Document:

MOTIENT
      CORPORATION

     

    $200,000,000
      Senior Secured Notes due 2007

     

    INDENTURE

     

    Dated
      as of November 28, 2006

     

    U.S.
      BANK, NATIONAL ASSOCIATION

     

    Trustee

     

    
	 

     

     

     

     

     

    

    
      
        
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TABLE OF CONTENTS

	
 

	
 
	
 
	
 
	
Page 

	
 

	
ARTICLE 1 
DEFINITIONS AND INCORPORATION BY REFERENCE 

	
1 

	
 

	
                    SECTION 

	
1.01 

	
Definitions 

	
1 

	
                    SECTION 

	
1.02 

	
Other Definitions 

	
21 

	
                    SECTION 

	
1.03 

	
Rules of Construction 

	
21 

	
 

	
ARTICLE 2 
THE SECURITIES 

	
22 

	
 

	
                    SECTION 

	
2.01 

	
Form, Dating and Denominations 

	
22 

	
                    SECTION 

	
2.02 

	
Execution and Authentication; Additional Securities 

	
23 

	
                    SECTION 

	
2.03 

	
Registrar and Paying Agent 

	
24 

	
                    SECTION 

	
2.04 

	
Paying Agent to Hold Money in Trust 

	
25 

	
                    SECTION 

	
2.05 

	
Securityholder Lists 

	
25 

	
                    SECTION 

	
2.06 

	
Replacement Securities 

	
25 

	
                    SECTION 

	
2.07 

	
Outstanding Securities 

	
26 

	
                    SECTION 

	
2.08 

	
Temporary Securities 

	
26 

	
                    SECTION 

	
2.09 

	
Cancellation 

	
26 

	
                    SECTION 

	
2.10 

	
CUSIP Numbers 

	
27 

	
                    SECTION 

	
2.11 

	
Registration, Transfer and Exchange 

	
27 

	
                    SECTION 

	
2.12 

	
Restrictions on Transfer and Exchange 

	
30 

	
                    SECTION 

	
2.13 

	
Reg. S Temporary Offshore Global Securities 

	
31 

	
                    SECTION 

	
2.14 

	
Defaulted Interest 

	
32 

	
 

	
ARTICLE 3 
REDEMPTION 

	
32 

	
 

	
                    SECTION 

	
3.01 

	
Notices to Trustee 

	
32 

	
                    SECTION 

	
3.02 

	
Selection 

	
33 

	
                    SECTION 

	
3.03 

	
Notice 

	
33 

	
                    SECTION 

	
3.04 

	
Effect of Notice of Redemption 

	
34 

	
                    SECTION 

	
3.05 

	
Deposit of Redemption Price 

	
34 

	
                    SECTION 

	
3.06 

	
Securities Redeemed in Part 

	
34 

	
                    SECTION 

	
3.07 

	
Optional Redemption 

	
34 

	
                    SECTION 

	
3.08 

	
No Sinking Fund 

	
35 

	
                    SECTION 

	
3.09 

	
Repurchase Offers 

	
35 

	
 

	
ARTICLE 4 
AFFIRMATIVE COVENANTS 

	
37 

	
 

	
                    SECTION 

	
4.01 

	
Financial Statements 

	
37 

	
                    SECTION 

	
4.02 

	
Payment of Obligations 

	
39 

	
                    SECTION 

	
4.03 

	
Corporate Existence 

	
39 

	
                    SECTION 

	
4.04 

	
Licenses 

	
39 

	
                    SECTION 

	
4.05 

	
Cash Escrow Account 

	
39 

	
                    SECTION 

	
4.06 

	
Mirror Note 

	
39 

	
                    SECTION 

	
4.07 

	
Additional Guarantees and Collateral 

	
40 

	
                    SECTION 

	
4.08 

	
Maintenance of Insurance 

	
42 

 

    
 

    
      
         

      

      
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Table of Contents

	
(Continued) 

	
 

	
 
	
 
	
 
	
Page 

	
 

	
                    SECTION 

	

4.09 

	
Regulatory Approvals and Licenses 

	
42 

	
 

	
ARTICLE 5 
NEGATIVE COVENANTS 

	
42 

	
 

	
                    SECTION 

	
5.01 

	
Indebtedness 

	
42 

	
                    SECTION 

	
5.02 

	
Limitation on Liens 

	
45 

	
                    SECTION 

	
5.03 

	
Prohibition of Fundamental Changes 

	
45 

	
                    SECTION 

	
5.04 

	
Restricted Payments 

	
47 

	
                    SECTION 

	
5.05 

	
Transactions with Affiliates 

	
49 

	
                    SECTION 

	
5.06 

	
Limitation on Lines of Business 

	
51 

	
                    SECTION 

	
5.07 

	
Dividend and Other Payment Restrictions Affecting Restricted 

	
 

	
 

	
 

	
Subsidiaries 

	
52 

	
                    SECTION 

	
5.08 

	
Asset/Equity Sales 

	
54 

	
                    SECTION 

	
5.09 

	
Change of Control 

	
54 

	
 

	
ARTICLE 6 
DEFAULTS AND REMEDIES 

	
55 

	
 

	
                    SECTION 

	
6.01 

	
Events of Default and Remedies 

	
55 

	
                    SECTION 

	
6.02 

	
Acceleration 

	
57 

	
                    SECTION 

	
6.03 

	
Other Remedies 

	
57 

	
                    SECTION 

	
6.04 

	
Waiver of Past Defaults 

	
58 

	
                    SECTION 

	
6.05 

	
Control by Majority 

	
58 

	
                    SECTION 

	
6.06 

	
Limitation on Suits 

	
58 

	
                    SECTION 

	
6.07 

	
Rights of Holders to Receive Payment 

	
58 

	
                    SECTION 

	
6.08 

	
Collection Suit by Trustee 

	
59 

	
                    SECTION 

	
6.09 

	
Trustee May File Proofs of Claim 

	
59 

	
                    SECTION 

	
6.10 

	
Priorities 

	
59 

	
                    SECTION 

	
6.11 

	
Undertaking for Costs 

	
59 

	
                    SECTION 

	
6.12 

	
Waiver of Stay or Extension Laws 

	
59 

	
                    SECTION 

	
6.13 

	
Rights and Remedies Cumulative 

	
60 

	
                    SECTION 

	
6.14 

	
Delay or Omission Not Waiver 

	
60 

	
 

	
ARTICLE 7 
TRUSTEE 

	
 

	
60 

	
 

	
                    SECTION 

	
7.01 

	
Duties of Trustee 

	
60 

	
                    SECTION 

	
7.02 

	
Rights of Trustee 

	
61 

	
                    SECTION 

	
7.03 

	
Individual Rights of Trustee 

	
63 

	
                    SECTION 

	
7.04 

	
Trustee’s Disclaimer 

	
63 

	
                    SECTION 

	
7.05 

	
Notice of Defaults 

	
63 

	
                    SECTION 

	
7.06 

	
Compensation and Indemnity 

	
63 

	
                    SECTION 

	
7.07 

	
Replacement of Trustee 

	
64 

	
                    SECTION 

	
7.08 

	
Successor Trustee by Merger, Etc 

	
65 

 ii

	
Table of Contents

	
(Continued) 

	
 

	
 
	
 
	
 
	
Page 

	
 

	
ARTICLE 8 
DISCHARGE OF INDENTURE; DEFEASANCE 

	
65 

	
 

	
                    SECTION 

	
8.01 

	
Legal Defeasance and Covenant Defeasance 

	
65 

	
                    SECTION 

	
8.02 

	
Conditions to Legal or Covenant Defeasance 

	
66 

	
                    SECTION 

	
8.03 

	
Satisfaction and Discharge of Indenture 

	
68 

	
                    SECTION 

	
8.04 

	
Deposited Money and Government Notes to Be Held in Trust; 

	
 

	
 

	
 

	
      Miscellaneous Provisions 

	
68 

	
                    SECTION 

	
8.05 

	
Repayment to Issuer 

	
69 

	
                    SECTION 

	
8.06 

	
Reinstatement 

	
69 

	
 

	
ARTICLE 9 
AMENDMENTS 

	
69 

	
 

	
                    SECTION 

	
9.01 

	
Without Consent of Holders 

	
69 

	
                    SECTION 

	
9.02 

	
With Consent of Holders 

	
70 

	
                    SECTION 

	
9.03 

	
Revocation and Effect of Consents and Waivers 

	
71 

	
                    SECTION 

	
9.04 

	
Notation on or Exchange of Securities 

	
72 

	
                    SECTION 

	
9.05 

	
Trustee to Sign Amendments 

	
72 

	
 

	
ARTICLE 10 
SECURITY GUARANTEES 

	
72 

	
 

	
                    SECTION 

	
10.01 

	
Security Guarantees 

	
72 

	
                    SECTION 

	
10.02 

	
Limitation on Liability 

	
74 

	
                    SECTION 

	
10.03 

	
Successors and Assigns 

	
74 

	
                    SECTION 

	
10.04 

	
No Waiver 

	
74 

	
                    SECTION 

	
10.05 

	
Modification 

	
74 

	
                    SECTION 

	
10.06 

	
Execution and Delivery of the Security Guarantee 

	
74 

	
 

	
ARTICLE 11 
COLLATERAL AND SECURITY 

	
75 

	
 

	
                    SECTION 

	
11.01 

	
Security Agreement 

	
75 

	
                    SECTION 

	
11.02 

	
Release of Collateral 

	
76 

	
                    SECTION 

	
11.03 

	
Certificates of the Company 

	
76 

	
                    SECTION 

	
11.04 

	
Authorization of Actions to be Taken by the Trustee under the 

	
 

	
 

	
 

	
      Security Agreement 

	
77 

	
                    SECTION 

	
11.05 

	
Authorization of Receipt of Funds by the Trustee under the Security 

	
 

	
 

	
      Agreement 

	
77 

	
                    SECTION 

	
11.06 

	
Termination Of Security Interest 

	
77 

	
 

	
ARTICLE 12 
MISCELLANEOUS 

	
77 

	
 

	
                    SECTION 

	
12.01 

	
Notices 

	
77 

	
                    SECTION 

	
12.02 

	
Certificate and Opinion as to Conditions Precedent 

	
78 

	
                    SECTION 

	
12.03 

	
Statements Required in Certificate or Opinion 

	
78 

	
                    SECTION 

	
12.04 

	
When Securities Disregarded 

	
79 

	
                    SECTION 

	
12.05 

	
Rules by Trustee, Paying Agent and Registrar 

	
79 

    
      
         

      

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Table of Contents 

	
 

	
 

	
 

	
(Continued) 

	
 

	
 

	
 
	
 
	
 
	
Page 

	
 

	
SECTION 

	
12.06 

	
Legal Holidays 

	
79 

	
SECTION 

	
12.07 

	
GOVERNING LAW 

	
79 

	
SECTION 

	
12.08 

	
No Recourse Against Others 

	
79 

	
SECTION 

	
12.09 

	
Successors 

	
79 

	
SECTION 

	
12.10 

	
Multiple Originals 

	
79 

	
SECTION 

	
12.11 

	
Table of Contents; Headings 

	
80 

	
SECTION 

	
12.12 

	
Severability 

	
80 

	
SECTION 

	
12.13 

	
No Adverse Interpretation of Other Agreements 

	
80 

     

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

        
        

      

    

    
	 
                                                                     
     EXHIBITS 

	 	 
	EXHIBIT A 
	FORM OF SECURITY 

	EXHIBIT B 
	RESTRICTED LEGEND 

	EXHIBIT C 
	DTC LEGEND 

	EXHIBIT D 
	REGULATION S CERTIFICATE 

	EXHIBIT E 
	RULE 144A CERTIFICATE 

	EXHIBIT F 
	INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE 

	EXHIBIT G 
	CERTIFICATE OF BENEFICIAL OWNERSHIP 

	EXHIBIT H 
	TEMPORARY OFFSHORE GLOBAL SECURITY LEGEND 

	EXHIBIT I 
	FORM OF SUPPLEMENTAL INDENTURE 

	EXHIBIT J 
	LIST OF DRAFT AGREEMENTS 

	EXHIBIT K 
	FORM OF SECURITY AGREEMENT 

 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    INDENTURE
      dated as of November 28, 2006, among MOTIENT CORPORATION, a Delaware corporation
      (the “Issuer”),
      the
      guarantors from time to time party hereto and U.S. BANK, NATIONAL ASSOCIATION,
      a
      national banking association organized under the laws of the United States (or
      any successor trustee, the “Trustee”).

     

    Each
      party agrees as follows for the benefit of the other parties and for the equal
      and ratable benefit of the Holders of (i) the Issuer’s Senior Secured Notes
      due 2007 issued on the Issue Date and (ii) any Additional Securities (as
      defined herein) that may be issued on any other issue date:

     

    ARTICLE
      1

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    SECTION
      1.01  Definitions.

     

    “Acquired
      Debt”:
      with
      respect to any specified Person,

     

    
      	 	
              (1)

            	
              Indebtedness
                of any other Person existing at the time such other Person is merged
                with
                or into or 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 

            

    

     

    
      	 	
              (2)

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

            

    

     

    “Additional
      Securities”:
      any
      Securities issued under this Indenture in addition to the Initial Securities,
      having the same terms in all respects as the Initial Securities except that
      interest will accrue on the Additional Securities from their issue
      date.

     

    “Affiliate”:
      with
      respect to any specified Person, 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, means 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”:
      any
      Registrar, Paying Agent or Authenticating Agent.

     

    “Agent
      Member”:
      a
      member of, or a participant in, the Depositary.

     

    “Arianespace
      Agreement”:
      the
      Launch Services Agreement dated November 8, 2006, between TerreStar and
      Arianespace.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Asset/Equity
      Sale”:
      (1)
      the sale, lease, conveyance or other disposition of any assets or rights;
provided
      that the
      sale, lease, conveyance or other disposition of all or substantially all of
      the
      assets of the Issuer and the Restricted Subsidiaries taken as a whole will
      be
      governed by Section 5.03 and not by Section 5.08 and (2) the issuance
      or sale of Equity Interests in the Issuer or any Restricted
      Subsidiary.

     

    Notwithstanding
      the preceding, none of the following items will be deemed to be an Asset/Equity
      Sale:

     

    
      	 	
              (1)

            	
              a
                disposition of assets between or among the Issuer and
                Guarantors;
                provided
                that the transferee shall cause such amendments, supplements or other
                instruments to be executed, filed, and recorded in such jurisdictions
                as
                may be required by applicable law to preserve and protect the Lien
                on the
                Collateral owned by or transferred to the transferee, together with
                such
                financing statements or comparable documents as may be required to
                perfect
                any security interests in such Collateral which may be perfected
                by the
                filing of a financing statement or a similar document under the Uniform
                Commercial Code or other similar statute or regulation of the relevant
                states or jurisdictions;

            

    

     

    
      	 	
              (2)

            	
              an
                issuance or sale of Equity Interests by a Restricted Subsidiary to
                the
                Issuer or to another Restricted Subsidiary;

            

    

     

    
      	 	
              (3)

            	
              the
                sale, lease or disposition of equipment, inventory or products in
                the
                ordinary course of business and any sale or other disposition of
                damaged,
                worn-out, uneconomic or obsolete assets in the ordinary course of
                business;

            

    

     

    
      	 	
              (4)

            	
              the
                creation of a Permitted Lien and dispositions in connection with
                Permitted
                Liens;

            

    

     

    
      	 	
              (5)

            	
              the
                licensing or sublicensing of intellectual property or other general
                intangibles and licenses, leases or subleases of other property in
                the
                ordinary course of business; 

            

    

     

    
      	 	
              (6)

            	
              foreclosure
                on assets;

            

    

     

    
      	 	
              (7)

            	
              the
                sale or other disposition of cash or Cash Equivalents;
                

            

    

     

    
      	 	
              (8)

            	
              a
                Restricted Payment that is permitted by Section 5.04 or a Permitted
                Investment;

            

    

     

    
      	 	
              (9)

            	
              the
                sale of Equity Interests in Unrestricted Subsidiaries;
                

            

    

     

    
      	 	
              (10)

            	
              any
                Event of Loss; 

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	 	
              (11)

            	
              the
                disposition of up to 29,926,074 shares of Skyterra pursuant to and
                in
                accordance with Section 4.8 of the Exchange Agreement and Section
                5.1 of
                the Registration Rights Agreement; 

            

    

     

    
      	 	
              (12)

            	
              any
                asset disposition contemplated by the Master
                Agreement;

            

    

     

    
      	 	
              (13)

            	
              any
                issuance of common Equity Interests of the Issuer to seller or sellers
                in
                consideration for an acquisition;

            

    

     

    
      	 	
              (14)

            	
              any
                issuance or sale of Equity Interests of the Issuer to employees,
                directors, officers or consultants pursuant to benefit or compensation
                arrangements; and

            

    

     

    
      	 	
              (15)

            	
              any
                issuance of Equity Interests by any Subsidiary to directors or nominees
                to
                satisfy requirements of applicable
                law.

            

    

     

    “Authenticating
      Agent”:
      a
      Person engaged to authenticate the Securities in the stead of the
      Trustee.

     

    “Bankruptcy
      Law”:
      Title
      11, United
      States Code,
      or any
      similar federal or state law for the relief of debtors. 

     

    “Beneficial
      Owner”:
      as
      defined 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. The term “Beneficially Own” has a corresponding
      meaning.

     

    “Board
      of Directors”:

     

    
      	 	
              (1)

            	
              with
                respect to a corporation, the board of directors of the corporation
                or
                (except if used in the definition of “Change of Control”) any authorized
                committee of the Board of Directors of such
                Person;

            

    

     

    
      	 	
              (2)

            	
              with
                respect to a partnership, the Board of Directors of the general partner
                of
                the partnership; 

            

    

     

    
      	 	
              (3)

            	
              with
                respect to a limited liability company, the managing member or members
                or
                any controlling committee of managing members thereof; and
                

            

    

     

    
      	 	
              (4)

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

            

    

     

    “Business
      Day”:
      any
      day other than a Saturday, Sunday or other day on which commercial banks are
      authorized to close under the laws of, or are in fact closed in, the State
      of
      New York.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Capital
      Lease Obligation”:
      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 prepared in accordance with GAAP, and the Stated Maturity thereof
      shall be the date of the last payment of rent or any other amount due under
      such
      lease prior to the first date upon which such lease may be prepaid by the lessee
      without payment of a penalty.

     

    “Capital
      Stock”:

     

    
      	 	
              (1)

            	
              in
                the case of a corporation, corporate stock;

            

    

     

    
      	 	
              (2)

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

            

    

     

    
      	 	
              (3)

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

            

    

     

    
      	 	
              (4)

            	
              any
                other interest or participation that confers on a Person the right
                to
                receive a share of the profits and losses of, or distributions of
                assets
                of, the issuing Person, but excluding from all of the foregoing any
                debt
                securities convertible into Capital Stock, whether or not such debt
                securities include any right of participation with Capital
                Stock.

            

    

     

    “Cash
      Equivalents”:

     

    
      	 	
              (1)

            	
              United
                States or Canadian dollars and in the case of any Foreign Subsidiary
                that
                is a Restricted Subsidiary, such local currencies held by them from
                time
                to time in the ordinary course of
                business;

            

    

     

    
      	 	
              (2)

            	
              securities
                issued or directly and fully guaranteed or insured by the United
                States or
                the Canadian government or any agency or instrumentality of the United
                States or the Canadian government or (provided
                that the full faith and credit of the United States or Canada, as
                applicable, is pledged in support of those securities) having maturities
                of not more than twelve months from the date of acquisition;
                

            

    

     

    
      	 	
              (3)

            	
              marketable
                general obligations issued by any state of the United States or province
                of Canada, or any political subdivision of any such state or province
                or
                any public instrumentality thereof maturing within one year from
                the date
                of acquisition (provided
                that the full faith and credit of the United States or Canada, as
                applicable, is pledged in support
                thereof);

            

    

     

    
      	 	
              (4)

            	
              certificates
                of deposit and time deposits with maturities of twelve months or
                less from
                the date of acquisition, bankers’ acceptances with maturities not
                exceeding twelve months and overnight bank deposits with any U.S.
                domestic
                or Canadian commercial bank having capital and surplus in excess
                of $500.0
                million and a Thomson Bank Watch Rating of “B” or better;
                

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (5)

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

            

    

     

    
      	 	
              (6)

            	
              commercial
                paper having a rating of at least A-3 from Moody’s Investors Service, Inc.
                or P-3 from Standard & Poor’s Rating Services and in each case
                maturing within nine months after the date of acquisition;
                and

            

    

     

    
      	 	
              (7)

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

            

    

     

    “Certificate
      of Beneficial Ownership”:
      a
      certificate substantially in the form of Exhibit G.

     

    “Certificated
      Security”:
      a
      Security in registered individual form without interest coupons.

     

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

     

    
      	 	
              (1)

            	
              the
                direct or indirect sale, lease, 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 Issuer and the Restricted Subsidiaries taken as a whole
                to
                any “person” (as that term is used in Section 13(d)(3) of the
                Exchange Act);

            

    

     

    
      	 	
              (2)

            	
              the
                adoption of a plan relating to the liquidation or dissolution of
                the
                Issuer;

            

    

     

    
      	 	
              (3)

            	
              any
                “person” (as that term is used in Section 13(d)(3) of the Exchange
                Act) becomes the Beneficial Owner, directly or indirectly, of more
                than
                50% of the Voting Stock of the Issuer, measured by voting power rather
                than number of shares; 

            

    

     

    
      	 	
              (4)

            	
              the
                first day on which a majority of the members of the Board of Directors
                of
                the Issuer are not Continuing Directors;
                or

            

    

     

    
      	 	
              (5)

            	
              the
                Issuer consolidates with, or merges with or into, any Person, or
                any
                Person consolidates with, or merges with or into, the
                Issuer,
                in any such event pursuant to a transaction in which any of the
                outstanding Voting Stock of the Issuer is converted into or exchanged
                for
                cash, securities or other property, other than any such transaction
                where
                the Voting Stock of the Issuer 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).

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Collateral”:
      all
      property and assets, whether now owned or hereafter acquired, in which Liens
      are, from time to time, purported to be granted to secure the Securities
      pursuant to the terms of the Security Agreement. 

     

    “Collateral
      Agent”:
      U.S.
      Bank, National Association.

     

    “Commission”:
      the
      Securities and Exchange Commission or any successor agency.

     

    “Continuing
      Directors”:
      as of
      any date of determination, any member of the Board of Directors of the Issuer
      who:

     

    
      	 	
              (1)

            	
              was
                a member of such Board of Directors on the Issue Date;
                or

            

    

     

    
      	 	
              (2)

            	
              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 of Directors at the time of such nomination or
                election.

            

    

     

    “Corporate
      Trust Office”:
      the
      office of the Trustee specified in Section 12.01 or any other office
      specified by the Trustee from time to time pursuant to such
      Section.

     

    “Credit
      Facilities”:
      with
      respect to the Issuer or any Restricted Subsidiary, one or more debt facilities,
      commercial paper facilities or Debt Issuances with banks, investment banks,
      insurance companies, mutual funds, other institutional lenders, institutional
      investors or any of the foregoing providing for revolving credit loans, term
      loans, receivables financing (including through the sale of receivables to
      such
      lenders, other financiers or to special purpose entities formed to borrow from
      (or sell such receivables to) such lenders or other financiers against such
      receivables), letters of credit, bankers’ acceptances, other borrowings or Debt
      Issuances, in each case, as amended, restated, modified, renewed, extended,
      refunded, replaced or refinanced (in each case, without limitation as to
      amount), in whole or in part, from time to time (including through one or more
      Debt Issuances) and any agreements, indentures or other documentation and
      related documents governing Indebtedness or Obligations incurred to refinance
      amounts then outstanding or permitted to be outstanding, whether or not with
      the
      original administrative agent, lenders, investment banks, insurance companies,
      mutual funds, other institutional lenders, institutional investors or any of
      the
      foregoing and whether provided under the original agreement, indenture or other
      documentation relating thereto or otherwise).

     

    “Debt
      Issuances”:
      with
      respect to the Issuer or any Restricted Subsidiary, one or more issuances after
      the Issue Date of Indebtedness evidenced by notes, debentures, bonds or other
      similar securities or instruments.

     

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

     

    “Depositary”:
      the
      depositary of each Global Security, which will initially be DTC.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Disqualified
      Stock”:
      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, 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 Maturity Date.
      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 Issuer 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 Issuer may not repurchase
      or
      redeem any such Capital Stock pursuant to such provisions unless such repurchase
      or redemption complies with Section 5.04. 

     

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

     

    “DTC”:
      The
      Depository Trust Company, a New York corporation, and its
      successors.

     

    “DTC
      Legend”:
      the
      legend set forth in Exhibit C.

     

    “Equity
      Interests”:
      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).

     

    “Event
      of Default”:
      any of
      the events specified in Section 6.01; provided
      that any
      requirement for the giving of notice, the lapse of time, or both, has been
      satisfied.

     

    “Event
      of Loss”:
      any
      loss of, destruction of or damage to, or any condemnation or other governmental
      taking of any property of the Issuer or a Restricted Subsidiary. 

     

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

     

    “Exchange
      Agreement”:
      the
      Exchange Agreement, dated as of May 6, 2006, by and among Motient Ventures
      Holding Inc., Skyterra and the Issuer.

     

    “Existing
      Indebtedness”:
      Indebtedness of the Issuer and the Restricted Subsidiaries in existence on
      the
      Issue Date, until such amounts are repaid.

     

    “FCC
      License”:
      any
      license, authorization, approval, or permit granted by the FCC pursuant to
      the
      Communications Act of 1934, as amended, to the Issuer or its Restricted
      Subsidiaries, or assigned or transferred to the Issuer or its Subsidiaries
      pursuant to FCC consent, in each case for or in connection with the construction
      and/or operation of any satellite system. “FCC License” includes the U.S. FCC
      Letter of Intent.

     

    “FCC
      License Subsidiary”:
      a
      wholly owned subsidiary of TerreStar that may hold TerreStar’s FCC Licenses in
      the United States or to which TerreStar’s FCC Licenses in the United States may
      be assigned.

     

    “Financing
      Documents”:
      the
      collective reference to this Indenture, the Securities, the Purchase Agreement
      and the Security Agreement.

     

    “Financing
      Parties”:
      the
      collective reference to the Issuer and each of the Guarantors.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Foreign
      Subsidiary”:
      any
      Restricted Subsidiary that is not a Domestic Subsidiary.

     

    “GAAP”:
      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 of the Public Company Accounting Oversight 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
      Security”:
      a
      Security in registered global form without interest coupons.

     

    “Government
      Notes”:
      non-redeemable, direct obligations (or certificates representing an ownership
      interest in such obligations) of, or obligations guaranteed by, the United
      States of America (including any agency or instrumentality thereof) for the
      payment of which guarantee or obligations the full faith and credit of the
      United States is pledged.

     

    “Guarantee”:
      a
      guarantee other than by endorsement of negotiable instruments for collection
      in
      the ordinary course of business, direct or indirect, in any manner including
      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 (whether
      arising by virtue of partnership arrangements, or by agreements to keep-well,
      to
      purchase assets, goods, securities or services, to take or pay or to maintain
      financial statement conditions or otherwise).

     

    “Guarantor”:

     

    
      	 	
              (1)

            	
              each
                of the Issuer’s Domestic Subsidiaries on the Issue Date, other than any
                Immaterial Subsidiaries;

            

    

     

    
      	 	
              (2)

            	
              each
                Restricted Subsidiary that, after the Issue Date, executes a supplemental
                indenture pursuant to Section 4.07 substantially in the form of Exhibit
                I
                hereto; and

            

    

     

    
      	 	
              (3)

            	
              their
                respective successors and assigns,

            

    

     

    in
      each
      case until released from its Security Guarantee in accordance with the terms
      of
      this Indenture.

     

    “Hedging
      Obligations”:
      with
      respect to any specified Person, the obligations of such Person incurred in
      the
      ordinary course of business and not for speculative purposes under:

     

    
      	 	
              (1)

            	
              interest
                rate swap agreements (whether from fixed to floating or from floating
                to
                fixed), interest rate cap agreements and interest rate collar
                agreements;

            

    

     

    
      	 	
              (2)

            	
              foreign
                exchange contracts and currency protection agreements entered into
                with
                one of more financial institutions and designed to protect the person
                or
                entity entering into the agreement against fluctuations in currency
                exchanges rates with respect to Indebtedness incurred;
                and

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	 	
              (3)

            	
              other
                agreements or arrangements designed to protect such Person against
                fluctuations in interest rates or currency exchange
                rates.

            

    

     

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

     

    “Immaterial
      Subsidiary”:
      as of
      any date, any Restricted Subsidiary whose total assets, as of that date, are
      less than $1,000,000 and whose total revenues for the most recent 12 month
      period do not exceed $1,000,000; provided
      that a
      Restricted Subsidiary shall not be considered to be an Immaterial Subsidiary
      if
      it, directly or indirectly, guarantees or otherwise provides direct credit
      support for any Indebtedness of the Issuer or any Guarantor; provided
      further
      that a
      Restricted Subsidiary shall not be considered as an Immaterial Subsidiary if
      it
      holds any material telecommunication license, authorization, approval or permit
      or any material intellectual property. An Immaterial Subsidiary shall remain
      an
      Immaterial Subsidiary (and shall not be deemed to have ceased to be such) until
      the earlier of (i) 45 days after the last day of any fiscal quarter on
      which such Subsidiary no longer qualifies as such or (ii) the date on which
      financial statements become available showing that such Subsidiary no longer
      qualifies as such as of the date of such financial statements.

     

    “Indebtedness”:
      with
      respect to any specified Person, any indebtedness of such Person (excluding
      accrued expenses and trade payables), whether or not contingent:

     

    
      	 	
              (1)

            	
              in
                respect of borrowed money;

            

    

     

    
      	 	
              (2)
                

            	
              evidenced
                by bonds, notes, debentures or similar
                instruments;

            

    

     

    
      	 	
              (3)
                

            	
              in
                respect of letters of credit, banker’s acceptances or other similar
                instruments;

            

    

     

    
      	 	
              (4)
                

            	
              representing
                Capital Lease Obligations; 

            

    

     

    
      	 	
              (5)

            	
              representing
                the balance deferred and unpaid of the purchase price of any property
                or
                services due more than 12 months after such property is acquired
                or such
                services are completed;

            

    

     

    
      	 	
              (6)
                

            	
              all
                obligations of such Person with respect to the redemption, repayment
                or
                other repurchase of any Disqualified Stock or, with respect to any
                Subsidiary that is not a Guarantor, any preferred stock (but excluding,
                in
                each case, any accrued dividends);
                or

            

    

     

    
      	 	
              (7)

            	
              representing
                any Hedging Obligations;

            

    

     

    provided,
      however,
      that
      Indebtedness shall be deemed not to include (1) obligations to make
      payments to one or more insurers under satellite launch insurance policies
      in
      respect of premiums or the requirement to remit to such insurer(s) a portion
      of
      the future revenues generated by a satellite which has been declared a
      constructive total loss, in each case in accordance with the terms of the
      insurance policies relating thereto; (2) any obligations of the Issuer and
      the Guarantors to make progress or incentive payments under any satellite
      manufacturing contract (including the Satellite Construction Agreement) or
      to
      make payments under satellite launch contracts in respect of launch services
      provided thereunder, in each case, to the extent not overdue by more than
      90 days; or (3) purchase price holdbacks in connection with purchasing
      in the ordinary course of business of such Person. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    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; 

            

    

     

    
      	 	
              (2)

            	
              in
                the case of any Disqualified Stock of the specified Person or any
                Guarantor or preferred stock of a Restricted Subsidiary that is not
                a
                Guarantor, the repurchase price calculated in accordance with the
                terms of
                such Disqualified Stock or preferred stock as if such Disqualified
                Stock
                or preferred stock were repurchased on the date on which Indebtedness
                is
                required to be determined pursuant to this Indenture; provided
                that
                if such Disqualified Stock or preferred stock is not then permitted
                to be
                repurchased, the liquidation preference of such Disqualified Stock
                or
                preferred stock;

            

    

     

    
      	 	
              (3)

            	
              in
                the case of any Hedging Obligations, the net amount payable by a Person
                (but not to such Person) if such Hedging Obligations were terminated
                at
                that time due to default by such Person (after giving effect to any
                contractually permitted set-off);
                and

            

    

     

    
      	 	
              (4)

            	
              the
                principal amount of the Indebtedness, together with any interest
                on the
                Indebtedness that is more than 30 days past due, in the case of any
                other
                Indebtedness.

            

    

     

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

     

    “Industry
      Canada”:
      the
      Canadian federal Department of Industry or any successor agency
      thereto.

     

    “Industry
      Canada License”:
      any
      license, authorization, approval, or permit granted by Industry Canada under
      the
Radiocommunication
      Act (Canada)
      and the Telecommunications
      Act (Canada),
      and the regulations promulgated thereunder, or which have been assigned or
      transferred pursuant to Industry Canada consent, to TerreStar Canada or its
      Subsidiaries or joint ventures, whether for or in connection with the
      construction and/or operation of any satellite system.

     

    “Initial
      Purchasers”:
      in the
      case of any Securities, the initial purchasers thereof.

