the
Holders of the Notes or surrender any right or power conferred upon the Company
or any Guarantor;

(f)            to
make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights
hereunder of any Holder of a Note;

(g)           to
comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA;

(h)           to
evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee pursuant to the requirements hereof; or

(i)            to
provide for the issuance of exchange or private exchange notes.

However, no amendment may be made to Article 10 of
this Indenture or the conditions precedent to Legal Defeasance and Covenant
Defeasance set forth in clause (e) of Section 8.04 hereof, in each case, that
adversely affects the rights of any holder of Senior Debt of the Company or a
Guarantor then outstanding unless the holders of such Senior Debt (or their
representative) consent to such change.

Upon the request of the Company accompanied by a
resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon

 71
 

receipt by the Trustee of the documents described in
Section 7.02 hereof, the Trustee shall join with the Company and the Guarantors
in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee
shall not be obligated to enter into such amended or supplemental indenture
that affects its own rights, duties or immunities under this Indenture or
otherwise.

Section 9.02.                                   With
Consent of Holders of Notes.

Except as provided below in this Section 9.02, the
Company and the Trustee may amend or supplement this Indenture (including
Section 3.09, 4.10 and 4.15 hereof), the Subsidiary Guarantees and the Notes
with the consent of the Holders of at least a majority in principal amount of
the Notes (including Additional Notes, if any) then outstanding voting as a
single class (including consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04
and 6.07 hereof, any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium, if any, or
interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture,
the Subsidiary Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes
(including Additional Notes, if any) voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Without the consent of at least 75% in principal
amount of the Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for, or purchase of, such Notes), no
waiver or amendment to this Indenture may make any change in the provisions of
Article 10 hereof that adversely affects the rights of any Holder of Notes.
Section 2.08 hereof shall determine which Notes are considered to be “outstanding”
for purposes of this Section 9.02.

Upon the request of the Company accompanied by a
resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section
7.02 hereof, the Trustee shall join with the Company in the execution of such
amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such amended or supplemental indenture.

It shall not be necessary for the consent of the
Holders of Notes under this Section 9.02 to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent
approves the substance thereof.

After an amendment, supplement or waiver under this
Section becomes effective, the Company shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07
hereof, the Holders of a majority in aggregate principal amount of the Notes
(including Additional Notes, if any) then outstanding voting as a single class
may waive compliance in a particular instance by the

 72
 

Company with any provision of this Indenture or the
Notes. However, without the consent of each Holder affected, an amendment or
waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder):

(a)           reduce
the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

(b)           reduce
the principal of or change the fixed maturity of any Note or alter or waive any
of the provisions with respect to the redemption of the Notes (other than the
provisions of Sections 3.09, 4.10 and 4.15 relating to the obligation of the
Company to make an offer to repurchase Notes);

(c)           reduce
the rate of or change the time for payment of interest, including default
interest, on any Note;

(d)           waive
a Default or Event of Default in the payment of principal of or interest or
premium, or Special Interest, if any, on the Notes (except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes (including Additional Notes, if
any) and a waiver of the Payment Default that resulted from such acceleration);

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

(f)            make
any change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders of Notes to receive payments of principal of, or
interest or premium or Special Interest, if any, on the Notes;

(g)           waive
a redemption payment with respect to any Note (other than pursuant to the
provisions of Sections 3.09, 4.10 and 4.15);

(h)           release
any Guarantor from any of its obligations under its Subsidiary Guarantee or
this Indenture, except in accordance with the terms of this Indenture; or

(i)            make
any change in the foregoing amendment and waiver provisions.

Section 9.03.                                   Compliance
with Trust Indenture Act.

Every amendment or supplement to this Indenture or the
Notes shall be set forth in an amended or supplemental indenture that complies
with the TIA as then in effect.

Section 9.04.                                   Revocation
and Effect of Consents.

Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder of a Note is a continuing consent by the
Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation
of the consent is not made on any Note. However, any such Holder of a Note or
subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An

 73
 

amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

Section 9.05.                                   Notation
on or Exchange of Notes.

The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall, upon receipt
of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

Failure to make the appropriate notation or issue a
new Note shall not affect the validity and effect of such amendment, supplement
or waiver.

Section 9.06.                                   Trustee
to Sign Amendments, etc.

The Trustee shall sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement
does not affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amendment or supplemental indenture until the Board
of Directors approves it. In executing any amended or supplemental indenture,
the Trustee shall be provided with and (subject to Section 7.01 hereof) shall
be fully protected in relying upon, in addition to the documents required by
Section 13.04 hereof, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture.

ARTICLE
10

SUBORDINATION

Section 10.01.                             Agreement
to Subordinate.

The Company agrees, and each Holder by accepting a Note
agrees, that the Indebtedness evidenced by the Notes is subordinated in right
of payment, to the extent and in the manner provided in this Article 10, to the
prior payment in full in cash or Cash Equivalents of all Senior Debt (whether
outstanding on the date hereof or hereafter created, incurred, assumed or
guaranteed), and that the subordination is for the benefit of the holders of
Senior Debt.

Section 10.02.                             Liquidation;
Dissolution; Bankruptcy.

Upon any distribution to creditors of the Company in a
liquidation or dissolution of the Company or in a bankruptcy, reorganization,
insolvency, receivership or similar proceeding relating to the Company or its
property, in an assignment for the benefit of creditors or any marshaling of
the Company’s assets and liabilities:

(i)            holders of Senior
Debt shall be entitled to receive payment in full of all Obligations due in
respect of such Senior Debt (including interest after the commencement of any
such proceeding at the rate specified in the applicable Senior Debt) before
Holders of the Notes shall be entitled to receive any payment with respect to
the Notes (except that Holders may receive (A) Permitted Junior Securities and
(B) payments and other distributions made from any defeasance trust created
pursuant to Section 8.01 hereof); and

 74
 

(ii)           until all
Obligations with respect to Senior Debt (as provided in clause (i) above) are
paid in full, any distribution to which Holders would be entitled but for this
Article 10 shall be made to holders of Senior Debt (except that Holders of
Notes may receive (A) Permitted Junior Securities and (B) payments and other
distributions made from any defeasance trust created pursuant to Section 8.01
hereof), as their interests may appear.

Section 10.03.                             Default
on Designated Senior Debt.

(a)           The
Company may not make any payment or distribution to the Trustee or any Holder
in respect of Obligations with respect to the Notes and may not acquire from
the Trustee or any Holder any Notes for cash or property (other than (A)
Permitted Junior Securities and (B) payments and other distributions made from
any defeasance trust created pursuant to Section 8.01 hereof) until all
principal and other Obligations with respect to the Senior Debt have been paid
in full if:

(i)            a default in the
payment of Designated Senior Debt occurs and is continuing beyond any
applicable period of grace; or

(ii)           a default, other
than a payment default, on any series of Designated Senior Debt occurs and is
continuing that then permits holders of the Designated Senior Debt to
accelerate its maturity and the Trustee receives a notice of the default (a “Payment
Blockage Notice”) from the Company or the holders of any such Designated
Senior Debt or their representative. If the Trustee receives any such Payment
Blockage Notice, no subsequent Payment Blockage Notice shall be effective for
purposes of this Section unless and until (A) at least 360 days shall have
elapsed since the delivery of the immediately prior Payment Blockage Notice and
(B) all scheduled payments of principal of, interest and premium and Special
Interest, if any, on, the Notes that have come due have been paid in full in
cash. No nonpayment default that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee shall be, or be made,
the basis for a subsequent Payment Blockage Notice unless such default shall
have been cured or waived for a period of not less than 180 days.

(b)           The
Company shall resume payments on and distributions in respect of the Notes and
may acquire them upon the earlier of:

(i)            in the case of a
default referred to in clause (i) of Section 10.03(a) hereof, the date upon
which the default is cured or waived, or

(ii)           in the case of a
default referred to in clause (ii) of Section 10.03(a) hereof, upon the earlier
of the date on which such non-payment default is cured or waived or 179 days
pass after the date on which the applicable Payment Blockage Notice is
received, unless the maturity of such Designated Senior Debt has been
accelerated,

if this Article 10 otherwise permits the payment,
distribution or acquisition at the time of such payment or acquisition.

 75

Section 10.04.                             Acceleration
of Notes.

If payment of the Notes is accelerated because of an
Event of Default, the Company shall promptly notify holders of Senior Debt of
the acceleration.

Section 10.05.                             When
Distribution Must Be Paid Over.

In the event that the Trustee or any Holder receives
any payment of any Obligations with respect to the Notes at a time when the
Trustee or such Holder, as applicable, has actual knowledge that such payment
is prohibited by Section 10.03 hereof, such payment shall be held by the
Trustee or such Holder, in trust for the benefit of, and shall be paid
forthwith over and delivered, upon written request, to, the holders of Senior
Debt as their interests may appear or their Representative under the indenture
or other agreement (if any) pursuant to which Senior Debt may have been issued,
as their respective interests may appear, for application to the payment of all
Obligations with respect to Senior Debt remaining unpaid to the extent
necessary to pay such Obligations in full in accordance with their terms, after
giving effect to any concurrent payment or distribution to or for the holders
of Senior Debt.

With respect to the holders of Senior Debt, the
Trustee undertakes to perform only such obligations on the part of the Trustee
as are specifically set forth in this Article 10, and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt, and shall not be liable to any
such holders if the Trustee shall pay over or distribute to or on behalf of
Holders or the Company or any other Person money or assets to which any holders
of Senior Debt shall be entitled by virtue of this Article 10.

Section 10.06.                             Notice
by Company.

The Company shall promptly notify the Trustee and the
Paying Agent of any facts known to the Company that would cause a payment of
any Obligations with respect to the Notes to violate this Article 10, but
failure to give such notice shall not affect the subordination of the Notes to
the Senior Debt as provided in this Article 10.

Section 10.07.                             Subrogation.

After all Senior Debt is paid in full and until the
Notes are paid in full, Holders of Notes shall be subrogated (equally and
ratably with all other Indebtedness pari
passu with the Notes) to the rights of holders of Senior Debt to
receive distributions applicable to Senior Debt to the extent that
distributions otherwise payable to the Holders of Notes have been applied to
the payment of Senior Debt. A distribution made under this Article 10 to
holders of Senior Debt that otherwise would have been made to Holders of Notes
is not, as between the Company and Holders, a payment by the Company on the
Notes.

Section 10.08.                             Relative
Rights.

This Article 10 defines the relative rights of Holders
of Notes and holders of Senior Debt. Nothing in this Indenture shall:

 76
 

(i)            impair, as between
the Company and Holders of Notes, the obligation of the Company, which is
absolute and unconditional, to pay principal of and interest on the Notes in
accordance with their terms;

(ii)           affect the relative
rights of Holders of Notes and creditors of the Company other than their rights
in relation to holders of Senior Debt; or

(iii)          prevent the Trustee
or any Holder of Notes from exercising its available remedies upon a Default or
Event of Default, subject to the rights of holders and owners of Senior Debt to
receive distributions and payments otherwise payable to Holders of Notes.

If the Company fails because of this Article 10 to pay
principal of or interest on a Note on the due date, the failure is still a
Default or Event of Default.

Section 10.09.                             Subordination
May Not Be Impaired by Company.

No right of any holder of Senior Debt to enforce the
subordination of the Indebtedness evidenced by the Notes shall be impaired by
any act or failure to act by the Company or any Holder or by the failure of the
Company or any Holder to comply with this Indenture.

Section 10.10.                             Distribution
or Notice to Representative.

Whenever a distribution is to be made or a notice
given to holders of Senior Debt, the distribution may be made and the notice
given to their Representative.

Upon any payment or distribution of assets of the
Company referred to in this Article 10, the Trustee and the Holders of Notes
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction or upon any certificate of such Representative or of the
liquidating trustee or agent or other Person making any distribution to the
Trustee or to the Holders of Notes for the purpose of ascertaining the Persons
entitled to participate in such distribution, the holders of the Senior Debt
and other Indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 10.

Section 10.11.                             Rights
of Trustee and Paying Agent.

Notwithstanding the provisions of this Article 10 or
any other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment or distribution by the Trustee, and the Trustee and the Paying Agent
may continue to make payments on the Notes, unless the Trustee shall have
received at the Corporate Trust Office of the Trustee at least five Business
Days prior to the date of such payment written notice of facts that would cause
the payment of any Obligations with respect to the Notes to violate this
Article 10. Nothing in this Article 10 shall impair the claims of, or payments
to, the Trustee under or pursuant to Section 7.07 hereof.

The Trustee in its individual or any other capacity
may hold Senior Debt with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights.

 77
 

Section 10.12.                             Authorization
to Effect Subordination.

Each Holder of Notes, by the Holder’s acceptance
thereof, authorizes and directs the Trustee on such Holder’s behalf to take
such action as may be necessary or appropriate to effectuate the subordination
as provided in this Article 10, and appoints the Trustee to act as such Holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a
proper proof of claim or proof of debt in the form required in any proceeding
referred to in Section 6.09 hereof at least 30 days before the expiration of
the time to file such claim, the Representatives are hereby authorized to file
an appropriate claim for and on behalf of the Holders of the Notes.