     

    “Initial
      Securities”:
      the
      Securities issued on the Issue Date and any Securities issued in replacement
      thereof.

     

    “Institutional
      Accredited Investor Certificate”:
      a
      certificate substantially in the form of Exhibit F hereto.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Investments”:
      with
      respect to any Person, all investments by such Person in other Persons
      (including Affiliates) in the forms of loans (excluding Guarantees or other
      obligations permitted by Section 5.01), 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 Issuer or any Restricted Subsidiary
      sells or otherwise disposes of any Equity Interests of any direct or indirect
      Subsidiary of Issuer such that, after giving effect to any such sale or
      disposition, such Person is no longer a Restricted Subsidiary of the Issuer,
      the
      Issuer or the applicable Restricted Subsidiary will be deemed to have made
      an
      Investment on the date of any such sale or disposition in an amount 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 Section 5.04(c). The
      acquisition by the Issuer or any Restricted Subsidiary of a Person that holds
      an
      Investment in a third Person will be deemed to be an Investment made by the
      Issuer 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 on the date of any such acquisition in an amount determined as
      provided in Section 5.04(c). Except as otherwise provided in this
      Indenture, the amount of an Investment will be determined at the time the
      Investment is made and without giving effect to subsequent changes in
      value.

     

    “Issue
      Date”:
      November 28, 2006.

     

    “Issuer”:
      the
      party named as such in this Indenture until a successor replaces it and,
      thereafter, means the successor.

     

    “Lien”:
      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.

     

    “Master
      Agreement”:
      the
      Master Agreement, dated October 2006, by and among Telesat Canada, BCE Inc.,
      TerreStar, TerreStar Canada, TerreStar Canada Holdings, TMI and the
      Issuer.

     

    “Material
      Adverse Effect”:
      a
      material adverse effect on the business, assets, financial condition, results
      of
      operations, or prospects of the Issuer and its Subsidiaries taken as a
      whole.

     

    “Maturity
      Date”:
      November 30, 2007.

     

    “Moody’s”:
      Moody’s Investors Service, Inc.

     

    “Mortgage”:
      any
      mortgage, deed of trust or other agreement which conveys or evidences a Lien
      in
      favor of the Holders, on real property of a Financing Party, including any
      amendment, modification or supplement thereto.

     

    “Net
      Award”:
      any
      awards or proceeds in respect of any condemnation or other eminent domain
      proceeds relating to any Collateral.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

     

    “Net
      Insurance Proceeds”:
      any
      awards or proceeds in respect of any casualty insurance or title insurance
      claim
      relating to any Collateral.

     

    “Net
      Proceeds”:
      the
      aggregate cash proceeds received by the Issuer or any Restricted Subsidiary
      in
      respect of any Asset/Equity Sale or Recovery Event (including any cash received
      upon the sale or other disposition of any non-cash consideration received in
      any
      Asset/Equity Sale), net of the direct costs relating to such Asset/Equity Sale,
      including legal, accounting and investment banking fees, and sales commissions,
      and any relocation expenses incurred as a result of the Asset/Equity Sale,
      taxes
      paid or payable as a result of the Asset/Equity Sale or Recovery Event, after
      taking into account any available tax credits or deductions and any tax sharing
      arrangements, and amounts required to be applied to the repayment of
      Indebtedness, any reserve for adjustment in respect of the sale price of such
      asset or assets established in accordance with GAAP, and any deduction of
      appropriate amounts to be provided by the Issuer as a reserve in accordance
      with
      GAAP against any liabilities associated with the asset disposed of in such
      Asset/Equity Sale and retained by the Issuer and/or the Restricted
      Subsidiaries.

     

    “Non-Recourse
      Debt”:
      Indebtedness,

     

    
      	 	
              (1)

            	
              as
                to which neither the Issuer nor any Restricted Subsidiary
                (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) is
                the lender; 

            

    

     

    
      	 	
              (2)

            	
              no
                default with 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 of the Issuer or any Restricted
                Subsidiary to declare a default on such other Indebtedness or to
                cause the
                payment of the Indebtedness to be accelerated or payable prior to
                its
                Stated Maturity; and

            

    

     

    
      	 	
              (3)

            	
              as
                to which the lenders have been notified in writing (including by
                posting
                on the Issuer’s website) that they will not have any recourse to the
                assets of the Issuer or any Restricted Subsidiary.
                

            

    

     

    “Non-U.S.
      Person”:
      a
      Person that is not a U.S. person, as defined in Regulation S.

     

    “Obligations”:
      any
      principal, premium, if any, interest (including interest accruing on or after
      the filing of any petition in bankruptcy or for reorganization, whether or
      not a
      claim for post-filing interest is allowed in such proceeding), penalties, fees,
      charges, expenses, indemnifications, reimbursement obligations, damages,
      guarantees, and other liabilities or amounts payable under the documentation
      governing any Indebtedness or in respect thereto.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Officers”:
      any of
      the Chairman, President, Chief Executive Officer, Treasurer, Chief Financial
      Officer, Executive Vice President, Senior Vice President, Vice President,
      Assistant Vice President, Secretary or Assistant Secretary.

     

    “Officers’
      Certificate”:
      a
      certificate signed by two Officers.

     

    “Offshore
      Global Security”:
      a
      Global Security representing Securities issued and sold pursuant to Regulation
      S.

     

    “Opinion
      of Counsel”:
      a
      signed written opinion from legal counsel. The counsel may be an employee of
      or
      counsel to the Issuer, any Guarantor or the Trustee. As to matters of fact,
      an
      Opinion of Counsel may conclusively rely on an Officers’ Certificate, without
      any independent investigation.

     

    “Pari
      Passu Indebtedness”:
      any
      Indebtedness of the Issuer or any Restricted Subsidiary that ranks pari
      passu in
      right
      of payment with the Securities or the Security Guarantees and in the case of
      any
      Indebtedness of the Issuer or a Guarantor, is equally and ratably secured by
      the
      Collateral.

     

    “Permanent
      Offshore Global Security”:
      an
      Offshore Global Security that does not bear the Temporary Offshore Global
      Security Legend.

     

    “Permitted
      Business”:
      the
      provision of telecommunications and other data-related services and any business
      incidental or reasonably related or complementary thereto.

     

    “Permitted
      Investments”:

     

    
      	 	
              (1)

            	
              any
                Investment in the Issuer or in a Restricted Subsidiary that is a
                Guarantor; 

            

    

     

    
      	 	
              (2)

            	
              any
                Investment in cash and Cash Equivalents;

            

    

     

    
      	 	
              (3)

            	
              any
                Investment in a Person, if as a result of such
                Investment:

            

    

     

    
      	 	
              (a)

            	
              such
                Person becomes a Restricted Subsidiary that becomes a Guarantor;
                or
                

            

    

     

    
      	 	
              (b)

            	
              such
                Person is merged, consolidated or amalgamated with or into, or transfers
                or conveys substantially all of its assets to, or is liquidated into,
                the
                Issuer or a Restricted Subsidiary that is a
                Guarantor;

            

    

     

    
      	 	
              (4)

            	
              any
                Investment made as a result of the receipt of non-cash consideration
                in
                connection with a disposition of
                assets;

            

    

     

    
      	 	
              (5)

            	
              workers’
                compensation, utility, lease and similar deposits and prepaid expenses
                in
                the ordinary course of business and endorsements of negotiable instruments
                and documents in the ordinary course of
                business;

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	 	
              (6)

            	
              loans
                or advances to employees (other than executive officers) or guarantees
                of
                third-party loans to such employees made in the ordinary course of
                business of the Issuer and the Restricted Subsidiaries in an aggregate
                amount not to exceed $1.0 million at any one time outstanding; provided
                that the Issuer and any Restricted Subsidiary shall comply in all
                material
                respects with the provisions of the Sarbanes-Oxley Act relating to
                such
                loans, advances or guarantees;

            

    

     

    
      	 	
              (7)

            	
              any
                Investments received in compromise or resolution of (A) obligations
                of
                trade creditors or customers that were incurred in the ordinary course
                of
                business of the Issuer and the Restricted Subsidiaries, including
                pursuant
                to any plan of reorganization or similar arrangement upon the bankruptcy
                or insolvency of any trade creditor or customer, or (B) litigation,
                arbitration or other disputes with Persons who are not
                Affiliates;

            

    

     

    
      	 	
              (8)

            	
              Hedging
                Obligations;

            

    

     

    
      	 	
              (9)

            	
              advances
                or extensions of credit on terms customary in the industry in the
                form of
                accounts or other receivables incurred, and loans and advances made
                in
                settlement of such accounts receivable, all in the ordinary course
                of
                business;

            

    

     

    
      	 	
              (10)

            	
              Investments
                existing on the Issue Date;

            

    

     

    
      	 	
              (11)

            	
              advances,
                loans or extensions of credit to suppliers and vendors in the ordinary
                course of business, including payments under Satellite Construction
                Agreement and the Arianespace Agreement;

            

    

     

    
      	 	
              (12)

            	
              Investments
                in TerreStar Canada and TerreStar Canada Holdings required to be
                made by
                TerreStar under the TerreStar Canada Transactions Documents;
                

            

    

     

    
      	 	
              (13)

            	
              Investments
                in split dollar life insurance policies on officers and directors
                of the
                Issuer and its Subsidiaries in the ordinary course of business;
                

            

    

     

    
      	 	
              (14)

            	
              any
                Investments solely in exchange for the issuance of Equity Interests
                (other
                than Disqualified Stock) of the Issuer;
                and

            

    

     

    
      	 	
              (15)

            	
              any
                other Investments having a fair market value (measured on the date
                each
                such Investment is made and without giving effect to subsequent changes
                in
                value) not to exceed $10.0 million in the
                aggregate.

            

    

     

    “Permitted
      Liens”:

     

    
      	 	
              (1)

            	
              Liens
                in favor of the Issuer or any Guarantor;

            

    

     

    
      	 	
              (2)

            	
              Liens
                on property of a Person existing at the time such Person is merged
                with or
                into or consolidated with the Issuer or any Restricted Subsidiary
                or
                becomes a Restricted Subsidiary; provided
                that
                such Liens were in existence prior to and not incurred in connection
                with
                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
                Issuer or the Restricted Subsidiary;

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	 	
              (3)

            	
              Liens
                on property (including Capital Stock) existing at the time of acquisition
                of the property by the Issuer or any Restricted Subsidiary, provided
                that such Liens were in existence prior to such acquisition and not
                incurred in contemplation of such acquisition;

            

    

     

    
      	 	
              (4)

            	
              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;

            

    

     

    
      	 	
              (5)

            	
              Liens
                existing on the Issue Date;

            

    

     

    
      	 	
              (6)

            	
              Liens
                securing Hedging Obligations so long as the related Indebtedness
                is, and
                is permitted to be under this Indenture, secured by a Lien on the
                same
                property securing such Hedging
                Obligation;

            

    

     

    
      	 	
              (7)

            	
              Liens
                on assets of the Issuer or its Subsidiaries to secure Indebtedness
                (including Capital Lease Obligations) permitted by Section 5.01(b)(4)
                covering only the assets acquired with or financed by such Indebtedness
                and the proceeds thereof;

            

    

     

    
      	 	
              (8)

            	
              statutory
                Liens or landlords’, carriers’, warehouseman’s, mechanics’, suppliers’,
                materialmen’s, repairmen’s or other like Liens arising in the ordinary
                course of business;

            

    

     

    
      	 	
              (9)

            	
              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 conducted and if a
                reserve
                or other appropriate provision, if any, as shall be required in conformity
                with GAAP shall have been made
                therefor;

            

    

     

    
      	 	
              (10)

            	
              Liens
                incurred or deposits made in the ordinary course of business in connection
                with workers’ compensation, unemployment insurance and other types of
                social security; 

            

    

     

    
      	 	
              (11)

            	
              survey
                exceptions, easements or reservations of, or rights of others for,
                licenses, rights-of-way, sewers, electric lines, telegraph and telephone
                lines and other similar purposes, or zoning or other restrictions
                as to
                the use of real property that were not incurred in connection with
                Indebtedness and that do not in the aggregate materially adversely
                affect
                the value of said properties or materially impair their use in the
                operation of the business of such
                Person;

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	 	
              (12)

            	
              Liens
                created for the benefit of (or to secure) the Securities or the Security
                Guarantees or any obligations owing to the
                Holders;

            

    

     

    
      	 	
              (13)

            	
              rights
                of banks to set off deposits against debts owed to said
                banks;

            

    

     

    
      	 	
              (14)

            	
              Liens
                upon specific items of inventory or other goods of the Issuer or
                its
                Subsidiaries and the proceeds thereof securing the Issuer’s or any
                Restricted Subsidiary’s Obligations in respect of bankers’ acceptances
                issued or created for the account of any such Person to facilitate
                the
                purchase, shipment or storage of such inventory or other
                goods;

            

    

     

    
      	 	
              (15)

            	
              Liens
                securing reimbursement obligations with respect to letters of credit
                which
                encumber documents and other property relating to such letters of
                credit
                and the proceeds thereof; 

            

    

     

    
      	 	
              (16)

            	
              Liens
                in favor of customs and revenue authorities arising as a matter of
                law to
                secure payment of customs duties in connection with the importation
                of
                goods;

            

    

     

    
      	 	
              (17)

            	
              Liens
                encumbering property or assets under construction (and the proceeds
                thereof) arising from progress or partial payments by a customer
                of the
                Issuer or one of its Subsidiaries relating to such property or
                assets;

            

    

     

    
      	 	
              (18)

            	
              Liens
                on property or assets of the Issuer or its Subsidiaries to secure
                any
                Permitted Refinancing Indebtedness permitted to be incurred under
                this
                Indenture; provided,
                however,
                that:

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

            	
              the
                Indebtedness secured by the new Lien is not increased to any amount
                greater than the sum of (x) the outstanding principal amount, or,
                if
                greater, committed amount, of the Permitted Refinancing Indebtedness,
                (y)
                all accrued interest thereon and (z) an amount necessary to pay any
                fees
                and expenses, including premiums, related to such renewal, refunding,
                refinancing, replacement, defeasance or discharge;
                and

            

    

     

    
      	 	
              (19)

            	
              Liens
                to secure (a) any Indebtedness permitted pursuant to clauses (1)
                or (12)
                of Section 5.01(b) or (b) any guarantee permitted pursuant to clause
                (8) of Section 5.01(b), so long as the Indebtedness being guaranteed
                is permitted to be secured, which Liens, in either case are junior
                to or
                equal and ratable with the Lien securing the Securities pursuant
                to an
                intercreditor agreement.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Permitted
      Refinancing Indebtedness”:
      any
      Indebtedness of the Issuer or any Restricted Subsidiary issued in exchange
      for,
      or the net proceeds of which are to be used to extend, refinance, renew,
      replace, defease, refund or discharge the Securities (plus all accrued interest
      on the Indebtedness and the amount of all fees and expenses and premiums
      incurred in connection therewith) in full; provided
      that the
      Securities are so repaid (or the Securities are defeased pursuant to Section
      8.01(b)) within 30 days of the incurrence of such Permitted Refinancing
      Indebtedness. 

     

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

     

    “Purchase
      Agreement”:
      that
      certain Securities Purchase Agreement, dated as of the Issue Date, among the
      Issuer, the initial guarantors and the Initial Purchasers of the Initial
      Securities.

     

    “Purchase
      Money Indebtedness”:
      Indebtedness,

     

    
      	 	
              (1)

            	
              consisting
                of the deferred purchase price of an asset, conditional sale obligations,
                obligations under any title retention agreement and other purchase
                money
                obligations; and

            

    

     

    
      	 	
              (2)

            	
              incurred
                to finance the acquisition, lease or construction by the Issuer or
                a
                Restricted Subsidiary of such asset, including additions and
                improvements;

            

    

     

    provided,
      however,
      that
      such Indebtedness is incurred within 90 days after the acquisition, or the
      completion of construction or improvement by the Issuer or such Restricted
      Subsidiary of such asset.

     

    “Recovery
      Event”:
      any
      event, occurrence, claim or proceeding that results in any Net Award or Net
      Insurance Proceeds in excess of $10.0 million for the Issuer or any Restricted
      Subsidiary.

     

    “Registration
      Rights Agreement”:
      the
      Registration Right Agreement, dated as of September 25, 2006, by and between
      Skyterra and the Issuer.

     

    “Regulation
      S”:
      Regulation S under the Securities Act.

     

    “Regulation
      S Certificate”:
      a
      certificate substantially in the form of Exhibit D hereto.

     

    “Required
      Holders”:
      the
      Holders of a majority in principal amount of the outstanding Securities under
      this Indenture.

     

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

     

    “Restricted
      Legend”:
      the
      legend set forth in Exhibit B.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

     

    “Restricted
      Subsidiary”:
      with
      respect to a Person, any Subsidiary of the referent Person that is not an
      Unrestricted Subsidiary. Unless otherwise specified, “Restricted Subsidiary”
refers to a Restricted Subsidiary of the Issuer.

     

    “Rule 144A”:
      Rule 144A under the Securities Act.

     

    “Rule 144A
      Certificate”:
      (i) a certificate substantially in the form of Exhibit E hereto or
      (ii) a written certification addressed to the Issuer and the Trustee to the
      effect that the Person making such certification (x) is acquiring such
      Security (or beneficial interest) for its own account or one or more accounts
      with respect to which it exercises sole investment discretion and that it and
      each such account is a qualified institutional buyer within the meaning of
      Rule 144A, (y) is aware that the transfer to it or exchange, as
      applicable, is being made in reliance upon the exemption from the provisions
      of
      Section 5 of the Securities Act provided by Rule 144A, and
      (z) acknowledges that it has received such information regarding the Issuer
      as it has requested pursuant to Rule 144A(d)(4) or has determined not to
      request such information.

     

    “S&P”:
      Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
      Inc.

     

    “Sarbanes-Oxley
      Act”:
      the
      Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
      connection therewith.

     

    “Satellite
      Construction Agreement”:
      the
      Second Amended and Restated Contract, dated August 2005, between TerreStar
      and
      Space Systems/Loral, Inc., as the same may be waived, amended, modified or
      supplemented from time to time. 

     

    “Secured
      Indebtedness”:
      any
      Indebtedness secured by a Lien on assets of the Issuer or any
      Guarantor.

     

    “Securities”:
      any
      securities authenticated and delivered under this Indenture. From and after
      the
      issuance of any Additional Securities (but not for purposes of determining
      whether such issuance is permitted hereunder), “Securities” shall include such
      Additional Securities for purposes of this Indenture. All Securities, including
      any such Additional Securities, shall vote together as one series of Securities
      under this Indenture.

     

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

     

    “Security
      Agreement”:
      the
      Security Agreement dated of even date herewith between the Financing Parties
      and
      the Collateral Agent, substantially in the form attached hereto as Exhibit
      K.

     

    “Security
      Guarantee”:
      the
      unconditional Guarantee by each Guarantor of the Issuer’s Obligations under the
      Securities, as set forth in Article 10 hereof. Any Guarantor that is not a
      party to this Indenture on the Issue Date shall become a Guarantor by executing
      and delivering to the Trustee a supplemental indenture pursuant to
      Section 4.07 substantially in the form of Exhibit I.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Securityholder”:
      any
      Holder of Securities.

     

    “Significant
      Subsidiary”:
      any
      Restricted Subsidiary that would be (or group of Restricted Subsidiaries that
      together 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 Issue Date.

     

    “Skyterra”:
      Skyterra Communications, Inc.

     

    “Stated
      Maturity”:
      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 documentation governing such Indebtedness, and
      will
      not include any contingent obligations to repay, redeem or repurchase any such
      interest or principal prior to the date originally scheduled for the payment
      thereof.

     

    “Subsidiary”:
      with
      respect to any specified Person,

     

    
      	 	
              (1)

            	
              any
                corporation, association or other business entity of which more than
                50%
                of the total voting power of shares of Capital Stock entitled (without
                regard to the occurrence of any contingency and after giving effect
                to any
                voting agreement or stockholders’ agreement that effectively transfers
                voting power) 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
                

            

    

     

    
      	 	
              (2)

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

            

    

     

    Unless
      otherwise specified, “Subsidiary” refers to a Subsidiary of the
      Issuer.

     

    “Temporary
      Offshore Global Security”:
      an
      Offshore Global Security that bears the Temporary Offshore Global Security
      Legend.

     

    “Temporary
      Offshore Global Security Legend”:
      the
      legend set forth in Exhibit H.

     

    “TerreStar”:
      TerreStar Networks Inc.

     

    “TerreStar
      Canada”:
      TerreStar Networks (Canada) Inc.

     

    “TerreStar
      Canada Holdings”:
      TerreStar Networks Holdings (Canada) Inc.

     

    “TerreStar
      Canada Transactions Documents”:
      the
      Master Agreement and all the other Transaction Documents (as defined
      therein).

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “TMI”:
      TMI
      Communications and Company, Limited Partnership, a limited partnership formed
      under, and governed by, the laws of the Province of Quebec, or any successor
      thereto.

     

    “Trustee”:
      the
      party named as such in this Indenture until a successor replaces it, and,
      thereafter, means the successor.

     

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

     

    “Uniform
      Commercial Code”:
      the
      New York Uniform Commercial Code as in effect from time to time.

     

    “United
      States”:
      the
      United States of America.

     

    “United
      States Person”:
      any
      Person organized under the laws of the United States or any state thereof or
      the
      District of Columbia.

     

    “Unrestricted
      Subsidiary”:
      TerreStar Networks Bermuda Ltd.

     

    “U.S.
      FCC Letter of Intent”:
      the
      reservation of spectrum granted to TMI for a 2 GHz mobile satellite system
      pursuant to a letter of intent authorization reinstated by the FCC on June
      29,
      2004, as modified.

     

    “U.S.
      Global Security”:
      a
      Global Security that bears the Restricted Legend representing Securities issued
      to a buyer located in the United States and eligible for resale pursuant to
      Rule 144A.

     

    “Voting
      Stock”:
      of any
      specified Person as of any date, 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”:
      when
      applied to any Indebtedness at any date, the number of years obtained by
      dividing:

     

    
      	 	
              (1)

            	
              the
                sum of the products obtained by multiplying (a) the amount of each
                then remaining installment, sinking fund, serial maturity or other
                required payments of principal, including payment at final maturity,
                in
                respect 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

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
      	 	
              (2)

            	
              the
                then outstanding principal amount of such
                Indebtedness.

            

    

     

    “Wholly
      Owned Subsidiary”
of
      any
      Person: a Subsidiary of such Person all of the outstanding Capital Stock or
      other ownership interests of which (other than directors’ qualifying shares)
      shall at the time be owned by such Person or by one or more Wholly Owned
      Subsidiaries of such Person.

     

    SECTION
      1.02  Other
      Definitions.

     	
Affiliate Transaction 

	
5.05(a) 
	
Cash Escrow Account 

	
4.05 

	
Change of Control Offer 

	
3.09(a) 
	
Covenant Defeasance 

	
8.01(c)
	
DTC 

	
2.03 

	
Event of Default 

	
6.01(a) 
	
Guaranteed Obligations 

	
11.01(a) 
	
Indemnified Party 

	
7.06 

	
Issuer 

	
Preamble 

	
Legal Defeasance 

	
8.01(b)
	
Legal Holiday 

	
12.06 

	
Offer Amount 

	
3.09(a)(1)(ii)
	
Offer Period 

	
3.09(a)(1) 
	
Paying Agent 

	
2.03 

	
protected purchaser 

	
2.06 

	
Purchase Date 

	
3.09(a)(1)(ii)
	
Register 

	
2.11(a) 

	
Registrar 

	
2.03 

	
Repurchase Offer 

	
3.09(a)
	
Restricted Payments 

	
5.04 

	
retiring Trustee 

	
7.08 

	
Successor Person 

	
5.03(a)(1) 
	
Trustee 

	
Preamble 

SECTION
          1.03  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, and
          all
          accounting determinations shall be made, in accordance with GAAP;

 

(c) “or”
is
          not exclusive;

 

(d) “including”
          means “including without limitation”;

 

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

    
      
        
          

        

        
        

      

      
        21

        
          

        

      

      
        
        

        
        

      

    

     

    (f) unsecured
      Indebtedness shall not be deemed to be subordinate or junior to Secured
      Indebtedness merely by virtue of its nature as unsecured
      Indebtedness;

     

    (g) all
      references to “principal” of the Securities include redemption price;
      and

     

    (h) all
      exhibits are incorporated by reference herein and expressly made a part of
      this
      Indenture.

     

    ARTICLE
      2

    THE
      SECURITIES

     

    SECTION
      2.01  Form,
      Dating and Denominations.

     

    (a) The
      Securities and the Trustee’s certificate of authentication will be substantially
      in the form attached as Exhibit A. The terms and provisions contained in
      the form of the Securities annexed as Exhibit A constitute, and are hereby
      expressly made, a part of this Indenture. The Securities may have notations,
      legends or endorsements required by law, rules of or agreements with national
      securities exchanges to which the Issuer is subject, or usage. Each Security
      will be dated the date of its authentication. The Securities will be issuable
      in
      denominations of $1,000 in principal amount and any multiple of $1,000 in excess
      thereof. The Initial Securities will be issued in the form of Global Securities
      and a Certificated Security to be held by the Gary & Karen Singer Children's
      Trust.

     

    (b)  (1) Except
      as
      otherwise provided in paragraph (c), Section 2.12(b)(3), (b)(5), or (c) or
      Section 2.11(b)(4), each Initial Security or Initial Additional Security
      (other than a Permanent Offshore Global Security) will bear the Restricted
      Legend.

 

                (2) Each
      Global Security will bear the DTC Legend.

     

                (3) Each
      Temporary Offshore Global Security will bear the Temporary Offshore Global
      Security Legend.

     

                (4) Additional
      Securities offered and sold in reliance on Regulation S will be issued as
      provided in Section 2.13(a).

     

    (c)   (1) If
      the
      Issuer determines (upon the advice of counsel and such other certifications
      and
      evidence as the Issuer may reasonably require) that a Security is eligible
      for
      resale pursuant to Rule 144(k) under the Securities Act (or a successor
      provision) and that the Restricted Legend is no longer necessary or appropriate
      in order to ensure that subsequent transfers of the Security (or a beneficial
      interest therein) are effected in compliance with the Securities Act,
      or

     

      
      (2) after
      an
      Initial Security or any Additional Security is sold pursuant to an effective
      registration statement under the Securities Act, the Issuer may instruct the
      Trustee to cancel the Security and issue to the Holder thereof (or to its
      transferee) a new Security of like tenor and amount, registered in the name
      of
      the Holder thereof (or its transferee), that does not bear the Restricted
      Legend, and the Trustee will comply with such instruction.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (d) By
      its
      acceptance of any Security bearing the Restricted Legend (or any beneficial
      interest in such a Security), each Holder thereof and each owner of a beneficial
      interest therein acknowledges the restrictions on transfer of such Security
      (and
      any such beneficial interest) set forth in this Indenture and in the Restricted
      Legend and agrees that it will transfer such Security (and any such beneficial
      interest) only in accordance with this Indenture and such legend.

     

    SECTION
      2.02  Execution
      and Authentication; Additional Securities.

     

    (a) An
      Officer shall execute the Securities for the Issuer by facsimile or manual
      signature in the name and on behalf of the Issuer. If an Officer whose signature
      is on a Security no longer holds that office at the time the Security is
      authenticated, the Security will still be valid.

     

    (b) A
      Security will not be valid until the Trustee manually signs the certificate
      of
      authentication on the Security, with the signature conclusive evidence that
      the
      Security has been authenticated under this Indenture.

     

    (c) At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Issuer may deliver Securities executed by the Issuer to the Trustee for
      authentication. The Trustee will authenticate and deliver:

     

    (1) Initial
      Securities for original issue in the initial aggregate principal amount not
      to
      exceed $200,000,000, and

     

    (2) Additional
      Securities from time to time for original issue in aggregate principal amounts
      specified by the Issuer,
      after
      receipt by the Trustee of an Officers’ Certificate specifying: 

     

    (i) the
      principal amount of each of the Securities to be authenticated and the date
      on
      which the Securities are to be authenticated,

     

    (ii) the
      registered holder of each of the said Securities,

     

    (iii) delivery
      instructions for each such Security,

     

    (iv) whether
      the Securities are to be Initial Securities or Additional
      Securities,

     

    (v) in
      the
      case of Additional Securities, that the issuance of such Securities does not
      contravene any provision of Section 5.01,

     

    (vi) whether
      the Securities are to be issued as one or more Global Securities or Certificated
      Securities, and

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (vii) other
      information the Issuer may determine to include or the Trustee may reasonably
      request.

     

    SECTION
      2.03  Registrar
      and Paying Agent. 
      The
      Issuer shall maintain an office or agency where Securities may be presented
      for
      registration of transfer or for exchange (the “Registrar”)
      and an
      office or agency where Securities may be presented for payment (the
“Paying
      Agent”)
      and
      where notices and demands to or upon the Issuer in respect of the Securities
      and
      the Indenture may be served. The Registrar shall keep a register of the
      Securities and of their transfer and exchange. The Issuer may have one or more
      co-registrars and one or more additional paying agents. The term “Paying Agent”
includes any additional paying agent.

     

    The
      Issuer shall give prompt written notice to the Trustee of the location, and
      any
      change in the location, of any such office or agency. If at any time the Issuer
      shall fail to maintain any such required office or agency or shall fail to
      furnish the Trustee with the address thereof, such presentations, surrenders,
      notices and demands may be made or served at the address of the Trustee set
      forth in Section 12.01.

     

    The
      Issuer may also from time to time designate one or more other offices or
      agencies where the Securities may be presented or surrendered for any or all
      such purposes and may from time to time rescind such designations. The Issuer
      shall give prompt 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
      Issuer initially designates the Corporate Trust Office as such office of the
      Issuer in accordance with this Section 2.03.

     

    The
      Issuer shall enter into an appropriate agency agreement with any Registrar,
      Paying Agent or co-registrar not a party to this Indenture. The agreement shall
      implement the provisions of this Indenture that relate to such agent. The Issuer
      shall notify the Trustee of the name and address of any such agent. If the
      Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act
      as
      such and shall be entitled to appropriate compensation therefor pursuant to
      Section 7.06. Either the Issuer or any domestically organized Wholly Owned
      Subsidiary may act as Paying Agent, Registrar, co-registrar or transfer
      agent.

     

    The
      Issuer initially appoints the Trustee as Registrar and Paying Agent in
      connection with the Securities.

     

    Upon
      issuance of any Global Securities, the Issuer shall appoint The Depository
      Trust
      Company (“DTC”)
      to act
      as Depositary with respect to the Global Securities, and the Trustee shall
      initially be the securities custodian with respect to any Global
      Securities.

     

    The
      Issuer may remove any Registrar or Paying Agent upon written notice to such
      Registrar or Paying Agent and to the Trustee, provided
      that no
      such removal shall become effective until (1) acceptance of an appointment
      by a
      successor as evidenced by an appropriate agreement entered into by the Issuer
      and such successor Registrar or Paying Agent, as the case may be, and delivered
      to the Trustee or (2) notification to the Trustee that the Trustee shall serve
      as Registrar or Paying Agent until the appointment of a successor in accordance
      with clause (1) above. The Registrar or Paying Agent may resign at any time
      upon
      not less than 10 Business Days’ prior written notice to the Issuer; provided,
      however,
      that
      the Trustee may resign as Paying Agent or Registrar only if the Trustee also
      resigns as Trustee in accordance with Section 7.07.

     

    
      
        
        

      

      
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    SECTION
      2.04  Paying
      Agent to Hold Money in Trust. 
      By
      10:00
      a.m. on each due date of the principal and interest on any Security, the Issuer
      shall deposit with the Paying Agent (or if the Issuer or a Wholly Owned
      Subsidiary is acting as Paying Agent, segregate and hold in trust for the
      benefit of the Persons entitled thereto) a sum sufficient to pay such principal
      and interest when so becoming due. The Issuer shall require each Paying Agent
      (other than the Trustee) to agree in writing that the Paying Agent shall hold
      in
      trust for the benefit of Securityholders or the Trustee all money held by the
      Paying Agent for the payment of principal of or interest on the Securities
      and
      shall notify the Trustee in writing of any default by the Issuer in making
      any
      such payment within one Business Day thereof. If the Issuer or a Wholly Owned
      Subsidiary acts as Paying Agent, it shall segregate the money held by it as
      Paying Agent and hold it as a separate trust fund. The Issuer at any time may
      require a Paying Agent to pay all money held by it to the Trustee and to account
      for any funds disbursed by the Paying Agent. Upon complying with this Section,
      the Paying Agent shall have no further liability for the money delivered to
      the
      Trustee.

     

    Any
      money
      deposited with any Paying Agent, or then held by the Issuer or a permitted
      Wholly Owned Subsidiary in trust for the payment of principal or interest on
      any
      Security and remaining unclaimed for two years after such principal and interest
      has become due and payable shall be paid to the Issuer at its request, or,
      if
      then held by the Issuer or a permitted Wholly Owned Subsidiary, shall be
      discharged from such trust; and the Securityholders shall thereafter, as general
      unsecured creditors, look only to the Issuer for payment thereof, and all
      liability of the Paying Agent with respect to such money, and all liability
      of
      the Issuer or such permitted Wholly Owned Subsidiary as trustee thereof, shall
      thereupon cease.

     

    SECTION
      2.05  Securityholder
      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 Securityholders.
      If the Trustee is not the Registrar, the Issuer shall furnish, or cause the
      Registrar to furnish, to the Trustee, in writing at least five Business Days
      before each interest payment date and at such other times as the Trustee may
      request in writing, a list in such form and as of such date as the Trustee
      may
      reasonably require of the names and addresses of Securityholders.

     

    SECTION
      2.06  Replacement
      Securities. 
      If
      a
      mutilated Security is surrendered to the Registrar or if the Holder of a
      Security claims that the Security has been lost, destroyed or wrongfully taken,
      the Issuer shall issue and the Trustee shall authenticate a replacement Security
      if the requirements of Section 8-405 of the Uniform Commercial Code are
      met, such that the Holder (i) notifies the Issuer or the Trustee within a
      reasonable time after he has notice of such loss, destruction or wrongful taking
      and the Registrar does not register a transfer prior to receiving such
      notification, (ii) makes such request to the Issuer or the Trustee prior to
      the Security being acquired by a protected purchaser as defined in
      Section 8-303 of the Uniform Commercial Code (a “protected
      purchaser”)
      and
      (iii) satisfies any other reasonable requirements of the Trustee and the
      Issuer including evidence of the destruction, loss or theft of the Security.
      Such Holder shall furnish an indemnity bond sufficient in the judgment of the
      Trustee to protect the Issuer, the Trustee, the Paying Agent, the Registrar
      and
      any co-registrar from any cost, expense or loss that any of them may suffer
      if a
      Security is replaced and subsequently presented or claimed for payment. The
      Issuer and the Trustee may charge the Holder for their expenses in replacing
      a
      Security including the payment of a sum sufficient to cover any tax or other
      governmental charge that may be required. In the event any such mutilated,
      lost,
      destroyed or wrongfully taken Security has become or is about to become due
      and
      payable, the Issuer in its discretion may pay such Security instead of issuing
      a
      new Security in replacement thereof.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    Every
      replacement Security is an additional obligation of the Issuer.

     

    The
      provisions of this Section 2.06 are exclusive and shall preclude (to the
      extent lawful) all other rights and remedies with respect to the replacement
      or
      payment of mutilated, lost, destroyed or wrongfully taken
      Securities.

     

    SECTION
      2.07  Outstanding
      Securities. 
      Securities
      outstanding at any time are all Securities authenticated by the Trustee except
      for those canceled by it, those delivered to it for cancellation and those
      described in this Section as not outstanding. Subject to Section 12.04, a
      Security does not cease to be outstanding because the Issuer or an Affiliate
      of
      the Issuer holds the Security.

     

    If
      a
      Security is replaced pursuant to Section 2.06, it ceases to be outstanding
      unless the Trustee and the Issuer receive proof satisfactory to them that the
      replaced Security is held by a protected purchaser.

     

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

     

    SECTION
      2.08  Temporary
      Securities. 
      Until
      Certificated Securities and Global Securities are ready for delivery, the Issuer
      may prepare and the Trustee shall authenticate temporary Securities. Temporary
      Securities shall be substantially in the form of Certificated Securities but
      may
      have variations that the Issuer considers appropriate for temporary Securities.
      Without unreasonable delay, the Issuer shall prepare and the Trustee shall
      authenticate Certificated Securities or Global Securities, as the case may
      be,
      and deliver them in exchange for temporary Securities upon surrender of such
      temporary Securities at the office or agency of the Issuer, without charge
      to
      the Holder.

     

    SECTION
      2.09  Cancellation. 
      The
      Issuer at any time may deliver Securities to the Trustee for cancellation.
      The
      Registrar and the Paying Agent shall forward to the Trustee any Securities
      surrendered to them for registration of transfer, exchange or payment. The
      Trustee and no one else shall cancel all Securities surrendered for registration
      of transfer, exchange, payment or cancellation and deliver canceled Securities
      to the Issuer, or if the Issuer so agrees, may destroy canceled Securities,
      in
      accordance with the Trustee’s customary procedures. The Issuer shall not issue
      new Securities to replace Securities that have been redeemed, paid or delivered
      to the Trustee for cancellation. The Trustee shall not authenticate Securities
      in place of canceled Securities other than pursuant to the terms of this
      Indenture.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    SECTION
      2.10  CUSIP
      Numbers. 
      The
      Issuer in issuing the Securities 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, however, that any such notice may state
      that no representation is made as to the correctness of such numbers either
      as
      printed on the Securities or as contained in any notice of a redemption and
      that
      reliance may be placed only on the other identification numbers printed on
      the
      Securities, and any such redemption shall not be affected by any defect in
      or
      omission of such numbers. The Issuer shall promptly notify the Trustee of any
      change in “CUSIP” numbers.

     

    SECTION
      2.11  Registration,
      Transfer and Exchange. 

     

    (a)   The
      Securities will be issued in registered form only, without coupons, and the
      Issuer shall cause the Trustee to maintain a register (the “Register”) of the
      Securities, for registering the record ownership of the Securities by the
      Holders and transfers and exchanges of the Securities.

     

    (b)     (1) Each
      Global Security will be registered in the name of the Depositary or its nominee
      and, so long as DTC is serving as the Depositary thereof, will bear the DTC
      Legend.

     

    (2) Each
      Global Security will be delivered to the Trustee as custodian for the
      Depositary. Transfers of a Global Security (but not a beneficial interest
      therein) will be limited to transfers thereof in whole, but not in part, to
      the
      Depositary, its successors or their respective nominees, except (i) as set
      forth in Section 2.11(b)(4) and (ii) transfers of portions thereof in
      the form of Certificated Securities may be made upon request of an Agent Member
      (for itself or on behalf of a beneficial owner) by written notice given to
      the
      Trustee by or on behalf of the Depositary in accordance with customary
      procedures of the Depositary and in compliance with this Section and
      Section 2.12.

     

    (3) Agent
      Members will have no rights under this Indenture with respect to any Global
      Security held on their behalf by the Depositary, and the Depositary may be
      treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee
      as
      the absolute owner and Holder of such Global Security for all purposes
      whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may
      grant proxies and otherwise authorize any Person (including any Agent Member
      and
      any Person that holds a beneficial interest in a Global Security through an
      Agent Member) to take any action which a Holder is entitled to take under this
      Indenture or the Securities, and nothing herein will impair, as between the
      Depositary and its Agent Members, the operation of customary practices governing
      the exercise of the rights of a holder of any security.

     

    (4) If
      (x)
      the Depositary notifies the Issuer that it is unwilling or unable to continue
      as
      Depositary for a Global Security and a successor depositary is not appointed
      by
      the Issuer within 90 days of the notice or (y) an Event of Default has occurred
      and is continuing and the Trustee has received a request from the Depositary,
      the Trustee will promptly exchange each beneficial interest in the Global
      Security for one or more Certificated Securities in authorized denominations
      having an equal aggregate principal amount registered in the name of the owner
      of such beneficial interest, as identified to the Trustee by the Depositary,
      and
      thereupon the Global Security will be deemed canceled. If such Security does
      not
      bear the Restricted Legend, then the Certificated Securities issued in exchange
      therefor will not bear the Restricted Legend. If such Security bears the
      Restricted Legend, then the Certificated Securities issued in exchange therefor
      will bear the Restricted Legend.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    (c) Each
      Certificated Security will be registered in the name of the Holder thereof
      or
      its nominee.

     

    (d) A
      Holder
      may transfer a Security (or a beneficial interest therein) to another Person
      or
      exchange a Security (or a beneficial interest therein) for another Security
      or
      Securities of any authorized denomination by presenting to the Trustee a written
      request therefor stating the name of the proposed transferee or requesting
      such
      an exchange, accompanied by any certification, opinion or other document
      required by Section 2.12. The Trustee will promptly register any transfer
      or exchange that meets the requirements of this Section by noting the same
      in
      the register maintained by the Trustee for such purpose; provided
      that

     

    (1) no
      transfer or exchange will be effective until it is registered in such register;
      and

     

    (2) the
      Trustee will not be required (i) to issue, register the transfer of or
      exchange any Security for a period of 15 days before a selection of Securities
      to be redeemed or purchased pursuant to a Repurchase Offer, (ii) to
      register the transfer of or exchange any Security so selected for redemption
      or
      purchase in whole or in part, except, in the case of a partial redemption or
      purchase, that portion of any Security not being redeemed or purchased, or
      (iii) if a redemption or a purchase pursuant to a Repurchase Offer is to
      occur after a regular record date but on or before the corresponding interest
      payment date, to register the transfer of or exchange any Security on or after
      the regular record date and before the date of redemption or purchase. Prior
      to
      the registration of any transfer, the Issuer, the Trustee and their agents
      will
      treat the Person in whose name the Security is registered as the owner and
      Holder thereof for all purposes (whether or not the Security is overdue), and
      will not be affected by notice to the contrary.

     

    From
      time
      to time the Issuer will execute and the Trustee will authenticate additional
      Securities as necessary in order to permit the registration of a transfer or
      exchange in accordance with this Section.

     

    No
      service charge will be imposed in connection with any transfer or exchange
      of
      any Security, but the Issuer and the Trustee/Registrar may require payment
      of a
      sum sufficient to cover any transfer tax or similar governmental charge payable
      in connection therewith (other than a transfer tax or other similar governmental
      charge payable upon exchange pursuant to subsection (b)(4)).

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    (e)   
(1) Global
      Security to Global Security.
      If a
      beneficial interest in a Global Security is transferred or exchanged for a
      beneficial interest in another Global Security, the Trustee will (x) record
      a decrease in the principal amount of the Global Security being transferred
      or
      exchanged equal to the principal amount of such transfer or exchange and
      (y) record a like increase in the principal amount of the other Global
      Security. Any beneficial interest in one Global Security that is transferred
      to
      a Person who takes delivery in the form of an interest in another Global
      Security, or exchanged for an interest in another Global Security, will, upon
      transfer or exchange, cease to be an interest in such Global Security and become
      an interest in the other Global Security and, accordingly, will thereafter
      be
      subject to all transfer and exchange restrictions, if any, and other procedures
      applicable to beneficial interests in such other Global Security for as long
      as
      it remains such an interest.

     

    (2) Global
      Security to Certificated Security.
      If a
      beneficial interest in a Global Security is transferred or exchanged for a
      Certificated Security, the Trustee will (x) record a decrease in the
      principal amount of such Global Security equal to the principal amount of such
      transfer or exchange and (y) deliver one or more new Certificated
      Securities in authorized denominations having an equal aggregate principal
      amount to the transferee (in the case of a transfer) or the owner of such
      beneficial interest (in the case of an exchange), registered in the name of
      such
      transferee or owner, as applicable.

     

    (3) Certificated
      Security to Global Security.
      If a
      Certificated Security is transferred or exchanged for a beneficial interest
      in a
      Global Security, the Trustee will (x) cancel such Certificated Security,
      (y) record an increase in the principal amount of such Global Security
      equal to the principal amount of such transfer or exchange and (z) in the
      event that such transfer or exchange involves less than the entire principal
      amount of the canceled Certificated Security, deliver to the Holder thereof
      one
      or more new Certificated Securities in authorized denominations having an
      aggregate principal amount equal to the untransferred or unexchanged portion
      of
      the canceled Certificated Security, registered in the name of the Holder
      thereof.

     

    (4) Certificated
      Security to Certificated Security.
      If a
      Certificated Security is transferred or exchanged for another Certificated
      Security, the Trustee will (x) cancel the Certificated Security being
      transferred or exchanged, (y) deliver one or more new Certificated
      Securities in authorized denominations having an aggregate principal amount
      equal to the principal amount of such transfer or exchange to the transferee
      (in
      the case of a transfer) or the Holder of the canceled Certificated Security
      (in
      the case of an exchange), registered in the name of such transferee or Holder,
      as applicable, and (z) if such transfer or exchange involves less than the
      entire principal amount of the canceled Certificated Security, deliver to the
      Holder thereof one or more Certificated Securities in authorized denominations
      having an aggregate principal amount equal to the untransferred or unexchanged
      portion of the canceled Certificated Security, registered in the name of the
      Holder thereof.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    SECTION
      2.12  Restrictions
      on Transfer and Exchange.

     

    (a) The
      transfer or exchange of any Security (or a beneficial interest therein) may
      only
      be made in accordance with this Section and Section 2.11 and, in the case
      of a Global Security (or a beneficial interest therein), the applicable rules
      and procedures of the Depositary. The Trustee shall refuse to register any
      requested transfer or exchange that does not comply with the preceding
      sentence.

     

    (b) Subject
      to paragraph (c), the transfer or exchange of any Security (or a beneficial
      interest therein) of the type set forth in column A below for a Security (or
      a
      beneficial interest therein) of the type set forth opposite in column B below
      may only be made in compliance with the certification requirements (if any)
      described in the clause of this paragraph set forth opposite in column C
      below.

    
      
      	
               

              A

               

            	
               

              B

               

            	
               

              C

               

            
	
              U.S.
                Global Security

            	
              U.S.
                Global Security

            	
              (1)

            
	
              U.S.
                Global Security

            	
              Offshore
                Global Security

            	
              (2)

            
	
              U.S.
                Global Security

            	
              Certificated
                Security

            	
              (3)

            
	
              Offshore
                Global Security

            	
              U.S.
                Global Security

            	
              (4)

            
	
              Offshore
                Global Security

            	
              Offshore
                Global Security

            	
              (1)

            
	
              Offshore
                Global Security

            	
              Certificated
                Security

            	
              (5)

            
	
              Certificated
                Security

            	
              U.S.
                Global Security

            	
              (4)

            
	
              Certificated
                Security

            	
              Offshore
                Global Security

            	
              (2)

            
	
              Certificated
                Security

            	
              Certificated
                Security

            	
              (3)

            

    

    

     

    (1) No
      certification is required.

     

    (2) The
      Person requesting the transfer or exchange must deliver or cause to be delivered
      to the Trustee a duly completed Regulation S Certificate; provided
      that if
      the requested transfer or exchange is made by the Holder of a Certificated
      Security that does not bear the Restricted Legend, then no certification is
      required.

     

    (3) The
      Person requesting the transfer or exchange must deliver or cause to be delivered
      to the Trustee (x) a duly completed Rule 144A Certificate, (y) a duly
      completed Regulation S Certificate or (z) a duly completed Institutional
      Accredited Investor Certificate, and/or an Opinion of Counsel and such other
      certifications and evidence as the Issuer may reasonably require in order to
      determine that the proposed transfer or exchange is being made in compliance
      with the Securities Act and any applicable securities laws of any state of
      the
      United States; provided
      that if
      the requested transfer or exchange is made by the Holder of a Certificated
      Security that does not bear the Restricted Legend, then no certification is
      required. In the event that (i) the requested transfer or exchange takes
      place after the Restricted Period and a duly completed Regulation S Certificate
      is delivered to the Trustee or (ii) a Certificated Security that does not
      bear the Restricted Legend is surrendered for transfer or exchange, upon
      transfer or exchange the Trustee will deliver a Certificated Security that
      does
      not bear the Restricted Legend.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (4) The
      Person requesting the transfer or exchange must deliver or cause to be delivered
      to the Trustee a duly completed Rule 144A Certificate.

     

    (5) Notwithstanding
      anything to the contrary contained herein, no such exchange is permitted if
      the
      requested exchange involves a beneficial interest in a Temporary Offshore Global
      Security. If the requested transfer or exchange involves a beneficial interest
      in a Permanent Offshore Global Security, no certification is required and the
      Trustee will deliver a Certificated Security that does not bear the Restricted
      Legend.

     

    (c) No
      certification is required in connection with any transfer or exchange of any
      Security (or a beneficial interest therein)

     

    (1) after
      such Security is eligible for resale pursuant to Rule 144(k) under the
      Securities Act (or a successor provision); provided
      that the
      Issuer has provided the Trustee with an Officers’ Certificate to that effect,
      and the Issuer may require from any Person requesting a transfer or exchange
      in
      reliance upon this clause (1) an opinion of counsel and any other reasonable
      certifications and evidence in order to support such certificate;
      or

     

    (2) sold
      pursuant to an effective registration statement.

     

    Any
      Certificated Security delivered in reliance upon this paragraph will not bear
      the Restricted Legend.

     

    (d) The
      Trustee will retain copies of all certificates, opinions and other documents
      received in connection with the transfer or exchange of a Security (or a
      beneficial interest therein), and the Issuer will have the right to inspect
      and
      make copies thereof at any reasonable time upon written notice to the
      Trustee.

     

    SECTION
      2.13  Reg.
      S
      Temporary Offshore Global Securities.

     

    (a) Each
      Security originally sold in reliance upon Regulation S will be evidenced by
      one
      or more Offshore Global Securities that bear the Temporary Offshore Global
      Security Legend.

     

    (b) An
      owner
      of a beneficial interest in a Temporary Offshore Global Security (or a Person
      acting on behalf of such an owner) may provide to the Trustee (and the Trustee
      will accept) a duly completed Certificate of Beneficial Ownership at any time
      after the Restricted Period (it being understood that the Trustee will not
      accept any such certificate during the Restricted Period). Promptly after
      acceptance of a Certificate of Beneficial Ownership with respect to such a
      beneficial interest, the Trustee will cause such beneficial interest to be
      exchanged for an equivalent beneficial interest in a Permanent Offshore Global
      Security, and will (x) permanently reduce the principal amount of such
      Temporary Offshore Global Security by the amount of such beneficial interest
      and
      (y) increase the principal amount of such Permanent Offshore Global
      Security by the amount of such beneficial interest.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (c) Notwithstanding
      paragraph (b), if after the Restricted Period any Initial Purchaser owns a
      beneficial interest in a Temporary Offshore Global Security, such Initial
      Purchaser may, upon written request to the Trustee accompanied by a
      certification as to its status as an Initial Purchaser, exchange such beneficial
      interest for an equivalent beneficial interest in a Permanent Offshore Global
      Security, and the Trustee will comply with such request and will
      (x) permanently reduce the principal amount of such Temporary Offshore
      Global Security by the amount of such beneficial interest and (y) increase
      the principal amount of such Permanent Offshore Global Security by the amount
      of
      such beneficial interest.

     

    (d) Notwithstanding
      anything to the contrary contained herein, any owner of a beneficial interest
      in
      a Temporary Offshore Global Security shall not be entitled to receive payment
      of
      principal or interest on such beneficial interest or other amounts in respect
      of
      such beneficial interest until such beneficial interest is exchanged for an
      interest in a Permanent Offshore Global Security or transferred for an interest
      in another Global Security or a Certificated Security.

     

    SECTION
      2.14  Defaulted
      Interest. 
      If
      the
      Issuer defaults in a payment of interest on the Securities, the Issuer shall
      pay
      the defaulted interest (plus interest on such defaulted interest to the extent
      lawful) in any lawful manner. The Issuer may pay the defaulted interest to
      the
      persons who are Securityholders on a subsequent special record date. The Issuer
      shall fix or cause to be fixed any such special record date and payment date
      to
      the reasonable satisfaction of the Trustee and shall promptly mail or cause
      to
      be mailed to each Securityholder a notice that states the special record date,
      the payment date and the amount of defaulted interest to be paid.

     

    The
      Issuer may make payment of any defaulted interest in any other lawful manner
      not
      inconsistent with the requirements (if applicable) of any securities exchange
      on
      which the Securities may be listed, and upon such notice as may be required
      by
      such exchange, if, after notice given by the Issuer to the Trustee of the
      proposed payment pursuant to this paragraph, such manner of payment shall be
      deemed practicable by the Trustee.

     

    ARTICLE
      3

    REDEMPTION

     

    SECTION
      3.01  Notices
      to Trustee. 
      If
      the
      Issuer elects to redeem Securities pursuant to Section 3.07 or is required
      to redeem Securities pursuant to Section 5.08(b), it shall notify the Trustee
      in
      writing of the redemption date, the principal amount of Securities to be
      redeemed and the Section of this Indenture pursuant to which the redemption
      shall occur. 

     

    The
      Issuer shall give the notice to the Trustee provided for in this Section not
      less than 15 nor more than 30 days before the redemption date unless the Trustee
      consents to a shorter period. Such notice shall be accompanied by an Officers’
Certificate and an Opinion of Counsel from the Issuer to the effect that such
      redemption shall comply with the conditions herein. If fewer than all the
      Securities are to be redeemed, the record date relating to such redemption
      shall
      be selected by the Issuer and given to the Trustee, which record date shall
      be
      not fewer than 15 days after the date of notice to the Trustee, unless the
      Trustee otherwise agrees. Any such notice may be canceled at any time prior
      to
      notice of such redemption being mailed to any Holder and shall thereby be void
      and of no effect.

    
      
        
        

      

      
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    SECTION
      3.02  Selection. 
      If
      less
      than all of the Securities are to be redeemed at any time, selection of
      Securities for redemption shall be made by the Trustee in compliance with the
      requirements of the principal national securities exchange, if any, on which
      the
      Securities are listed, or, if the Securities are not so listed, on a
pro
      rata
      basis
      (among the Initial Securities and any Additional Securities, as one class),
      by
      lot or by such method as the Trustee shall deem fair and appropriate;
provided
      that no
      Securities of $1,000 or less shall be redeemed in part. If any Security is
      to be
      redeemed in part only, the notice of redemption that relates to such Security
      shall state the portion of the principal amount thereof to be redeemed. On
      and
      after the redemption date, unless the Issuer defaults in payment of the
      redemption price or the Paying Agent is prohibited from making such payment
      pursuant to the terms of this Indenture, interest ceases to accrue on Securities
      or portions of them called for redemption.

     

    SECTION
      3.03  Notice. 
      Notices
      of redemption shall be mailed by first class mail at least 15 but not more
      than
      30 days before the redemption date to each Holder of Securities to be redeemed
      at its registered address, except that redemption notices may be mailed more
      than 30 days prior to a redemption date if the notice is issued in connection
      with a defeasance of the Securities or a satisfaction and discharge of this
      Indenture. Notices of redemption may be conditioned upon the occurrence of
      any
      event or transaction. 

     

    The
      notice shall identify the Securities to be redeemed and shall
      state:

     

    (a) the
      redemption date and any conditions to the occurrence thereof;

     

    (b) the
      redemption price;

     

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

     

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

     

    (e) if
      fewer
      than all the outstanding Securities are to be redeemed, the certificate numbers
      and principal amounts of the particular Securities to be redeemed;

     

    (f) that,
      unless the Issuer defaults in making such redemption payment, any condition
      to
      such redemption is not satisfied or the Paying Agent is prohibited from making
      such payment pursuant to the terms of this Indenture, interest on Securities
      (or
      portion thereof) called for redemption ceases to accrue on and after the
      redemption date;

     

    (g) the
      Section hereof pursuant to which the Securities called for redemption are being
      redeemed;

     

    (h) the
      CUSIP
      number, if any, printed on the Securities being redeemed; and

     

    (i) 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 Securities.

     

    At
      the
      Issuer’s request (which may be revoked at any time in writing prior to the time
      at which the Trustee shall have given such notice to the Holders) made at least
      20 days prior to the redemption date, the Trustee shall give the notice of
      redemption in the Issuer’s name and at the Issuer’s expense. In such event, the
      Issuer shall provide the Trustee with the information required by this Section
      and shall prepare the text of the notice of redemption.

     

    
      
        
        

      

      
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    SECTION
      3.04  Effect
      of Notice of Redemption. 
      Once
      notice of redemption is mailed, Securities called for redemption become due
      and
      payable on the date fixed for redemption and at the redemption price stated
      in
      the notice, unless any condition to such redemption set forth in the notice
      of
      redemption is not satisfied. Upon surrender to the Paying Agent, such Securities
      shall be paid at the redemption price stated in the notice, plus accrued
      interest to the redemption date; provided
      that if
      the redemption date is after a regular record date and on or prior to the
      interest payment date, the accrued and unpaid interest shall be payable to
      the
      Securityholder of the redeemed Securities registered at the close of business
      on
      the relevant record date. If mailed in the manner herein, the notice shall
      be
      conclusively presumed to have been given whether or not the Holder receives
      such
      notice. Failure to give notice or any defect in the notice to any Holder shall
      not affect the validity of the notice to any other Holder.

     

    SECTION
      3.05  Deposit
      of Redemption Price. 
      By
      12:00
      noon on the redemption date, the Issuer shall deposit with the Paying Agent
      (or,
      if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate
      and hold in trust) money sufficient to pay the redemption price of and accrued
      interest on all Securities to be redeemed on the redemption date other than
      Securities or portions of Securities called for redemption that have been
      delivered by the Issuer to the Trustee for cancellation. If the redemption
      date
      is on or after an interest record date and on or before the related interest
      payment date, the accrued and unpaid interest will be paid to the Person in
      whose name a Security is registered at the close of business on such record
      date.

     

    SECTION
      3.06  Securities
      Redeemed in Part.
      Upon
      surrender of a Security that is redeemed in part, the Issuer shall execute
      and
      the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new
      Security equal in principal amount to the unredeemed portion of the Security
      surrendered.

     

    SECTION
      3.07  Optional
      Redemption.

     

    (a) The
      Securities may not be optionally redeemed prior to the two-month anniversary
      of
      the Issue Date. On that date and thereafter, the Securities shall be subject
      to
      redemption at any time at the option of the Issuer, in whole or in part, at
      the
      redemption prices (expressed as percentages of principal amount) set forth
      below
      plus accrued and unpaid interest to the applicable redemption date (subject
      to
      the right of Holders on the relevant record date to receive interest due on
      the
      relevant interest payment date), if redeemed during the applicable period
      following the Issue Date indicated below:

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    
      	
               

              Period

               

            	
               

              Percentage

               

            
	
              January
                28 to February 27

            	
              101.000%

            
	
              February
                28 to March 27

            	
              101.000%

            
	
              March
                28 to April 27

            	
              101.000%

            
	
              April
                28 to May 27

            	
              101.000%

            
	
              May
                28 to June 27

            	
              101.500%

            
	
              June
                28 to July 27

            	
              101.750%

            
	
              July
                28 to August 27

            	
              102.000%

            
	
              August
                28 to September 27

            	
              102.500%

            
	
              September
                28 to October 27

            	
              103.000%

            
	
              After
                October 27

            	
              103.500%

            

    

     

    (b) Any
      redemption pursuant to Section 3.07(a), shall be in a minimum aggregate
      principal amount of Securities of $1,000,000 (or, if less, the entire principal
      amount of Securities then outstanding).

     

    SECTION
      3.08  No
      Sinking Fund.
      There
      shall be no sinking fund for the payment of principal on the Securities to
      the
      Securityholders.

     

    SECTION
      3.09  Repurchase
      Offers.

     

    (a) If
      the
      Issuer shall be required to commence an offer to all Holders to purchase
      Securities (a “Repurchase
      Offer”)
      pursuant to Section 5.09 (a “Change
      of Control Offer”),
      the
      Issuer shall follow the procedures specified in this
      Section 3.09:

     

    (1) Within
      30
      days after a Change of Control (unless (1) the Issuer is not required to make
      such offer pursuant to Section 5.09(b) or (2) all Securities have been
      called for redemption pursuant to Section 3.07(a) or Section 5.08(b)), the
      Issuer shall commence a Repurchase Offer, which shall remain open for a period
      of at least 20 Business Days following its commencement (the “Offer
      Period”),
      by
      sending a notice to the Trustee and each of the Holders, by first class mail,
      which notice shall contain all instructions and materials necessary to enable
      the Holders to tender Securities pursuant to such Repurchase Offer. Such notice,
      which shall govern the terms of the Repurchase Offer, shall describe the
      transaction or transactions that constitute the Change of Control, as the case
      may be, and shall state:

     

    (i) that
      the
      Repurchase Offer is being made pursuant to this Section 3.09 and
      Section  5.09;

     

    (ii) that
      the
      Issuer is required to offer to purchase all of the outstanding principal amount
      of Securities (such amount, the “Offer
      Amount”),
      the
      purchase price and that on the date specified in such notice (the “Purchase
      Date”),
      which
      date shall be no earlier than 15 days and no later than 30 days from the date
      such notice is mailed, the Issuer shall repurchase an Offer Amount of Securities
      validly tendered and not withdrawn pursuant to this Section 3.09 and
      Section  5.09;

     

    (iii) that
      any
      Security not tendered or accepted for payment shall continue to accrue
      interest;

     

    
      
        
        

      

      
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    (iv) that,
      unless the Issuer defaults in making such payment, Securities accepted for
      payment pursuant to the Repurchase Offer shall cease to accrue interest after
      the Purchase Date;

     

    (v) that
      Holders electing to have a Security purchased pursuant to a Repurchase Offer
      may
      elect to have all or any portion of such Security purchased;

     

    (vi) that
      Holders electing to have a Security purchased pursuant to any Repurchase Offer
      shall be required to surrender the Security, with the form entitled “Option of
      Holder to Elect Purchase” on the reverse of the Security, or such other
      customary documents of surrender and transfer as the Issuer may reasonably
      request, duly completed, or transfer the Security by book-entry transfer, to
      the
      Issuer, the Depositary, or the Paying Agent at the address specified in the
      notice prior to the Purchase Date;

     

    (vii) that
      Holders shall be entitled to withdraw their election if the Issuer, the
      Depositary or the Paying Agent, as the case may be, in each case with a copy
      to
      the Trustee, receives, not later than the expiration of the Offer Period, a
      telegram, facsimile transmission or letter setting forth the name of the Holder,
      the principal amount of the Security the Holder delivered for purchase and
      a
      statement that such Holder is withdrawing its election to have such Security
      purchased;

     

    (viii) that
      Holders whose Securities are purchased only in part shall be issued new
      Securities equal in principal amount to the unpurchased portion of the
      Securities surrendered (or transferred by book-entry transfer); and

     

    (ix) the
      CUSIP
      number, if any, printed on the Securities being repurchased and 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 Securities.

     

    (2) On
      (or at
      the Issuer’s election, before) the Purchase Date, the Issuer shall, (A) to the
      extent lawful, accept for payment, the Securities or portions thereof tendered
      pursuant to the Repurchase Offer and not theretofore withdrawn, and shall
      deliver to the Trustee an Officers’ Certificate stating that such Securities or
      portions thereof were accepted for payment by the Issuer in accordance with
      the
      terms of this Section 3.09, (B) deposit with the Paying Agent an amount
      equal to the payment required in respect of all Securities or portions thereof
      so tendered and (C) deliver or cause to be delivered to the Trustee the
      Securities so accepted together with an Officers’ Certificate stating the
      aggregate principal amount of Securities or portions thereof being purchased
      by
      the Issuer. The Issuer, 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 Change
      of
      Control Payment with respect to the Securities tendered by such Holder

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

      and
        accepted by the Issuer for purchase, and the Issuer shall promptly issue
        a new
        Security, and the Trustee, upon written request from the Issuer, shall
        authenticate and mail or deliver such new Security to such Holder, in a
        principal amount equal to any unpurchased portion of the Securities so
        surrendered, provided
        that
        each such new Security shall be in a principal amount of $1,000 or an integral
        multiple thereof. Any Security not so accepted shall be promptly mailed or
        delivered by the Issuer to the Holder thereof. On the Purchase Date, all
        Securities purchased by the Issuer shall be delivered to the Trustee for
        cancellation. All Securities or portions thereof purchased pursuant to the
        Repurchase Offer shall be canceled by the Trustee. The Issuer shall publicly
        announce the results of the Repurchase Offer on or as soon as practicable
        after
        the Purchase Date, but in no case more than five Business Days thereafter.
        For
        the purposes of the preceding sentence, it shall be sufficient for the Issuer
        to
        publish the results of the Repurchase Offer on its website on the world wide
        web.

    

     

    If
      the
      Issuer complies with the provisions of the preceding paragraph, on and after
      the
      Purchase Date interest shall cease to accrue on the Securities or the portions
      of Securities repurchased. If a Security is repurchased 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
      Security was registered at the close of business on such record date. If any
      Security called is not repurchased upon surrender because of the failure of
      the
      Issuer to comply with the preceding paragraph, interest shall be paid on the
      unpaid principal, from the Purchase 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 Securities.

     

    (b) The
      Issuer shall comply with the requirements of Rule 14e-1 under the Exchange
      Act and any other securities laws and regulations to the extent such laws and
      regulations are applicable in connection with the Repurchase Offer. To the
      extent that the provisions of any applicable securities laws or regulations
      conflict with this Section 3.09, the Issuer shall comply with such
      securities laws and regulations and shall not be deemed to have breached its
      obligations under this Section 3.09 by virtue thereof.

     

    (c) Once
      notice of repurchase is mailed in accordance with this Section 3.09, all
      Securities validly tendered and not withdrawn become irrevocably due and payable
      on the Purchase Date at the purchase price specified herein. A notice of
      repurchase may not be conditional.

     

    (d) Other
      than as specifically provided in this Section 3.09 or Section  5.09,
      any purchase pursuant to this Section 3.09 shall be made pursuant to
      Sections 3.02 and 3.06.