Section 10.13.                             Amendments.

The provisions of this Article 10 shall not be amended
or modified in a manner that adversely affects the rights of any holder of
Senior Debt without the written consent of the holder of such Senior Debt (or
their representative).

Section 10.14.                             Reliance
on Judicial Order or Certificate of Liquidating Agent.

Upon any payment or distribution of assets of the
Company referred to in this Article, the Trustee, subject to the provisions of
Section 7.01, and the Holders of the Notes shall be entitled to conclusively
rely upon any order or decree entered by any court of competent jurisdiction in
which such insolvency, bankruptcy, receivership, liquidation, reorganization,
dissolution, winding up or similar case or proceeding is pending, or a certificate
of the trustee in bankruptcy, liquidating trustee, custodian, receiver,
assignee for the benefit of creditors, agent or other person making such
payment or distribution, delivered to the Trustee or to the Holders of Notes,
for the purpose of ascertaining the persons entitled to participate in such
payment or distribution, the holders of Senior Debt and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article
10.

ARTICLE
11

SUBSIDIARY GUARANTEES

Section 11.01.                             Guarantees.

Subject to this Article 11, each of the Guarantors
hereby, jointly and severally, unconditionally guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company hereunder or thereunder,
that: (a) the principal and premium, if any, of, and interest and Special
Interest, if any, on, the Notes will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the
overdue principal and premium, if any of, and interest and Special Interest, if
any, on, the Notes, if any, if lawful, and all other obligations of the Company
to the Holders or the Trustee hereunder or thereunder will be promptly paid in
full or performed, all in accordance with the terms hereof and thereof; and (b)
in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. 
In addition to the foregoing, each Guarantor also agrees,
unconditionally and jointly and severally with each other Guarantor, to pay any
and all expenses

 78
 

(including, without limitation, counsel fees and
expenses) incurred by the Trustee under this Indenture in enforcing any rights
under a Subsidiary Guarantee with respect to a Guarantor.  Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors
shall be jointly and severally obligated to pay the same immediately. Each
Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

The Guarantors hereby agree that their obligations
hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions hereof or thereof, the recovery of any judgment against the
Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a
guarantor.  Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands
whatsoever and covenant that this Subsidiary Guarantee shall not be discharged
except by complete performance of the obligations contained in the Notes and
this Indenture.

If any Holder or the Trustee is required by any court
or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the
Company or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect.

Each Guarantor agrees that it shall not be entitled to
any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article 6 hereof for the purposes of this Subsidiary Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article 6
hereof, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantors for the purpose of this Subsidiary
Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Guarantee.

Section 11.02.                             Subordination
of Subsidiary Guarantees.

The Obligations of each Guarantor under its Subsidiary
Guarantee pursuant to this Article 11 shall be junior and subordinated to the
Senior Debt of such Guarantor on the same basis as the Notes are junior and
subordinated to Senior Debt of the Company as set forth in Article 10 hereof.
Each Subsidiary Guarantee is made subject to the provisions of Article 10
hereof. For the purposes of the foregoing sentence, the Trustee and the Holders
shall have the right to receive and/or retain payments by any of the Guarantors
only at such times as they may receive and/or retain payments in respect of the
Notes pursuant to this Indenture, including Article 10 hereof.

 79
 

Section 11.03.                             Limitation
on Guarantor Liability.

Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the
Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to
the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of such Guarantor will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guarantor
that are relevant under such laws, and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of
any other Guarantor in respect of the obligations of such other Guarantor under
this Article 11, result in the obligations of such Guarantor under its
Subsidiary Guarantee not constituting a fraudulent transfer or conveyance.

Section 11.04.                             Execution
and Delivery of Subsidiary Guarantees.

To evidence its Subsidiary Guarantee set forth in
Section 11.01, each Guarantor hereby agrees that a notation of such Subsidiary
Guarantee substantially in the form included in Exhibit E shall be endorsed by
an Officer of such Guarantor or by its duly appointed attorney-in-fact on each
Note authenticated and delivered by the Trustee and that this Indenture shall
be executed on behalf of such Guarantor by its President or one of its Vice
Presidents or by its duly appointed attorney-in-fact.

Each Guarantor hereby agrees that its Subsidiary
Guarantee set forth in Section 11.01 shall remain in full force and effect
notwithstanding any failure to endorse on each Subsidiary a notation of such
Subsidiary Guarantee.  The execution of a
Subsidiary Guarantee on behalf of a Guarantor by its attorney-in-fact shall
constitute a representation and warranty on the part of such Guarantor
hereunder of the due appointment of such attorney-in-fact.

If an Officer or duly appointed attorney-in-fact whose
signature is on this Indenture or on a Subsidiary Guarantee no longer holds
that office or maintains such appointment, as the case may be, at the time the
Trustee authenticates the Note on which a Subsidiary Guarantee is endorsed, the
Subsidiary Guarantee shall be valid nevertheless.

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

In the event that the Company creates or acquires any
new Domestic Subsidiaries subsequent to the date of this Indenture, if required
by Section 4.17 hereof, the Company shall cause such Domestic Subsidiaries to
execute supplemental indentures to this Indenture and Subsidiary Guarantees in
accordance with Section 4.17 hereof and this Article 11, to the extent
applicable.

Section 11.05.                             Guarantors
May Consolidate, etc., on Certain Terms.

Except as otherwise provided in Section 11.06, no
Guarantor may sell or otherwise dispose of all or substantially all of its
assets to, or consolidate with or

 80
 

merge with or into (whether or not such Guarantor is
the surviving Person) another Person whether or not affiliated with such
Guarantor unless:

(a)           immediately
after giving effect to that transaction, no Default exists; and

(b)           either:

(1)           the Person acquiring the property in
any such sale or disposition or the Person formed by or surviving any such consolidation
or merger, if other than such Guarantor, assumes all the obligations of that
Guarantor under this Indenture, its Subsidiary Guarantee and, if the Exchange
Offer has not been consummated or Special Interest remains due and owing, under
the Registration Rights Agreement pursuant to a supplemental indenture in form
and substance reasonably satisfactory to the Trustee and completes all other
required documentation; or

(2)           the Net Proceeds, if any, of such
sale or other disposition are applied in accordance with the provisions of the
third paragraph of Section 4.10 of this Indenture;

In case of any such consolidation, merger, sale or
conveyance and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due
and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Guarantor, such successor Person shall succeed
to and be substituted for the Guarantor with the same effect as if it had been
named herein as a Guarantor. Such successor Person thereupon may cause to be
signed any or all of the Subsidiary Guarantees to be endorsed upon all of the
Notes issuable hereunder which theretofore shall not have been signed by the
Company and delivered to the Trustee. All the Subsidiary Guarantees so issued
shall in all respects have the same legal rank and benefit under this Indenture
as the Subsidiary Guarantees theretofore and thereafter issued in accordance
with the terms of this Indenture as though all of such Subsidiary Guarantees
had been issued at the date of the execution hereof.

Except as set forth in Articles 4 and 5 hereof, and
notwithstanding clauses (a) and (b) above, nothing contained in this Indenture
or in any of the Notes shall prevent any consolidation or merger of a Guarantor
with or into the Company or another Guarantor, or shall prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor.

Section 11.06.                             Releases
Following Sale of Assets.

In the event of (i) a sale or other disposition
of all or substantially all of the assets of any Guarantor, by way of merger,
consolidation or otherwise, or a sale or other disposition of all of the
capital stock of any Guarantor, in each case to a Person that is not (either
before or after giving effect to such transactions) the Company or any other
Guarantor, (ii) a termination of one or more Guarantees by any Guarantor
of any other Senior Subordinated Indebtedness of the Company or any other
Guarantor which results in such Guarantor no longer being subject to any
Guarantee of any other Senior Subordinated Indebtedness of the Company or any
other Guarantor, (iii) the exercise by the Company of its option to have
either Section 8.02 or 8.03

 81
 

hereof be applied to all outstanding Notes in
accordance with the terms set forth in Article 8 hereof or (iv) the
designation by the Company of any Guarantor as an Unrestricted Subsidiary in
accordance with the terms set forth in Section 4.13 hereof, then such Guarantor
(upon the occurrence of an event described in clauses (ii), (iii) or (iv) of
this paragraph) or the corporation acquiring the property (upon the occurrence
of an event described in clause (i) of this paragraph) will be released and
relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds, if any, of such sale or
other disposition are applied in accordance with the applicable provisions of
this Indenture, including without limitation Section 4.10 hereof. Upon delivery
by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the effect that such sale or other disposition was made by the
Company in accordance with the provisions of this Indenture, including without
limitation Section 4.10 hereof, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Guarantor from its
obligations under its Subsidiary Guarantee.

Any Guarantor not released from its obligations under
its Subsidiary Guarantee shall remain liable for the full amount of principal
of and interest on the Notes and for the other obligations of any Guarantor
under this Indenture as provided in this Article 11.

ARTICLE
12

SATISFACTION AND DISCHARGE

Section 12.01.                             Satisfaction
and Discharge.

This Indenture will be discharged and will cease to be
of further effect as to all Notes issued hereunder, when:

(1)           either:

(a)           all Notes that have been
authenticated (except lost, stolen or destroyed Notes that have been replaced
or paid and Notes for whose payment money has theretofore been deposited in
trust and thereafter repaid to the Company) have been delivered to the Trustee
for cancellation; or

(b)           all Notes that have not been
delivered to the Trustee for cancellation have become due and payable by reason
of the mailing of a notice of redemption or otherwise or will become due and
payable within one year and the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust
solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be
sufficient without consideration of any reinvestment of interest, to pay and
discharge the entire indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium and Special Interest, if any, and accrued
interest to the date of maturity or redemption;

(2)           no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit will not result in a breach or
violation of, or constitute a default under, any other instrument to which the
Company or any Guarantor is a party or by which the Company or any Guarantor is
bound;

 82
 

(3)           the Company or any Guarantor has paid
or caused to be paid all sums payable by it under this Indenture; and

(4)           the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or the redemption date, as the case
may be.

In addition, the Company must deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied, and the
Trustee on demand of and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture.

Notwithstanding the satisfaction and discharge of this
Indenture, if money shall have been deposited with the Trustee pursuant to
subclause (b) of clause (1) of this Section, the provisions of Section 12.02
and Section 8.06 shall survive such satisfaction and discharge.

Section 12.02.                             Application
of Trust Money.

Subject to the provisions of Section 8.06, all money
deposited with the Trustee pursuant to Section 12.01 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the
extent required by law.

If the Trustee or the Paying Agent is unable to apply
any money or Government Securities in accordance with Section 12.01 to the
Holders entitled thereto 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 and any Guarantor’s
obligations under this Indenture with respect to the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 12.01 until
such time as the Trustee or the Paying Agent is permitted to apply all such money
or Government Security in accordance with this Indenture and the Notes to the
Holders entitled thereto; provided, however, that if the Company makes any payment of principal
of, premium, if any, or interest on any Notes following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or Government Securities held
by the Trustee or Paying Agent.

ARTICLE
13

MISCELLANEOUS

Section 13.01.                             Trust
Indenture Act Controls.

If any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by TIA § 318(c), the imposed duties
shall control.

 83
 

Section 13.02.                             Notices.

Any notice or communication by the Company, any
Guarantor or the Trustee to the others is duly given if in writing and
delivered in Person or mailed by first class mail (registered or certified,
return receipt requested), telex, telecopier or overnight air courier
guaranteeing next day delivery, to the others’ address:

If to the Company and/or
any Guarantor:

 

Asbury Automotive Group, Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

Telecopier No.: (212) 297-2645

Attention: 
Chief Financial Officer

 

With a copy to:

Cravath, Swaine & Moore LLP

825 Eighth Avenue

Worldwide Plaza

New York, NY  10019-7475

Telecopier No.:  (212) 474-3700

Attention:  Andrew J. Pitts

 

If to the Trustee:

 

The Bank of New York

101 Barclay Street, Floor 8W

New York, New York  10286

Telecopier No.:  (212) 815-5707

Attention:  Corporate Trust
Administration

 

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

All notices and communications (other than those sent
to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day delivery.

Any notice or communication to a Holder shall be
mailed by first class mail, certified or registered, return receipt requested,
or by overnight air courier guaranteeing next day delivery to its address shown
on the register kept by the Registrar. Any notice or communication shall also
be so mailed to any Person described in TIA § 313(c), to the extent
required by the TIA. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other
Holders.

 84
 

If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

If the Company mails a notice or communication to
Holders, it shall mail a copy to the Trustee and each Agent at the same time.

Section 13.03.                             Communication
by Holders of Notes with Other Holders of Notes.

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

Section 13.04.                             Certificate
and Opinion as to Conditions Precedent.