     

    ARTICLE
      4
AFFIRMATIVE
      COVENANTS

     

    So
      long
      as any Security remains outstanding:

     

    SECTION
      4.01  Financial
      Statements. 
      For
      so
      long as the Issuer is subject to the reporting requirements of Section 13 and
      Section 15(d) of the Exchange Act and any Securities under this Indenture are
      outstanding, the Issuer shall file with the Commission and provide the Trustee
      and the Holders with such annual reports and such information, documents and
      other reports as are specified in Sections 13 and 15(d) of the Exchange Act
      and
      applicable to a United States Person subject to such Sections; provided,
      however, that (i) the Issuer shall not be so obligated to file such information,
      documents and reports with the Commission if the Commission does not permit
      such
      filings, and (ii) the Issuer shall not be required under this Indenture to
      include the separate financial statements of any Guarantor in any such
      filing.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    At
      any
      time when the Issuer is not subject to the reporting requirements of Section
      13
      or 15(d) of the Exchange Act and any Securities under this Indenture are
      outstanding, the Issuer will provide to the Trustee and the Holders (which
      providing may be
      made
      via an Internet website, via delivery of a hard copy, via email or
      otherwise):

     

    (a) within
      90
      days after the end of each fiscal year of the Issuer to end after the Issue
      Date, a copy of the audited consolidated financial statements of the Issuer
      and
      its consolidated Subsidiaries for such fiscal year, reported on by Friedman
      LLP
      or other independent certified public accountants of nationally recognized
      standing, and a Management’s Discussion and Analysis of Financial Condition and
      Results of Operations substantially equivalent to that which would be required
      to be included in an Annual Report on Form 10-K of the Issuer or any of its
      Subsidiaries were the Issuer or such Subsidiary subject to an obligation to
      file
      such a report under the Exchange Act;

     

    (b) within
      45
      days after the end of each of the first three fiscal quarters of each fiscal
      year of the Issuer to end after the Issue Date, the unaudited consolidated
      financial statements of the Issuer and its consolidated Subsidiaries for such
      quarterly period, and a Management’s Discussion and Analysis of Financial
      Condition and Results of Operations substantially equivalent to that which
      would
      be required to be included in a Quarterly Report on Form 10-Q of the Issuer
      or
      any of its Subsidiaries were the Issuer or such Subsidiary subject to an
      obligation to such a report under the Exchange Act, certified by the chief
      financial officer, controller or treasurer of the Issuer as being fairly stated
      in all material respects (subject to normal year-end audit adjustments and
      absence of footnotes);
      and

     

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

    

    provided,
      however, that
      the
      reports set forth in clauses (a), (b) and (c) above shall not be required to:
      (a) contain any certification required by any such form or the Sarbanes-Oxley
      Act, (b) include separate financial statements of any Guarantor or (c) include
      any exhibit. Additionally, substantially concurrently with the delivery to
      the
      Trustees and the Holders of the reports specified in (a), (b) and (c) above,
      the
      Issuer shall post copies of such reports on its website. 

    

    In
      addition, the Issuer will furnish to the Holders and to prospective investors
      in
      the Securities, upon the requests of such Holders, any information required
      to
      be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as
      the
      Securities are not freely transferable under the Securities Act.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    All
      financial statements required to be delivered pursuant to this Section 4.01
      shall be complete and correct in all material respects (subject, in the case
      of
      the financial statements to be delivered pursuant to paragraph (b) of this
      Section 4.01, to normal year-end audit adjustments and absence of
      footnotes) and shall be prepared in reasonable detail and in accordance with
      GAAP.

     

    SECTION
      4.02  Payment
      of Obligations.

     

    (a) The
      Issuer shall, and shall cause each of the Restricted Subsidiaries to, pay or
      discharge or cause to be paid or discharged, before the same shall become
      delinquent, (i) all material taxes, assessments and governmental charges
      levied or imposed upon the Issuer or any Restricted Subsidiary or upon the
      income, profits or property of the Issuer or any Restricted Subsidiary and
      (ii) all lawful claims for labor, materials and supplies, which, if unpaid,
      might by law become a material liability or Lien upon the property of the Issuer
      or any Restricted Subsidiary; provided,
      however,
      that
      the Issuer shall not be required to pay or discharge or cause to be paid or
      discharged any such tax, assessment, charge or claim the amount, applicability
      or validity of which is being contested in good faith by appropriate proceedings
      and for which appropriate reserves, if necessary (in the good faith judgment
      of
      management of the Issuer), are being maintained in accordance with GAAP or
      where
      the failure to effect such payment will not be materially disadvantageous to
      the
      Holders.

     

    SECTION
      4.03  Corporate
      Existence. 
      Except
      as
      otherwise permitted in this Indenture, the Issuer shall do or cause to be done
      all things necessary to preserve and keep in full force and effect its corporate
      existences and the corporate, partnership, limited liability company or other
      existence of each Restricted Subsidiary in accordance with their respective
      organizational documents (as the same may be amended from time to
      time).

     

    SECTION
      4.04  Licenses. 
      The
      Issuer shall, and shall cause its Subsidiaries to, use commercially reasonable
      efforts to assign the U.S. FCC Letter of Intent to TerreStar or the FCC License
      Subsidiary on or before the Maturity Date. The Issuer and its Subsidiaries
      shall
      use commercially reasonable efforts to maintain in full force and effect all
      of
      their material FCC Licenses.

     

    SECTION
      4.05  Cash
      Escrow Account. 
      The
      Issuer shall, at all times prior to May 31, 2007, maintain in an escrow account
      maintained with the Collateral Agent (the “Cash
      Escrow Account”)
      an
      amount of cash no less than 6.5417% of the then outstanding principal amount
      of
      the Securities.

     

    SECTION
      4.06  Mirror
      Note.   The
      Issuer may invest a portion of the proceeds of the Securities in TerreStar
      in
      the form of an equity investment in order to increase their percentage ownership
      interest therein to up to 81%. The remaining portion of the proceeds of the
      Securities that is invested by the Issuer in TerreStar shall be lent to
      TerreStar in exchange for a note on substantially the same terms and conditions
      as the Securities (the “Mirror Note”), provided that (i) the Mirror Note shall
      not contain any covenants other than equivalents of Section 5.08 (to the extent
      applicable to Terrestar) and Section 5.09 of this Indenture and shall not be
      issued under an indenture, (ii) to the maximum extent permissible by the
      applicable Collateral and relevant contractual restrictions, the Mirror Note
      shall be secured on a subordinated basis only by Terrestar’s right, title and
      interest in the Collateral and otherwise on terms substantially similar to
      those
      set forth in the Security Agreement, (iii) the Mirror Note shall not be
      guaranteed by any Person, and (iv) any Event of Default under this Indenture
      (but not any other event or circumstance) shall constitute an Event of Default
      under the Mirror Note. The Issuer shall maintain ownership of such note at
      all
      times while any Securities are outstanding.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    SECTION
      4.07  Additional
      Guarantees and Collateral.

     

    (a) With
      respect to any property acquired after the Issue Date by the Issuer or any
      Guarantor (other than (w) except as provided in (f) below, any fee or leasehold
      interest in real property, (x) immaterial property, or (y) any property
      described in paragraph (b) below), that is intended to be subject to the
      security interests created by the Security Agreement but which is not so subject
      thereto, the Issuer shall, and shall cause the relevant Guarantor to, promptly
      (i) execute and deliver to the Collateral Agent such amendments to the
      Security Agreement or such other documents as the Collateral Agent reasonably
      deems necessary or advisable to grant to the Holders, a security interest in
      such property and (ii) file any financing statement or deliver any stock
      certificates and accompanying powers necessary to grant to the Holders perfected
      first priority security interest (subject to Permitted Liens) in such
      property.

     

    (b) If
      the
      Issuer or any of the Restricted Subsidiaries acquires or creates another
      Domestic Subsidiary (other than a Domestic Subsidiary that is a Subsidiary,
      directly or indirectly, of a Foreign Subsidiary) after the Issue Date, then
      that
      newly acquired or created Domestic Subsidiary shall become a Guarantor by
      executing and delivering to the Trustee a supplemental indenture in the form
      of
      Exhibit I hereto within 10 Business Days of the date on which it was
      acquired or created; provided
      that any
      Domestic Subsidiary that constitutes an Immaterial Subsidiary need not become
      a
      Guarantor until 10 Business Days after it ceases to be an Immaterial
      Subsidiary. 

     

    (c) If
      any
      Restricted Subsidiary that is not a Guarantor shall Guarantee any Indebtedness
      of the Issuer or any Guarantor while the Securities are outstanding, then such
      Subsidiary shall become a Guarantor under this Indenture and shall execute
      and
      deliver to the Trustee a supplemental indenture in the form of Exhibit I
      hereto. 

     

    (d) Any
      Restricted Subsidiary that is not required to be a Guarantor may at any time
      become a Guarantor at its election by executing and delivering to the Trustee
      a
      supplemental indenture in the form of Exhibit I hereto. 

     

    (e) The
      Issuer (i) shall cause each Guarantor to become a party to the Security
      Agreement and (ii) shall, or shall cause the Subsidiaries to, file any
      financing statement or deliver any stock certificates and accompanying powers
      necessary to grant to the Holders perfected first priority security interests
      (subject to Permitted Liens) in the Equity Interests of such newly acquired
      or
      created Subsidiaries and their assets, to the extent that the foregoing would
      constitute Collateral. 

     

    (f) The
      Issuer will, and will cause each Guarantor to, promptly grant to the Holders
      security interests and mortgages in such owned real property of the Issuer
      or
      any such Guarantor as are acquired after the Issue Date by the Issuer or such
      Guarantor and that, together with any improvements thereon, individually has
      a
      value in excess of $1,000,000, as additional security for the obligations of
      the
      Financing Parties under any Financing Document (unless the subject property
      is
      already mortgaged to a third party to the extent permitted by Section 5.02
      or has been owned by the Issuer or such Guarantor for less than three months
      and
      shall be sold pursuant to a sale and lease back transaction within three months
      of the date of acquisition by the Issuer or such Guarantor). Such mortgages
      shall be granted pursuant to documentation reasonably satisfactory in form
      and
      substance to the Collateral Agent and shall constitute valid and enforceable
      perfected Liens subject only to Permitted Liens. The mortgages or instruments
      related thereto shall be duly recorded or filed in such manner and in such
      places as are required by law to establish, perfect, preserve and protect the
      Liens in favor of the Holders required to be granted pursuant to the mortgages
      and all taxes, fees and other charges payable in connection therewith shall
      be
      paid in full. 

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    (g) In
      the
      event of:

     

    (1) a
      sale or
      other disposition of all or substantially all of the assets of any Guarantor,
      by
      way of merger, consolidation or otherwise, or

     

    (2) the
      sale
      or other disposition of Capital Stock of any Guarantor if as a result of such
      disposition, such Person ceases to be a Subsidiary of the Issuer,

     

    then
      the
      Person acquiring such assets (in the case of clause (1)) or such Guarantor
      (in
      the case of clause (2)) will be automatically released and relieved of any
      obligations under its Security Guarantee and the other Financing Documents;
      provided
      that
      such sale or other disposition is in compliance with this Indenture (it being
      understood that only such portion of the Net Proceeds as is or is required
      to be
      applied on or before the date of such release in accordance with the terms
      of
      this Indenture needs to be so applied).

     

    (h) Any
      Guarantor that becomes an Immaterial Subsidiary in accordance with the
      provisions of this Indenture will be released from its Security Guarantee and
      the other Financing Documents.

     

    (i) Any
      Guarantee given by any Restricted Subsidiary that was required to be given
      by
      Section 4.07(c) hereof shall be automatically released upon the release by
      the holders of the Indebtedness described in Section 4.07(c) or the
      guarantee thereof by such Restricted Subsidiary (including any deemed release
      upon payment in full of all obligations under such Indebtedness), which resulted
      in the Securities being guaranteed by such Restricted Subsidiary, at such time
      as (i) no other Indebtedness of the Issuer and the other Guarantors has
      been guaranteed by such Restricted Subsidiary or (ii) the holders of all
      such other Indebtedness which is guaranteed by such Restricted Subsidiary also
      release their guarantee by such Restricted Subsidiary (including any deemed
      release upon payment in full of all obligations under such
      Indebtedness).

     

    (j) The
      Collateral Agent shall execute an appropriate instrument prepared by the Issuer
      evidencing the release of a Guarantor from its obligations under its Security
      Guarantee and the other Financing Documents upon receipt of an Officer’s
      Certificate by the Issuer or such Guarantor stating that all conditions set
      forth in Section 4.07(g), (h) or (i) above, as applicable, have been
      satisfied.

     

    
      
        
        

      

      
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    SECTION
      4.08  Maintenance
      of Insurance.

     

    (a) The
      Issuer will obtain, and will cause the Restricted Subsidiaries to obtain, prior
      to the launch of each satellite and will maintain launch insurance with respect
      to each satellite launch covering the period from the launch to 180 days
      following the launch of each satellite on such terms (including coverage period,
      exclusions, limitations on coverage, co-insurance, deductibles and coverage
      amount) as are customary in the industry for similar persons at the
      time
      of such launch. 

     

    (b) The
      Collateral Agent, on behalf of the Holders and for their benefit, shall be
      named
      as beneficiary of the insurance obtained pursuant to this Section
      4.08.

     

    SECTION
      4.09  Regulatory
      Approvals and Licenses. 
      The
      Issuer will, and will cause the Restricted Subsidiaries to, use commercially
      reasonable efforts to obtain regulatory approvals and licenses contemplated
      in
      the Issuer’s business plan on or before the Maturity Date (to the extent such
      plan contemplates such approvals and licenses would be obtained by such
      date).

     

    ARTICLE
      5

    NEGATIVE
      COVENANTS

     

    So
      long
      as any Security remains outstanding:

     

    SECTION
      5.01  Indebtedness.

     

    (a) The
      Issuer shall not, and shall not permit any of the 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).

     

    (b) The
      provisions of clause (a) of this Section 5.01 will not apply to any of the
      following items of Indebtedness:

     

    (1) the
      incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness
      under Credit Facilities (including Guarantees of such Indebtedness by the Issuer
      or any of its Subsidiaries); provided
      that the
      aggregate principal amount of such Indebtedness outstanding pursuant to this
      clause (1) without duplication (with letters of credit being deemed to have
      a principal amount equal to the undrawn face amount thereof), does not exceed
      an
      amount equal to $25.0 million; provided
      further
      that the
      aggregate principal amount of Indebtedness outstanding pursuant to clauses
      (1),
      (4) and (12) without duplication (with letters of credit being deemed to have
      a
      principal amount equal to the undrawn face amount thereof), does not exceed
      an
      amount equal to $50.0 million;

     

    (2) the
      incurrence by the Issuer and the Restricted Subsidiaries of the Existing
      Indebtedness;

     

    (3) the
      incurrence by the Issuer and the Guarantors of Indebtedness represented by
      the
      Securities and the Security Guarantees;

     

    
      
        
        

      

      
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    (4) the
      incurrence by the Issuer or any Restricted Subsidiary of Indebtedness
      represented by Capital Lease Obligations, mortgage financings or Purchase Money
      Indebtedness with respect to assets other than Capital Stock or other
      Investments, in each case, incurred for the purpose of financing all or any
      part
      of the purchase price or cost of design, construction, installation or
      improvement of property, plant or equipment used in a Permitted Business;
provided
      that the
      aggregate principal amount of Indebtedness outstanding pursuant to clauses
      (1),
      (4) and (12) without duplication (with letters of credit being deemed to have
      a
      principal amount equal to the undrawn face amount thereof), does not exceed
      an
      amount equal to $50.0 million;

     

    (5) the
      incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing
      Indebtedness in exchange for, or the net proceeds of which are used to renew,
      refund, refinance, discharge, defease or replace Indebtedness (other than
      intercompany Indebtedness) that was permitted by this Indenture to be incurred
      under clauses (3) or (5) of this Section 5.01(b);

     

    (6) the
      incurrence by the Issuer or any Restricted Subsidiary of intercompany
      Indebtedness owing to the Issuer or any Restricted Subsidiary; provided,
      however,
      that:

     

    (i) if
      the
      Issuer or any Guarantor is the obligor on such Indebtedness and the payee is
      not
      the Issuer or a Guarantor, such Indebtedness must be expressly subordinated
      to
      the prior payment in full in cash of all Obligations with respect to the
      Securities or the Security Guarantees; and 

     

    (ii) (A)
      any
      subsequent issuance or transfer of Equity Interests or any other event that
      results in any such Indebtedness being beneficially held by a Person other
      than
      the Issuer or a Restricted Subsidiary or (B) any sale or other transfer of
      any
      such Indebtedness to a Person that is neither the Issuer nor a Restricted
      Subsidiary will be deemed, in each case, to constitute an incurrence of such
      Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be,
      that was not permitted by this clause (6);

     

    (7) the
      incurrence by the Issuer or any Restricted Subsidiary of Hedging
      Obligations;

     

    (8) the
      guarantee by the Issuer or any Restricted Subsidiary of Indebtedness of the
      Issuer or any Restricted Subsidiary that was permitted to be incurred by another
      provision of this covenant; provided
      that if
      the Indebtedness being guaranteed is (A) pari
      passu
      in right
      of payment to the Securities or any Security Guarantee, then the Guarantee
      related to such Indebtedness shall rank equally or junior in right of payment
      to
      the Securities or such Security Guarantee, as the case may be, or
      (B) subordinated in right of payment to the Securities or any Security
      Guarantee, then the Guarantee of such Indebtedness shall be subordinated in
      right of payment to at least the same extent to the Securities or such Security
      Guarantee, as the case may be; 

     

    
      
        
        

      

      
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    (9) the
      incurrence of Indebtedness by the Issuer or any Restricted Subsidiary arising
      from the honoring by a bank or other financial institution of a check, draft
      or
      similar instrument (except in the case of daylight overdrafts) in the ordinary
      course of business inadvertently drawn against insufficient funds, provided,
      however,
      that
      such Indebtedness is extinguished within five business days of
      incurrence; 

     

    (10) the
      incurrence of Indebtedness by the Issuer or any Restricted Subsidiary incurred
      in respect of trade letters of credit, workers’ compensation claims,
      self-insurance obligations, bankers’ acceptances, performance, surety and
      similar bonds and completion guarantees provided by the Issuer or any Restricted
      Subsidiary, in each case, in the ordinary course of business;

     

    (11) the
      incurrence of Indebtedness by the Issuer or any Restricted Subsidiary arising
      from any agreement of the Issuer or any Restricted Subsidiary providing for
      indemnification, adjustment of purchase price or similar obligations, in each
      case, incurred or assumed in connection with the acquisition or disposition
      of
      any business, assets or Capital Stock, provided,
      however,
      in the
      case of a disposition, the maximum aggregate liability in respect of all such
      Indebtedness shall at no time exceed the gross proceeds actually received by
      the
      Issuer and the Restricted Subsidiaries in connection with such
      disposition;

     

    (12) the
      incurrence of additional Indebtedness by the Issuer or any Restricted Subsidiary
      in an aggregate principal amount which, when taken together with all other
      Indebtedness incurred pursuant to this clause (12) and then outstanding, does
      not exceed $10.0 million; provided,
      however,
      that
      any Indebtedness incurred under this clause (12) shall have a Weighted Average
      Life to Maturity that is greater than the then remaining Weighted Average Life
      to Maturity of the Securities; provided
      further
      that the
      aggregate principal amount of Indebtedness outstanding pursuant to clauses
      (1),
      (4) and (12) without duplication (with letters of credit being deemed to have
      a
      principal amount equal to the undrawn face amount thereof), does not exceed
      an
      amount equal to $50.0 million.

     

    (c) The
      Issuer shall not permit any of the Unrestricted Subsidiaries to incur any
      Indebtedness other than Non-Recourse Debt. If any Non-Recourse Debt of an
      Unrestricted Subsidiary shall at any time cease to constitute Non-Recourse
      Debt
      or such Unrestricted Subsidiary shall be redesignated a Restricted
      Subsidiary, such event will be deemed to constitute an incurrence of
      Indebtedness by a Restricted Subsidiary.

     

    (d) For
      purposes of determining compliance with this Section 5.01:

     

    (1) in
      the
      event that any Indebtedness meets the criteria of more than one of the
      categories described in clauses (1) through (12) of Section 5.01(b), the
      Issuer, in its sole discretion, will be permitted to classify (or later from
      time to time reclassify in whole or in part) such item of Indebtedness in any
      manner that complies with this Section 5.01;

     

    
      
        
        

      

      
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    (2) the
      accrual of interest, the accretion or amortization of original issue discount,
      the payment of interest on any Indebtedness in the form of additional
      Indebtedness with the same, or less onerous, terms, the reclassification of
      preferred stock of the Issuer or any Subsidiary as Indebtedness due to a change
      in accounting principles, 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, the accrual of dividends on Disqualified
      Stock or preferred stock, the accretion of the liquidation preference of
      Disqualified Stock or preferred stock and the fluctuation in amount of any
      Indebtedness in the form of Hedging Obligations, in each case, will not be
      deemed to be an incurrence of Indebtedness for purposes of this
      covenant; 

     

    (3) if
      obligations in respect of letters of credit are incurred pursuant to a Credit
      Facility and are being treated as incurred pursuant to Section 5.01(b)(1)
      and the letters of credit relate to other Indebtedness, then such other
      Indebtedness shall not be included;

     

    (4) Indebtedness
      permitted by this Section 5.01 need not be permitted solely by reference to
      one provision permitting such Indebtedness, but may be permitted in part by
      one
      such provision and in part by one or more other provisions of this
      Section 5.01 permitting such Indebtedness; and

     

    (5) for
      the
      purposes of determining compliance with any U.S. dollar-denominated restriction
      on the incurrence of Indebtedness denominated in a foreign currency, the
      dollar-equivalent amount of such Indebtedness incurred pursuant thereto shall
      be
      calculated based on the relevant currency exchange rate in effect on the earlier
      of the date that such Indebtedness was incurred, in the case of term
      Indebtedness, or first committed, in the case of revolving credit Indebtedness;
      provided
      that if
      such Indebtedness is incurred to refinance other Indebtedness denominated in
      a
      foreign currency, and such refinancing would cause the applicable U.S.
      dollar-dominated restriction to be exceeded if calculated at the relevant
      currency exchange rate in effect on the date of such refinancing, such U.S.
      dollar-dominated restriction shall be deemed not to have been exceeded so long
      as the principal amount of such refinancing Indebtedness does not exceed the
      principal amount of such Indebtedness being refinanced. Notwithstanding any
      other provision of this Section 5.01, the maximum amount of Indebtedness
      that the Issuer and the Restricted Subsidiaries may incur pursuant to this
      Section 5.01 shall not be deemed to be exceeded solely as a result of
      fluctuations in the exchange rate of currencies. 

     

    SECTION
      5.02  Limitation
      on Liens.  
      The
      Issuer shall not and shall not permit any Restricted Subsidiary to create,
      incur, assume or otherwise cause or suffer to exist or become effective any
      Lien
      of any kind securing Indebtedness or trade payables (other than Permitted Liens)
      upon any of its property or assets, now owned or hereafter acquired. 

     

    SECTION
      5.03  Prohibition
      of Fundamental Changes.

     

    (a) The
      Issuer shall not directly or indirectly (x) consolidate or merge with or into
      another Person (whether or not the Issuer is the surviving corporation), or
      (y)
      sell, assign, transfer, convey, lease or otherwise dispose of all or
      substantially all of the properties or assets of the Issuer and the Restricted
      Subsidiaries taken as a whole, in one or more related transactions, to another
      Person unless:

     

    
      
        
        

      

      
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    (1) either:
      (A) the Issuer is the surviving corporation; or (B) the Person formed by or
      surviving any such consolidation or merger (if other than the Issuer) or to
      which such sale, assignment, transfer, conveyance, lease or other disposition
      has been made (the “Successor
      Person”)
      is a
      corporation organized or existing under the laws of the United States, any
      state
      of the United States or the District of Columbia; 

     

    (2) the
      Successor Person (if other than the Issuer) expressly assumes all the
      obligations of the Issuer under the Securities, this Indenture and all the
      other
      Financing Documents and shall cause such amendments, supplements or other
      instruments to be executed, filed and recorded in such jurisdictions as may
      be
      required by applicable law to preserve and protect the Lien on the Collateral
      owned by or transferred to the Successor Person, together with such financing
      statements or comparable documents as may be required to perfect any security
      interests in such Collateral which security interest may be perfected by the
      filing of a financing statement or a similar document under the Uniform
      Commercial Code or other similar statute or regulation of the relevant states
      or
      jurisdictions; 

     

    (3) immediately
      after such transaction, no Default or Event of Default exists; 

     

    (4) the
      Issuer and its Subsidiaries are in compliance in all material respects with
      all
      applicable FCC milestones and all other FCC rules, regulations and published
      policies applicable to them with respect to their FCC Licenses, except to the
      extent waived or amended by the FCC or as would not, individually or in the
      aggregate, have a Material Adverse Effect;

     

    (5) TerreStar
      Canada and its Subsidiaries are in compliance in all material respects with
      all
      applicable Industry Canada milestones and all other Industry Canada rules,
      regulations and published policies applicable to them with respect to their
      Industry Canada Licenses, except to the extent waived by Industry Canada or
      as
      would not, individually or in the aggregate, have a Material Adverse
      Effect;
      and

     

    (6) the
      Issuer shall have delivered to the Trustee an Officers’ Certificate and an
      Opinion of Counsel, each stating that such consolidation, merger, sale,
      assignment, transfer, conveyance, lease or other disposition complies with
      the
      provisions of this Indenture.

     

    (b) For
      purposes of this Section 5.03, the sale, assignment, transfer, conveyance,
      lease or other disposition of all or substantially all of the properties and
      assets of one or more Restricted Subsidiaries of the Issuer, which properties
      and assets, if held by the Issuer instead of such Restricted Subsidiaries,
      would
      constitute all or substantially all of the properties and assets of the Issuer
      on a consolidated basis, shall be deemed to be the transfer of all or
      substantially all of the properties and assets of the Issuer.

     

    
      
        
        

      

      
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    (c) The
      Successor Person shall succeed to, and be substituted for, and may exercise
      every right and power of, the Issuer under this Indenture and the other
      Financing Documents, and, except in the case of a lease of all or substantially
      all its assets, the Issuer will be released from the obligation to pay the
      principal of and interest on the Securities and its other Obligations under
      the
      Financing Documents.

     

    (d) Notwithstanding
      the preceding, (x) any Restricted Subsidiary may consolidate with, merge into,
      sell, assign, convey, lease or otherwise transfer all or part of its properties
      and assets to the Issuer or to any Guarantor and (y) the Issuer may merge with
      an Affiliate incorporated solely for the purpose of reincorporating the Issuer
      in another jurisdiction. 

     

    SECTION
      5.04  Restricted
      Payments.

     

    (a) The
      Issuer shall not, and shall not permit any of the Restricted Subsidiaries to,
      directly or indirectly:

     

    (1) declare
      or pay any dividend or make any other payment or distribution on or in respect
      of the Issuer’s or any Restricted Subsidiary’s Equity Interests (including any
      payment in connection with any merger or consolidation involving the Issuer
      or
      any Restricted Subsidiary) or to the direct or indirect holders of the Issuer’s
      or any Restricted Subsidiary’s Equity Interests in their capacity as such (other
      than dividends, distributions or other payments payable in Equity Interests
      (other than Disqualified Stock) of the Issuer and other than dividends or
      distributions payable to the Issuer or a Restricted Subsidiary);

     

    (2) purchase,
      redeem or otherwise acquire or retire for value (including in connection with
      any merger or consolidation involving the Issuer) any Equity Interests of the
      Issuer or any direct or indirect parent of the Issuer; 

     

    (3) purchase,
      redeem or otherwise acquire or retire for value any Equity Interests of any
      Restricted Subsidiary which are not owned by the Issuer or a Restricted
      Subsidiary for consideration other than Equity Interests of the
      Issuer;

     

    (4) make
      any
      principal payment on or with respect to, or purchase, redeem, defease or
      otherwise acquire or retire for value any Indebtedness of the Issuer or any
      Guarantor (other than Indebtedness among the Issuer and the Guarantors) that
      is
      contractually subordinated to the Securities or to any Security Guarantee,
      except a payment of principal at the Stated Maturity thereof, or within one
      year
      of such Stated Maturity; or

     

    (5) make
      any
      Restricted Investment; 

     

    (all
      such
      payments and other actions set forth in these clauses (1) through (4) above
      being collectively referred to as “Restricted
      Payments”).

     

    (b) So
      long
      as no Default has occurred and is continuing or would be caused thereby, the
      preceding provisions will not prohibit:

     

    
      
        
        

      

      
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    (1) the
      payment of any dividend or the consummation of any redemption (other than a
      redemption that is then revocable) within 60 days after the date of declaration
      of the dividend or giving of the redemption notice, as the case may be, if
      at
      the date of declaration or notice the dividend or redemption payment would
      have
      complied with the provisions of this Indenture; 

     

    (2) the
      making of any Restricted Payment in exchange for, or out of the net cash
      proceeds of the substantially concurrent sale (other than to a Subsidiary of
      the
      Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock and
      other than Equity Interests issued or sold to an employee stock ownership plan
      or similar trust to the extent such sale to an employee stock ownership plan
      or
      similar trust is financed by loans from or guaranteed by the Issuer or any
      Restricted Subsidiary unless such loans have been repaid with cash on or prior
      to the date of determination) or from the substantially concurrent contribution
      of common equity capital to the Issuer; 

     

    (3) the
      defeasance, redemption, repurchase or other acquisition or retirement for value
      of Indebtedness of the Issuer or any Guarantor that is contractually
      subordinated to the Securities or to any Security Guarantee in exchange for,
      or
      out of the net cash proceeds of the substantially concurrent incurrence of,
      Permitted Refinancing Indebtedness (other than to a Subsidiary of the
      Issuer);

     

    (4) the
      payment of any dividend or distribution by a Restricted Subsidiary that is
      wholly-owned by the Issuer, either directly or indirectly, through one or more
      Restricted Subsidiaries, to the holders of its Equity Interests on a pro rata
      basis;

     

    (5) the
      repurchase, redemption or other acquisition or retirement for value of any
      Equity Interests of the Issuer or any Restricted Subsidiary or any direct or
      indirect parent of the Issuer held by any current or former officer, director,
      employee or consultant of the Issuer or any Restricted Subsidiary or their
      estates or heirs pursuant to any equity subscription agreement, stock option
      agreement, shareholders’ agreement or similar agreement; provided
      that the
      aggregate price paid for all such Equity Interests repurchased, redeemed,
      acquired or retired pursuant to this clause may not exceed $1.0 million in
      the
      aggregate during the term of this Indenture; provided further
      that
      such amount may be increased by an amount not to exceed:

     

    (i) the
      cash
      proceeds received by the Issuer since the Issue Date from the sale of Equity
      Interests of the Issuer to employees, directors, officers or consultants of
      the
      Issuer or its Subsidiaries after the Issue Date; plus

     

    (ii) the
      cash
      proceeds from key man life insurance policies received by the Issuer and the
      Restricted Subsidiaries after the Issue Date (including proceeds from the sales
      of such policies to the persons insured thereby); 

     

    provided further
      that a
      cancellation in connection with a repurchase of Equity Interests of the Issuer
      of Indebtedness owing to the Issuer from employees, directors, officers or
      consultants of the Issuer or any of its Subsidiaries incurred to finance the
      acquisition of such Equity Interests by such individuals shall not be deemed
      to
      constitute a Restricted Payment; 

     

    
      
        
        

      

      
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    (6) repurchases
      of Equity Interests deemed to occur upon the exercise of stock options, warrants
      or other convertible securities as a result of the payment of all or any portion
      of the exercise price thereof and other Restricted Payments deemed to occur
      upon
      the conversion of the preferred stock of the Issuer outstanding on the Issue
      Date pursuant to the terms of such preferred stock as they exist on the Issue
      Date;

     

    (7) dividends
      required by the terms of the preferred stock of the Issuer outstanding on the
      Issue Date, as such terms exist on the Issue Date;

     

    (8) Restricted
      Payments in the form of distributions to the Issuer’s common shareholders of up
      to 25,478,273 shares of common stock of Skyterra pursuant to and in accordance
      with Section 4.8 of the Exchange Agreement and Section 5.1 of the Registration
      Rights Agreement; 

     

    (9) Restricted
      Payments in the form of distributions to the Issuer’s preferred shareholders
      (upon the conversion of their preferred shares) of up to 4,447,801 shares of
      common stock of Skyterra; and

     

    (10) Restricted
      Payments in the form of distributions of the common shares of TerreStar Networks
      Bermuda Ltd.

     

    (c) The
      amount of any Restricted Payment (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 (or deemed issued) by the Issuer or the relevant
      Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
      The fair market value of any non-cash Restricted Payment that is required to
      be
      valued by this covenant shall be determined by the Board of Directors of the
      Issuer acting in good faith. 

     

    (d) If
      any
      Person (other than an Unrestricted Subsidiary) in which an Investment is made,
      which Investment constituted a Restricted Payment when made, thereafter becomes
      a Restricted Subsidiary, such Investments previously made in such Person shall
      no longer be counted as Restricted Payments for purposes of calculating the
      aggregate amount of Restricted Payments to the extent that such Investments
      would not have been Restricted Payments had such Person been a Restricted
      Subsidiary at the time such Investments were made.

     

    SECTION
      5.05  Transactions
      with Affiliates.

     

    (a) The
      Issuer shall not, and shall not permit any of the Restricted Subsidiaries to
      make any payment to, or sell, lease, transfer or otherwise dispose of any of
      their properties or assets to, or purchase any property or assets from, or
      enter
      into or make or amend any transaction, contract, agreement, loan, advance or
      guarantee with, or for the benefit of, any Affiliate of the Issuer (each, an
      “Affiliate
      Transaction”),
      unless:

     

    (1) the
      Affiliate Transaction is on terms that are no less favorable to the Issuer
      or
      the relevant Restricted Subsidiary than those that would have been obtained
      in a
      comparable transaction in arm’s-length dealings by the Issuer or such Restricted
      Subsidiary with a Person who is not an Affiliate; and

     

    
      
        
        

      

      
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    (2) the
      Issuer delivers to the Trustee:

     

    (a) with
      respect to any Affiliate Transaction or series of related Affiliate Transactions
      involving aggregate consideration in excess of $5.0 million, a written
      resolution of the Board of Directors of the Issuer set forth in an Officers’
Certificate certifying that a majority of the disinterested members, if any,
      of
      the Board of Directors have approved such Affiliate Transaction and determined
      that such Affiliate Transaction complies with this covenant; and

     

    (b) with
      respect to any Affiliate Transaction or series of related Affiliate Transactions
      involving aggregate consideration in excess of $10.0 million, a written opinion
      as to the fairness to the Issuer of such Restricted Subsidiary of such Affiliate
      Transaction from a financial point of view issued by an independent accounting,
      appraisal or investment banking firm of national standing; provided
      that in
      the case of any Affiliate Transaction or series of Affiliate Transactions
      involving aggregate consideration less than $20.0 million, (i) the Issuer shall
      only be required to use commercially reasonable efforts to obtain a fairness
      opinion, (ii) the Issuer shall not be required to obtain a fairness opinion
      if
      the price thereof, based on two quotations, would exceed $100,000 and (iii)
      the
      Issuer shall not be required to obtain a fairness opinion if, based on two
      proposals, one cannot be obtained in a timely manner, it being understood that
      if the obtaining of a fairness opinion would be expected to cause a delay that
      would jeopardize consummation of the relevant transaction, then no fairness
      opinion shall be required.

     

    (b) Notwithstanding
      the foregoing, none of the following shall be prohibited by this
      Section 5.05 (or be deemed to be Affiliate Transactions):

     

    (1) reasonable
      and customary (A) directors’ fees and indemnification and similar arrangements,
      (B) consulting fees in an amount not to exceed $250,000 per fiscal year, (C)
      employee salaries, bonuses and employment agreements (including indemnification
      arrangements) and (D) compensation or employee benefit arrangements and
      incentive arrangements with any officer, director or employee (including
      customary benefits thereunder) and payments pursuant thereto; 

     

    (2) transactions
      between or among the Issuer and/or the Restricted Subsidiaries and Guarantees
      issued by and other transactions of the Issuer or any of the Restricted
      Subsidiaries for the benefit of Issuer or any of the Restricted Subsidiaries,
      as
      the case may be, in accordance with Section 5.01;

     

    (3) transactions
      with a Person (other than an Unrestricted Subsidiary) that is an Affiliate
      of
      the Issuer or any Restricted Subsidiary solely because the Issuer or any
      Restricted Subsidiary owns an Equity Interest in, or controls, such
      Person;

     

    
      
        
        

      

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

     

    (5) issuances
      and sales of Equity Interests (other than Disqualified Stock) of the Issuer
      to
      Affiliates of the Issuer and the granting of registration and other customary
      rights in connection therewith, or the receipt of capital contributions from
      Affiliates of the Issuer to the Issuer; 

     

    (6) Restricted
      Payments that are permitted by Section 5.04 and Permitted Investments
      (other than pursuant to clauses (3) and (11) of the definition of “Permitted
      Investments”); 

     

    (7) any
      agreement to which the Issuer or any Restricted Subsidiary is a party as of
      or
      on the Issue Date, as these agreements may be amended, modified, supplemented,
      extended or renewed from time to time, and the transactions contemplated
      thereby; provided,
      however,
      that
      any future amendment, modification, supplement, extension or renewal entered
      into after the Issue Date will be permitted to the extent that in the judgment
      of the Board of Directors of the Issuer or senior management, its terms are
      not
      materially more disadvantageous to the Holders than the terms of the agreements
      in effect on the Issue Date; 

     

    (8) the
      TerreStar Canada Transactions Documents, each substantially in the form of
      the
      respective draft agreement delivered to the prospective investors in the
      Securities prior to the Issue Date or as such agreements may be amended,
      modified, supplemented, extended or renewed from time to time; provided,
      however,
      that
      any future amendment, modification, supplement, extension or renewal entered
      into after the Issue Date will be permitted to the extent that in the judgment
      of the Board of Directors or senior management, its terms are not materially
      more disadvantageous to the Holders than the terms of the draft agreement
      delivered to the prospective investors in the Securities prior to the Issue
      Date;

     

    (9) any
      transaction in which the Issuer or any of its Restricted Subsidiaries delivers
      to the Trustee a letter issued by an investment banking, appraisal or accounting
      firm of national standing stating that such transaction is fair from a financial
      point of view or meets the requirements of Section 5.05(a)(1); and

     

    (10) settlement
      of any litigation.

     

    SECTION
      5.06  Limitation
      on Lines of Business. 
      The
      Issuer shall not, and shall not permit any Restricted Subsidiary to, engage
      in
      any business other than Permitted Businesses, except to such extent as would
      not
      be material to the Issuer and its Subsidiaries taken as a whole.

     

    
      
        
        

      

      
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    SECTION
      5.07  Dividend
      and Other Payment Restrictions Affecting Restricted Subsidiaries. The
      Issuer shall not, and shall not permit any of the Restricted Subsidiaries to,
      directly or indirectly, create or permit to exist or become effective any
      consensual encumbrance or restriction on the ability of any Restricted
      Subsidiary to:

     

    (1) pay
      dividends or make any other distributions on its Capital Stock to the Issuer
      or
      any Restricted Subsidiary or pay any Indebtedness owed to the Issuer or any
      Restricted Subsidiary (it being understood that the priority of any preferred
      stock in receiving dividends or liquidating distributions prior to dividends
      or
      liquidating distributions being paid on common stock, and the subordination
      of
      any Indebtedness, shall not be deemed a restriction on the ability to make
      distributions on Capital Stock or pay Indebtedness); 

     

    (2) make
      loans or advances to the Issuer or any Restricted Subsidiary (it being
      understood that the subordination of loans or advances made to the Issuer or
      any
      Restricted Subsidiary to other Indebtedness incurred by the Issuer or any
      Restricted Subsidiary shall not be deemed a restriction on the ability to make
      loans or advances); or 

     

    (3) sell,
      lease or transfer any of its properties or assets to the Issuer or any
      Restricted Subsidiary.

     

    (b) The
      preceding restrictions will not apply to encumbrances or restrictions existing
      under or by reason of:

     

    (1) agreements
      or Existing Indebtedness as in effect on the Issue Date (and agreements listed
      on Exhibit J in substantially the forms of the respective drafts presented
      to
      the prospective investors in the Securities prior to the Issue Date) and any
      amendments, modifications, restatements, renewals, increases, supplements,
      refundings, replacements or refinancings of those agreements or Indebtedness;
      provided
      that, in
      the reasonable judgment of the Board of Directors or senior management of the
      Issuer, the amendments, modifications, restatements, renewals, increases,
      supplements, refundings, replacements or refinancings are no more restrictive
      in
      any material respect, taken as a whole, with respect to such dividend and other
      payment restrictions than those contained in those agreements or Indebtedness
      on
      the Issue Date (or, as applicable, in the drafts presented to the prospective
      investors in the Securities prior to the Issue Date); 

     

    (2) this
      Indenture and the other Financing Documents; 

     

    (3) applicable
      law or any applicable rule, regulation or order; 

     

    (4) any
      instrument governing Indebtedness or Capital Stock of a Person acquired by
      the
      Issuer or any Restricted Subsidiary 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, including any amendments, modifications, restatements, renewals,
      increases, supplements, refundings, replacements or refinancings of any such
      agreements or instruments; provided
      that,
      in
      the reasonable judgment of the Board of Directors or senior management of the
      Issuer, the amendments, modifications, restatements, renewals, increases,
      supplements, refundings, replacements or refinancings are no more restrictive
      in
      any material respect, taken as a whole, than those contained in the agreements
      governing such original agreement or instrument; provided,
      further, that,
      in
      the case of Indebtedness, such Indebtedness was permitted by
      Section 5.01;

     

    
      
        
        

      

      
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    (5) in
      the
      case of Section 5.07(a)(3):

     

    (i) a
      lease,
      license or similar contract that restricts in a customary manner the subletting,
      assignment or transfer of any subject property or asset, or the assignment
      or
      transfer of any such lease, license or other contract;

     

    (ii) mortgages,
      pledges or other security agreements otherwise permitted under this Indenture
      securing Indebtedness of the Issuer or any Restricted Subsidiary to the extent
      such encumbrances or restrictions restrict the transfer of the property subject
      to such mortgages, pledges or other security agreements; or

     

    (iii) reciprocal
      easement agreements of the Issuer or any Restricted Subsidiary containing
      customary provisions restricting dispositions of the subject real property
      interests;

     

    (6) leases
      and other agreements containing net worth provisions entered into by the Issuer
      or any Restricted Subsidiary in the ordinary course of business;

     

    (7) Purchase
      Money Indebtedness for property acquired in the ordinary course of business
      and
      Capital Lease Obligations permitted under this Indenture that, in each case,
      impose restrictions on the property purchased or leased of the nature described
      in Section 5.07(a)(3); 

     

    (8) any
      agreement for the sale or other disposition of assets or Capital Stock of a
      Restricted Subsidiary permitted under this Indenture that restricts the sale
      of
      assets, distributions or loans by that Restricted Subsidiary pending its sale
      or
      other disposition;

     

    (9) Permitted
      Refinancing Indebtedness, provided
      that, in
      the reasonable judgment of the Board of Directors or senior management of the
      Issuer, the restrictions contained in the agreements governing such Permitted
      Refinancing Indebtedness are no more restrictive in any material respect, taken
      as a whole, than those contained in the agreements governing the Indebtedness
      being refinanced;

     

    (10) Liens
      securing Indebtedness otherwise permitted to be incurred under Section 5.02
      that limit the right of the debtor to dispose of the assets subject to such
      Liens; 

     

    (11) provisions
      with respect to the disposition or distribution of assets or property in joint
      venture agreements and other similar agreements entered into in the ordinary
      course of business; provided
      that
      such restrictions apply only to the assets or property subject to such
      agreements; 

    
      
        
        

      

      
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    (12) restrictions
      on cash or other deposits under contracts or leases entered into in the ordinary
      course of business; and

     

    (13) any
      encumbrances or restrictions created with respect to Indebtedness permitted
      to
      be incurred subsequent to the Issue Date pursuant to Section 5.01;
provided
      that the
      Board of Directors of the Issuer determines (as evidenced by a resolution of
      the
      Board of Directors) in good faith at the time such encumbrances or restrictions
      are created that such encumbrances or restrictions would not reasonably be
      expected to impair the ability of the Issuer to make payments of interest and
      the scheduled payment of principal on the Securities in each case as and when
      due.

     

    SECTION
      5.08  Asset/Equity
      Sales.

     

    (a) The
      Issuer shall not, and shall not permit any of the Restricted Subsidiaries to,
      consummate an Asset/Equity Sale unless:

     

    (1) the
      Issuer or applicable Restricted Subsidiary receives consideration at the time
      of
      such Asset/Equity Sale at least equal to the fair market value of the assets
      sold or otherwise disposed of; and

     

    (2) in
      the
      case of a disposition of assets other than Equity Interests, at least 75% of
      the
      consideration therefor received by the Issuer or applicable Restricted
      Subsidiary is in the form of
      cash or
      Cash Equivalents.
      

     

    For
      purposes of this clause (2), (A) a lease entered into in connection with a
      sale-leaseback transaction shall not constitute part of the proceeds of such
      transaction and (B) any liabilities (as shown on the Issuer’s or applicable
      Restricted Subsidiary’s most recent balance sheet), of the Issuer or any
      Restricted Subsidiary (other than contingent liabilities and liabilities that
      are by their terms subordinated to the Securities or, in the case of liabilities
      of a Guarantor, the Security Guarantee of such Guarantor) that are assumed
      by
      the transferee of any such assets shall be deemed to be cash.

     

    (b) Within
      45
      days of receipt of any Net Proceeds from any Asset/Equity Sale or a Recovery
      Event, if the aggregate amount of Net Proceeds from all Asset/Equity Sales
      and
      Recovery Events exceeds $5.0 million, the Issuer or any of its Restricted
      Subsidiaries shall apply the lesser of (x) the amount of such Net Proceeds
      from
      such Asset/Equity Sale and (y) the amount of such excess to promptly redeem
      Securities pursuant to Article 3 of this Indenture.
      If any
      such redemption occurs after the two-month anniversary of the Issue Date, the
      applicable redemption premium set forth in Section 3.07(a) shall apply.

     

    SECTION
      5.09  Change
      of Control.

     

    (a) Upon
      the
      occurrence of a Change of Control, unless all Securities have been called for
      redemption pursuant to Section 3.07 or Section 5.08(b), each Holder shall
      have the right to require the Issuer to repurchase all or any part (equal to
      $1,000 or an integral multiple thereof) of such Holder’s Securities pursuant to
      a Change of Control Offer made pursuant to Section 3.09 at an offer price
      in cash (the “Change of Control Payment”) equal to 100% of the aggregate
      principal amount thereof plus accrued and unpaid interest thereon to the date
      of
      purchase.

     

    
      
        
        

      

      
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    (b) The
      Issuer 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
      Section 3.09 applicable to a Change of Control Offer made by the Issuer and
      purchases all Securities validly tendered and not withdrawn under such Change
      of
      Control Offer.

     

    ARTICLE
      6

    DEFAULTS
      AND REMEDIES

     

    SECTION
      6.01  Events
      of Default and Remedies.

     

    (a) Each
      of
      the following constitutes an “Event
      of Default”
under
      this Indenture:

     

    (1) default
      for 30 days or more in the payment when due of interest on the
      Securities;

     

    (2) default
      in payment when due of the principal of the Securities;

     

    (3) if
      and
      only if the Trustee or the Required Holders notify the Issuer in writing thereof
      on or before the day that is 90 days after the Issue Date, (A) any material
      breach of the representations and warranties contained in any Financing Document
      which do not contain materiality or material adverse effect qualifiers or (B)
      any breach of the representations and warranties contained in any Financing
      Document which contain materiality or material adverse effect
      qualifiers;

     

    (4) default
      in the observance of Section 5.03;

     

    (5) default
      in the observance or performance of any other covenant or agreement contained
      in
      this Indenture or the Security Agreement and such default shall continue
      unremedied for a period of 45 days or more after notice thereof from the Holders
      of at least 25% in principal amount of the then outstanding Securities (provided
      that in the case of Section 4.01, the grace period shall be 60 days, not 45
      days); 

     

    (6) the
      failure by the Issuer or any Restricted Subsidiary that is a Significant
      Subsidiary to pay any Indebtedness within any applicable grace period after
      final maturity or acceleration by the holders thereof because of a default
      if
      the total amount of such Indebtedness unpaid or accelerated at the time exceeds
      $5.0 million and such failure is not cured, or the acceleration is not rescinded
      or annulled, within 10 days after notice thereof from the Holders of at least
      25% in principal amount of the then outstanding Securities;

     

    (7) any
      final
      judgment or decree for the payment of money in excess of $5.0 million (net
      of
      any insurance or indemnity coverage in respect thereof unless the Issuer’s
      insurance carriers have denied coverage in respect thereof), not subject to
      appeal, is entered against the Issuer or any Restricted Subsidiary that is
      a
      Significant Subsidiary and is not discharged, waived or stayed and there is
      a
      period of 60 days following the entry of such judgment or decree during which
      such judgment or decree is not discharged, waived or the execution thereof
      stayed;

     

    
      
        
        

      

      
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    (8) except
      as
      permitted by this Indenture, any Security Guarantee by a Guarantor that is
      a
      Significant Subsidiary 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 that is a Significant Subsidiary, or any Person acting
      on behalf of any Guarantor that is a Significant Subsidiary, shall deny or
      disaffirm its obligations under such Guarantor’s Security Guarantee; 

     

    (9) any
      of
      the FCC Licenses or the Industry Canada License shall be revoked or shall cease
      to be in full force and effect and such revocation or ceasing shall have a
      Material Adverse Effect; 

     

    (10) the
      Satellite Construction Agreement shall be terminated or TerreStar shall fail
      beyond any applicable period of grace to make payments required under the
      Satellite Construction Agreement with respect to TerreStar 1 (as defined in
      the
      Satellite Construction Agreement) or the Arianespace Agreement in an aggregate
      amount in excess of $10.0 million (unless, in the case of the Satellite
      Construction Agreement, the amount of such payments has been placed into escrow
      in accordance with the terms of such agreement),and such failure is not cured
      or
      waived under the relevant agreement within 30 days after notice thereof from
      the
      Holders of at least 25% in principal amount of the then outstanding
      Securities;

     

    (11) (i) the
      Issuer or any Restricted Subsidiary that is a Significant Subsidiary shall
      commence any case, proceeding or other action (A) under any existing or future
      law of any jurisdiction, domestic or foreign, relating to bankruptcy,
      insolvency, reorganization or relief of debtors, seeking to have an order for
      relief entered with respect to it, or seeking to adjudicate it as bankrupt
      or
      insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
      liquidation, dissolution, composition or other relief with respect to it or
      its
      debts, or (B) seeking appointment of a receiver, trustee, custodian or other
      similar official for it or for all or any substantial part of its assets, or
      the
      Issuer or any Restricted Subsidiary that is a Significant Subsidiary shall
      make
      a general assignment for the benefit of its creditors; or (ii) there shall
      be commenced against the Issuer or any Restricted Subsidiary that is a
      Significant Subsidiary any case, proceeding or other action of a nature referred
      to in clause (i) above which (A) results in the entry of an order for
      relief or any such adjudication or appointment or (B) remains undismissed,
      undischarged or unbonded for a period of 60 days; or (iii) there shall be
      commenced against the Issuer or any Restricted Subsidiary that is a Significant
      Subsidiary any case, proceeding or other action seeking issuance of a warrant
      of
      attachment, execution, distraint or similar process against all or any
      substantial part of its assets which results in the entry of an order for any
      such relief which shall not have been vacated, discharged, or stayed or bonded
      pending appeal within 60 days from the entry thereof; or (iv) the Issuer or
      any
      Restricted Subsidiary that is a Significant Subsidiary shall generally not,
      or
      shall be unable to, or shall admit in writing its inability to, pay its debts
      as
      they become due; and

     

    
      
        
        

      

      
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    (12) the
      Issuer shall fail to give the notice of a Change of Control required by Section
      3.09(a)(1), if such failure continues for 20 days.

     

    (b) The
      foregoing shall constitute Events of Default whatever the reason for any such
      Event of Default and whether it is voluntary or involuntary or is effect by
      operation of law or pursuant to any judgment, decree or order of any court
      or
      any order, rule or regulation of any administrative or governmental
      body.

     

    SECTION
      6.02  Acceleration.

     

    (a) If
      an
      Event of Default (other than an Event of Default specified in
      Section 6.01(a)(11) with respect to the Issuer) occurs and is continuing,
      the Trustee by notice to the Issuer in writing, or the Holders of at least
      25%
      in aggregate principal amount of the outstanding Securities by notice in writing
      to the Issuer, may declare the principal amount of and accrued but unpaid
      interest on all the Securities to be due and payable. Upon such a declaration,
      such principal and interest shall be due and payable immediately. If an Event
      of
      Default specified in Section 6.01(a)(11) occurs with respect to the Issuer,
      the principal of and interest on all the Securities shall ipso facto become
      and
      be immediately due and payable without any declaration or other act on the
      part
      of the Trustee or any Securityholders.

     

    (b) At
      any
      time after a declaration of acceleration with respect to the Securities as
      described in Section 6.02(a), the Holders of a majority in aggregate
      principal amount of the Securities may rescind and cancel such declaration
      and
      its consequences: (i) if the rescission would not conflict with any
      judgment or decree; (ii) if all existing Events of Default have been cured
      or waived except nonpayment of principal or interest that has become due solely
      because of the acceleration; (iii) to the extent the payment of such
      interest is lawful, interest on overdue installments of interest and overdue
      principal, which has become due otherwise than by such declaration of
      acceleration, has been paid; and (iv) if the Issuer has paid the Trustee its
      reasonable compensation and reimbursed the Trustee for its expenses,
      disbursements and advances. No such rescission shall affect any subsequent
      Default or impair any right consequent thereto.

     

    SECTION
      6.03  Other
      Remedies. 
      If
      an
      Event of Default occurs and is continuing, the Trustee may pursue any available
      remedy to collect the payment of principal of or interest on the Securities
      or
      to enforce the performance of any provision of the Securities or the other
      Financing Documents.

     

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

     

    
      
        
        

      

      
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    SECTION
      6.04  Waiver
      of Past Defaults. 

     

    The
      Holders of a majority in aggregate principal amount of the Securities then
      outstanding by notice to the Trustee may on behalf of the Holders of all of
      the
      Securities waive any existing Default and its consequences under this Indenture
      except a continuing Event of Default in the payment of interest on, or the
      principal of, the Securities. When a Default is waived, it is deemed cured
      and
      ceases to exist and any Event of Default arising therefrom shall be deemed
      to
      have been cured and waived for every purpose under this Indenture, but no such
      waiver shall extend to any subsequent or other Default or impair any consequent
      right.

     

    SECTION
      6.05  Control
      by Majority.  The
      Holders of a majority in aggregate principal amount of the Securities may direct
      the time, method and place of conducting any proceeding for any remedy available
      to the Trustee or of exercising any trust or power conferred on the Trustee
      by
      this Indenture. However, the Trustee may refuse to follow any direction that
      conflicts with law or this Indenture or, subject to Section 7.01, that the
      Trustee determines is unduly prejudicial to the rights of other Securityholders
      or would involve the Trustee in personal liability; 

provided,
      

however,
      that
      the Trustee may take any other action deemed proper by the Trustee that is
      not
      inconsistent with such direction. Prior to taking any action hereunder, the
      Trustee shall be entitled to indemnification satisfactory to it in its sole
      discretion against all liability, losses and expenses caused by taking or not
      taking such action.

     

    SECTION
      6.06  Limitation
      on Suits. 
      Except
      to
      enforce the right to receive payment of principal, premium, if any, or interest
      when due, no Securityholder may pursue any remedy with respect to this
      Indenture, the Securities or the Security Guarantees unless:

     

    (a) such
      Holder has previously given the Trustee notice that an Event of Default is
      continuing;

     

    (b) Holders
      of at least 25% in aggregate principal amount of the outstanding Securities
      have
      requested the Trustee to pursue the remedy;

     

    (c) such
      Holders have provided the Trustee reasonable security or indemnity reasonably
      satisfactory to it against any loss, liability or expense;

     

    (d) the
      Trustee has not complied with such request within 60 days after the receipt
      of
      the request and the offer of security or indemnity; and

     

    (e) the
      Holders of a majority in aggregate principal amount of the outstanding
      Securities have not given the Trustee a direction inconsistent with such request
      within such 60- day period.

     

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

     

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

     

    
      
        
        

      

      
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    SECTION
      6.08  Collection
      Suit by Trustee. 
      If
      an
      Event of Default specified in Section 6.01(a)(1) or (2) occurs and is
      continuing, the Trustee may recover judgment in its own name and as trustee
      of
      an express trust against the Issuer for the whole amount then due and owing
      (together with interest on any unpaid interest to the extent lawful) and the
      amounts provided for in Section 7.06.

     

    SECTION
      6.09  Trustee
      May File Proofs of Claim. 
      The
      Trustee may file such proofs of claim and other papers or documents as may
      be
      necessary or advisable in order to have the claims of the Trustee and the
      Securityholders allowed in any judicial proceedings relative to the Issuer,
      any
      Subsidiary or any Guarantor, their creditors or their property and, unless
      prohibited by law or applicable regulations, may vote on behalf of the Holders
      in any election of a trustee in bankruptcy or other Person performing similar
      functions, and any Custodian in any such judicial proceeding is hereby
      authorized by each Holder to make payments to the Trustee and, in the event
      that
      the Trustee shall consent to the making of such payments directly to the
      Holders, to pay to the Trustee any amount due it for the reasonable
      compensation, expenses, disbursements and advances of the Trustee, its agents
      and its counsel, and any other amounts due the Trustee under
      Section 7.06.

     

    SECTION
      6.10  Priorities. 
      If
      the
      Trustee collects any money or property pursuant to this Article 6, it shall
      pay out the money or property in the following order:

     

    FIRST:
      to
      the Trustee for amounts due under Section 7.06;

     

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

     

    THIRD:
      to
      the Issuer.

     

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

     

    SECTION
      6.11  Undertaking
      for Costs. 
      In
      any
      suit for the enforcement of any right or remedy under this Indenture or in
      any
      suit against the Trustee for any action taken or omitted by it as Trustee,
      a
      court in its discretion may require the filing by any party litigant in the
      suit
      of an undertaking to pay the costs of the suit, and the court in its discretion
      may assess reasonable costs, including reasonable attorneys’ fees 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 pursuant to
      Section 6.06 or a suit by Holders of more than 10% in principal amount of
      the Securities.

     

    SECTION
      6.12  Waiver
      of Stay or Extension Laws.  
      Neither
      the Issuer nor any Guarantor (to the extent they may lawfully do so) shall
      at
      any time insist upon, or plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, which may affect the covenants or the performance
      of this Indenture; and the Issuer and each Guarantor (to the extent that they
      may lawfully do so) hereby expressly waive all benefit or advantage of any
      such
      law, and shall not hinder, delay or impede the execution of any power herein
      granted to the Trustee, but shall suffer and permit the execution of every
      such
      power as though no such law had been enacted.

     

    
      
        
        

      

      
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    SECTION
      6.13  Rights
      and Remedies Cumulative.  
      No
      right
      or remedy conferred or reserved to the Trustee or to the Holders under this
      Indenture is intended to be exclusive of any other right or remedy, and all
      such
      rights and remedies are, to the extent permitted by law, cumulative and in
      addition to every other right and remedy hereunder or now or hereafter existing
      at law or in equity or otherwise. The assertion or exercise of any right or
      remedy hereunder, or otherwise, will not prevent the concurrent or subsequent
      assertion or exercise of any other right or remedy.

     

    SECTION
      6.14  Delay
      or Omission Not Waiver.  
      No
      delay
      or omission of the Trustee or of any Holder to exercise any right or remedy
      accruing upon any Event of Default will impair any such right or remedy or
      constitute a waiver of any such Event of Default or an acquiescence therein.
      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.

     

    ARTICLE
      7

    TRUSTEE

     

    SECTION
      7.01  Duties
      of Trustee.

     

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

     

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

     

    (1) the
      Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this Indenture and no implied covenants or obligations
      shall be read into this Indenture against the Trustee; and

     

    (2) in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon statements, certificates or opinions furnished to the Trustee and
      conforming to the requirements of this Indenture. However, in the case of any
      such statements, certificates or opinions that by any provision hereof are
      specifically required to be furnished to the Trustee, the Trustee shall examine
      the statements, certificates and opinions to determine whether or not they
      conform on their face to the requirements of this Indenture.

     

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

     

    (1) this
      paragraph does not limit the effect of Section 7.01(b);

     

    
      
        
        

      

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

     

    (3) the
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it from any party
      authorized to direct the Trustee under this Indenture.

     

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

     

    (e) The
      Trustee shall not be liable for interest on any money received by it except
      as
      the Trustee may agree in writing with the Issuer.

     

    (f) Money
      held in trust by the Trustee need not be segregated from other funds except
      to
      the extent required by law.

     

    (g) No
      provision of this Indenture shall require the Trustee to expend or risk its
      own
      funds or otherwise incur any potential or actual liability (financial or
      otherwise) in the performance of any of its duties hereunder or in the exercise
      of any of its rights or powers, if it shall have reasonable grounds to believe
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured to it.

     

    SECTION
      7.02  Rights
      of Trustee. 
      Subject
      to Section 7.01:

     

    (a) The
      Trustee may conclusively rely, and shall be protected in acting or refraining
      from acting, upon any document believed by it to be genuine and to have been
      signed or presented by the proper person. The Trustee need not investigate
      any
      fact or matter stated in any such document.

     

    (b) Before
      the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. 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.

     

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

     

    (d) The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith which it believes to be authorized or within its rights or powers;
provided,
      however,
      that
      the Trustee’s conduct does not constitute willful misconduct or gross
      negligence.

     

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

     

    
      
        
        

      

      
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    (f) 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, consent, order, approval, bond, debenture, note 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 Issuer, personally
      or by agent or attorney at the sole cost of the Issuer and shall incur no
      liability or additional liability of any kind by reason of such inquiry or
      investigation.

     

    (g) The
      Trustee shall not be required to give any note, bond or surety in respect of
      the
      execution of the trusts and powers under this Indenture.

     

    (h) The
      permissive rights of the Trustee to take any action enumerated in this Indenture
      shall not be construed as a duty to take such action.

     

    (i) The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including its right to be indemnified, are extended to, and shall be enforceable
      by, the Trustee in each of its capacities hereunder, including as the Collateral
      Agent under the Security Agreement, and to each agent, custodian and other
      Person employed to act hereunder.

     

    (j) The
      Trustee may request that the Issuer 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) Unless
      otherwise specifically provided in this Indenture, any demand, request,
      direction or notice from the Issuer will be sufficient if signed by an Officer
      of the Issuer.

     

    (l) The
      Trustee may request that the Issuer deliver an Officers’ Certificate setting
      forth the names of individuals 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.

     

    (m) 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 reasonable
      security or indemnity against the costs, expenses and liabilities that might
      be
      incurred by it in compliance with such request or direction.

     

    (n) 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.

     

    (o) The
      Trustee shall not be responsible or liable for any failure or delay in the
      performance of its obligations under this Indenture arising out of or caused,
      directly or indirectly, by circumstances beyond its reasonable control,
      including acts of God, earthquakes, fire, flood, terrorism, wars and other
      military disturbances, sabotage, epidemics, riots, interruptions, loss or
      malfunction of utilities, computer (hardware or software) or communications
      services, accidents, labor disputes, acts of civil or military authorities
      and
      governmental action.

     

    
      
        
        

      

      
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    (p) The
      Trustee shall have no duty to inquire as to the performance of the Issuer with
      respect to the covenants contained in Articles IV or V. Delivery of reports,
      information and documents to the Trustee under Article IV is for informational
      purposes only, and the Trustee’s receipt of the foregoing shall not constitute
      constructive notice of any information contained therein or determinable from
      information contained therein, including Issuer’s compliance with any of its
      covenants hereunder.

     

    SECTION
      7.03  Individual
      Rights of Trustee.  The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Securities and may otherwise deal with the Issuer or its Affiliates with
      the
      same rights it would have if it were not Trustee. Any Paying Agent, Registrar,
      co registrar or co paying agent may do the same with like rights. 

     

    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 Securities, it shall not be
      accountable for the Issuer’s use of the proceeds from the Securities, and it
      shall not be responsible for any statement of the Issuer in this Indenture
      or in
      any document issued in connection with the sale of the Securities or in the
      Securities other than the Trustee’s certificate of authentication.

     

    SECTION
      7.05  Notice
      of Defaults. 
      If
      a
      Default occurs and is continuing and is known to the Trustee, the Trustee shall
      mail to each Holder notice of the Default. Except in the case of a Default
      in
      the payment of principal of, premium, if any, or interest on any Security,
      the
      Trustee may withhold notice if and so long as a committee of its Trust Officers
      in good faith determines that withholding notice is in the interests of
      Securityholders. The Issuer shall deliver to the Trustee, forthwith upon any
      Officer obtaining actual knowledge of any Default, written notice of any event
      which would constitute such Default, its status and what action the Issuer
      is
      taking or proposes to take in respect thereof. Notwithstanding anything to
      the
      contrary expressed in this Indenture, the Trustee shall not be deemed to have
      knowledge of any Default or Event of Default hereunder, except in the case
      of an
      Event of Default under Section 6.01(a)(1) or (2) (provided
      that the
      Trustee is Paying Agent), unless and until a Trust Officer receives written
      notice thereof at its Corporate Trust Office, from the Issuer or a Holder that
      such Default has occurred and such notice references this Indenture and the
      Securities.