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

(a)           an
Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 13.05 hereof)
stating that, in the opinion of the signers, all conditions precedent and
covenants, if any, provided for in this Indenture relating to the proposed
action have been satisfied; and

(b)           an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 13.05 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.

Section 13.05.                             Statements
Required in Certificate or Opinion.

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply with the
provisions of TIA § 314(e) and shall include:

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

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

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

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

 85
 

Section 13.06.                             Rules
by Trustee and Agents.

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

Section 13.07.                             No
Personal Liability of Directors, Officers, Employees and Stockholders.

No past, present or future director, officer,
employee, incorporator or stockholder of the Company or any Guarantor, as such,
shall have any liability for any obligations of the Company or such Guarantor
under the Notes, the Subsidiary Guarantees, this Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes.

Section 13.08.                             Governing
Law.

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY
GUARANTEES.

Section 13.09.                             No
Adverse Interpretation of Other Agreements.

This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Company or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

Section 13.10.                             Successors.

All agreements of the Company in this Indenture and
the Notes shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. All agreements of each Guarantor in this
Indenture shall bind its successors, except as otherwise provided in Section
11.05.

Section 13.11.                             Severability.

In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

Section 13.12.                             Counterpart
Originals.

This Indenture may be executed in two or more separate
counterparts. Each executed counterpart shall be an original, but all of them
together represent the same agreement.

Section 13.13.                             Table
of Contents, Headings, etc.

The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be

 86
 

considered a part of this Indenture and shall in no
way modify or restrict any of the terms or provisions hereof.

Section 13.14.                             Benefits
of Indenture.

Nothing in this Indenture,
the Notes or the Subsidiary Guarantees, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the
holders of Senior Debt and the Hold­ers, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

Section 13.15.                             Waiver
of Jury Trial.

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

[SIGNATURE
PAGE FOLLOWS]

 87

SIGNATURES

Dated as of March 26, 2007

	
  

  	
  Asbury Automotive Group, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Gordon Smith

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
					

 

	
  

  	
  Asbury Automotive Management L.L.C.

  
	
   

  	
  Asbury Automotive South, L.L.C.

  
	
   

  	
  Asbury Automotive West, L.L.C.

  
	
   

  	
  Asbury Automotive Southern California L.L.C.

  
	
   

  	
  Asbury Arkansas Hund L.L.C.

  
	
   

  	
  Asbury AR Niss L.L.C .

  
	
   

  	
  Asbury Automotive Arkansas Dealership Holdings
  L.L.C.

  
	
   

  	
  Asbury Automotive Arkansas L.L.C.

  
	
   

  	
  Asbury MS Gray-Daniels L.L.C.

  
	
   

  	
  Asbury MS Metro L.L.C.

  
	
   

  	
  Escude-M L.L.C.

  
	
   

  	
  Escude-MO L.L.C.

  
	
   

  	
  Escude-NN L.L.C.

  
	
   

  	
  Escude-NS L.L.C.

  
	
   

  	
  Escude-T L.L.C.

  
	
   

  	
  NP FLM L.L.C.

  
	
   

  	
  NP MZD L.L.C.

  
	
   

  	
  NP VKW L.L.C.

  
	
   

  	
  Premier NSN L.L.C.

  
	
   

  	
  Premier Pon L.L.C.

  
	
   

  	
  Prestige Bay L.L.C.

  
	
   

  	
  Prestige Toy L.L.C.

  
	
   

  	
  Asbury Atlanta AC L.L.C.

  
	
   

  	
  Asbury Atlanta AU L.L.C.

  
	
   

  	
  Asbury Atlanta BM L.L.C.

  
	
   

  	
  Asbury Atlanta Chevrolet L.L.C.

  
	
   

  	
  Asbury Atlanta Hon L.L.C.

  
	
   

  	
  Asbury Atlanta Infiniti L.L.C.

  
	
   

  	
  Asbury Atlanta Jaguar L.L.C.

  
	
   

  	
  Asbury Atlanta Lex L.L.C.

  
	
   

  	
  Asbury Atlanta VL L.L.C.

  
	
   

  	
  Asbury Automotive Atlanta L.L.C.

  
	
   

  	
  Atlanta Real Estate Holdings L.L.C.

  
	
   

  	
  Spectrum Insurance Services L.L.C.

  
	
   

  	
  Asbury Automotive Fresno L.L.C.

  
	
   

  	
  Asbury Fresno Imports L.L.C.

  
	
   

  	
  AF Motors, L.L.C.

  
	
   

  	
  ALM Motors, L.L.C.

  

 

 88
 

 

	
  

  	
  ANL, L.P. (by its general partner Asbury Jax
  Management L.L.C.)

  
	
   

  	
  Asbury Automotive Central Florida, L.L.C.

  
	
   

  	
  Asbury Automotive Deland, L.L.C.

  
	
   

  	
  Asbury Automotive Florida, L.L.C.

  
	
   

  	
  Asbury Automotive Jacksonville GP L.L.C.

  
	
   

  	
  Asbury Automotive Jacksonville, L.P. (by its general
  partner Asbury Automotive Jacksonville GP L.L.C.)

  
	
   

  	
  Asbury Deland Imports 2, L.L.C.

  
	
   

  	
  Asbury Jax AC L.L.C.

  
	
   

  	
  Asbury Jax Holdings, L.P. (by its general partner
  Asbury Jax Management L.L.C.)

  
	
   

  	
  Asbury Jax K L.L.C.

  
	
   

  	
  Asbury Jax Management L.L.C.

  
	
   

  	
  Asbury Jax PB Chev L.L.C.

  
	
   

  	
  Asbury-Deland Imports, L.L.C.

  
	
   

  	
  Avenues Motors, Ltd. (by its general partner Asbury
  Jax Management L.L.C.)

  
	
   

  	
  Bayway Financial Services, L.P. (by its general
  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  BFP Motors L.L.C.

  
	
   

  	
  C&O Properties, Ltd. (by its general partner
  Asbury Jax Management L.L.C.)

  
	
   

  	
  CFP Motors, Ltd. (by its general partner Asbury Jax
  Management L.L.C.)

  
	
   

  	
  CH Motors, Ltd. (by its general partner Asbury Jax
  Management L.L.C.)

  
	
   

  	
  CHO Partnership, Ltd. (by its general partner Asbury
  Jax Management L.L.C.)

  
	
   

  	
  CK Chevrolet L.L.C.

  
	
   

  	
  CK Motors LLC

  
	
   

  	
  CN Motors, Ltd. (by its general partner Asbury Jax
  Management L.L.C.)

  
	
   

  	
  Coggin Automotive Corp.

  
	
   

  	
  Coggin Cars L.L.C.

  
	
   

  	
  Coggin Chevrolet L.L.C.

  
	
   

  	
  Coggin Management, L.P. (by its general partner
  Asbury Jax Management L.L.C.)

  
	
   

  	
  CP-GMC Motors, Ltd. (by its general partner Asbury
  Jax Management L.L.C.)

  
	
   

  	
  CSA Imports L.L.C.

  
	
   

  	
  HFP Motors L.L.C.

  
	
   

  	
  KP Motors L.L.C.

  
	
   

  	
  Asbury MS Chev, L.L.C.

  
	
   

  	
  Asbury Automotive Mississippi, L.L.C.

  
	
   

  	
  Asbury MS Wimber L.L.C.

  
	
   

  	
  Asbury MS Yazoo L.L.C.

  
	
   

  	
  Asbury No Cal Niss L.L.C.

  

 

 89
 

 

	
  

  	
  Asbury Sacramento Imports L.L.C.

  
	
   

  	
  Asbury So Cal DC L.L.C.

  
	
   

  	
  Asbury So Cal Hon L.L.C.

  
	
   

  	
  Asbury So Cal Niss L.L.C.

  
	
   

  	
  Asbury Automotive North Carolina Dealership Holdings
  L.L.C.

  
	
   

  	
  Asbury Automotive North Carolina L.L.C.

  
	
   

  	
  Asbury Automotive North Carolina Management L.L.C.

  
	
   

  	
  Asbury Automotive North Carolina Real Estate
  Holdings L.L.C.

  
	
   

  	
  Camco Finance II L.L.C.

  
	
   

  	
  Camco Finance L.L.C.

  
	
   

  	
  Crown Acura/Nissan, LLC

  
	
   

  	
  Crown Battleground, LLC

  
	
   

  	
  Crown CHH L.L.C.

  
	
   

  	
  Crown CHO L.L.C.

  
	
   

  	
  Crown CHV L.L.C.

  
	
   

  	
  Crown Dodge, LLC

  
	
   

  	
  Crown FDO L.L.C.

  
	
   

  	
  Crown FFO Holdings L.L.C.

  
	
   

  	
  Crown FFO L.L.C.

  
	
   

  	
  Crown Fordham L.L.C.

  
	
   

  	
  Crown GAC L.L.C.

  
	
   

  	
  Crown GAU L.L.C.

  
	
   

  	
  Crown GBM L.L.C.

  
	
   

  	
  Crown GCA L.L.C.

  
	
   

  	
  Crown GCH L.L.C.

  
	
   

  	
  Crown GDO L.L.C.

  
	
   

  	
  Crown GHO L.L.C.

  
	
   

  	
  Crown GKI L.L.C.

  
	
   

  	
  Crown GMI L.L.C.

  
	
   

  	
  Crown GNI L.L.C.

  
	
   

  	
  Crown GPG L.L.C.

  
	
   

  	
  Crown GVO L.L.C.

  
	
   

  	
  Crown Honda, LLC

  
	
   

  	
  Crown Honda-Volvo, LLC

  
	
   

  	
  Crown Mitsubishi, LLC

  
	
   

  	
  Crown Motorcar Company L.L.C.

  
	
   

  	
  Crown Raleigh L.L.C.

  
	
   

  	
  Crown RIA L.L.C.

  
	
   

  	
  Crown RIB L.L.C.

  
	
   

  	
  Crown Royal Pontiac, LLC

  
	
   

  	
  Crown SJC L.L.C.

  
	
   

  	
  Crown SNI L.L.C.

  
	
   

  	
  RER Properties, LLC

  
	
   

  	
  RWIJ Properties, LLC

  
	
   

  	
  Asbury Automotive Oregon L.L.C.

  
	
   

  	
  Asbury Automotive Oregon Management L.L.C.

  

 

 90
 

 

	
  

  	
  Thomason Frd L.L.C.

  
	
   

  	
  Thomason Auto Credit Northwest, Inc.

  
	
   

  	
  Thomason Dam L.L.C.

  
	
   

  	
  Thomason Hon L.L.C.

  
	
   

  	
  Thomason Hund L.L.C.

  
	
   

  	
  Thomason Maz L.L.C.

  
	
   

  	
  Thomason Niss L.L.C.

  
	
   

  	
  Thomason Outfitters L.L.C.

  
	
   

  	
  Thomason Pontiac-GMC L.L.C.

  
	
   

  	
  Thomason Suzu L.L.C.

  
	
   

  	
  Thomason TY L.L.C.

  
	
   

  	
  Thomason Zuk L.L.C.

  
	
   

  	
  Asbury Automotive St. Louis, L.L.C.

  
	
   

  	
  Asbury St. Louis Cadillac L.L.C.

  
	
   

  	
  Asbury St. Louis Lex L.L.C.

  
	
   

  	
  Asbury St. Louis Gen L.L.C.

  
	
   

  	
  Asbury Automotive Brandon, L.P. (by its general
  partner Asbury Tampa Management L.L.C.)

  
	
   

  	
  Asbury Automotive Tampa GP L.L.C.

  
	
   

  	
  Asbury Automotive Tampa, L.P. (by its general
  partner Asbury Automotive Tampa GP L.L.C.)

  
	
   

  	
  Asbury Tampa Management L.L.C.

  
	
   

  	
  JC Dealer Systems L.L.C.

  
	
   

  	
  Precision Computer Services, Inc.

  
	
   

  	
  Precision Enterprises Tampa, Inc.

  
	
   

  	
  Precision Infiniti, Inc.

  
	
   

  	
  Precision Motorcars, Inc.

  
	
   

  	
  Precision Nissan, Inc.

  
	
   

  	
  Tampa Hund, L.P. (by its general partner Asbury
  Tampa Management L.L.C.)

  
	
   

  	
  Tampa Kia, L.P. (by its general partner Asbury Tampa
  Management L.L.C.)

  
	
   

  	
  Tampa LM, L.P. (by its general partner Asbury Tampa
  Management L.L.C.)

  
	
   

  	
  Tampa Mit, L.P. (by its general partner Asbury Tampa
  Management L.L.C.)

  
	
   

  	
  Tampa Suzu, L.P. (by its general partner Asbury
  Tampa Management L.L.C.)

  
	
   

  	
  WMZ Brandon Motors, L.P. (by its general partner
  Asbury Tampa Management L.L.C.)

  
	
   

  	
  WMZ Motors, L.P. (by its general partner Asbury
  Tampa Management L.L.C.)