     

    SECTION
      7.06  Compensation
      and Indemnity. 
      The
      Issuer shall pay to the Trustee from time to time such compensation as is agreed
      to in writing by the Trustee and Issuer for the Trustee’s services hereunder.
      The Trustee’s compensation shall not be limited by any law on compensation of a
      trustee of an express trust. The Issuer shall reimburse the Trustee upon request
      for all reasonable out-of-pocket disbursements, advances and expenses incurred
      or made by it, including but not limited to costs of collection, in addition
      to
      the compensation for its services. Such expenses shall include the reasonable
      compensation and expenses of the Trustee’s agents, counsel, accountants and
      experts. The Issuer and each Guarantor, jointly but not severally, shall
      indemnify and defend the Trustee and its officers, directors, shareholders,
      agents and employees (each, an “Indemnified
      Party”)
      for
      and hold each Indemnified Party harmless against any and all loss, damage,
      claims, liability or expense (including reasonable attorneys’ fees and expenses)
      including taxes (other than taxes based upon, measured by or determined by
      the

     

    
      
        
        

      

      
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      income
        of
        the Trustee) incurred by them without negligence or bad faith on their part
        arising out of or in connection with the acceptance or administration of
        this
        Indenture or the Securities and the performance of their duties hereunder,
        including the cost and expense of enforcing this Indenture against the Issuer
        (including this Section 7.06), and defending itself against or
        investigating any claim or liability (whether asserted by a Holder or any
        other
        person). The Trustee, in its capacity as Paying Agent, Collateral Agent,
        Registrar, Custodian and agent for service of notice and demands, and the
        Trustee’s officers, directors, shareholders, agents and employees, when acting
        in such other capacity, shall have the full benefit of the foregoing indemnity
        as well as all other benefits, rights and privileges accorded to the Trustee
        in
        this Indenture when acting in such other capacity. The Trustee shall notify
        the
        Issuer of any claim for which it may seek indemnity promptly upon obtaining
        actual knowledge thereof; provided
        that any
        failure so to notify the Issuer shall not relieve the Issuer or any Guarantor
        of
        its indemnity obligations hereunder. The Issuer shall defend the claim and
        the
        Indemnified Parties shall provide reasonable cooperation at the Issuer’s expense
        in the defense. Such Indemnified Parties may have separate counsel and the
        Issuer shall pay the fees and expenses of such counsel; provided
        that the
        Issuer shall not be required to pay such fees and expenses if it assumes
        such
        Indemnified Parties’ defense and, in such Indemnified Parties’ reasonable
        judgment, there is no conflict of interest between the Issuer and such parties
        in connection with such defense. The Issuer need not reimburse any expense
        or
        indemnify against any loss, liability or expense incurred by an Indemnified
        Party through such party’s own willful misconduct, negligence or bad faith. The
        Issuer need not pay any settlement made without its consent (which consent
        shall
        not be unreasonably withheld).

    

     

    The
      Trustee’s right to receive payment of any amounts due under this Indenture shall
      not be subordinated to any other Indebtedness of the Issuer, and the Securities
      shall be subordinate to the Trustee’s rights to receive such
      payment.

     

    The
      Issuer’s payment obligations pursuant to this Section shall survive the
      satisfaction or discharge of this Indenture, any rejection or termination of
      this Indenture under any Bankruptcy Law or the resignation or removal of the
      Trustee. When the Trustee incurs expenses after the occurrence of a Default
      specified in Section 6.01(a)(11) with respect to the Issuer, the expenses
      are intended to constitute expenses of administration under the Bankruptcy
      Law.

     

    SECTION
      7.07  Replacement
      of Trustee. 
      The
      Trustee may resign at any time by so notifying the Issuer in writing. The
      Holders of a majority in principal amount of the Securities may remove the
      Trustee by so notifying the Trustee and the Issuer in writing and may appoint
      a
      successor Trustee. The Issuer shall remove the Trustee if:

     

    (a) the
      Trustee is adjudged bankrupt or insolvent;

     

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

     

    (c) the
      Trustee otherwise becomes incapable of acting.

     

    
      
        
        

      

      
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    If
      the
      Trustee resigns, is removed by the Issuer or by the Holders of a majority in
      principal amount of the Securities and such Holders do not reasonably promptly
      appoint a successor Trustee, or if a vacancy exists in the office of Trustee
      for
      any reason (the Trustee in such event being referred to herein as the
“retiring
      Trustee”),
      the
      Issuer shall promptly appoint a successor Trustee.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Issuer. 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 Securityholders.
      The
      retiring Trustee shall promptly transfer all property held by it as Trustee
      to
      the successor Trustee.

     

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

     

    Notwithstanding
      the replacement of the Trustee pursuant to this Section, the Issuer’s and
      Guarantors’ obligations under Section 7.06 shall continue for the benefit
      of the retiring Trustee.

     

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

provided,
      that
      such Person shall be qualified and eligible under this
      Article 7.

     

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

     

    ARTICLE
      8

    DISCHARGE
      OF INDENTURE; DEFEASANCE

     

    SECTION
      8.01  Legal
      Defeasance and Covenant Defeasance.

     

    (a) The
      Issuer 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 8.01(b) or 8.01(c) be applied to all outstanding Securities upon
      compliance with the conditions set forth below in this
      Article 8.

     

    
      
        
        

      

      
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    (b) Upon
      the
      Issuer’s exercise under Section 8.01(a) of the option applicable to this
      Section 8.01(b), the Issuer and each Guarantor shall, subject to the
      satisfaction of the conditions set forth in Section 8.02, be deemed to have
      been discharged from their obligations with respect to the Securities and any
      Security Guarantees on the date the conditions set forth below are satisfied
      (hereinafter, “Legal
      Defeasance”).
      For
      this purpose, Legal Defeasance means that the Issuer and each Guarantor shall
      be
      deemed to have paid and discharged the entire Indebtedness represented by the
      outstanding Securities and any Security Guarantee, which Securities and Security
      Guarantees shall thereafter be deemed to be “outstanding” only for the purposes
      of Section 8.04 and the other Sections of this Indenture referred to in (i)
      and (ii) below, and to have satisfied all their other obligations under the
      Securities and this Indenture (and the Trustee, on demand of and at the expense
      of the Issuer, shall execute proper instruments acknowledging the same), except
      for the following provisions which shall survive until otherwise terminated
      or
      discharged hereunder: (i) the rights of Holders of outstanding Securities
      to receive solely from the trust fund described in this Article 8, as more
      fully set forth in such Article, payments in respect of the principal of,
      premium, if any, and interest on such Securities when such payments are due,
      (ii) the Issuer’s obligations with respect to the Securities under
      Article 2 and Section 7.06, which shall survive until the Securities
      have been paid in full (thereafter, the Issuer’s obligations in Section 
Section 7.06 shall survive), and (iii) the rights, powers, trusts,
      duties and immunities of the Trustee, and the Issuer’s and the Guarantor’s
      obligations in connection therewith and (iv) this Section 8.01 and
      Section 8.02. Subject to compliance with this Article 8, the Issuer
      may exercise its Legal Defeasance option notwithstanding the prior exercise
      of
      its Covenant Defeasance option.

     

    (c) Upon
      the
      Issuer’s exercise under Section 8.01(a) of the option applicable to this
      Section 8.01(c) subject to the satisfaction of the conditions set forth in
      Section 8.02, each Guarantor shall be released from its Security Guarantee
      and the Issuer and each Guarantor shall be released from their obligations
      under
      Sections 4.02 through 4.09 and 5.01 through 5.09 with respect to the
      outstanding Securities on and after the date the conditions set forth below
      are
      satisfied (hereinafter, “Covenant
      Defeasance”),
      and
      the Securities shall thereafter be deemed not “outstanding” for the purposes of
      any direction, waiver, consent or declaration of act of Holders (and the
      consequences of any thereof) in connection with such Sections, but shall
      continue to be deemed “outstanding” for all the other purposes hereunder. For
      this purpose, Covenant Defeasance means that, with respect of any term,
      condition or limitation set forth in any such Section, whether directly or
      indirectly, by reason of any reference elsewhere herein to any such Section
      or
      by reason of any reference in any such Section to any other provision herein
      or
      in any other document and such omission to comply shall not constitute a
      Default, but, except as specified above, the remainder of this Indenture and
      such Securities shall be unaffected thereby. In addition, upon the Issuer’s
      exercise of its Covenant Defeasance option, subject to the satisfaction of
      the
      conditions set forth in Section 8.02, Sections 6.01(a)(4), 6.01(a)(5)
      (other than with respect to compliance with Section 4.01), 6.01(a)(6),
      6.01(a)(7), 6.01(a)(9), 6.01(a)(10), 6.01(a)(11) (with respect to Subsidiaries
      only) and 6.01(a)(12) shall not constitute Events of Default.

     

    SECTION
      8.02  Conditions
      to Legal or Covenant Defeasance. In
      order
      to exercise either Legal Defeasance or Covenant Defeasance:

     

    
      
        
        

      

      
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    (a) the
      Issuer must irrevocably deposit with the Trustee (or another qualifying trustee;
      for purposes of this Section 8.02 and Section 8.04, the term “Trustee”
shall include such other qualifying trustee), in trust, for the benefit of
      the
      Holders, cash in United States dollars, Government Notes, or a combination
      thereof, in such amounts as shall be sufficient (without reinvestment), in
      the
      opinion of a nationally recognized firm of independent public accountants,
      to
      pay the principal of, premium, if any, and interest on the outstanding
      Securities on the Stated Maturity or on the applicable redemption date, as
      the
      case may be, and the Issuer must specify whether the Securities are being
      defeased to maturity or to a particular redemption date;

     

    (b) in
      the
      case of Legal Defeasance, the Issuer shall have delivered to the Trustee an
      Opinion of Counsel in the United States reasonably acceptable to the Trustee
      confirming that, subject to customary assumptions and exclusions: (A) the Issuer
      has received from, or there has been published by, the Internal Revenue Service
      a ruling or (B) since the Issue Date, there has been a change in the applicable
      federal income tax law, in either case to the effect that, the Holders of the
      outstanding Securities will not recognize income, gain or loss for federal
      income tax purposes as a result of such Legal Defeasance and will be subject
      to
      federal income tax on the same amounts, in the same manner and at the same
      times
      as would have been the case if such Legal Defeasance had not
      occurred;

     

    (c) in
      the
      case of Covenant Defeasance, the Issuer shall have delivered to the Trustee
      an
      Opinion of Counsel in the United States, reasonably acceptable to the Trustee
      confirming that, subject to customary assumptions and exclusions, the Holders
      of
      the Outstanding Securities 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 (other than a Default resulting from the borrowing of funds to be
      applied to such deposit and the grant of any Lien securing such borrowing)
      shall
      have occurred and be continuing on the date of such deposit;

     

    (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 Issuer or any of its
      Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is
      bound;

     

    (f) the
      Issuer shall have delivered to the Trustee an Opinion of Counsel (subject to
      customary assumptions and qualifications) to the effect that, assuming no
      intervening bankruptcy of the Issuer or any Guarantor between the date of
      deposit and the 123rd day following the deposit and assuming that no Holder
      is
      an “insider” of the Issuer under applicable bankruptcy law, after the 123rd day
      following the deposit, the trust funds shall not be subject to the effect of
      Section 547 of the United States Bankruptcy Code or any analogous New York
      State law provision;

     

    (g) the
      Issuer shall have delivered to the Trustee an Officers’ Certificate stating that
      the deposit was not made by the Issuer with the intent of preferring the Holders
      over the other creditors of the Issuer or the Guarantors, as applicable, or
      with
      the intent of defeating, hindering, delaying or defrauding creditors of the
      Issuer or the Guarantors, as applicable, or others; and

     

    
      
        
        

      

      
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    (h) the
      Issuer shall have delivered to the Trustee an Officers’ Certificate and an
      Opinion of Counsel (which Opinion of Counsel may be subject to customary
      assumptions and exclusions), each stating that all conditions precedent relating
      to the Legal Defeasance or the Covenant Defeasance (other than the expiration
      of
      the 123-day period referred to above) have been complied with.

     

    SECTION
      8.03  Satisfaction
      and Discharge of Indenture. 
      Upon
      the
      request of the Issuer, this Indenture shall cease to be of further effect
      (except as to surviving rights of registration of transfer or exchange of the
      Securities, as expressly provided for herein or pursuant hereto), the Issuer
      and
      the Guarantors shall be discharged from their obligations under the Securities
      and the Security Guarantees, and the Trustee, at the expense of the Issuer,
      shall execute proper instruments acknowledging satisfaction and discharge of
      this Indenture, the Security Guarantees and the Securities when:

     

    (a) either
      (i) all the Securities theretofore authenticated and delivered (other than
      mutilated, destroyed, lost or stolen Securities that have been replaced or
      paid)
      have been delivered to the Trustee for cancellation or (ii) all Securities
      not theretofore delivered to the Trustee for cancellation (A) have become due
      and payable, (B) will become due and payable at maturity within one year or
      (C)
      are to be called for redemption within one year under arrangements satisfactory
      to the Trustee for the giving of notice of redemption by the Trustee in the
      name, and at the expense, of the Issuer, and the Issuer, in the case of (A),
      (B)
      or (C) above, has irrevocably deposited or caused to be deposited with the
      Trustee funds in trust for such purpose in an amount sufficient to pay and
      discharge the entire Indebtedness on such Securities not theretofore delivered
      to the Trustee for cancellation, for principal (and premium, if any, on) and
      interest on the Securities to the date of such deposit (in the case of
      Securities that have become due and payable) or to the Stated Maturity or
      redemption date, as the case may be;

     

    (b) the
      Issuer has paid or caused to be paid all sums payable under this Indenture
      by
      the Issuer; and

     

    (c) the
      Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of
      Counsel (which Opinion of Counsel may be subject to customary assumptions and
      exclusions), each stating that all conditions precedent provided in this
      Indenture relating to the satisfaction and discharge of this Indenture, the
      Security Guarantees and the Securities have been complied with.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Issuer
      to the Trustee under Section  7.06 and, if money shall have been deposited
      with the Trustee pursuant to clause (a)(ii) of this Section, the obligations
      of
      the Trustee and the Paying Agent under Section 8.04 and Section 2.04
      shall survive.

     

    SECTION
      8.04  Deposited
      Money and Government Notes to Be Held in Trust; Miscellaneous
      Provisions. 
      Subject
      to Section 8.05, all money and Government Notes (including the proceeds
      thereof) deposited with the Trustee pursuant to Section 8.02 or 8.03 in
      respect of the outstanding Securities shall be held in trust and applied by
      the
      Trustee, in accordance with the provisions of such Securities and this
      Indenture, to the payment, either directly 

    
      
        
        

      

      
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or
        through any Paying Agent (including the Issuer acting as Paying Agent) as
        the
        Trustee may determine, to the Holders of such Securities 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.

    

     

    Anything
      in this Article 8 to the contrary notwithstanding, the Trustee shall
      deliver or pay to the Issuer from time to time upon the request of the Issuer
      any money or Government Notes held by it as provided in Section 8.02 or
      8.03 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 8.02(a)), 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
      8.05  Repayment
      to Issuer. 
      Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Issuer,
      in
      trust for the payment of the principal of, premium or interest on any Security
      and remaining unclaimed for two years after such principal, premium or interest
      has become due and payable shall be paid to the Issuer on its request or (if
      then held by the Issuer) shall be discharged from such trust; and the Holder
      of
      such Security shall thereafter, as an unsecured general creditor, look only
      to
      the Issuer for payment thereof, and all liability of the Trustee or such Paying
      Agent with respect to such trust money, and all liability of the Issuer as
      trustee thereof, shall thereupon cease; provided,
      however,
      that
      the Trustee or such Paying Agent, before being required to make any such
      repayment, may at the expense of the Issuer, cause to be published once, in
      the
      New York Times (national edition) and the Wall Street Journal (national
      edition), notice that such money remains unclaimed and that, after a date
      specified therein, which shall not be less than 30 days from the date of such
      notification or publication, any unclaimed balance of such money then remaining
      shall be repaid to the Issuer.

     

    SECTION
      8.06  Reinstatement. 
      If
      the
      Trustee or Paying Agent is unable to apply any United States dollars or
      Government Notes in accordance with this Article 8 by reason of any order
      or judgment of any court or governmental authority enjoining, restraining or
      otherwise prohibiting such application, then the Issuer’s obligations under this
      Indenture and the Securities shall be revived and reinstated as though no
      deposit had occurred pursuant to this Article 8 until such time as the
      Trustee or Paying Agent is permitted to apply all such money in accordance
      with
      this Article 8; provided,
      however,
      that,
      if the Issuer or any Guarantor makes any payment of principal of, premium or
      interest on any Security following the reinstatement of its obligations, the
      Issuer or any Guarantor, as the case may be, shall be subrogated to the rights
      of the Holders of such Securities to receive such payment from the money held
      by
      the Trustee or Paying Agent.

     

    ARTICLE
      9

    AMENDMENTS

     

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

     

    
      
        
        

      

      
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    (a) to
      cure
      any ambiguity, defect or inconsistency;

     

    (b) to
      provide for uncertificated Securities in addition to or in place of certificated
      Securities;

     

    (c) to
      provide for the assumption of the Issuer’s or any Guarantor’s obligations to
      Holders in the case of a merger, consolidation or sale of assets;

     

    (d) to
      release any Security Guarantee in accordance with
      Section 4.07;

     

    (e) to
      provide for additional Guarantors;

     

    (f) to
      make
      any change that would provide any additional rights or benefits to the Holders
      or that, as determined by the Board of Directors of the Issuer in good faith,
      does not materially adversely affect the legal rights of any such Holder under
      this Indenture; or

     

    (g) to
      make
      any change to Article 2 or the Exhibits hereto that applies only to
      Additional Securities (other than a change relating to other provisions of
      this
      Indenture incorporated or referenced in Article 2 or any such
      Exhibit).

     

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

     

    SECTION
      9.02  With
      Consent of Holders. 
      The
      Issuer, the Guarantors and the Trustee may amend or supplement this Indenture,
      the Securities or the Security Guarantees without notice to any Securityholder
      but with the written consent of the Holders of at least a majority in principal
      amount of the Securities then outstanding (including consents obtained in
      connection with a purchase of, or tender offer or exchange offer for,
      Securities), and any existing default or compliance with any provisions of
      this
      Indenture, the Securities and the Security Guarantees may be waived with the
      consent of the Holders of a majority in principal amount of the then outstanding
      Securities (including consents obtained in connection with a purchase of or
      tender offer or exchange offer for Securities). Notwithstanding the foregoing,
      without the consent of each Securityholder affected, an amendment or waiver
      shall not (with respect to any Securities held by a non-consenting
      Holder):

     

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

     

    (b) reduce
      the principal amount or change the fixed maturity of any Security, reduce any
      premium payable upon, or change the dates (to earlier dates) of, redemption
      of
      any Security (other than provisions applicable to Section 5.08 or
      5.09);

     

    (c) reduce
      the rate of or change the time for payment of interest on any
      Security;

     

    
      
        
        

      

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

     

    (e) make
      any
      Security payable in money other than that stated in the Securities;

     

    (f) impair
      the rights of the Holders to receive payments of principal of or premium, if
      any, or interest on the Securities on or after the due dates therefor or to
      institute suit for the enforcement of any payment on or with respect to the
      Securities;

     

    (g) after
      the
      time a Change of Control Offer is required to have been made, reduce the
      purchase amount or price or extend the latest expiration date or purchase date
      thereunder;

     

    (h) make
      any
      change in Section 9.01 or this Section 9.02; 

     

    (i) except
      as
      permitted by Section 4.07, release any Security Guarantee; or

     

    (j) except
      as
      permitted by the Security Agreement or Section 11.06, release all or
      substantially all of the Collateral.

     

    It
      shall
      not be necessary for the consent of the Holders 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 under this Section becomes effective, the Issuer shall mail to
      Securityholders a notice briefly describing such amendment. The failure to
      give
      such notice to all Securityholders, or any defect therein, shall not impair
      or
      affect the validity of an amendment under this Section.

     

    SECTION
      9.03  Revocation
      and Effect of Consents and Waivers. 
      A
      consent
      to an amendment or a waiver by a Holder of a Security shall bind the Holder
      and
      every subsequent Holder of that Security or portion of the Security that
      evidences the same debt as the consenting Holder’s Security, even if notation of
      the consent or waiver is not made on the Security. However, any such Holder
      or
      subsequent Holder may revoke the consent or waiver as to such Holder’s Security
      or portion of the Security if the Trustee receives written notice of revocation
      before the date the requisite number of consents are received by the Issuer
      or
      the Trustee. After an amendment or waiver becomes effective, it shall bind
      every
      Securityholder. An amendment or waiver becomes effective once the requisite
      number of consents are received by the Issuer or the Trustee and any other
      conditions to effectiveness of such consent specified in the amendment or waiver
      are satisfied.

     

    The
      Issuer may, but shall not be obligated to, fix a record date for the purpose
      of
      determining the Securityholders entitled to give their consent or take any
      other
      action described above or required or permitted to be taken pursuant to this
      Indenture. If a record date is fixed, then notwithstanding the immediately
      preceding paragraph, those Persons who were Securityholders at such record
      date
      (or their duly designated proxies), and only those Persons, shall be entitled
      to
      give such consent or to revoke any consent previously given or to take any
      such
      action, whether or not such Persons continue to be Holders after such record
      date.

     

    
      
        
        

      

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

     

    SECTION
      9.05  Trustee
      to Sign Amendments. 
      The
      Trustee shall sign any amendment authorized pursuant to this Article 9 if
      the amendment does not adversely affect the rights, duties, liabilities or
      immunities of the Trustee. If it does, the Trustee may but need not sign it.
      In
      signing such amendment the Trustee shall be entitled to receive indemnity
      reasonably satisfactory to it and to receive, and (subject to Section 7.01)
      shall be fully protected in relying upon, an Officers’ Certificate and an
      Opinion of Counsel stating that such amendment is authorized or permitted by
      this Indenture that such amendment is the legal, valid and binding obligation
      of
      the Issuer and the Guarantors enforceable against them in accordance with its
      terms, subject to customary exceptions, and complies with the provisions
      hereof.

     

    ARTICLE
      10

    SECURITY
      GUARANTEES

     

    SECTION
      10.01  Security
      Guarantees. 

     

    (a) Each
      Guarantor hereby jointly and severally unconditionally and irrevocably
      guarantees, as a primary obligor and not merely as a surety, to each Holder
      and
      to the Trustee and its successors and assigns (i) the full and punctual
      payment of principal of, premium, if any, and interest on the Securities when
      due, whether at maturity, by acceleration, by redemption or otherwise, subject
      to any applicable grace period, and all other monetary obligations of the Issuer
      under this Indenture (including obligations to the Trustee) and the Securities
      and (ii) the full and punctual performance within applicable grace periods
      of all other obligations of the Issuer, whether for expenses, indemnification
      or
      otherwise under this Indenture and the Securities (all of the foregoing being
      hereinafter collectively called the “Guaranteed
      Obligations”).
      Each
      Guarantor further agrees that the Guaranteed Obligations may be extended or
      renewed, in whole or in part, without notice or further assent from each such
      Guarantor, and that each such Guarantor shall remain bound under this
      Article 10 notwithstanding any extension or renewal of any Guaranteed
      Obligation.

     

    (b) Each
      Guarantor waives presentation to, demand of, payment from and protest to the
      Issuer of any of the Guaranteed Obligations and also waives notice of protest
      for nonpayment. Each Guarantor waives notice of any default under the Securities
      or the Guaranteed Obligations. The obligations of each Guarantor hereunder
      shall
      not be affected by (i) the failure of any Holder or the Trustee to assert
      any claim or demand or to enforce any right or remedy against the Issuer or
      any
      other Person under this Indenture, the Securities or any other agreement or
      otherwise; (ii) any extension or renewal of any Guaranteed Obligations;
      (iii) any rescission, waiver, amendment or modification of any of the terms
      or provisions of this Indenture, the Securities or any other agreement;
      (iv) the release of any security held by any Holder or the Trustee for the
      Guaranteed Obligations or any of them; (v) the failure of any Holder or
      Trustee to exercise any right or remedy against any other guarantor of the
      Guaranteed Obligations; or (vi) any change in the ownership of such
      Guarantor, except as provided in Section 4.07.

     

    
      
        
        

      

      
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    (c) Each
      Guarantor further agrees that its Security Guarantee herein constitutes a
      Guarantee of payment, performance and compliance when due (and not a guarantee
      of collection) and waives any right to require that any resort be had by any
      Holder or the Trustee to any security held for payment of the Guaranteed
      Obligations. Each Guarantor irrevocably waives acceptance hereof, presentment,
      demand, protest and any notice not provided for herein, as well as any
      requirement that at any time any action be taken by any Person against the
      Issuer or any other Person. The obligations of each Guarantor hereunder shall
      not be subject to any reduction, limitation, impairment or termination for
      any
      reason, including any claim of waiver, release, surrender, alteration or
      compromise, and shall not be subject to any defense of setoff, counterclaim,
      recoupment or termination whatsoever or by reason of the invalidity, illegality
      or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
      the generality of the foregoing, the obligations of each Guarantor herein shall
      not be discharged or impaired or otherwise affected by the failure of any Holder
      or the Trustee to assert any claim or demand or to enforce any remedy under
      this
      Indenture, the Securities or any other agreement, by any waiver or modification
      of any thereof, by any default, failure or delay, willful or otherwise, in
      the
      performance of the Guaranteed Obligations, or by any other act or thing or
      omission or delay to do any other act or thing which may or might in any manner
      or to any extent vary the risk of any Guarantor or would otherwise operate
      as a
      discharge of any Guarantor as a matter of law or equity.

     

    (d) Each
      Guarantor further agrees that its Security Guarantee herein shall continue
      to be
      effective or be reinstated, as the case may be, if at any time payment, or
      any
      part thereof, of principal of or interest on any Guaranteed Obligation is
      rescinded or must otherwise be restored by any Holder or the Trustee upon the
      bankruptcy or reorganization of the Issuer or otherwise.

     

    (e) In
      furtherance of the foregoing and not in limitation of any other right which
      any
      Holder or the Trustee has at law or in equity against any Guarantor by virtue
      hereof, upon the failure of the Issuer to pay the principal of or premium,
      if
      any, or interest on any Guaranteed Obligation when and as the same shall become
      due, whether at maturity, by acceleration, by redemption or otherwise, or to
      perform or comply with any other Guaranteed Obligation, each Guarantor hereby
      promises to and shall, upon receipt of written demand by the Trustee, forthwith
      pay, or cause to be paid, in cash, to the Holders or the Trustee an amount
      equal
      to the sum of (i) the unpaid principal amount of such Guaranteed
      Obligations, (ii) accrued and unpaid interest or premium, if any, on such
      Guaranteed Obligations (but only to the extent not prohibited by law) and
      (iii) all other monetary Guaranteed Obligations of the Issuer to the
      Holders and the Trustee.

     

    
      
        
        

      

      
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    (f) Each
      Guarantor agrees that it shall not be entitled to any right of subrogation
      in
      relation to the Holders in respect of any Guaranteed Obligations guaranteed
      hereby until payment in full of all Guaranteed Obligations. Each Guarantor
      further agrees that, as between it, on the one hand, and the Holders and the
      Trustee, on the other hand, (x) the maturity of the Guaranteed Obligations
      guaranteed hereby may be accelerated as provided in Article 6 for the
      purposes of any Security Guarantee herein, notwithstanding any stay, injunction
      or other prohibition preventing such acceleration in respect of the Guaranteed
      Obligations guaranteed hereby, and (y) in the event of any declaration of
      acceleration of such Guaranteed Obligations as provided in Article 6, such
      Guaranteed Obligations (whether or not due and payable) shall forthwith become
      due and payable by such Guarantor for the purposes of this Section.

     

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

     

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

     

    SECTION
      10.03  Successors
      and Assigns. 
      This
      Article 10 shall be binding upon each Guarantor and its successors and
      assigns and shall inure to the benefit of the successors and assigns of the
      Trustee and the Holders and, in the event of any transfer or assignment of
      rights by any Holder or the Trustee, the rights and privileges conferred upon
      that party in this Indenture and in the Securities shall automatically extend
      to
      and be vested in such transferee or assignee, all subject to the terms and
      conditions of this Indenture.

     

    SECTION
      10.04  No
      Waiver. 
      Neither
      a
      failure nor a delay on the part of either the Trustee or the Holders in
      exercising any right, power or privilege under this Article 10 shall
      operate as a waiver thereof, nor shall a single or partial exercise thereof
      preclude any other or further exercise of any right, power or privilege. The
      rights, remedies and benefits of the Trustee and the Holders herein expressly
      specified are cumulative and not exclusive of any other rights, remedies or
      benefits which either may have under this Article 10 at law, in equity, by
      statute or otherwise.

     

    SECTION
      10.05  Modification.
      No
      modification, amendment or waiver of any provision of this Article 10, nor
      the consent to any departure by any Guarantor therefrom, shall in any event
      be
      effective unless the same shall be in writing and signed by the Trustee, and
      then such waiver or consent shall be effective only in the specific instance
      and
      for the purpose for which given. No notice to or demand on any Guarantor in
      any
      case shall entitle such Guarantor to any other or further notice or demand
      in
      the same, similar or other circumstances.

     

    SECTION
      10.06  Execution
      and Delivery of the Security Guarantee.  
      The
      execution by each Guarantor of the Indenture (or a supplemental indenture in
      the
      form of Exhibit I) evidences the Security Guarantee of such Guarantor,
      whether or not the person signing as an officer of the Guarantor still holds
      that office at the time of authentication of any Security. The delivery of
      any
      Security after authentication by the Trustee constitutes due delivery of the
      Security Guarantee set forth in the Indenture on behalf of each
      Guarantor.

     

    
      
        
        

      

      
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    ARTICLE
      11

    COLLATERAL
      AND SECURITY

     

    SECTION
      11.01  Security
      Agreement. 
      All
      obligations of (a) the Issuer under this Indenture and the Securities, including
      due and punctual payment of the principal of and interest on the Securities
      when
      and as the same shall be due and payable, whether on an interest payment date,
      at maturity, by acceleration, repurchase, redemption or otherwise, and interest
      on the overdue principal of and interest on the Securities and the prompt
      payment and performance of all other obligations of the Issuer to the Holders
      of
      Securities or the Trustee under this Indenture and the Securities, and (b)
      each
      Guarantor under this Indenture, including its guarantee under Article 10 of
      this
      Indenture or under any Security Guarantee of the obligations of the Issuer,
      including the prompt payment of the principal of, premium and interest on,
      the
      Securities in full when due, whether at maturity, by acceleration, redemption
      or
      otherwise, and interest on the overdue principal of and interest on the
      Securities, if any, if lawful, and the prompt payment or performance of all
      other obligations of the Issuer to the Holders or the Trustee under this
      Indenture or under the Securities, all according to the terms hereunder or
      thereunder (all such obligations, collectively, the "Secured
      Obligations"),
      are
      secured as provided in the Security Agreement which the Issuer and the
      Guarantors have entered into simultaneously with the execution of this Indenture
      and which is attached as Exhibit
      K
      hereto
(it
      being
      understood and agreed that, notwithstanding anything that may be to the contrary
      herein, neither this Indenture nor the Security Agreement shall require or
      create a pledge of or other security interest in (x) more than 65% of the
      outstanding Equity Interests in any Foreign Subsidiary owned by a Domestic
      Subsidiary, (y) any Equity Interests in any Foreign Subsidiary owned by a
      Foreign Subsidiary or (z) any asset of a Foreign Subsidiary).
      Each
      Holder of Securities, by its acceptance thereof, consents and agrees to the
      terms of the Security Agreement (including the provisions providing for
      foreclosure and release of Collateral) as the same may be in effect or may
      be
      amended from time to time in accordance with its terms and authorizes and
      directs the Collateral Agent to enter into the Security Agreement and to perform
      its obligations and exercise its rights thereunder in accordance therewith.
      The
      Issuer will deliver to the Trustee copies of all documents, agreements and
      instruments delivered to the Collateral Agent pursuant to the Security
      Agreement, and will do or cause to be done all such acts and things as may
      be
      necessary or proper, or as may be required by the provisions of the Security
      Agreement, to assure and confirm to the Trustee and the Collateral Agent the
      security interest in the Collateral contemplated hereby, by the Security
      Agreement or any part thereof, as from time to time constituted, so as to render
      the same available for the security and benefit of this Indenture and of 

     

    
      
        
        

      

      
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    the
      Securities secured hereby, according to the intent and purposes herein
      expressed. The
      Issuer and its Subsidiaries may grant security for Pari Passu Indebtedness
      with
      an equal priority to the security granted to the Holders of the Securities.
      The
      Issuer will take, and will cause its Subsidiaries to take, upon request of
      the
      Trustee, any and all actions reasonably required to cause the Security Agreement
      to create and maintain, as security for the obligations of the Issuer and the
      Guarantors hereunder, a valid and enforceable perfected first priority Lien
      in
      and on all the Collateral, in favor of the Collateral Agent for the benefit
      of
      the Holders of Securities and Pari Passu Indebtedness, if any, superior to
      and
      prior to the rights of all third Persons and subject to no Liens other than
      Permitted Liens. Upon the issuance of any Pari Passu Indebtedness, the Trustee
      shall enter into an intercreditor agreement, on behalf of the Holders of
      Securities, with the holders of such Pari Passu Indebtedness, such agreement
      to
      be in a form reasonably acceptable to the Issuer and the Trustee. 

     

    
      	SECTION
              11.02          
              	
                     
                Release of Collateral.

            

    

     

    (a) Other
      than pursuant to Sections 4.07(g), (h) and (i) of this Indenture and Section
      5.12 of the Security Agreement, no Collateral may be released from the Lien
      and
      security interest created by the Security Agreement pursuant to the provisions
      of the Security Agreement unless the requirements of Section 11.03 have been
      satisfied. Notwithstanding the foregoing, the Lien and security interest created
      by the Security Agreement shall be released for any Collateral sold in
      connection with any sale or other disposition of assets permitted pursuant
      to
      the terms of this Indenture. 

     

    (b) At
      any
      time when a Default or Event of Default has occurred and is continuing and
      the
      maturity of the Securities has been accelerated (whether by declaration or
      otherwise) and the Trustee has delivered a notice of acceleration to the
      Collateral Agent, no release of Collateral pursuant to the provisions of the
      Security Agreement will be effective as against the Holders of
      Securities.

     

    (c) The
      release of any Collateral from the terms of this Indenture and the Security
      Agreement will not be deemed to impair the security under this Indenture in
      contravention of the provisions hereof if and to the extent the Collateral
      is
      released pursuant to the terms of this Indenture or the Security
      Agreement.

     

    SECTION
      11.03  Certificates
      of
      the
      Company. 
      The
      Issuer will furnish to the Trustee and the Collateral Agent, prior to each
      proposed release of Collateral pursuant to the Security Agreement:

     

    (a) a
      notice
      from the Issuer describing the Collateral proposed to be released (the “Released
      Collateral”) and requesting release of the Released Collateral; 

     

    (b) an
      Officers’ Certificate certifying that:

     

    (1) the
      release of such Released Collateral complies with the terms and conditions
      of
      this Indenture,

     

    (2) all
      conditions precedent in this Indenture and the Security Agreement to such
      release have been complied with, and

     

    (3) no
      Default or Event of Default pursuant to clause (1) or (2) of Section 6.01(a)
      hereof is in effect or continuing on the date thereof or would result therefrom,
      and

     

    
      
         

      

      
        76

        
          

        

      

      
         

      

    

    (c) an
      Opinion of Counsel substantially to the effect that all conditions precedent
      herein and under the Security Agreement relating to the release of the Released
      Collateral have been complied with.

     

    SECTION
      11.04  Authorization
      of
      Actions to be Taken by the Trustee under the Security Agreement. 
      Subject
      to the provisions of Sections 7.01 and 7.02, the Trustee may, in its sole
      discretion and without the consent of the Holders of Securities, direct, on
      behalf of the Holders of Securities, the Collateral Agent to take all actions
      it
      deems necessary or appropriate in order to:

     

    (1) enforce
      any of the terms of the Security Agreement; and 

     

    (2) collect
      and receive any and all amounts payable in respect of the obligations of the
      Issuer hereunder.

     

    The
      Trustee will have power to institute and maintain such suits and proceedings
      as
      it may deem expedient to prevent any impairment of the Collateral by any acts
      that may be unlawful or in violation of the Security Agreement or this
      Indenture, and such suits and proceedings as the Trustee may deem expedient
      to
      preserve or protect its interests and the interests of the Holders in the
      Collateral (including power to institute and maintain suits or proceedings
      to
      restrain the enforcement of or compliance with any legislative or other
      governmental enactment, rule or order that may be unconstitutional or otherwise
      invalid if the enforcement of, or compliance with, such enactment, rule or
      order
      would impair the security interest hereunder or be prejudicial to the interests
      of the Holders or of the Trustee).

     

     

    SECTION
      11.05  Authorization
      of
      Receipt of Funds by the Trustee under the Security Agreement. 
      The
      Trustee is authorized to receive any funds for the benefit of the Holders
      distributed under the Security Agreement, and to make further distributions
      of
      such funds to the Holders of Securities according to the provisions of this
      Indenture.

     

    SECTION
      11.06  Termination
      Of Security Interest. 
      Upon
      the
      payment in full of all obligations of the Issuer under this Indenture and the
      Securities, or upon Legal Defeasance, the Trustee will, at the request of the
      Issuer, deliver a certificate to the Collateral Agent stating that such
      obligations have been paid in full, and instruct the Collateral Agent to release
      the Liens pursuant to this Indenture and the Security Agreement.

     

    ARTICLE
      12
MISCELLANEOUS

     

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

     

    if
      to the
      Issuer:

Motient
      Corporation

    12010
      Sunset Hills Road, 6th
      Floor

    Reston,
      VA 20190

    Attn:
      Jeffrey W. Epstein

     

    
      
         

      

      
        77

        
          

        

      

      
         

      

    

    with
      a
      copy to:

     

    Gibson,
      Dunn & Crutcher LLP

    200
      Park
      Avenue

    New
      York,
      NY 10166

    Attention:
      Joerg H. Esdorn

     

    if
      to the
      Trustee:

     

    U.S.
      Bank, National Association

    EP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419

    Attn:
      Corporate Trust Services 

    Fax:
      (651) 495-8097 

     

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

     

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

     

    SECTION
      12.02  Certificate
      and Opinion as to Conditions Precedent. 
      Upon
      any
      request or application by the Issuer to the Trustee to take or refrain from
      taking any action under this Indenture, at the request of the Trustee the Issuer
      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 12.03)
      stating that, in the opinion of the signers, all conditions precedent, if any,
      provided for in this Indenture relating to the proposed action have been
      complied with; and

     

    (b) an
      Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
      (which shall include the statements set forth in Section 12.03) stating
      that, in the opinion of such counsel, all such conditions precedent have been
      complied with.

     

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

     

    (a) a
      statement that the individual 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;

     

    
      
         

      

      
        78

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    SECTION
      12.05  Rules
      by Trustee, Paying Agent and Registrar. 
      The
      Trustee may make reasonable rules for action by or a meeting of Securityholders.
      The Registrar and the Paying Agent may make reasonable rules for their
      functions.

     

    SECTION
      12.06  Legal
      Holidays. 
      A
      “Legal
      Holiday”
is
      a
      Saturday, a Sunday or a day on which banking institutions are not required
      to be
      open in the State of New York or the state where the Corporate Trust Office
      is
      located. If a payment date is a Legal Holiday, payment shall be made on the
      next
      succeeding day that is not a Legal Holiday, and no interest shall accrue for
      the
      intervening period. If a regular record date is a Legal Holiday, the record
      date
      shall not be affected.

     

    SECTION
      12.07  GOVERNING
      LAW. 
      THIS
      INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
      PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
      OF
      ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

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

     

    SECTION
      12.09  Successors. 
      All
      agreements of the Issuer and each Guarantor in this Indenture and the Securities
      shall bind their successors. All agreements of the Trustee in this Indenture
      shall bind its successors.

     

    SECTION
      12.10  Multiple
      Originals. 
      The
      parties may sign any number of copies of this Indenture. Each signed copy shall
      be an original, but all of them together represent the same agreement. One
      signed copy is enough to prove this Indenture.

     

    
      
         

      

      
        79

        
          

        

      

      
         

      

    

    SECTION
      12.11  Table
      of Contents; Headings. 
      The
      table
      of contents, cross-reference sheet and headings of the Articles and Sections
      of
      this Indenture have been inserted for convenience of reference only, are not
      intended to be considered a part hereof and shall not modify or restrict any
      of
      the terms or provisions hereof.

     

    SECTION
      12.12  Severability. 
      In
      case
      any one or more of the provisions in this Indenture, in the Securities or in
      the
      Security Guarantees shall be held invalid, illegal or unenforceable, in any
      respect for any reason, the validity, legality and enforceability of any such
      provision in every other respect and of the remaining provisions shall not
      in
      any way be affected or impaired thereby, it being intended that all of the
      provisions hereof shall be enforceable to the full extent permitted by
      law.

     

    SECTION
      12.13  No
      Adverse Interpretation of Other Agreements. 
      This
      Indenture may not be used to interpret another indenture, loan or debt agreement
      of the Issuer or any of its Subsidiaries. Any such indenture, loan or debt
      agreement may not be used to interpret this Indenture.

     

     

     

    
      
         

      

      
        80

        
          

        

      

      
         

      

    

     

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

     	 	MOTIENT CORPORATION
	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Executive Vice President,
Chief Financial Officer and Treasurer 

 

 

	 	
MVH HOLDINGS INC. 

	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

 

	 	
MOTIENT COMMUNICATIONS INC. 

	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

 

	 	 MOTIENT LICENSE INC. 
	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

 

	 	
MOTIENT SERVICES INC. 

	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

     

     

    [Indenture
      Signature Page]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     	 	
MOTIENT
      HOLDINGS INC.
	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

 

	 	
MOTIENT
      VENTURES HOLDING INC.
	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Vice President and
Treasurer

 

 

	 	
TERRESTAR
      NETWORKS INC.
	 
	 	By:	/s/
Neil L. Hazard  
	 	Name:	Neil L. Hazard 

	 	Title:	Chief Financial Officer and Assistant

Secretary

 
  

     

    [Indenture
      Signature Page]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

	 	
U.S.
      BANK, NATIONAL ASSOCIATION, as 
	 	
Trustee
	 
	 	By:	/s/ Richard
Prokosch
	 	Name:	Richard Prokosch
	 	Title:	Vice President

     
 

 

    
      [Indenture
        Signature Page]

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    [FACE
      OF
      SECURITY]

     

    MOTIENT
      CORPORATION

     

    Senior
      Secured Note Due 2007

     

    [CUSIP]
      [CINS] _______________

     

    No.
      ....................................                                                                                $_______________

     

    Motient
      Corporation, a Delaware corporation (the “Company,”
which
      term includes any successor under the Indenture hereinafter referred to), for
      value received, promises to pay to ____________________, or its registered
      assigns, the principal sum of ____________ DOLLARS ($______) [or such other
      amount as indicated on the Schedule of Exchange of Securities attached
      hereto]1 1For
      Global Securities only
      on
      November 30, 2007.

     

    Interest
      Rate: As set forth on the reverse hereof.

     

    Interest
      Payment Dates: May
      31 and
      November
      30.

     

    Regular
      Record Dates: May
      15
      and
      November 15.

     

    Reference
      is hereby made to the further provisions of this Security set forth on the
      reverse hereof, which will for all purposes have the same effect as if set
      forth
      at this place.

     

     

     

     

    _____________________

    1
      Global Securities only

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

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

     

                            MOTIENT
      CORPORATION

    Date:  

    By:_____________________________

    Name:

    Title:

     

     

    
 

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    (Form
      of
      Trustee’s Certificate of Authentication)

     

    This
      is
      one of the Senior Secured Notes due 2007 described in the Indenture referred
      to
      in this Security.

     

    U.S.
      BANK, NATIONAL ASSOCIATION, as Trustee

     

    By:____________________________________

        Authorized
      Signatory

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    [REVERSE
      SIDE OF SECURITY]

     

    MOTIENT
      CORPORATION

     

    Senior
      Secured Note Due 2007

     

    1.
       Principal
      and Interest.

     

    The
      Company promises to pay the principal of this Security on November 30,
      2007.

     

    The
      Company promises to pay interest on the principal amount of this Security on
      each interest payment date, as set forth on the face of this Security, at the
      following rates:

     

    
      	
               

              Period

            	
               

              Rate
                per Annum

            
	
               

              Until
                December 27

            	
               

              12.000%

            
	
               

              December
                28 to January 27

            	
               

              12.000%

            
	
               

              January
                28 to February 27

            	
               

              12.000%

            
	
               

              February
                28 to March 27

            	
               

              12.000%

            
	
               

              March
                28 to April 27

            	
               

              15.250%

            
	
               

              April
                28 to May 27

            	
               

              15.250%

            
	
               

              May
                28 to June 27

            	
               

              16.500%

            
	
               

              June
                28 to July 27

            	
               

              17.750%

            
	
               

              July
                28 to August 27

            	
               

              18.500%

            
	
               

              August
                28 to September 27

            	
               

              21.500%

            
	
               

              September
                28 to October 27

            	
               

              25.000%

            
	
               

              Thereafter

            	
               

              27.125%

            

    

     

    Interest
      will be payable, in cash, semiannually in arrears (to the holders of record
      of
      the Securities at the close of business on the May 15 or
      November 15 immediately preceding the interest payment date) on each interest
      payment date.

     

    Interest
      on this Security will accrue from the most recent date to which interest has
      been paid on this Security (or, if there is no existing default in the payment
      of interest and if this Security is authenticated between a regular record
      date
      and the next interest payment date, from such interest payment date) or, if
      no
      interest has been paid, from [the Issue Date/the date this Security was
      issued].4 For
      Additional Securities, should be the date of their original issue.
      Interest
      will be computed on the basis of a 360-day year of twelve 30-day months.

     

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    Interest
      not paid when due and any interest on principal, premium or interest not paid
      when due will be paid to the Persons that are Holders on a special record date
      determined in accordance with the Indenture.

     

    If
      the
      payment of interest as set forth in the preceding would be usurious under
      applicable law, then, in that event, notwithstanding anything to the contrary
      in
      any Financing Document or any other agreement entered into in connection with
      or
      as security for any Financing Document, it is agreed that the aggregate of
      all
      consideration which constitutes interest under applicable law that is contracted
      for, taken, reserved, charged or received by any Holder under any Financing
      Document or under any other agreement entered into in connection with or as
      security for any Financing Document shall under no circumstances exceed the
      maximum amount allowed by such applicable law and any excess shall be canceled
      automatically and, if theretofore paid, shall be refunded by each applicable
      Holder to the Issuer.

     

    2. Indenture;
      Security Guarantee.

     

    This
      is
      one of the Securities issued under an Indenture dated as of November 28, 2006
      (as amended from time to time, the “Indenture”), among the Company, the
      guarantors from time to time party thereto and U.S. Bank, National Association,
      as Trustee. Capitalized terms used herein are used as defined in the Indenture
      unless otherwise indicated. The terms of the Securities include those stated
      in
      the Indenture. The Securities are subject to all such terms, and Holders are
      referred to the Indenture for a statement of all such terms. To the extent
      permitted by applicable law, in the event of any inconsistency between the
      terms
      of this Security and the terms of the Indenture, the terms of the Indenture
      will
      control.

     

    The
      Securities are senior secured obligations of the Company. The Indenture limits
      the original aggregate principal amount of the Securities to $200,000,000,
      but
      subject to certain conditions, Additional Securities may be issued pursuant
      to
      the Indenture, and the originally issued Securities and all such Additional
      Securities vote together for all purposes as a single class. This Security
      is
      guaranteed by the Guarantors as set forth in the Indenture. 

     

    3.
       Redemption
      and Repurchase; Discharge or Defeasance Prior to Redemption or
      Maturity.

     

    This
      Security is subject to optional redemption, and may be the subject of a
      Repurchase Offer, as further described in the Indenture. Except for certain
      required Repurchase Offers, there is no sinking fund or mandatory redemption
      applicable to this Security.

     

    If
      the
      Company deposits with the Trustee money or Government Notes sufficient to pay
      the then outstanding principal of, premium, if any, and accrued interest on
      the
      Securities to redemption or maturity, the Company may in certain circumstances
      be discharged from the Indenture and the Securities or may be discharged from
      certain of its obligations under certain provisions of the
      Indenture.

     

    _____________________

    4
      For Additional Securities, should be the date of their original
      issue.

     

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    4.
       Registered
      Form; Denominations; Transfer; Exchange.

     

    The
      Securities are in registered form without coupons in denominations of $1,000
      principal amount and any multiple of $1,000 in excess thereof. A Holder may
      register the transfer or exchange of Securities in accordance with the
      Indenture. The Trustee may require a Holder to furnish appropriate endorsements
      and transfer documents and to pay any taxes and fees required by law or
      permitted by the Indenture. Pursuant to the Indenture, there are certain periods
      during which the Trustee will not be required to issue, register the transfer
      of
      or exchange any Security or certain portions of a Security.

     

    5.
       Defaults
      and Remedies.

     

    If
      an
      Event of Default, as defined in the Indenture, occurs and is continuing, the
      Trustee or the Holders of at least 25% in principal amount of the Securities
      may
      declare all the Securities to be due and payable. If a bankruptcy or insolvency
      default with respect to the Company occurs and is continuing, the Securities
      automatically become due and payable. Holders may not enforce the Indenture
      or
      the Securities except as provided in the Indenture. The Trustee may require
      indemnity satisfactory to it before it enforces the Indenture or the Securities.
      Subject to certain limitations, Holders of a majority in principal amount of
      the
      Securities then outstanding may direct the Trustee in its exercise of remedies.
      Any breach of the Issuer’s obligation under the Indenture to file periodic or
      other reports will be solely a covenant default, and not an Event of Default,
      under the Indenture.

     

    6. Amendment
      and Waiver.

     

    Subject
      to certain exceptions, the Indenture and the Securities may be amended, and
      defaults may be waived, with the consent of the Holders of a majority in
      principal amount of the outstanding Securities. Without notice to or the consent
      of any Holder, the Company and the Trustee may amend or supplement the Indenture
      or the Securities to, among other things, cure any ambiguity, defect or
      inconsistency.

     

    7. Authentication.

     

    This
      Security is not valid until the Trustee (or Authenticating Agent) signs the
      certificate of authentication on the other side of this Security.

     

    8. Governing
      Law.

     

    This
      Security shall be governed by, and construed in accordance with, the laws of
      the
      State of New York.

     

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

    9. 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).

     

    The
      Company will furnish a copy of the Indenture to any Holder upon written request
      and without charge.

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF
      TRANSFER NOTICE]

     

    FOR
      VALUE
      RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
      transfer(s) unto

     

    Insert
      Taxpayer Identification No.

     

      
        
          

        

         

        
          
            

          

        

      

    

    Please
      print or typewrite name and address including zip code of assignee

     

    the
      within Security and all rights thereunder, hereby irrevocably constituting
      and
      appointing

     

    
      
        

      

    

     

    attorney
      to transfer said Security on the books of the Company with full power of
      substitution in the premises.

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

    [THE
      FOLLOWING PROVISION TO BE INCLUDED

    ON
ALL
      SECURITIES BEARING A RESTRICTED LEGEND]

     

    In
      connection with any transfer of this Security occurring prior to ______________,
      the undersigned confirms that such transfer is made without utilizing any
      general solicitation or general advertising and further as follows: o

     

    Check
      One

     

    
      	
              o

            	
              (1)
                This Security is being transferred to a “qualified institutional buyer” in
                compliance with Rule 144A under the Securities Act of 1933, as
                amended and certification in the form of Exhibit E to the Indenture
                is being furnished herewith.

            

    

     

    
      	
              o

            	
              (2)
                This Security is being transferred to a Non-U.S. Person in compliance
                with
                the exemption from registration under the Securities Act of 1933,
                as
                amended, provided by Regulation S thereunder, and certification in
                the
                form of Exhibit D to the Indenture is being furnished
                herewith.

            

    

     

    or

     

    
      	
              o

            	
              (3)
                This Security is being transferred other than in accordance with
                (1) or
                (2) above and documents are being furnished which comply with the
                conditions of transfer set forth in this Security and the
                Indenture.

            

    

     

    If
      none
      of the foregoing boxes is checked, the Trustee is not obligated to register
      this
      Security in the name of any Person other than the Holder hereof unless and
      until
      the conditions to any such transfer of registration set forth herein and in
      the
      Indenture have been satisfied.

     

    
      	Date:
              ___________________	 	____________________________ 
	 	 	 Seller
	 	 	 
	 	 	 By:
              _____________________________

    

     

     

     

    NOTICE:
      The signature to this assignment must correspond with the name as written upon
      the face of the within mentioned instrument in every particular, without
      alteration or any change whatsoever.

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

     

    Signature
      Guarantee:5 ________________________________

     

    
      By:
        _______________________________

      To
        be
        executed by an executive officer

    

     

     

     

     

    ____________________

    5Signatures
      must be guaranteed by an “eligible
      guarantor institution”
meeting
      the requirements of the Registrar, which requirements include membership or
      participation in the Securities Transfer Association Medallion Program
      (“STAMP”)
      or
      such other “signature
      guarantee program”
as
      may
      be determined by the Registrar in addition to, or in substitution for, STAMP,
      all in accordance with the Securities Exchange Act of 1934, as
      amended.

     

    
      
        
        

      

      
        A-10

        
          

        

      

      
        
        

      

    

     

    OPTION
      OF
      HOLDER TO ELECT PURCHASE

     

    If
      you
      wish to have all of this Security purchased by the Company pursuant to
      Section 3.09 of the Indenture, check the box: o

     

    If
      you
      wish to have a portion of this Security purchased by the Company pursuant to
      Section 3.09 of the Indenture, state the amount (in original principal
      amount) below:

     

    $_____________________.

     

    Date:__________________

     

     

    Your
      Signature:___________________________

    (Sign
      exactly as your name appears on the other side of this Security)

     

    Signature
      Guarantee:1 ___________________

     

     

    ___________________

     

    1
      Signatures must be guaranteed by an “eligible
      guarantor institution”
meeting
      the requirements of the Registrar, which requirements include membership or
      participation in the Securities Transfer Association Medallion Program
      (“STAMP”)
      or
      such other “signature
      guarantee program”
as
      may
      be determined by the Registrar in addition to, or in substitution for, STAMP,
      all in accordance with the Securities Exchange Act of 1934, as
      amended.

     

    
      
        
        

      

      
        A-11

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      OF EXCHANGES OF SECURITIES1 

    The
      following exchanges of a part of this Global Security for Physical Securities
      or
      a part of another Global Security have been made:

     

    
      	
              Date
                of Exchange

            	
              Amount
                of decrease 
in principal amount 
of this Global
                
Security

            	
              Amount
                of increase 
in principal amount 
of this Global
                
Security

            	
              Principal
                amount of 
this Global Security 
following such decrease (or
                
increase)

            	
              Signature
                of 
authorized officer of 
Trustee

            
	 	 	 	 	 

    

     

    

    

      
         

      

      
         

        ___________________

         

        1For
          Global Securities

      

      
         

      

      
         

         

        
          
             

          

          
            A-12

            
              

            

          

          
             

          

        

      

      
        EXHIBIT
          B

      

    

     

    RESTRICTED
      LEGEND

     

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

     

    (1) REPRESENTS
      THAT:

     

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

     

    (B) IT
      IS AN
      INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(A)(1), (2),
      (3) OR (7) UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”),
      OR

     

    (C) IT
      IS NOT
      A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT)
      AND

     

    (2) AGREES
      FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
      TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE
      WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
      THE
      UNITED STATES AND ONLY:

     

    (A) TO
      THE
      COMPANY,

     

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

     

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

     

    (D) IN
      AN
      OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE
      SECURITIES ACT,

     

    (E)
       IN
      A
      PRINCIPAL AMOUNT OF NOT LESS THAN $250,000, TO AN INSTITUTIONAL ACCREDITED
      INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE TRUSTEE A DULY COMPLETED
      AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE)
      RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY, OR

     

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

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

     

    PRIOR
      TO
      THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D)
      ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE
      OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE
      REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) OR (F) ABOVE, THE COMPANY
      RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
      CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO
      DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
      SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE
      AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT.

     

    

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    DTC
      LEGEND

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS A BENEFICIAL INTEREST HEREIN.

     

    TRANSFERS
      OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
      TO
      NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
      AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS
      MADE
      IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

     

    

     

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

    EXHIBIT
      D

     

    REGULATION
      S CERTIFICATE

     

     

    _________,
      ____

     

    U.S.
      Bank, National Association

    EP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419

    Attn:
      Corporate Trust Services 

     

     

    
      	
              Re:

            	
              Motient
                Corporation

            

      	 	Senior Secured Notes

      	 	due 2007 (the “Securities”) Issued
              under

      	 	the Indenture (the “Indenture”) dated
              as

      	 	of November 28, 2006 relating to the
              Securities

    

     

    Ladies
      and Gentlemen:

     

    Terms
      are
      used in this Certificate as used in Regulation S (“Regulation S”) under the
      Securities Act of 1933, as amended (the “Securities Act”), except as otherwise
      stated herein.

     

    [CHECK
      A OR B AS APPLICABLE.]

     

    o
      A. This
      Certificate relates to our proposed transfer of $____ principal amount of
      Securities issued under the Indenture. We hereby certify as
      follows:

     

    
      	 	
              1.

            	
              The
                offer and sale of the Securities was not and will not be made to
                a person
                in the United States (unless such person is excluded from the definition
                of “U.S. Person” pursuant to Rule 902(k)(2)(vi) or the account held
                by it for which it is acting is excluded from the definition of “U.S.
                Person” pursuant to Rule 902(k)(2)(i) under the circumstances
                described in Rule 902(h)(3)) and such offer and sale was not and will
                not be specifically targeted at an identifiable group of U.S. citizens
                abroad.

            

    

     

    
      	 	
              2.

            	
              Unless
                the circumstances described in the parenthetical in paragraph 1 above
                are
                applicable, either (a) at the time the buy order was originated,
                the buyer
                was outside the United States or we and any person acting on our
                behalf
                reasonably believed that the buyer was outside the United States
                or (b)
                the transaction was executed in, on or through the facilities of
                a
                designated offshore securities market, and neither we nor any person
                acting on our behalf knows that the transaction was pre-arranged
                with a
                buyer in the United States.

            

    

     

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

    
      	 	
              3.

            	
              Neither
                we, any of our affiliates, nor any person acting on our or their
                behalf
                has made any directed selling efforts in the United States with respect
                to
                the Securities.

            

    

     

    
      	 	
              4.

            	
              The
                proposed transfer of Securities is not part of a plan or scheme to
                evade
                the registration requirements of the Securities
                Act.

            

    

     

    
      	 	
              5.

            	
              If
                we are a dealer or a person receiving a selling concession, fee or
                other
                remuneration in respect of the Securities, and the proposed transfer
                takes
                place during the Restricted Period (as defined in the Indenture),
                or we
                are an officer or director of the Company or an Initial Purchaser
                (as
                defined in the Indenture), we certify that the proposed transfer
                is being
                made in accordance with the provisions of Rule 904(b) of Regulation
                S.

            

    

     

    o
      B. This
      Certificate relates to our proposed exchange of $____ principal amount of
      Securities issued under the Indenture for an equal principal amount of
      Securities to be held by us. We hereby certify as follows:

     

    
      	 	
              1.

            	
              At
                the time the offer and sale of the Securities was made to us, either
                (i) we were not in the United States or (ii) we were excluded
                from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi)
                or the account held by us for which we were acting was excluded from
                the
                definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the
                circumstances described in Rule 902(h)(3); and we were not a member
                of an identifiable group of U.S. citizens
                abroad.

            

    

     

    
      	 	
              2.

            	
              Unless
                the circumstances described in paragraph 1(ii) above are applicable,
                either (a) at the time our buy order was originated, we were outside
                the
                United States or (b) the transaction was executed in, on or through
                the
                facilities of a designated offshore securities market and we did
                not
                pre-arrange the transaction in the United
                States.

            

    

     

    
      	 	
              3.

            	
              The
                proposed exchange of Securities is not part of a plan or scheme to
                evade
                the registration requirements of the Securities
                Act.

            

    

     

    
      
         

      

      
        D-2

        
          

        

      

      
         

      

    

    You
      and
      the Company are entitled to rely upon this Certificate and are irrevocably
      authorized to produce this Certificate or a copy hereof to any interested party
      in any administrative or legal proceeding or official inquiry with respect
      to
      the matters covered hereby.

     

    Very
      truly yours,

     

    [NAME
      OF
      SELLER (FOR TRANSFERS) OR 
OWNER (FOR EXCHANGES)]

     

    By:
      __________________________________

    Name:

    Title:

    Address:

     

    Date:
      _________________

     

     

     

    
      
         

      

      
        D-3

        
          

        

      

      
         

      

    

    EXHIBIT
      E

     

    RULE
      144A
      CERTIFICATE

    
_________,
      ____

     

    U.S.
      Bank, National Association

    EP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419
Attn:
      Corporate Trust Services 

     

     

    
      	
              Re:

            	
              Motient
                Corporation

            

      	 	Senior Secured Notes due 2007 (the
              “Securities”)

      	 	Issued under the Indenture (the “Indenture”)
              dated

      	 	as of November 28, 2006 relating to the
              Securities

    

     

    Ladies
      and Gentlemen:

     

    This
      Certificate relates to:

     

    [CHECK
      A OR B AS APPLICABLE.]

     

    
      	
              o
                A.

            	
              Our
                proposed purchase of $____ principal amount of Securities issued
                under the
                Indenture.

            

    

     

    
      	
              o
                B.

            	
              Our
                proposed exchange of $____ principal amount of Securities issued
                under the
                Indenture for an equal principal amount of Securities to be held
                by
                us.

            

    

     

    We
      and,
      if applicable, each account for which we are acting in the aggregate owned
      and
      invested more than $100,000,000 in securities of issuers that are not affiliated
      with us (or such accounts, if applicable), as of _________, 20__, which is
      a
      date on or since the close of our most recent fiscal year. We and, if
      applicable, each account for which we are acting, are a qualified institutional
      buyer within the meaning of Rule 144A (“Rule 144A”) under the
      Securities Act of 1933, as amended (the “Securities Act”). If we are acting on
      behalf of an account, we exercise sole investment discretion with respect to
      such account. We are aware that the transfer of Securities to us, or such
      exchange, as applicable, is being made in reliance upon the exemption from
      the
      provisions of Section 5 of the Securities Act provided by Rule 144A.
      Prior to the date of this Certificate we have received such information
      regarding the Company as we have requested pursuant to Rule 144A(d)(4) or
      have determined not to request such information.

     

    You
      and
      the Company are entitled to rely upon this Certificate and are irrevocably
      authorized to produce this Certificate or a copy hereof to any interested party
      in any administrative or legal proceeding or official inquiry with respect
      to
      the matters covered hereby.

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    Very
      truly yours,

    

    [NAME
      OF
      PURCHASER (FOR TRANSFERS) 
OR OWNER (FOR EXCHANGES)]

    

    

    By:
      ___________________________

    Name:

    Title:

    Address:

     

     

    Date:
      ________________

     

     

     

    
      
         

      

      
        E-2

        
          

        

      

      
         

      

    

    EXHIBIT
      F

     

    INSTITUTIONAL
      ACCREDITED INVESTOR CERTIFICATE1

     

    U.S.
      Bank, National Association

    EP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419

    Attn:
      Corporate Trust Services 

     

     

    
      	
              Re:

            	
              Motient
                Corporation

            

      	 	Senior Secured Notes due 2007 (the
              “Securities”)

      	 	Issued under the Indenture (the “Indenture”)
              dated

      	 	as of November 28, 2006 relating to the
              Securities

    

     

    Ladies
      and Gentlemen:

     

    This
      Certificate relates to:

     

    [CHECK
      A OR B AS APPLICABLE.]

     

    
      	
              o
                A.

            	
              Our
                proposed purchase of $____ principal amount of Securities issued
                under the
                Indenture.

            

    

     

    
      	
              o
                B.

            	
              Our
                proposed exchange of $____ principal amount of Securities issued
                under the
                Indenture for an equal principal amount of Securities to be held
                by
                us.

            

    

     

    We
      hereby
      confirm that:

     

    
      	 	
              1.

            	
              We
                are an institutional “accredited investor” within the meaning of
                Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
                amended (the “Securities Act”) (an “Institutional Accredited
                Investor”).

            

    

     

    
      	 	
              2.

            	
              Any
                acquisition of Securities by us will be for our own account or for
                the
                account of one or more other Institutional Accredited Investors as
                to
                which we exercise sole investment
                discretion.

            

    

     

    
      	 	
              3.

            	
              We
                have such knowledge and experience in financial and business matters
                that
                we are capable of evaluating the merits and risks of an investment
                in the
                Securities and we and any accounts for which we are acting are able
                to
                bear the economic risks of and an entire loss of our or their investment
                in the Securities.

            

    

     

    
      	 	
              4.

            	
              We
                are not acquiring the Securities with a view to any distribution
                thereof
                in a transaction that would violate the Securities Act or the securities
                laws of any State of the United States or any other applicable
                jurisdiction; provided
                that the disposition of our property and the property of any accounts
                for
                which we are acting as fiduciary will remain at all times within
                our and
                their control.

            

    

     

    
      
         

      

      
        F-1

        
          

        

      

      
         

      

    

    
      	 	
              5.

            	
              We
                acknowledge that the Securities have not been registered under the
                Securities Act and that the Securities may not be offered or sold
                within
                the United States or to or for the benefit of U.S. persons except
                as set
                forth below.

            

    

     

    
      	 	
              6.

            	
              The
                principal amount of Securities to which this Certificate relates
                is at
                least equal to $250,000.

            

    

     

    We
      agree
      for the benefit of the Company, on our own behalf and on behalf of each account
      for which we are acting, that such Securities may be offered, sold, pledged
      or
      otherwise transferred only in accordance with the Securities Act and any
      applicable securities laws of any State of the United States and only (a) to
      the
      Company, (b) pursuant to a registration statement which has become effective
      under the Securities Act, (c) to a qualified institutional buyer in compliance
      with Rule 144A under the Securities Act, (d) in an offshore transaction in
      compliance with Rule 904 of Regulation S under the Securities Act, (e) in a
      principal amount of not less than $250,000, to an Institutional Accredited
      Investor that, prior to such transfer, delivers to the Trustee a duly completed
      and signed certificate (the form of which may be obtained from the Trustee)
      relating to the restrictions on transfer of the Securities or (f) pursuant
      to an
      exemption from registration provided by Rule 144 under the Securities Act
      or any other available exemption from the registration requirements of the
      Securities Act.