  
	
   

  	
  WTY Motors L.P. (by its general partner Asbury Tampa
  Management L.L.C.)

  
	
   

  	
  Asbury Automotive Texas Holdings L.L.C.

  
	
   

  	
  Asbury Automotive Texas L.L.C.

  

 

 91
 

 

	
  

  	
  Asbury Automotive Texas Real Estate Holdings L.P.
  (by its general partner Asbury Texas Management L.L.C.)

  
	
   

  	
  Asbury Texas Management L.L.C.

  
	
   

  	
  McDavid Auction, L.P. (by its general partner Asbury
  Texas Management L.L.C.)

  
	
   

  	
  McDavid Austin-Acra, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Frisco-Hon, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Grande, L.P. (by its general partner Asbury
  Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Hon, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Kia, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Niss, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Irving-Hon, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Irving-PB&G, L.P. (by its general
  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Irving-Zuk, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Outfitters, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Plano-Acra, L.P. (by its general partner
  Asbury Texas Management L.L.C.)

  
	
   

  	
  Plano Lincoln-Mercury, Inc.

  

 

	
  

  	
  By:

  	
  /s/ J. Gordon Smith

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Asbury Automotive Group Holdings, Inc.

  
	
   

  	
   

  	
  Asbury Automotive Group L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
  /s/ J. Gordon Smith

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
					

 

 92
 

 

	
  

  	
   

  	
  Asbury Automotive Financial Services, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
  /s/ Lynne A. Burgess

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Lynne A. Burgess

  
	
   

  	
   

  	
  Title:

  	
  Vice President and Assistant Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlos R. Luciano

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Carlos R. Luciano

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

 93

EXHIBIT A1

[Face of 144A
Note]

CUSIP: 043436AE4

ISIN: US043436AE40

Exchange Note CUSIP:

Exchange Note ISIN:

CUSIP for unrestricted notes:

ISIN for unrestricted notes:

7.625% Senior
Subordinated Notes due 2017 

	
  No. 144A-[1]

  	
   

  	
  $                 

  

 

ASBURY AUTOMOTIVE
GROUP, INC.

 

 

promises to pay to
                           ,
or registered assigns, the principal sum of                   Dollars on March 15, 2017. 

Interest Payment
Dates:  March 15 and September 15 of each
year until maturity and the Maturity Date

Record Dates:  March 1 with respect to March 15 Interest
Payment Dates, September 1 with respect to September 15 Interest Payment Dates
and March 1, 2017 with respect to interest payable at maturity.

Dated:  

	
   

  	
  ASBURY
  AUTOMOTIVE GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

	
  This is one of the Notes referred to in the
  within mentioned Indenture:

  
	
   

  
	
  Dated:

  
	
   

  
	
  THE BANK OF NEW YORK,

  
	
  As Trustee

  

 

 A1-1
 

 

	
  By: 

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

 A1-2
 

[Back of Note]

7.625% Senior Subordinated Notes due 2017

[Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the
Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

1.                                       INTEREST.  Asbury Automotive Group, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 7.625% per annum from March 26, 2007 until maturity and
shall pay the Special Interest payable pursuant to Section 2 of the
Registration Rights Agreement referred to below. The Company will pay interest
and Special Interest semi-annually in arrears on March 15 and September 15 of
each year and on maturity, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest
on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest
shall accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be September 15, 2007. The Company shall
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is 1% per annum in excess of the rate then in effect; it
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Special Interest
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a
360-day year of twelve 30-day months.

2.                                       METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted
interest) and Special Interest to the Persons who are registered Holders of
Notes at the close of business on (i) the 1st of March next
preceding each March 15 Interest Payment Date; (ii) the 1st of
September next preceding each September 15 Interest Payment Date; and
(iii) March 1, 2017 with respect to interest payable at maturity even if
such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. The Notes will be payable as to principal, premium and
Special Interest, if any, and interest at the office or agency of the Company
maintained for such purpose within the City and State of New York, or, at the
option of the Company, payment of interest and premium or Special Interest, if
any, may be made by check mailed to the Holders at their addresses set forth in
the register of Holders, and provided that
payment by wire transfer of immediately available funds will be required with
respect to principal of, and interest, premium and Special Interest, if any,
on, all Global Notes and all other Notes the Holders of which shall have
provided wire transfer instructions to the Company or the Paying Agent. Such
payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

3.                                       PAYING
AGENT AND REGISTRAR. Initially, The Bank of New York, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may 

 A1-3
 

change any Paying Agent
or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity.

4.                                       INDENTURE.
The Company issued the Notes under an Indenture dated as of March 26, 2007 (“Indenture”)
between the Company, the Guarantors thereto and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Company shall be entitled, subject to its compliance with Section 4.09 of the
Indenture, to issue additional Notes pursuant to Section 2.14 of the Indenture.

5.                                       OPTIONAL
REDEMPTION.

(a)                                  Except
as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Company
shall not have the option to redeem the Notes prior to March 15, 2012.
Thereafter, the Company shall have the option to redeem all or part of the
Notes upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Special Interest thereon, if any, to the
applicable redemption date, if redeemed during the twelve-month period
beginning on March 15 of the years indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2012

  	
   

  	
  103.813

  	
  %

  
	
  2013

  	
   

  	
  102.542

  	
  %

  
	
  2014

  	
   

  	
  101.271

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)                                 Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time, after the
date hereof, on or prior to March 15, 2010, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of the Notes
(which includes Additional Notes) issued under the Indenture at a redemption
price equal to 107.625% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Special Interest thereon, if any, to the redemption
date with the net cash proceeds of one or more Equity Offerings provided that:

(i)                                     at
least 65% of the aggregate principal amount of the Notes originally issued
remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company or any of its Subsidiaries); and

(ii)                                  the
redemption occurs within 45 days of the date of the closing of such Equity
Offering.

(c)                                  At
any time prior to March 15, 2012, all or part of the Notes may also be redeemed
at the option of the Company, upon not less than 30 nor more than 60 days prior
notice mailed by first-class mail to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest and Special Interest
thereon, if any, to the Redemption Date.

 A1-4
 

6.                                       MANDATORY
REDEMPTION.

Except as set forth in
paragraph 7 below, the Company shall not be required to make mandatory
redemption payments with respect to the Notes.

7.                                       REPURCHASE
AT OPTION OF HOLDER.

(a)                                  If
there is a Change of Control, the Company shall be required to make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to an
integral multiple of $1,000) of each Holder’s Notes at a purchase price equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Special Interest thereon, if any, to the date of purchase (the “Change
of Control Payment”); provided that,
if only a portion of the Notes of the Holders is to be repurchased, the
unrepurchased portion of the Notes of any Holder must be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. Within 30
days following any Change of Control, the Company shall mail a notice to each
Holder setting forth the procedures governing the Change of Control Offer as
required by the Indenture.

(b)                                 If
the Company or a Restricted Subsidiary consummates any Asset Sales, within five
days of each date on which the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Company shall commence an offer to all Holders of Notes (as “Asset
Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes (including any Additional Notes) that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. To the extent that the
aggregate amount of Notes (including any Additional Notes) tendered pursuant to
an Asset Sale Offer is less than the Excess Proceeds, the Company (or such
Subsidiary) may use such deficiency for general corporate purposes. If the aggregate
principal amount of Notes surrendered by Holders thereof exceeds the amount of
Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro
rata basis. Holders of Notes that are the subject of an offer to purchase will
receive an Asset Sale Offer from the Company prior to any related purchase date
and may elect to have such Notes purchased by completing the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Notes.

8.                                       NOTICE
OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date (except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with Article 8 or Article 12 of the Indenture) to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed; provided that, if only a portion of the
Notes of a Holder is to be redeemed, the unredeemed portion of the Notes of
such Holder must be equal to $2,000 in principal amount or an integral multiple
of $1,000 in excess thereof. On and after the redemption date interest ceases
to accrue on Notes or portions thereof called for redemption.

9.                                       DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder 

 A1-5
 

to pay any taxes and fees
required by law or permitted by the Indenture; provided
that no service charge shall be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of
transfer or exchange; provided, however, that the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections
2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 of the Indenture). The Company need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part.
Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the
period between a record date and the corresponding Interest Payment Date.

10.                                 PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for
all purposes.

11.                                 AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the
Subsidiary Guarantees or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes and Additional Notes, if any, voting as a single class, and
any existing default or compliance with any provision of the Indenture, the
Subsidiary Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class. Without the consent of any
Holder of a Note, the Indenture, the Subsidiary Guarantees or the Notes may be
amended or supplemented to cure any ambiguity, defect or inconsistency or to
make a modification of a formal, minor or technical nature or to correct a
manifest error, to provide for uncertificated Notes in addition to or in place
of certificated Notes, to comply with the covenant relating to mergers,
consolidations and sales of assets, to provide for the assumption of the
Company’s or Guarantor’s obligations to Holders of the Notes in case of a
merger or consolidation or sale of all or substantially all of the Company’s
assets, to add Guarantees with respect to the Notes or to secure the Notes, to
add to the covenants of the Company or any Guarantor for the benefit of the
Holders of the Notes or surrender any right or power conferred upon the Company
or any Guarantor, to make any change that would provide any additional rights
or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to evidence and provide for the
acceptance and appointment under the Indenture of a successor trustee pursuant
to the requirements thereof, to provide for the issuance of exchange or private
exchange notes or to provide for the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture.

12.                                 DEFAULTS
AND REMEDIES. Events of Default include: (i) default for 30 days in the payment
when due of interest on, or Special Interest, if any, with respect to, the
Notes, whether or not prohibited by Article 10 of the Indenture; (ii) default
in payment when due of principal of, or premium, if any, on the Notes when the
same becomes due and payable at maturity, upon redemption (including in
connection with an offer to purchase) or otherwise, whether or not prohibited
by Article 10 of the Indenture; (iii) failure by the Company to comply with
Section 5.01 of the Indenture; (iv) failure by the Company or any of its
Restricted Subsidiaries to comply with Sections 4.07, 4.09, 4.10 or 4.15 of the
Indenture for a period of 30 days after notice to the Company by the Trustee or
the Holders of at least 25% in aggregate

 A1-6
 

principal amount of the
Notes (including Additional Notes, if any) then outstanding voting as a single
class; (v) failure by the Company or any of its Restricted Subsidiaries for 60
days after notice to the Company by the Trustee or the Holders of at least 25%
in principal amount of the Notes (including Additional Notes, if any) then
outstanding voting as a single class to observe or perform any other covenant
or other agreement in the Indenture; (vi) default under certain other
agreements relating to Indebtedness of the Company or any of its Restricted
Subsidiaries, which default is caused by a failure to pay principal at its
stated final maturity (after giving effect to any applicable grace period
provided in such Indebtedness) (a “Payment Default”) or results in the
acceleration of such Indebtedness prior to its express maturity and, in each
case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$15.0 million or more; (vii) certain final judgments for the payment of money
that remain not paid, discharged or stayed for a period of 60 days, provided that the aggregate of all such not paid, discharged
or stayed judgments exceeds $15.0 million; (viii) certain events of
bankruptcy or insolvency with respect to the Company or any of its Restricted
Subsidiaries that are, alone or in combination, Significant Subsidiaries as
specified in clauses (i) and (j) of Section 6.01 of the Indenture; and (ix)
except as permitted by the Indenture, any Subsidiary Guarantee shall be held in
any judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Guarantor or any Person acting on its
behalf shall deny or disaffirm its obligations under such Guarantor’s
Subsidiary Guarantee. If any Event of Default (other than an Event of Default
specified in clause (i) or (j) of Section 6.01 of the Indenture with respect to
the Company or any of its Restricted Subsidiaries that are, alone or in
combination, Significant Subsidiaries) occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
may declare all the Notes to be due and payable immediately. Upon any such
declaration the Notes shall become due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency as specified in clauses (i) and (j) of Section 6.01
of the Indenture with respect to the Company or any of its Restricted
Subsidiaries that are, alone or in combination, Significant Subsidiaries, all
outstanding Notes will become due and payable immediately without further
action or notice. Holders of a majority in principal amount of the then
outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. The Trustee may withhold from Holders of the
Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal of, premium, if any, or
interest on, any Note) if and so long as a committee of its Responsible Officers
in good faith determines that withholding notice is in the interests of the
Holders of the Notes. The Holders of a majority in aggregate principal amount
of the then outstanding Notes by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default and its consequences
under the Indenture except a continuing Default in the payment of principal of,
Special Interest, if any, or interest on, the Notes (other than non-payment of
principal of or interest on or Special Interest, if any, on the Notes that
become due solely because of the acceleration of the Notes) (provided that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and
its consequences, including any related payment default that resulted from such
acceleration). The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required
upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

 A1-7
 

13.                                 TRUSTEE
DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity,
may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates,
as if it were not the Trustee.

14.                                 NO
RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or
stockholder, of the Company, as such, shall not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Notes.

15.                                 AUTHENTICATION.
This Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

16.                                 ABBREVIATIONS.
Customary abbreviations may be used in the name of a 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 U/G/M/A (= Uniform Gifts to Minors Act).

17.                                 ADDITIONAL
RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture,
Holders of Restricted Global Notes and Restricted Definitive Notes shall have
all the rights set forth in the Exchange and Registration Rights Agreement
dated as of March 26, 2007, between the Company and the parties named on the
signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes shall have the rights
set forth in one or more registration rights agreements, if any, among the
Company and the other parties thereto relating to rights given by the Company
to the purchasers of Additional Notes (collectively, the “Registration
Rights Agreement”).

18.                                 CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to:

Asbury
Automotive Group, Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

Attention: Chief Financial Officer

 A1-8
 

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

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

  	
   

  
	
   

  	
  (Insert
  assignee’s legal name)

  
	
   

  
	
   

  
	
  (Insert
  assignee’s Social Security or Tax Identification Number)

  
	
   

  
	
   

  
	
   

  
	
   

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

  
	
   

  
	
  and irrevocably appoint

  	
   

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

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  	
  Your Signature:

  	
   

  	
   

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

  
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
										

 

 

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

 

 A1-9
 

OPTION
OF HOLDER TO ELECT PURCHASE

If you want to elect to
have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the
Indenture check the appropriate box below.

	
  

  	
  o  Section 4.10

  	
  o  Section
  4.15

  

 

If you want to elect to
have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount you elect to have purchased:

$                                   

Date:                          

	
   

  	
  Your Signature:

  	
   

  
	
   

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

  
	
   

  	
  Tax
  Identification No.:

  	
   

  
	
   

  
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
					

 

 

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

 

 A1-10
 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of

  this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer of

  Trustee or Note

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A1-11

EXHIBIT A2

[Face of Regulation S Global
Note]

CUSIP: U04348AC9

ISIN: USU04348AC93

Exchange Note CUSIP: 

Exchange Note ISIN: 

CUSIP for unrestricted notes: 

ISIN for unrestricted notes:

7.625% Senior Subordinated Notes due 2017

	
  No. [ST][SP]-[1]

  	
   

  	
  $

  
	
   

  	
  ASBURY
  AUTOMOTIVE GROUP, INC.

  	
   

  

 

promises to pay to                            ,
or registered assigns, the principal sum of                 
Dollars on March 15, 2017. 

Interest Payment Dates:  March 15, and September 15 of each year until
maturity and the Maturity Date.

 

Record Dates: 
March 1 with respect to March 15 Interest Payment Dates, September 1
with respect to September 15 Interest Payment Dates and March 1, 2017 with
respect to interest payable at maturity.

 

Dated:  March
26, 2007

 

 

	
  

  	
  ASBURY AUTOMOTIVE GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

This is one of the Notes referred to in the within
mentioned Indenture:

 

Dated:  March
26, 2007

 

THE BANK OF NEW YORK,

as Trustee

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

 A2-1
 

Back of Regulation S
Temporary Global Note

7.625% Senior Subordinated Notes due 2017

 

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY
GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY
GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”), TO ASBURY AUTOMOTIVE GROUP, INC. OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1)
TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN
INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 A2-2
 

1.             INTEREST.  Asbury Automotive Group, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 7.625% per annum from March 26, 2007 until maturity and
shall pay the Special Interest payable pursuant to Section 2 of the
Registration Rights Agreement referred to below. The Company will pay interest
and Special Interest semi-annually in arrears on March 15 and September 15 of
each year and on maturity, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest
on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest
shall accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be September 15, 2007. The Company shall
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is 1% per annum in excess of the rate then in effect; it
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Special Interest
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a
360-day year of twelve 30-day months.

Until this Regulation S Temporary Global Note is
exchanged for one or more Regulation S Permanent Global Notes, the Holder
hereof shall not be entitled to receive payments of interest hereon; until so
exchanged in full, this Regulation S Temporary Global Note shall in all
other respects be entitled to the same benefits as other Senior Subordinated
Notes under the Indenture.

2.             METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted
interest) and Special Interest to the Persons who are registered Holders of
Notes at the close of business on (i) the 1st of
March next preceding each March 15 Interest Payment Date; (ii)  the 1st of September next preceding each September 15
Interest Payment Date; and (iii) March 1, 2017 with respect to interest
payable at maturity even if such Notes are canceled after such record date and
on or before such Interest Payment Date, except as provided in Section 2.12 of
the Indenture with respect to defaulted interest. The Notes will be payable as
to principal, premium and Special Interest, if any, and interest at the office
or agency of the Company maintained for such purpose within the City and State
of New York, or, at the option of the Company, payment of interest and premium
or Special Interest, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders, and provided
that payment by wire transfer of immediately available funds will be required
with respect to principal of, and interest, premium and Special Interest, if
any, on, all Global Notes and all other Notes the Holders of which shall have
provided wire transfer instructions to the Company or the Paying Agent. Such
payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

3.             PAYING
AGENT AND REGISTRAR. Initially, The Bank of New York, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may change any
Paying Agent or Registrar without notice to any Holder. The Company or any of
its Subsidiaries may act in any such capacity.

4.             INDENTURE.
The Company issued the Notes under an Indenture dated as of March 26, 2007 (“Indenture”),
between the Company, the Guarantors thereto and the

 A2-3
 

Trustee. The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Company shall be entitled,
subject to its compliance with Section 4.09 of the Indenture, to issue
additional Notes pursuant to Section 2.14 of the Indenture.

5.             OPTIONAL
REDEMPTION.

(a)           Except
as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Company
shall not have the option to redeem the Notes prior to March 15, 2012.
Thereafter, the Company shall have the option to redeem all or part of the
Notes upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Special Interest thereon, if any, to the
applicable redemption date, if redeemed during the twelve-month period
beginning on March 15 of the years indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2012

  	
   

  	
  103.813

  	
  %

  
	
  2013

  	
   

  	
  102.542

  	
  %

  
	
  2014

  	
   

  	
  101.271

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time, after the
date hereof, on or prior to March 15, 2010, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of the Notes
(which includes Additional Notes) issued under the Indenture at a redemption
price equal to 107.625% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Special Interest thereon, if any, to the redemption
date with the net cash proceeds of one or more Equity Offerings provided that:

(i)            at
least 65% of the aggregate principal amount of the Notes originally issued
remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company or any of its Subsidiaries); and

(ii)           the
redemption occurs within 45 days of the date of the closing of such Equity
Offering.

(c)           At
any time prior to March 15, 2012, all or part of the Notes may also be redeemed
at the option of the Company, upon not less than 30 nor more than 60 days prior
notice mailed by first-class mail to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest and Special Interest
thereon, if any, to the Redemption Date.

 A2-4
 

6.             MANDATORY
REDEMPTION.

Except as set forth in paragraph 7 below, the Company
shall not be required to make mandatory redemption payments with respect to the
Notes.

7.             REPURCHASE
AT OPTION OF HOLDER.

(a)           If
there is a Change of Control, the Company shall be required to make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to an
integral multiple of $1,000) of each Holder’s Notes at a purchase price equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Special Interest thereon, if any, to the date of purchase (the “Change
of Control Payment”); provided that,
if only a portion of the Notes of the Holders is to be repurchased, the
unrepurchased portion of the Notes of any Holder must be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. Within 30
days following any Change of Control, the Company shall mail a notice to each
Holder setting forth the procedures governing the Change of Control Offer as
required by the Indenture.

(b)           If
the Company or a Restricted Subsidiary consummates any Asset Sales, within five
days of each date on which the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Company shall commence an offer to all Holders of Notes (as “Asset
Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes (including any Additional Notes) that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. To the extent that the
aggregate amount of Notes (including any Additional Notes) tendered pursuant to
an Asset Sale Offer is less than the Excess Proceeds, the Company (or such
Subsidiary) may use such deficiency for general corporate purposes. If the
aggregate principal amount of Notes surrendered by Holders thereof exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes to be purchased
on a pro rata basis. Holders of Notes that are the subject of an offer to
purchase will receive an Asset Sale Offer from the Company prior to any related
purchase date and may elect to have such Notes purchased by completing the form
entitled “Option of Holder to Elect Purchase” on the reverse of the
Notes.

8.             NOTICE
OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date (except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with Article 8 or Article 12 of the Indenture) to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed; provided that, if only a portion of the
Notes of a Holder is to be redeemed, the unredeemed portion of the Notes of
such Holder must be equal to $2,000 in principal amount or an integral multiple
of $1,000 in excess thereof. On and after the redemption date interest ceases
to accrue on Notes or portions thereof called for redemption.

9.             DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder

 A2-5
 

to pay any taxes and fees required by law or permitted
by the Indenture; provided that no service charge
shall be made to a holder of a beneficial interest in a Global Note or to a
Holder of a Definitive Note for any registration of transfer or exchange; provided, however, that
the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 of the
Indenture). The Company need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion
of any Note being redeemed in part. Also, the Company need not exchange or
register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

This Regulation S Temporary Global Note is
exchangeable in whole or in part for one or more Global Notes only (i) on or
after the termination of the 40-day distribution compliance period (as defined
in Regulation S under the Securities Act) and (ii) upon presentation of
certificates (accompanied by an Opinion of Counsel, if applicable) required by
Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this
Regulation S Temporary Global Note.

10.           PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for
all purposes.

11.           AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the
Subsidiary Guarantees or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes and Additional Notes, if any, voting as a single class, and
any existing default or compliance with any provision of the Indenture, the
Subsidiary Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class. Without the consent of any
Holder of a Note, the Indenture, the Subsidiary Guarantees or the Notes may be
amended or supplemented to cure any ambiguity, defect or inconsistency or to
make a modification of a formal, minor or technical nature or to correct a
manifest error, to provide for uncertificated Notes in addition to or in place
of certificated Notes, to comply with the covenant relating to mergers,
consolidations and sales of assets, to provide for the assumption of the
Company’s or Guarantor’s obligations to Holders of the Notes in case of a
merger or consolidation or sale of all or substantially all of the Company’s
assets, to add Guarantees with respect to the Notes or to secure the Notes, to
add to the covenants of the Company or any Guarantor for the benefit of the
Holders of the Notes or surrender any right or power conferred upon the Company
or any Guarantor, to make any change that would provide any additional rights
or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to evidence and provide for the
acceptance and appointment under the Indenture of a successor trustee pursuant
to the requirements thereof, or to provide for the issuance of exchange or
private exchange notes.

12.           DEFAULTS
AND REMEDIES. Events of Default include: (i) default for 30 days in the payment
when due of interest on, or Special Interest, if any, with respect to, the
Notes, whether or not prohibited by Article 10 of the Indenture; (ii) default
in payment when due of principal of, or premium, if any, on the Notes when the
same becomes due and payable at

 A2-6
 

maturity, upon redemption (including in connection
with an offer to purchase) or otherwise, whether or not prohibited by Article
10 of the Indenture; (iii) failure by the Company to comply with Section 5.01
of the Indenture; (iv) failure by the Company or any of its Restricted
Subsidiaries to comply with Sections 4.07, 4.09, 4.10 or 4.15 of the Indenture
for a period of 30 days after notice to the Company by the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes (including
Additional Notes, if any) then outstanding voting as a single class; (v)
failure by the Company or any of its Restricted Subsidiaries for 60 days after
notice to the Company by the Trustee or the Holders of at least 25% in principal
amount of the Notes (including Additional Notes, if any) then outstanding
voting as a single class to observe or perform any other covenant or other
agreement in the Indenture; (vi) default under certain other agreements
relating to Indebtedness of the Company or any of its Restricted Subsidiaries,
which default is caused by a failure to pay principal at its stated final
maturity (after giving effect to any applicable grace period provided in such
Indebtedness) (a “Payment Default”) or results in the acceleration of
such Indebtedness prior to its express maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default or
the maturity of which has been so accelerated, aggregates $15.0 million or
more; (vii) certain final judgments for the payment of money that remain not
paid, discharged or stayed for a period of 60 days, provided
that the aggregate of all such not paid, discharged or stayed judgments exceeds
$15.0 million; (viii) certain events of bankruptcy or insolvency with
respect to the Company or any of its Restricted Subsidiaries that are, alone or
in combination, Significant Subsidiaries as specified in clauses (i) and (j) of
Section 6.01 of the Indenture; and (ix) except as permitted by the Indenture,
any Subsidiary Guarantee shall be held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and
effect or any Guarantor or any Person acting on its behalf shall deny or
disaffirm its obligations under such Guarantor’s Subsidiary Guarantee. If any
Event of Default (other than an Event of Default specified in clause (i) or (j)
of Section 6.01 of the Indenture with respect to the Company or any of its
Restricted Subsidiaries that are, alone or in combination, Significant
Subsidiaries) occurs and is continuing, the Trustee or the Holders of at least
25% in principal amount of the then outstanding Notes may declare all the Notes
to be due and payable immediately. Upon any such declaration the Notes shall
become due and payable immediately. Notwithstanding the foregoing, in the case
of an Event of Default arising from certain events of bankruptcy or insolvency
as specified in clauses (i) and (j) of Section 6.01 of the Indenture with
respect to the Company or any of its Restricted Subsidiaries that are, alone or
in combination, Significant Subsidiaries, all outstanding Notes will become due
and payable immediately without further action or notice. Holders of a majority
in principal amount of the then outstanding Notes may direct the time, method
and place of conducting any proceeding for exercising any remedy available to
the Trustee or exercising any trust or power conferred on it. The Trustee may
withhold from Holders of the Notes notice of any continuing Default or Event of
Default (except a Default or Event of Default relating to the payment of
principal of, premium, if any, or interest on, any Note) if and so long as a
committee of its Responsible Officers in good faith determines that withholding
notice is in the interests of the Holders of the Notes. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by notice
to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default and its consequences under the Indenture except a continuing
Default in the payment of principal of, Special Interest, if any, or interest
on, the Notes (other than non-payment of principal of or interest on or Special
Interest, if any, on the Notes that become due solely because of the
acceleration of the Notes) (provided that
the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration). The Company is

 A2-7
 

required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required
upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

13.           TRUSTEE
DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity,
may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates,
as if it were not the Trustee.

14.           NO
RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or
stockholder, of the Company, as such, shall not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes.

15.           AUTHENTICATION.
This Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

16.           ABBREVIATIONS.
Customary abbreviations may be used in the name of a 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 U/G/M/A (= Uniform Gifts to Minors Act).

17.           ADDITIONAL
RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture,
Holders of Restricted Global Notes and Restricted Definitive Notes shall have
all the rights set forth in the Exchange and Registration Rights Agreement
dated as of March 26, 2007, between the Company and the parties named on the
signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes shall have the rights
set forth in one or more registration rights agreements, if any, among the
Company and the other parties thereto relating to rights given by the Company
to the purchasers of Additional Notes (collectively, the “Registration
Rights Agreement”).

18.           CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture and/or the Registration
Rights Agreement. Requests may be made to:

Asbury Automotive Group,
Inc.

622 Third Avenue, 37th Floor

 A2-8
 

New York, New York 10017

Attention:  Chief Financial Officer

 A2-9
 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

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

  	
   

  
	
   

  	
  (Insert
  assignee’s legal name)

  
	
   

  
	
   

  
	
  (Insert assignee’s
  Social Security or Tax Identification Number)

  
	
   

  
	
   

  
	
   

  
	
   

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

  
	
   

  
	
  and irrevocably appoint 

  	
   

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

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  	
  Your Signature:

  	
   

  	
   

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

  
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
										

 

 

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

 

 A2-10
 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by
the Company pursuant to Section 4.10 or 4.15 of the Indenture check the
appropriate box below.

	
  

  	
  o  Section 4.10

  	
  o  Section
  4.15

  

 

If you want to elect to have only part of the Note
purchased by the Company pursuant to Section 4.10 or Section 4.15 of the
Indenture, state the amount you elect to have purchased:

$                                              

Date:                                 

 

 

	
   

  	
  Your Signature:

  	
   

  
	
   

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

  
	
   

  	
  Tax
  Identification No.:

  	
   

  
	
   

  
	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
					

 

 

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

 

 A2-11
 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE

The following exchanges of a part of this Global Note
for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global Note or Definitive Note for an interest in this
Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of

  this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer of

  Trustee or Note

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A2-12

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Asbury Automotive Group,
Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

[Registrar
address block]

Re:                               7.625%
Senior Subordinated Notes due 2017

Reference is hereby made to the Indenture, dated as of
March 26, 2007 (the “Indenture”), between Asbury Automotive Group, Inc.,
as issuer (the “Company”), the subsidiary guarantors listed on Schedule
I to the Indenture, and The Bank of New York, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the
Indenture.

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

[CHECK
ALL THAT APPLY]

1.                                       o  CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL
NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE l44A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believed
and believes is purchasing the beneficial interest or Definitive Note for its
own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is
a “qualified institutional buyer” within the meaning of Rule l44A in a
transaction meeting the requirements of Rule l44A and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Definitive Note and
in the Indenture and the Securities Act.

2.                                       o  CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
TEMPORARY GLOBAL NOTE, THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE
PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in
accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made
to a person in the United States and (x) at the time the buy order was
originated, the Transferee was outside the United States or such Transferor and
any Person

 B-1
 

acting on its behalf reasonably believed and believes
that the Transferee was outside the United States or (y) the transaction was
executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no
directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being
made prior to the expiration of the Restricted Period, the transfer is not
being made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global
Note, the Regulation S Temporary Global Note and/or the Definitive Note and in
the Indenture and the Securities Act.

3.                                       o  CHECK
AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE
144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE
SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

(a)                                  o  such
Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act;

or

(b)                                 o  such
Transfer is being effected to the Company or a subsidiary thereof;

or

(c)                                  o  such
Transfer is being effected pursuant to an effective registration statement
under the Securities Act and in compliance with the prospectus delivery
requirements of the Securities Act;

or

(d)                                 o  such
Transfer is being effected to an Institutional Accredited Investor and pursuant
to an exemption from the registration requirements of the Securities Act other
than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the
meaning of Regulation D under the Securities Act and the Transfer complies with
the transfer restrictions applicable to beneficial interests in a Restricted
Global Note or Restricted Definitive Notes and the requirements of the
exemption claimed, which certification is supported by (1) a certificate
executed by the Transferee in the form of Exhibit D to the Indenture and (2) an
Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the

 B-2
 

Transferor has attached
to this certification), to the effect that such Transfer is in compliance with
the Securities Act. Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Definitive Notes
and in the Indenture and the Securities Act.

4.                                       o  Check
if Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Definitive Note.

(a)                                  o  Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

(b)                                 o  Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

(c)                                  o  Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any State of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 B-3
 

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

 

 

	
  

  	
  

  
	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  
	
  Date:

  	
   

  	
   

  	
   

  
					

 

 B-4
 

ANNEX A TO CERTIFICATE OF TRANSFER

1.                                       The
Transferor owns and proposes to transfer the following:

[CHECK
ONE OF (a) OR (b)]

(a)                                   o                                    a
beneficial interest in the:

(i)                                  o                                    144A
Global Note (CUSIP                   ),
or

(ii)                               o                                    Regulation S
Global Note (CUSIP                 ),
or

(b)                                  o                                    a
Restricted Definitive Note.

2.                                       After
the Transfer the Transferee will hold:

[CHECK
ONE]

(a)                                   o                                    a
beneficial interest in the:

(i)                                  o                                    144A
Global Note (CUSIP                   ),
or

(ii)                               o                                    Regulation S
Global Note (CUSIP                 ),
or

(iii)                            o                                    Unrestricted
Global Note (CUSIP                   );
or

(b)                                  o                                    a
Restricted Definitive Note; or

(c)                                   o                                    an
Unrestricted Definitive Note,

in accordance with the
terms of the Indenture.

 B-5

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Asbury Automotive Group,
Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

[Registrar
address block]

Re:          7.625% Senior
Subordinated Notes due 2017

(CUSIP                        )

Reference is hereby made to the Indenture, dated as of
March 26, 2007 (the “Indenture”), between Asbury Automotive Group, Inc.,
as issuer (the “Company”), the subsidiary guarantors listed on Schedule
I to the Indenture, and The Bank of New York, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given to them in the
Indenture.

                                                    ,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $                        
in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the
Owner hereby certifies that:

1.  EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED
GLOBAL NOTE

(a)           o  CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a
beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the United States
Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

(b)           o  CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, (iii)
the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance 

 C-1
 

with the Securities Act and (iv) the Definitive Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

(c)           o  CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a
Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

(d)           o  CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE.
In connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the Unrestricted
Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

2.             EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL
NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED
GLOBAL NOTES

(a)           o  CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

(b)           o  CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s
Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  o 144A
Global Note or o Regulation
S Global Note with an equal principal amount, the Owner hereby certifies (i)
the beneficial interest is being acquired for the Owner’s own account without
transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any
applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated 

 C-2
 

in the Private Placement Legend printed on the
relevant Restricted Global Note and in the Indenture and the Securities Act.

 C-3
 

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

	
  

  	
   

  
	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
					

 

 C-4

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Asbury Automotive Group,
Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

[Registrar
address block]

Re:          7.625% Senior
Subordinated Notes due 2017

Reference is hereby made to the Indenture, dated as of
March 26, 2007 (the “Indenture”), between Asbury Automotive Group, Inc.,
as issuer (the “Company”), the subsidiary guarantors listed on Schedule
I to the Indenture, and The Bank of New York, as Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

In connection with our proposed purchase of $                     
aggregate principal amount of:

(a)           o  a
beneficial interest in a Global Note, or

(b)           o  a
Definitive Note,

we confirm that:

1.             We
understand that any subsequent transfer of the Notes or any interest therein is
subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the United States Securities Act of 1933, as
amended (the “Securities Act”).

2.             We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes and any interest therein may not be
offered or sold except as permitted in the following sentence. We agree, on our
own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, that if we should sell the Notes or any interest therein, we will do so
only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule
144A under the Securities Act to a “qualified institutional buyer” (as
defined therein), (C) to an institutional “accredited investor” (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such transfer is in
compliance with the Securities Act, (D) outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the
provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any person purchasing the Definitive Note or beneficial interest
in a Global Note from 

 D-1
 

us in a transaction meeting the requirements of
clauses (A) through (E) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein.

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

4.             We
are an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are each able to bear the economic
risk of our or its investment.

5.             We
are acquiring the Notes or beneficial interest therein purchased by us for our
own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

You and the Company are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered
hereby.

	
  

  	
   

  
	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
					

 

 D-2

EXHIBIT E

[FORM OF SUBSIDIARY GUARANTEE]

For value received, the Guarantors (which term
includes any successor Persons under the Indenture) have, jointly and
severally, guaranteed, to the extent set forth in the Indenture and subject to
the provisions in the Indenture, dated as of March 26, 2007 (the “Indenture”),
among Asbury Automotive Group, Inc., the Guarantors listed on Schedule I
thereto and The Bank of New York, as trustee (the “Trustee”), (a) that
the principal and premium, if any, of, and interest and Special Interest, if
any, on, the Notes (as defined in the Indenture) will be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal and premium, if any, of, and interest and
Special Interest, if any, on, the Notes, if any, if lawful, and all other
obligations of the Company to the Holders or the Trustee under the Indenture or
the Notes will be promptly paid in full or performed, all in accordance with
the terms of the Indenture and the Notes and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to the Subsidiary Guarantee and the Indenture
are expressly set forth in Article 11 of the Indenture and reference is hereby
made to the Indenture for the precise terms of the Subsidiary Guarantee. Each
Holder of a Note, by accepting the same, (a) agrees to and shall be bound by
such provisions, (b) authorizes and directs the Trustee, on behalf of such
Holder, to take such action as may be necessary or appropriate to effectuate
the subordination as provided in the Indenture and (c) appoints the Trustee
attorney-in-fact of such Holder for such purpose; provided
that the Indebtedness evidenced by this Subsidiary Guarantee shall cease to be
so subordinated and subject in right of payment upon any defeasance of this
Note in accordance with the provisions of the Indenture.

	
  

  	
  [NAME OF GUARANTOR(S)]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  

 

 E-1

EXHIBIT F

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of                                 ,
among                                     
(the “Guaranteeing Subsidiary”), a subsidiary of Asbury Automotive
Group, Inc. (or its permitted successor), a Delaware corporation (the “Company”),
the Company, the other Guarantors (as defined in the Indenture referred to
herein) and The Bank of New York, as trustee under the indenture referred to
below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of
March 26, 2007 providing for the issuance of 7.625% Senior Subordinated Notes
due 2017 (the “Notes”);

WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary
shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as follows:

1.             CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture.

2.             AGREEMENT
TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as follows:

(a)           Along
with all Guarantors named in the Indenture, to jointly and severally Guarantee
to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, the Notes or the obligations of the Company
hereunder or thereunder, that:

(i)            the
principal of and interest on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes, if any, if lawful, and all
other obligations of the Company to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and

 F-1
 

(ii)           in
case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. Failing payment when due of any
amount so guaranteed or any performance so guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay the same
immediately.

(b)           The
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
guarantor.

(c)           The
following is hereby waived: diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice
and all demands whatsoever.

(d)           This
Subsidiary Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and the Indenture, and the Guaranteeing
Subsidiary accepts all obligations of a Guarantor under the Indenture.

(e)           If
any Holder or the Trustee is required by any court or otherwise to return to
the Company, the Guarantors, or any Custodian, Trustee, liquidator or other
similar official acting in relation to either the Company or the Guarantors,
any amount paid by either to the Trustee or such Holder, this Subsidiary
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

(f)            The
Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby.

(g)           As
between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article 6 of the Indenture for the purposes of this
Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6 of the Indenture, such obligations (whether or not due
and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Subsidiary Guarantee.

 F-2
 

(h)           The
Guarantors shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Guarantee.

(i)            Pursuant
to Section 10.02 of the Indenture, after giving effect to any maximum amount
and any other contingent and fixed liabilities that are relevant under any
applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to
any collections from, rights to receive contribution from or payments made by
or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under Article 10 of the Indenture, this new Subsidiary Guarantee
shall be limited to the maximum amount permissible such that the obligations of
such Guarantor under this Subsidiary Guarantee will not constitute a fraudulent
transfer or conveyance.

3.             EXECUTION
AND DELIVERY. Each Guaranteeing Subsidiary agrees that the Subsidiary
Guarantees shall remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Subsidiary Guarantee.

4.             GUARANTEEING
SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.

(a)           The
Guaranteeing Subsidiary may not sell or otherwise dispose of all or
substantially all of its assets to or consolidate with or merge with or into
(whether or not such Guarantor is the surviving Person) another corporation,
Person or entity whether or not affiliated with such Guarantor unless:

either

(i)

(A)          the Person acquiring the
property in any such sale or disposition or the Person formed by or surviving
any such consolidation or merger, if other than such Guarantor, assumes all the
obligations of that Guarantor under the Indenture, its Guarantee and, if the
Exchange Offer has not been consummated or Special Interest remains due and
owing, under the Registration Rights Agreement pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee and
completes all other required documentation; or

(B)           the Net Proceeds, if
any, of such sale or other disposition are applied in accordance with the
provisions of described in the third paragraph of Section 4.10 of this
Indenture; and

(ii)           immediately
after giving effect to such transaction, no Default exists.

(b)           In
case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor corporation, by supplemental 

 F-3
 

indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the
Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of the Indenture to be
performed by the Guarantor, such successor corporation shall succeed to and be
substituted for the Guarantor with the same effect as if it had been named
herein as a Guarantor. Such successor corporation thereupon may cause to be
signed any or all of the Subsidiary Guarantees to be endorsed upon all of the
Notes issuable hereunder which theretofore shall not have been signed by the
Company and delivered to the Trustee. All the Subsidiary Guarantees so issued
shall in all respects have the same legal rank and benefit under the Indenture
as the Subsidiary Guarantees theretofore and thereafter issued in accordance
with the terms of the Indenture as though all of such Subsidiary Guarantees had
been issued at the date of the execution hereof.

(c)           Except
as set forth in Articles 4 and 5 and Section 11.05 of Article 11 of the
Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in
the Indenture or in any of the Notes shall prevent any consolidation or merger
of a Guarantor with or into the Company or another Guarantor, or shall prevent
any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor.

5.             RELEASES.

(a)           In
the event of (i) a sale or other disposition of all or substantially all
of the assets of any Guarantor, by way of merger, consolidation or otherwise,
or a sale or other disposition of all of the capital stock of any Guarantor, in
each case to a Person that is not (either before or after giving effect to such
transactions) the Company or any other Guarantor, (ii) a termination of
one or more Guarantees by any Guarantor of any other Senior Subordinated
Indebtedness of the Company or any other Guarantor which results in such
Guarantor no longer being subject to any Guarantee of any other Senior
Subordinated Indebtedness of the Company or any other Guarantor, (iii) the
exercise by the Company of its option to have either Section 8.02 or 8.03 of
the Indenture be applied to all outstanding Notes in accordance with the terms
set forth in Article 8 of the Indenture or (iv) the designation by the
Company of any Guarantor as an Unrestricted Subsidiary in accordance with the
terms set forth in Section 4.13 of the Indenture, then such Guarantor (upon the
occurrence of an event described in clauses (ii), (iii) or (iv) of this
paragraph) or the corporation acquiring the property (upon the occurrence of an
event described in clause (i) of this paragraph) will be released and relieved
of any obligations under its Subsidiary Guarantee; provided
that the Net Proceeds, if any, of such sale or other disposition are applied in
accordance with the applicable provisions of the Indenture, including without
limitation Section 4.10 of the Indenture. Upon delivery by the Company to the
Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect
that such sale or other disposition was made by the Company in accordance with
the provisions of the Indenture, including without limitation Section 4.10 of
the Indenture, the Trustee shall execute any 

 F-4
 

documents reasonably
required in order to evidence the release of any Guarantor from its obligations
under its Subsidiary Guarantee.

(b)           Any
Guarantor not released from its obligations under its Subsidiary Guarantee
shall remain liable for the full amount of principal of and interest on the
Notes and for the other obligations of any Guarantor under the Indenture as
provided in Article 11 of the Indenture.

6.             NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as
such, shall have any liability for any obligations of the Company or any
Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes. Such
waiver may not be effective to waive liabilities under the federal securities
laws and it is the view of the SEC that such a waiver is against public policy.

7.             NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

8.             COUNTERPARTS.
The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

9.             EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.

10.           THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made
solely by the Guaranteeing Subsidiary and the Company.

 F-5
 

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

SIGNATURES

	
  Dated as of

  	
   

  	
  , 20

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASBURY
  AUTOMOTIVE GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
  EACH GUARANTOR LISTED ON SCHEDULE I 

  HERETO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  

 

 F-6

Schedule
I

SCHEDULE OF GUARANTORS

The following schedule lists each Guarantor under the
Indenture as of the Issue Date:

Legal
Name

Asbury Automotive
Financial Services, Inc.

Asbury Automotive
Group Holdings, Inc.

Asbury Automotive
Group L.L.C.

Asbury Automotive
Management L.L.C.

Asbury Automotive
South, L.L.C.

Asbury Automotive
West, L.L.C.

Asbury Automotive
Southern California L.L.C.

Asbury Arkansas
Hund L.L.C.

Asbury AR Niss
L.L.C .

Asbury Automotive
Arkansas Dealership Holdings L.L.C.

Asbury Automotive
Arkansas L.L.C.

Asbury MS
Gray-Daniels L.L.C.

Asbury MS Metro
L.L.C.

Escude-M L.L.C.

Escude-MO L.L.C.

Escude-NN L.L.C.

Escude-NS L.L.C.

Escude-T L.L.C.

NP FLM L.L.C.

NP MZD L.L.C.

NP VKW L.L.C.

Premier NSN L.L.C.

Premier Pon L.L.C.

Prestige Bay
L.L.C.

Prestige Toy
L.L.C.

Asbury Atlanta AC
L.L.C.

Asbury Atlanta AU
L.L.C.

Asbury Atlanta BM
L.L.C.

Asbury Atlanta
Chevrolet L.L.C.

Asbury Atlanta Hon
L.L.C.

Asbury Atlanta
Infiniti L.L.C.

Asbury Atlanta
Jaguar L.L.C.

Asbury Atlanta Lex
L.L.C.

Asbury Atlanta VL
L.L.C.

Asbury Automotive
Atlanta L.L.C.

Atlanta Real
Estate Holdings L.L.C.

Spectrum Insurance
Services L.L.C.

Asbury Automotive
Fresno L.L.C.

Asbury Fresno
Imports L.L.C.

AF Motors, L.L.C.

ALM Motors, L.L.C.

ANL, L.P.

 I-1
 

Asbury Automotive
Central Florida, L.L.C.

Asbury Automotive
Deland, L.L.C.

Asbury Automotive
Florida, L.L.C.

Asbury Automotive
Jacksonville GP L.L.C.

Asbury Automotive
Jacksonville, L.P.

Asbury Deland
Imports 2, L.L.C.

Asbury Jax AC,
L.L.C.

Asbury Jax
Holdings, L.P.

Asbury Jax K,
L.L.C.

Asbury Jax
Management L.L.C.

Asbury Jax PB
Chev, L.L.C.

Asbury-Deland
Imports, L.L.C.

Avenues Motors,
Ltd.

Bayway Financial
Services, L.P.

BFP Motors L.L.C.

C&O
Properties, Ltd.

CFP Motors, Ltd.

CH Motors, Ltd.

CHO Partnership,
Ltd.

CK Chevrolet
L.L.C.

CK Motors LLC

CN Motors, Ltd.

Coggin Automotive
Corp.

Coggin Cars L.L.C.

Coggin Chevrolet
L.L.C.

Coggin Management,
L.P.

CP-GMC Motors,
Ltd.

CSA Imports L.L.C.

HFP Motors L.L.C.

KP Motors L.L.C.

Asbury Automotive
Mississippi, L.L.C.

Asbury MS Chev,
L.L.C.

Asbury MS Wimber
L.L.C.

Asbury MS Yazoo
L.L.C.

Asbury No Cal Niss
L.L.C.

Asbury Sacramento
Imports L.L.C.

Asbury So Cal DC
L.L.C.

Asbury So Cal Hon
L.L.C.

Asbury So Cal Niss
L.L.C.

Asbury Automotive
North Carolina Dealership Holdings L.L.C.

Asbury Automotive
North Carolina L.L.C.

Asbury Automotive
North Carolina Management L.L.C.

Asbury Automotive
North Carolina Real Estate Holdings L.L.C.

Camco Finance II
L.L.C.

Camco Finance
L.L.C.

Crown
Acura/Nissan, LLC

Crown
Battleground, LLC

Crown CHH L.L.C.

Crown CHO L.L.C.

 I-2
 

Crown CHV L.L.C.

Crown Dodge, LLC

Crown FDO L.L.C.

Crown FFO Holdings
L.L.C.

Crown FFO L.L.C.

Crown Fordham
L.L.C.

Crown GAC L.L.C.

Crown GAU L.L.C.

Crown GBM L.L.C.

Crown GCA L.L.C.

Crown GCH L.L.C.

Crown GDO L.L.C.

Crown GHO L.L.C.

Crown GKI L.L.C.

Crown GMI L.L.C.

Crown GNI L.L.C.

Crown GPG L.L.C.

Crown GVO L.L.C.

Crown Honda, LLC

Crown Honda-Volvo,
LLC

Crown Mitsubishi,
LLC

Crown Motorcar
Company L.L.C.

Crown Raleigh
L.L.C.

Crown RIA L.L.C. 

Crown RIB L.L.C.

Crown Royal
Pontiac, LLC

Crown SJC L.L.C.

Crown SNI L.L.C.

RER Properties,
LLC

RWIJ Properties,
LLC

Asbury Automotive
Oregon L.L.C.

Asbury Automotive
Oregon Management L.L.C.

Thomason Frd
L.L.C.

Thomason Auto
Credit Northwest, Inc.

Thomason Dam
L.L.C.

Thomason Hon
L.L.C.

Thomason Hund
L.L.C.

Thomason Maz
L.L.C.

Thomason Niss
L.L.C.

Thomason
Outfitters L.L.C.

Thomason
Pontiac-GMC L.L.C.

Thomason Suzu
L.L.C.

Thomason TY L.L.C.

Thomason Zuk
L.L.C.

Asbury Automotive
St. Louis, L.L.C.

Asbury St. Louis
Lex L.L.C.

Asbury St. Louis
Cadillac L.L.C.

Asbury St. Louis
Gen L.L.C.

Asbury Automotive
Brandon, L.P.

 I-3
 

Asbury Automotive
Tampa GP L.L.C.

Asbury Automotive
Tampa, L.P.

Asbury Tampa
Management L.L.C.

JC Dealer Systems
LLC (formerly known as Dealer Profit Systems L.L.C.)

Precision Computer
Services, Inc.

Precision
Enterprises Tampa, Inc.

Precision
Infiniti, Inc.

Precision
Motorcars, Inc.

Precision Nissan,
Inc.

Tampa Hund, L.P.

Tampa Kia, L.P.

Tampa LM, L.P.

Tampa Mit, L.P.

Tampa Suzu, L.P.

WMZ Brandon
Motors, L.P.

WMZ Motors, L.P.

WTY Motors, L.P.

Asbury Automotive
Texas Holdings L.L.C.

Asbury Automotive
Texas L.L.C.

Asbury Automotive
Texas Real Estate Holdings L.P.

Asbury Texas
Management L.L.C.

McDavid Auction,
L.P.

McDavid
Austin-Acra, L.P.

McDavid
Frisco-Hon, L.P.

McDavid Grande,
L.P.

McDavid
Houston-Hon, L.P.

McDavid
Houston-Kia, L.P.

McDavid
Houston-Niss, L.P.

McDavid
Irving-Hon, L.P.

McDavid
Irving-PB&G, L.P.

McDavid
Irving-Zuk, L.P.

McDavid
Outfitters, L.P.

McDavid
Plano-Acra, L.P.

Plano
Lincoln-Mercury, Inc.

 I-4Exhibit
4.4

[Face of 144A
Note]

CUSIP: 043436AE4

ISIN: US043436AE40

Exchange Note CUSIP:

Exchange Note ISIN:

CUSIP for unrestricted notes:

ISIN for unrestricted notes:

7.625% Senior
Subordinated Notes due 2017 

	
  No. 144A-[1]

  	
   

  	
  $                            

  

 

ASBURY AUTOMOTIVE
GROUP, INC.

 

promises to pay to
                           ,
or registered assigns, the principal sum of                   Dollars on March 15, 2017. 

Interest Payment Dates:  March 15 and September 15 of each year until
maturity and the Maturity Date

Record Dates: 
March 1 with respect to March 15 Interest Payment Dates, September 1
with respect to September 15 Interest Payment Dates and March 1, 2017 with
respect to interest payable at maturity.

Dated:  

	
   

  	
  ASBURY AUTOMOTIVE GROUP,
  INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  This is one of the Notes
  referred to in the within mentioned Indenture:

  
	
   

  
	
  Dated:

  
	
   

  
	
  THE BANK OF NEW
  YORK,

  	
   

  
	
  As Trustee

  	
   

  

 

 

	
  By: 

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  

 

 2
 

[Back of Note]

7.625% Senior Subordinated Notes due 2017

[Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the
Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

1.                                       INTEREST.  Asbury Automotive Group, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 7.625% per annum from March 26, 2007 until maturity and
shall pay the Special Interest payable pursuant to Section 2 of the
Registration Rights Agreement referred to below. The Company will pay interest
and Special Interest semi-annually in arrears on March 15 and September 15 of
each year and on maturity, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest
on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest
shall accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be September 15, 2007. The Company shall
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is 1% per annum in excess of the rate then in effect; it
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Special Interest
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a
360-day year of twelve 30-day months.

2.                                       METHOD
OF PAYMENT. The Company will pay interest on the Notes (except defaulted
interest) and Special Interest to the Persons who are registered Holders of
Notes at the close of business on (i) the 1st of March next
preceding each March 15 Interest Payment Date; (ii) the 1st of
September next preceding each September 15 Interest Payment Date; and
(iii) March 1, 2017 with respect to interest payable at maturity even if
such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in  of
the Indenture with respect to defaulted interest. The Notes will be payable as
to principal, premium and Special Interest, if any, and interest at the office
or agency of the Company maintained for such purpose within the City and State
of New York, or, at the option of the Company, payment of interest and premium
or Special Interest, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders, and provided
that payment by wire transfer of immediately available funds will be required
with respect to principal of, and interest, premium and Special Interest, if
any, on, all Global Notes and all other Notes the Holders of which shall have
provided wire transfer instructions to the Company or the Paying Agent. Such
payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

3.                                       PAYING
AGENT AND REGISTRAR. Initially, The Bank of New York, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may 

 3
 

change any Paying Agent
or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity.

4.                                       INDENTURE.
The Company issued the Notes under an Indenture dated as of March 26, 2007 (“Indenture”)
between the Company, the Guarantors thereto and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent
any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Company shall be entitled, subject to its compliance with Section 4.09 of the
Indenture, to issue additional Notes pursuant to Section 2.14 of the Indenture.

5.                                       OPTIONAL
REDEMPTION.

(a)                                  Except
as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Company
shall not have the option to redeem the Notes prior to March 15, 2012.
Thereafter, the Company shall have the option to redeem all or part of the
Notes upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Special Interest thereon, if any, to the
applicable redemption date, if redeemed during the twelve-month period
beginning on March 15 of the years indicated below:

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2012

  	
   

  	
  103.813

  	
  %

  
	
  2013

  	
   

  	
  102.542

  	
  %

  
	
  2014

  	
   

  	
  101.271

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)                                 Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time, after the
date hereof, on or prior to March 15, 2010, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of the Notes
(which includes Additional Notes) issued under the Indenture at a redemption
price equal to 107.625% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Special Interest thereon, if any, to the redemption
date with the net cash proceeds of one or more Equity Offerings provided that:

(i)                                     at
least 65% of the aggregate principal amount of the Notes originally issued
remains outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company or any of its Subsidiaries); and

(ii)                                  the
redemption occurs within 45 days of the date of the closing of such Equity
Offering.

(c)                                  At
any time prior to March 15, 2012, all or part of the Notes may also be redeemed
at the option of the Company, upon not less than 30 nor more than 60 days prior
notice mailed by first-class mail to each Holder’s registered address, at a
redemption price equal to 100% of the principal amount thereof plus the
Applicable Premium as of, and accrued and unpaid interest and Special Interest
thereon, if any, to the Redemption Date.

 4
 

6.                                       MANDATORY
REDEMPTION.

Except as set forth in
paragraph 7 below, the Company shall not be required to make mandatory
redemption payments with respect to the Notes.

7.                                       REPURCHASE
AT OPTION OF HOLDER.

(a)                                  If
there is a Change of Control, the Company shall be required to make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to an
integral multiple of $1,000) of each Holder’s Notes at a purchase price equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest and Special Interest thereon, if any, to the date of purchase (the “Change
of Control Payment”); provided that,
if only a portion of the Notes of the Holders is to be repurchased, the
unrepurchased portion of the Notes of any Holder must be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. Within 30
days following any Change of Control, the Company shall mail a notice to each
Holder setting forth the procedures governing the Change of Control Offer as
required by the Indenture.

(b)                                 If
the Company or a Restricted Subsidiary consummates any Asset Sales, within five
days of each date on which the aggregate amount of Excess Proceeds exceeds
$10.0 million, the Company shall commence an offer to all Holders of Notes (as “Asset
Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes (including any Additional Notes) that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. To the extent that the
aggregate amount of Notes (including any Additional Notes) tendered pursuant to
an Asset Sale Offer is less than the Excess Proceeds, the Company (or such
Subsidiary) may use such deficiency for general corporate purposes. If the aggregate
principal amount of Notes surrendered by Holders thereof exceeds the amount of
Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro
rata basis. Holders of Notes that are the subject of an offer to purchase will
receive an Asset Sale Offer from the Company prior to any related purchase date
and may elect to have such Notes purchased by completing the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Notes.

8.                                       NOTICE
OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date (except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with Article 8 or Article 12 of the Indenture) to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed; provided that, if only a portion of the
Notes of a Holder is to be redeemed, the unredeemed portion of the Notes of
such Holder must be equal to $2,000 in principal amount or an integral multiple
of $1,000 in excess thereof. On and after the redemption date interest ceases to
accrue on Notes or portions thereof called for redemption.

9.                                       DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder 

 5
 

to pay any taxes and fees
required by law or permitted by the Indenture; provided
that no service charge shall be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of
transfer or exchange; provided, however, that the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections
2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 of the Indenture). The Company need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes
for a period of 15 days before a selection of Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

10.                                 PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for
all purposes.

11.                                 AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the
Subsidiary Guarantees or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes and Additional Notes, if any, voting as a single class, and
any existing default or compliance with any provision of the Indenture, the
Subsidiary Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class. Without the consent of any
Holder of a Note, the Indenture, the Subsidiary Guarantees or the Notes may be
amended or supplemented to cure any ambiguity, defect or inconsistency or to
make a modification of a formal, minor or technical nature or to correct a
manifest error, to provide for uncertificated Notes in addition to or in place
of certificated Notes, to comply with the covenant relating to mergers,
consolidations and sales of assets, to provide for the assumption of the
Company’s or Guarantor’s obligations to Holders of the Notes in case of a
merger or consolidation or sale of all or substantially all of the Company’s
assets, to add Guarantees with respect to the Notes or to secure the Notes, to
add to the covenants of the Company or any Guarantor for the benefit of the
Holders of the Notes or surrender any right or power conferred upon the Company
or any Guarantor, to make any change that would provide any additional rights
or benefits to the Holders of the Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to evidence and provide for the
acceptance and appointment under the Indenture of a successor trustee pursuant
to the requirements thereof, to provide for the issuance of exchange or private
exchange notes or to provide for the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture.

12.                                 DEFAULTS
AND REMEDIES. Events of Default include: (i) default for 30 days in the payment
when due of interest on, or Special Interest, if any, with respect to, the
Notes, whether or not prohibited by Article 10 of the Indenture; (ii) default
in payment when due of principal of, or premium, if any, on the Notes when the
same becomes due and payable at maturity, upon redemption (including in
connection with an offer to purchase) or otherwise, whether or not prohibited
by Article 10 of the Indenture; (iii) failure by the Company to comply with
Section 5.01of the Indenture; (iv) failure by the Company or any of its
Restricted Subsidiaries to comply with Sections 4.07, 4.09, 4.10 or 4.15 of the
Indenture for a period of 30 days after notice to the Company by the Trustee or
the Holders of at least 25% in aggregate 

 6
 

principal amount of the
Notes (including Additional Notes, if any) then outstanding voting as a single
class; (v) failure by the Company or any of its Restricted Subsidiaries for 60
days after notice to the Company by the Trustee or the Holders of at least 25%
in principal amount of the Notes (including Additional Notes, if any) then
outstanding voting as a single class to observe or perform any other covenant
or other agreement in the Indenture; (vi) default under certain other
agreements relating to Indebtedness of the Company or any of its Restricted
Subsidiaries, which default is caused by a failure to pay principal at its
stated final maturity (after giving effect to any applicable grace period
provided in such Indebtedness) (a “Payment Default”) or results in the
acceleration of such Indebtedness prior to its express maturity and, in each
case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$15.0 million or more; (vii) certain final judgments for the payment of money
that remain not paid, discharged or stayed for a period of 60 days, provided that the aggregate of all such not paid, discharged
or stayed judgments exceeds $15.0 million; (viii) certain events of
bankruptcy or insolvency with respect to the Company or any of its Restricted
Subsidiaries that are, alone or in combination, Significant Subsidiaries as
specified in clauses (i) and (j) of Section 6.01 of the Indenture; and (ix)
except as permitted by the Indenture, any Subsidiary Guarantee shall be held in
any judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Guarantor or any Person acting on
its behalf shall deny or disaffirm its obligations under such Guarantor’s
Subsidiary Guarantee. If any Event of Default (other than an Event of Default
specified in clause (i) or (j) of Section 6.01 of the Indenture with respect to
the Company or any of its Restricted Subsidiaries that are, alone or in
combination, Significant Subsidiaries) occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
may declare all the Notes to be due and payable immediately. Upon any such
declaration the Notes shall become due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency as specified in clauses (i) and (j) of Section
6.01of the Indenture with respect to the Company or any of its Restricted
Subsidiaries that are, alone or in combination, Significant Subsidiaries, all
outstanding Notes will become due and payable immediately without further action
or notice. Holders of a majority in principal amount of the then outstanding
Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal of, premium, if any, or interest
on, any Note) if and so long as a committee of its Responsible Officers in good
faith determines that withholding notice is in the interests of the Holders of
the Notes. The Holders of a majority in aggregate principal amount of the then
outstanding Notes by notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default and its consequences under the
Indenture except a continuing Default in the payment of principal of, Special
Interest, if any, or interest on, the Notes (other than non-payment of
principal of or interest on or Special Interest, if any, on the Notes that
become due solely because of the acceleration of the Notes) (provided that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and
its consequences, including any related payment default that resulted from such
acceleration). The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required
upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

 7
 

13.                                 TRUSTEE
DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity,
may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates,
as if it were not the Trustee.

14.                                 NO
RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or
stockholder, of the Company, as such, shall not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Notes.

15.                                 AUTHENTICATION.
This Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

16.                                 ABBREVIATIONS.
Customary abbreviations may be used in the name of a 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 U/G/M/A (= Uniform Gifts to Minors Act).

17.                                 ADDITIONAL
RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture,
Holders of Restricted Global Notes and Restricted Definitive Notes shall have
all the rights set forth in the Exchange and Registration Rights Agreement
dated as of March 26, 2007, between the Company and the parties named on the
signature pages thereof or, in the case of Additional Notes, Holders of Restricted
Global Notes and Restricted Definitive Notes shall have the rights set forth in
one or more registration rights agreements, if any, among the Company and the
other parties thereto relating to rights given by the Company to the purchasers
of Additional Notes (collectively, the “Registration Rights Agreement”).

18.                                 CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to:

Asbury
Automotive Group, Inc.

622 Third Avenue, 37th Floor

New York, New York 10017

Attention: Chief Financial Officer

 8
 

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

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

  	
   

  
	
   

  	
  (Insert
  assignee’s legal name)

  
	
   

  
	
   

  
	
  (Insert
  assignee’s Social Security or Tax Identification Number)

  
	
   

  
	
   

  
	
   

  
	
   

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

  
	
   

  
	
   

  
	
  and irrevocably appoint 

  	
   

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

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  	
   

  	
   

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

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  	
   

  
									

 

 

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

 9
 

OPTION
OF HOLDER TO ELECT PURCHASE

If you want to elect to
have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture check the appropriate
box below.

	
  o  

  	
  Section 4.10

  	
   

  	
  o

  	
  Section 4.15

  	
   

  

 

If you want to elect to
have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture,
state the amount you elect to have purchased:

$                                    

	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
  Your Signature: 

  	
   

  	
   

  
	
   

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

  	
   

  
	
   

  	
  Tax Identification No.:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 

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

 10
 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of

  this Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer of

  Trustee or Note

  Custodian

  	
   

  
	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  
	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  
	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  	
     

  	
   

  

 

 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]