     

    Prior
      to
      the registration of any transfer in accordance with (c) or (d) above, we
      acknowledge that a duly completed and signed certificate (the form of which
      may
      be obtained from the Trustee) must be delivered to the Trustee. Prior to the
      registration of any transfer in accordance with (e) or (f) above, we acknowledge
      that the Company reserves the right to require the delivery of such legal
      opinions, certifications or other evidence as may reasonably be required in
      order to determine that the proposed transfer is being made in compliance with
      the Securities Act and applicable state securities laws. We acknowledge that
      no
      representation is made as to the availability of any Rule 144 exemption
      from the registration requirements of the Securities Act.

     

    We
      understand that the Trustee will not be required to accept for registration
      of
      transfer any Securities acquired by us, except upon presentation of evidence
      satisfactory to the Company and the Trustee that the foregoing restrictions
      on
      transfer have been complied with. We further understand that the Securities
      acquired by us will be in the form of definitive physical certificates and
      that
      such certificates will bear a legend reflecting the substance of the preceding
      paragraph. We further agree to provide to any person acquiring any of the
      Securities from us a notice advising such person that resales of the Securities
      are restricted as stated herein and that certificates representing the
      Securities will bear a legend to that effect.

     

    We
      agree
      to notify you promptly in writing if any of our acknowledgments, representations
      or agreements herein ceases to be accurate and complete.

     

    
      
         

      

      
        F-2

        
          

        

      

      
         

      

    

    We
      represent to you that we have full power to make the foregoing acknowledgments,
      representations and agreements on our own behalf and on behalf of any account
      for which we are acting.

     

    You
      and
      the Company are entitled to rely upon this Certificate and are irrevocably
      authorized to produce this Certificate or a copy hereof to any interested party
      in any administrative or legal proceeding or official inquiry with respect
      to
      the matters covered hereby.

    

    

    Very
      truly yours,

    

    [NAME
      OF
      PURCHASER (FOR TRANSFERS) 
OR OWNER (FOR EXCHANGES)]

    

    

    By:
      _________________________________ 

    Name:

    Title:
      

    Address:
      

     

    

     

    Date:
      _________________

    
      
        
        

      

      
        F-3

        
          

        

      

      
        
        

      

    

     

    Upon
      transfer, the Securities would be registered in the name of the new beneficial
      owner as follows:

     

    

     

    By:
      _________________________________

     

    Date:
      ________________________________

     

    Taxpayer
      ID number: ___________________

     

    

     

     

     

    
      
         

      

      
        F-4

        
          

        

      

      
         

      

    

    EXHIBIT
      G

     

    [COMPLETE
      FORM I OR FORM II AS APPLICABLE.]

     

    [FORM
      I]

     

    CERTIFICATE
      OF BENEFICIAL OWNERSHIP

     

    U.S.
      Bank, National Association

    EP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419
Attn:
      Corporate Trust Services 

     

     

    
      	
              Re:

            	
              Motient
                Corporation

            

      	 	Senior
              Secured Notes due 2007 (the “Securities”)

      	 	Issued under the Indenture (the “Indenture”)
              dated

      	 	as
              of November 28, 2006 relating to the
              Securities

    

     

    Ladies
      and Gentlemen:

     

    We
      are
      the beneficial owner of $____ principal amount of Securities issued under the
      Indenture and represented by a Temporary Offshore Global Security (as defined
      in
      the Indenture).

     

    We
      hereby
      certify as follows:

     

    [CHECK
      A OR B AS APPLICABLE.]

     

    
      	
              o
                A.

            	
              We
                are a non-U.S. person (within the meaning of Regulation S under the
                Securities Act of 1933, as
                amended).

            

    

     

    
      	
              o
                B.

            	
              We
                are a U.S. person (within the meaning of Regulation S under the Securities
                Act of 1933, as amended) that purchased the Securities in a transaction
                that did not require registration under the Securities Act of 1933,
                as
                amended.

            

    

     

    You
      and
      the Company are entitled to rely upon this Certificate and are irrevocably
      authorized to produce this Certificate or a copy hereof to any interested party
      in any administrative or legal proceeding or official inquiry with respect
      to
      the matters covered hereby.

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    Very
      truly yours,

    

    [NAME
      OF
      BENEFICIAL OWNER]

    

    

    By:
      _________________________

    Name:
      

    Title:
      

    Address:
      

    

     

    Date:
      _________________

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

     

    [FORM
      II]

     

    CERTIFICATE
      OF BENEFICIAL OWNERSHIP

     

    U.S.
      Bank, National AssociationEP-MN-WS3C

    60
      Livingston Avenue

    St.
      Paul
      MN 55107-1419

    Attn:
      Corporate Trust Services 

     

     

    
      	
              Re:

            	
              Motient
                Corporation

            

      	 	Senior Secured Notes due 2007 (the
              “Securities”)

      	 	Issued under the Indenture (the “Indenture”)
              dated

      	 	as of November 28, 2006 relating to the
              Securities

    

     

    Ladies
      and Gentlemen:

     

    This
      is
      to certify that based solely on certifications we have received in writing,
      by
      tested telex or by electronic transmission from Institutions appearing in our
      records as persons being entitled to a portion of the principal amount of
      Securities represented by a Temporary Offshore Global Security issued under
      the
      above-referenced Indenture, that as of the date hereof, $____ principal amount
      of Securities represented by the Temporary Offshore Global Security being
      submitted herewith for exchange is beneficially owned by persons that are either
      (i) non-U.S. persons (within the meaning of Regulation S under the Securities
      Act of 1933, as amended) or (ii) U.S. persons that purchased the Securities
      in a transaction that did not require registration under the Securities Act
      of
      1933, as amended.

     

    We
      further certify that (i) we are not submitting herewith for exchange any
      portion of such Temporary Offshore Global Security excepted in such
      certifications and (ii) as of the date hereof we have not received any
      notification from any Institution to the effect that the statements made by
      such
      Institution with respect to any portion of such Temporary Offshore Global
      Security submitted herewith for exchange are no longer true and cannot be relied
      upon as of the date hereof.

     

    You
      and
      the Company are entitled to rely upon this Certificate and are irrevocably
      authorized to produce this Certificate or a copy hereof to any interested party
      in any administrative or legal proceeding or official inquiry with respect
      to
      the matters covered hereby.

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    Yours
      faithfully,

    

    [Name
      of
      DTC Participant]

    

    

    By:____________________________

    Name:
      

    Title:
      

    Address:
      

    

     

    Date:
      _________________

     

    

    
      
         

      

      
        G-4

        
          

        

      

      
         

      

    

    EXHIBIT
      H

     

    TEMPORARY
      OFFSHORE GLOBAL SECURITY LEGEND

     

    THIS
      SECURITY IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE
      RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE
      HELD
      BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT
      PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
      U.S.
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS
      HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT
      GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS
      LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

     

    NO
      BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL SECURITY SHALL BE ENTITLED TO RECEIVE
      PAYMENT OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS
      EXCHANGED OR TRANSFERRED FOR AN INTEREST IN ANOTHER SECURITY.

     

    

    
      
         

      

      
        H-1

        
          

        

      

      
         

      

    

     

    EXHIBIT
      I

     

    SUPPLEMENTAL
      INDENTURE

     

    dated
      as
      of ___________, _____

     

    among

     

    MOTIENT
      CORPORATION,

     

    The
      Guarantor(s) Party Hereto

     

    and

     

    U.S.
      BANK, NATIONAL ASSOCIATION,

     

    as
      Trustee

     

    

     

    _____________________________

     

    Senior
      Secured Notes due 2007

     

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    THIS
      SUPPLEMENTAL INDENTURE (this “Supplemental
      Indenture”),
      entered into as of __________, ____, among MOTIENT
      CORPORATION,
      a
      Delaware corporation (the “Company”),
      [insert each Guarantor executing this Supplemental Indenture and its
      jurisdiction of incorporation] (each an “Undersigned”)
      and
U.S.
      BANK, NATIONAL ASSOCIATION,
      as
      trustee (the “Trustee”).

     

    RECITALS

     

    WHEREAS,
      the Company and the Trustee entered into the Indenture, dated as of November
      28,
      2006 (the “Indenture”),
      relating to the Company’s Senior Secured Notes due 2007 (the “Securities”);

     

    WHEREAS,
      as a condition to the Trustee entering into the Indenture and the purchase
      of
      the Securities by the Holders, the Company agreed pursuant to the Indenture
      to
      cause any newly acquired or created Domestic Subsidiaries to provide Security
      Guarantees, except in certain circumstances.

     

    AGREEMENT

     

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein
      contained and intending to be legally bound, the parties to this Supplemental
      Indenture hereby agree as follows:

     

    Section
      1. Capitalized teams used herein and not otherwise defined herein are used
      as
      defined in the Indenture.

     

    Section
      2. Each Undersigned, by its execution of this Supplemental Indenture, agrees
      to
      be a Guarantor under the Indenture and to be bound by the terms of the Indenture
      applicable to Guarantors, including, but not limited to, Article X
      thereof.

     

    Section
      3. This Supplemental Indenture shall be governed by and construed in accordance
      with the laws of the State of New York.

     

    Section
      4. This Supplemental Indenture may be signed in various counterparts which
      together will constitute one and the same instrument.

     

    Section
      5. This Supplemental Indenture is an amendment supplemental to the Indenture
      and
      the Indenture and this Supplemental Indenture will henceforth be read
      together.

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

     

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

     

    

    MOTIENT
      CORPORATION, as Issuer

    

    

    By: _____________________________

    Name:

    Title:

    

    

    [GUARANTOR]

    

    

    By: _____________________________

    Name:

    Title:

    

    

    U.S.
      BANK, NATIONAL ASSOCIATION,
      as
      Trustee

    

    

    By: _____________________________

    Name:

    Title:

     

     

     

    

     

    
      
         

      

      
        I-3

        
          

        

      

      
         

      

    

    EXHIBIT
      J

    LIST
      OF DRAFT AGREEMENTS

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        J-1

        
          

        

      

      
         

      

    

    EXHIBIT
      K

    FORM
      OF SECURITY AGREEMENT

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

        K-1Exhibit 10.1

SECURITIES PURCHASE
AGREEMENT

SECURITIES PURCHASE AGREEMENT (the "Agreement"),
dated as of November 27, 2006, by and among Motient Corporation, a
corporation incorporated under the laws of the state of Delaware (the "Company"),
the guarantors signatory hereto (the "Guarantors") and the Buyers
listed on the Schedule of Buyers attached hereto (individually, a "Buyer"
and collectively, the "Buyers").

WHEREAS:

A.    
The Company and the Buyers are executing and delivering this
Agreement in reliance upon a private placement exemption from securities
registration under the United States Securities Act of 1933, as amended (the
"Securities Act").

B.    
The Company has authorized the issuance of its Senior Secured Notes
due 2007 (the "Securities").  The payment of principal of, premium
and interest on the Securities will be fully and unconditionally guaranteed
(the "Guarantees"), jointly and severally, by each of the Guarantors.

C.    
Each Buyer wishes to purchase, and the Company wishes to sell, upon
the terms and conditions stated in this Agreement, (i) that aggregate
principal amount of Securities set forth opposite such Buyer's name in
column (3) on the Schedule of Buyers (which aggregate principal amount for
all Buyers shall initially be $200,000,000).

D.    
Contemporaneously with the execution and delivery of this Agreement,
a portion of the purchase price for the sale of the Notes equal to no less
than 6.5417% of the then outstanding principal amount of the Notes (the “Collateral
Funds”) will be paid directly to the Collateral Agent to be deposited in
the Cash Escrow Account.  In connection therewith, pursuant to the Security
Agreement, the Company is granting a security interest in the Cash Escrow
Account and all cash and all Investment
Property (as defined in the Security Agreement) from time to time credited
thereto and is executing and delivering an Escrow Account Control
Agreement, substantially in the form attached hereto as Exhibit E
with U.S. Bank, National Association, as securities intermediary and the
Collateral Agent (as amended or modified from time to time, the "Account
Control Agreement").

E.     
Contemporaneously with the execution and delivery of this Agreement,
the Company, the Guarantors and U.S. Bank, National Association (acting in
such capacity, the "Trustee") are executing and delivering an
indenture, substantially in the form attached hereto as Exhibit A (as
amended or modified from time to time, the "Indenture"; capitalized
terms used without being defined herein are used herein with the meanings
given them in the Indenture).

F.     
The Securities constitute indebtedness of the Company and will be
secured by a first priority, perfected security interest in certain assets
of the Company and certain stock and assets of its Subsidiaries, including
certain stock and assets of the Guarantors, subject to certain exceptions,
as evidenced by the security agreement attached hereto as Exhibit B
(the "Security Agreement").

-1-

G.    
This Agreement, the Securities, the Indenture, the Guarantees, the
Security Agreement, the Account Control Agreement and each of the other
agreements entered into by the parties hereto in connection with the
transactions contemplated by this Agreement are collectively referred to
herein as the "Transaction Documents."

NOW, THEREFORE, the Company, each
Guarantor and each Buyer hereby agree as follows:

1.     PURCHASE AND SALE OF SECURITIES.

(a)   
Purchase of Securities.

(i)                 
Subject to the satisfaction (or waiver) of the conditions set forth
in Sections 6 and 7 below, the Company shall issue and sell to each Buyer,
and each Buyer severally, but not jointly, agrees to purchase from the
Company on the Closing Date (as defined below), a principal amount of
Securities as is set forth opposite such Buyer's name in column (3) on the
Schedule of Buyers (the "Closing").

(ii)               
Closing.  The date and time of the Closing (the "Closing
Date") shall be 10:00 a.m., New York City Time, on November 28, 2006 (or
such later date as is mutually agreed to by the Company and each Buyer, such
approval not to be unreasonably withheld or delayed, after notification of
satisfaction (or waiver) of the conditions to the Closing set forth in
Sections 6 and 7 below) at the offices of Gibson, Dunn & Crutcher LLP, 200
Park Avenue, New York, New York.

(iii)              
Purchase Price.  The purchase price for the Securities to be
purchased by each Buyer at the Closing (the "Purchase Price") shall
be the amount set forth opposite such Buyer's name in column (3) of the
Schedule of Buyers.  

(b)  
Form of Payment.  On the Closing Date, (i) each Buyer shall
pay its Purchase Price to the Company for the Securities to be issued and
sold to such Buyer at the Closing, by wire transfer of immediately available
funds in accordance with the Company's written wire instructions and in
accordance with Section 4(h), and (ii) the Company shall deliver or caused
to be delivered to each Buyer the Securities (for the account of such Buyer
as such Buyer shall instruct) which such Buyer is then purchasing, duly
executed on behalf of the Company and registered in the name of such Buyer
or its designee.

2.     
BUYER'S REPRESENTATIONS AND WARRANTIES.

Each Buyer
severally represents and warrants, with respect to only itself, that: 

-2-

(a)   
No Public Sale or Distribution.  Such Buyer is acquiring the
Securities for its own account and not with a view towards, or for resale in
connection with, the public sale or distribution thereof, except pursuant to
sales registered or exempted under the Securities Act; provided, however,
that by making the representations herein, such Buyer does not agree to hold
any of the Securities for any minimum or other specific term and reserves
the right to dispose of the Securities at any time in accordance with or
pursuant to a registration statement or an exemption under the Securities
Act.  Such Buyer is acquiring the Securities hereunder in the ordinary
course of its business.  Such Buyer does not presently have any agreement or
understanding, directly or indirectly, with any Person to distribute any of
the Securities.  As used in this Agreement, "Person" means an
individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization and a government or any
department or agency thereof.

(b)  
Qualified Institutional Buyer or Institutional Accredited Investor
Status.  Such Buyer is (i) a qualified institutional buyer within the
meaning of Rule 144A promulgated under the Securities Act or (ii) in the
case of the Gary & Karen Singer Children's Trust, an institutional
"accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act (an "Institutional Accredited Investor"). 
Such Buyer is not an entity formed for the sole purpose of acquiring the
Securities.

(c)   
Reliance on Exemptions.  Such Buyer understands that the
Securities are being offered and sold to it in reliance on specific
exemptions from the registration requirements of United States federal and
state securities laws and that the Company is relying in part upon the truth
and accuracy of, and such Buyer's compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Buyer set
forth herein in order to determine the availability of such exemptions and
the eligibility of such Buyer to acquire the Securities.

(d)  
No General Solicitation or Advertising.  Such Buyer
acknowledges that it is not purchasing the Securities as a result of any
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television.

(e)   
Independent Evaluation.   Such Buyer has independently
evaluated the merits of its decision to purchase the Securities pursuant to
the Transaction Documents, and such Buyer confirms that it has not relied on
the advice of JP Morgan Securities, Inc. or any other placement agent or
financial advisor in making such decision.

(f)    
Information.  Such Buyer and its advisors, if any, have been
furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of
the Securities which have been requested by such Buyer.  Such Buyer and its
advisors, if any, have been afforded the opportunity to ask questions of the
Company.  Neither such inquiries nor any other due diligence investigations
conducted by such Buyer or its advisors, if any, or its representatives
shall modify, amend or affect such Buyer's right to rely on the Company's
representations and warranties contained herein.  Such Buyer understands
that its investment in the Securities involves a high degree of risk and is
able to bear the economic risk of such investment.  Such Buyer has such
knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of its investment in the Securities and
has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its
acquisition of the Securities.

-3-

(g)   
No Governmental Review.  Such Buyer understands that no United
States agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness
or suitability of the investment in the Securities nor have such authorities
passed upon or endorsed the merits of the offering of the Securities.

(h)   
Transfer or Resale.  Such Buyer understands that: (i) the
Securities have not been and will not be registered under the Securities Act
or any state securities laws; (ii) such Buyer agrees that if it decides to
offer, sell or otherwise transfer any of the Securities, such Securities may
be offered, sold or otherwise transferred only: (A) pursuant to an effective
registration statement under the Securities Act; (B) to the Company; (C)
outside the United States in accordance with Rule 904 of Regulation S under
the Securities Act and in compliance with local laws; or (D) within the
United States in accordance with the exemption from registration under the
Securities Act provided by Rule 144A thereunder, if available, and in
compliance with any applicable state securities laws.

(i)       Legends.  Such Buyer understands that upon the original
issuance thereof, and until such time as the same are no longer required
under applicable requirements of the Securities Act or applicable state
securities laws, the certificates or other instruments representing the
Securities and all certificates or other instruments issued in exchange
therefor or in substitution thereof, shall bear the DTC Legend, Restricted
Legend and Temporary Offshore Global Security Legend, as applicable.

(j)    
Filings.  If required by applicable securities legislation,
regulatory policy or order, or if required or requested by any securities
commission, stock exchange or other regulatory authority, at the request of
and at the sole expense of the Company, such Buyer will execute, deliver and
file and otherwise reasonably assist the Company in filing reports,
questionnaires, undertakings and other documents with respect to the issue
of the Securities.

(k)  
Validity; Enforcement.  This Agreement has been duly and
validly authorized, executed and delivered on behalf of such Buyer and,
assuming the due execution and delivery thereof by the other parties
thereto, constitutes the legal, valid and binding obligations of such Buyer
enforceable against such Buyer in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors' rights and remedies.

-4-

(l)     
Residency.  For purposes of U.S. securities laws, such Buyer
is a resident of that jurisdiction specified as its address on the Schedule
of Buyers.

3.     
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company and
each of the Guarantors (as applicable), jointly and severally, represent and
warrant to each of the Buyers that, except as set forth on the schedules
attached to this Agreement:

(a)   
Organization and Qualification.  The Company and its
Subsidiaries are entities duly organized and validly existing in good
standing under the laws of the jurisdiction in which they are formed, and on
the Closing Date will have the requisite power and authorization to own
their properties and to carry on their business as now being conducted. 
Each of the Company and its Subsidiaries on the Closing Date will be duly
qualified as a foreign entity to do business and will be in good standing in
every jurisdiction in which its ownership of property or the nature of the
business conducted by it makes such qualification necessary, except to the
extent that the failure to be so qualified or be in good standing would not
reasonably be expected to have a Material Adverse Effect.  Set forth on
Schedule 3(a)(i) is a true, correct and complete list of all
Subsidiaries of the Company.  Neither the Company nor any of its
Subsidiaries is a participant in any joint venture, partnership or similar
arrangement other than as set forth on Schedule 3(a)(ii).  Other than
the Subsidiaries set forth on Schedule 3(a)(i) and except as set
forth on Schedule 3(a)(ii) and Schedule 3(a)(iii), neither the
Company nor any of its Subsidiaries (i) has or holds, either directly or
indirectly, any capital or any other equity securities or interest in, or
control (whether by the ownership or control or direction of any securities or
any other voting or participating interest or by contract) of, any other Person
or (ii) is obligated to make or be bound by any written, oral or other
agreement, contract or understanding of any nature as of the date hereof or as
may hereinafter be in effect under which it may become obligated to make any
future investment in, or capital contribution to, any other Person.

(b)  
Authorization; Enforcement; Validity.  Each of the Company and
the Guarantors (to the extent that they are parties) has the requisite power
and authority to enter into and perform their respective obligations under
the Transaction Documents and, with respect to the Company, to issue the
Securities in accordance with the terms hereof and thereof.  The execution
and delivery of the Transaction Documents by each of the Company and the
Guarantors (as applicable) and the consummation by each of the Company and
the Guarantors (as applicable) of the transactions contemplated hereby and
thereby, including, without limitation, the issuance of the Securities and
the Guarantees and the granting of a security interest in the Collateral
have been duly authorized by the Company's or such Guarantor’s (as
applicable) Board of Directors or Manager (as applicable) and (other than
(i) the filing of appropriate UCC financing statements and analogous
registrations with the appropriate states, provinces and other authorities
pursuant to the Security Agreement, (ii) the filing of a Form D with respect to
the Securities as required under Regulation D, (iii) such filings required under 

-5-

applicable securities or "Blue Sky" laws of the states of the
United States and (iv) such filings as may be required under any rule,
regulation or published policy promulgated by the Federal Communications
Commission (all of the foregoing, the "Required Approvals")) no
further filing, consent, or authorization is required by the Company or the
Guarantors (as applicable), their respective Boards of Directors or Managers
(as applicable) or their respective stockholders or members (as applicable)
in connection therewith.  This Agreement and the other Transaction Documents
of even date herewith have been duly executed and delivered by the Company
and each of the Guarantors (as applicable) and constitute the legal, valid
and binding obligations of the Company or the Guarantors (as applicable),
enforceable against the Company or the Guarantors (as applicable) in
accordance with their respective terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally, the enforcement of applicable creditors' rights
and remedies.

(c)   
Issuance of Securities.  The Securities have been duly
authorized by the Company, and when duly executed, authenticated, issued and
delivered as provided in the Indenture (assuming due authentication of the
Securities by the Trustee), and paid for as provided herein, will be free
from all taxes, liens and charges with respect to the issuance (but not the
acquisition, holding or disposition caused by any Buyer) thereof and will
constitute legal, valid and binding obligations of the Company, enforceable
against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, fraudulent conveyance or transfer, reorganization, moratorium
and similar laws affecting creditors' rights and remedies generally, and to
general principles of equity, including principles of materiality,
commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity).  The
Guarantees have been duly authorized by the Company and each of the
Guarantors, and when duly executed by each of the Guarantors (assuming due
authentication of the Securities by the Trustee) and paid for as provided
herein, will constitute legal, valid and binding agreements of the
Guarantors, enforceable against them in accordance with their terms, subject
to applicable bankruptcy, insolvency, fraudulent conveyance or transfer,
reorganization, moratorium and similar laws affecting creditors' rights and
remedies generally, and to general principles of equity, including
principles of materiality, commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law
or in equity) and will be entitled to the benefits of the Indenture. 
Assuming the accuracy of the representations of the Buyers in Section 2
hereof and their compliance with the agreements set forth in the Transaction
Documents, the offer and issuance by the Company of the Securities to the
Buyers is exempt from registration under the Securities Act.

(d)  
No Conflicts.  The execution, delivery and performance of the
Transaction Documents by the Company and each of the Guarantors (as
applicable) and the consummation by the Company and each of Guarantors (as
applicable) of the transactions contemplated hereby and thereby (including,
without limitation, the issuance of the Securities and the granting of a
security interest in the Collateral) will not (i) result in a violation of
the certificate of incorporation or the bylaws of the Company or any of the
organizational documents of any of the Guarantors or (ii) conflict with, or
constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which the Company, any Guarantor or any other Subsidiary is a
party, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including federal and state securities laws) applicable
to the Company, any Guarantor or any other Subsidiary or by which any
property or asset of the Company, any Guarantor or any other Subsidiary is
bound or affected, except, in the case of clauses (ii) and (iii), for such
violations as would not be reasonably expected to have a Material Adverse
Effect.

-6-

(e)   
Consents.  Other than the Required Approvals, filings to
perfect security interests, none of the Company and the Guarantors
(as applicable) or any other Subsidiary is required to obtain any consent,
authorization or order of, or make any filing or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or
any other Person in order for it to execute, deliver or perform any of its
obligations under or contemplated by the Transaction Documents, in each case
in accordance with the terms hereof or thereof.  All consents,
authorizations, orders, filings and registrations which the Company, the
Guarantors or any other Subsidiary are required to obtain or make prior to
the Closing have been obtained or effected on or prior to the Closing Date.

(f)    
No General Solicitation; Placement Agent's Fees.  None of the
Company, the Guarantors, any of their respective affiliates and any Person
acting on their behalf, has engaged in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with
the offer or sale of the Securities.  The Company shall be responsible for
the payment of any placement agent's fees, financial advisory fees, or
brokers' commissions (other than for Persons engaged by any Buyer) relating
to or arising out of the transactions contemplated hereby.  The Company
shall pay, and hold each Buyer harmless against, any liability, loss or
expense (including, without limitation, reasonable and documented attorney's
fees and out-of-pocket expenses) arising in connection with any such claim. 
The Company acknowledges that it has engaged J.P. Morgan Securities Inc. as
placement agents (the "Agent") in connection with the sale of the
Securities.  Other than the Agent, the Company has not engaged any placement
agent or other agent in connection with the sale of the Securities.

(g)   
No Integrated Offering.  None of the Company, its
Subsidiaries, the Guarantors, any of their respective affiliates and any
Person acting on their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of any of the Securities under
the Securities Act or cause this offering of the Securities to be integrated
with prior offerings by the Company for purposes of the Securities Act. 
None of the Company, its Subsidiaries, the Guarantors, their respective
affiliates and any Person acting on their behalf will take any action or
steps referred to in the preceding sentence that would require registration
of any of the Securities under the Securities Act or cause the offering of
the Securities to be integrated with other offerings.

(h)   
Financial Statements.  As of their respective
dates, the unaudited condensed consolidated financial statements of the
Company and its Subsidiaries for the nine-month period ended September 30,
2006 and the condensed consolidated audited
financial statements of the Company and its Subsidiaries for the year
ended December 31, 2005 complied as to form in all material respects with
applicable accounting requirements.  Such financial statements, including
the notes thereto, have been prepared in all material respects in accordance
with generally accepted accounting principles in the United States ("GAAP"),
consistently applied, during the periods involved, except that the unaudited
financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company as of the
dates thereof and the results of its operations and cash flows for the periods
then ended, subject in the case of the unaudited financial statements to normal
year-end audit adjustments.

-7-

(i)      Absence of Certain Changes.  Except as disclosed in the
Company's reports filed with the United States Securities and Exchange
Commission (the "SEC") since December 31, 2005, no event or
circumstance has occurred since such date which would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. 
Neither the Company nor any Guarantor or any other Subsidiary has taken any
steps to seek protection pursuant to any bankruptcy law nor does the Company
or any Guarantor or other Subsidiary have any knowledge or reason to believe
that its creditors intend to initiate involuntary bankruptcy proceedings or
any actual knowledge of any fact which would reasonably lead a creditor to
do so.  Neither the Company nor any Guarantor is as of the date hereof, and
after giving effect to the transactions contemplated hereby to occur at the
Closing, will be Insolvent (as defined below).  For purposes of this Section
3(i), "Insolvent" means with respect to the Company or any Guarantor:
(i) the present fair saleable value of the assets of the Company or such
Guarantor is less than the amount required to pay the total Indebtedness of
the Company or such Guarantor, (ii) the Company or such Guarantor is unable
to pay its debts and liabilities as such debts and liabilities, whether
subordinated, contingent or otherwise, become absolute and matured, (iii)
the Company or such Guarantor intends to incur or believes that it will
incur debts that would be beyond its ability to pay as such debts mature or
(iv) the Company or such Guarantor has unreasonably small capital with which
to conduct the business in which it is engaged as such business is now
conducted and is proposed to be conducted.  Except as disclosed in the
Company's reports filed with the Commission since September 30, 2006 or as
set forth on Schedule 3(i) and as contemplated by the Transaction
Documents, since September 30, 2006, there
has not been:

(A) any
obligation or liability (whether absolute, accrued, contingent or otherwise, and
whether due or to become due) incurred by the Company or any of its
Subsidiaries, in excess of $1,000,000 individually or $2,500,000 in the
aggregate, other than obligations under customer or supplier contracts, current
obligations and liabilities, in each case incurred in the ordinary course of
business;

(B) any payment, discharge, satisfaction or settlement of any suit,
action, claim, arbitration, proceeding or obligation of the Company or any
of its Subsidiaries, except in the ordinary course of business;

(C) any declaration, setting aside or payment of any dividend or other
distribution with respect to any shares of capital stock of the Company or
any of its Subsidiaries or any direct or indirect redemption, purchase or
other acquisition of any such shares;

-8-

(D) any issuance or sale, or any contract entered into for the issuance
or sale, of any shares of capital stock of the Company or any of its
Subsidiaries (other than options, warrants or other derivative securities
exercisable for common stock of the Company or any of its Subsidiaries and
any shares of common stock issued pursuant to the exercise thereof);

(E) any sale, assignment, pledge, encumbrance, transfer or other
disposition of any tangible asset of the Company or any of its Subsidiaries
(other than sales or the licensing of its products to customers in the
ordinary course of business), or any sale, assignment, transfer or other
disposition of any Intellectual Property (as defined below) (other than
licensing of products of the Company or its Subsidiaries in the ordinary
course of business and on a non-exclusive basis);

(F) any creation of any Lien (as defined in the Indenture) on any
property of the Company or any of its Subsidiaries, other than Permitted
Liens;

(G) any write-downs of the value of any asset of the Company or its
Subsidiaries or any write-off as uncollectible of any accounts or notes
receivable or any portion thereof except in the ordinary course of business;

(H) any material increase in any compensation or bonus payable to any
officer, stockholder, director, consultant or agent of the Company or any of
its Subsidiaries having an annual salary or remuneration in excess of
$350,000; 

(I) any damage, destruction or loss (whether or not covered by
insurance) affecting any asset or property of the Company or any of its
Subsidiaries resulting in any liability, loss, claim, damages, costs or
expenses in excess of $1,000,000 individually or $2,500,000 in the
aggregate;

(J) any resignation or termination of any executive officer or group of
employees of the Company or any of its Material Subsidiaries; or

(K) any agreement, whether in writing or otherwise, to take any of the
actions specified in the foregoing items (A) through (J).

(j)    
Conduct of Business; Regulatory Permits.  Except as set forth
on Schedule 3(j), neither the Company nor any of its Subsidiaries is in
violation of any term of or in default under its Certificate of
Incorporation or Bylaws or their organizational charter or certificate of
incorporation or bylaws, respectively.  Neither the Company nor any of its
Subsidiaries is in violation of any judgment, decree or order or any
statute, ordinance, rule or regulation applicable to the Company or its
Subsidiaries, and neither the Company nor any of its Subsidiaries will
conduct its business in violation of any of the foregoing, except for
possible violations which would not, individually or in the aggregate, have
a Material Adverse Effect.

-9-

(k)  
Foreign Corrupt Practices.  Neither the Company, nor any of
its Subsidiaries, nor to the knowledge of the Company, any director,
officer, agent, employee or other Person acting on behalf of the Company or
any of its Subsidiaries, has, in the course of its actions for, or on behalf
of, the Company (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political
activity; (ii) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; (iii)
violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate,
payoff, influence payment, kickback or other unlawful payment to any foreign
or domestic government official or employee.

(l)     
Equity Capitalization.  As of September 30, 2006, the
authorized capital stock of the Company consists of: (i) 200,000,000 shares
of Common Stock, par value $0.01 per share (the “Common Stock”), of
which 73,539,974 shares are issued and outstanding; (ii) 450,000 shares of
Series A Cumulative Convertible Preferred Stock, par value $0.01 per shares,
of which 90,000 shares are issued and outstanding and (iii) 500,000 shares
of Series B Cumulative Convertible Preferred Stock, par value $0.01 per
shares, of which 318,500 shares are issued and outstanding.  All of such
outstanding shares have been validly issued and are fully paid and
nonassessable.  Except as disclosed on Schedule 3(l), there are
no outstanding securities or instruments of the Company or any of its Material
Subsidiaries which contain any redemption or similar provisions, and there are
no contracts, commitments, understandings or arrangements by which the Company
or any of its Material Subsidiaries is or may become bound to redeem, repurchase
or otherwise acquire or retire a security of the Company or any of its Material
Subsidiaries.

(m) 
Indebtedness and Other Contracts.  Except as disclosed in Schedule 3(m), neither the Company nor any of its Subsidiaries (i) has
any outstanding Indebtedness in excess of $1,000,000, (ii) is a party to any
contract, agreement or instrument, the violation of which, or default under
which, by the other party(ies) to such contract, agreement or instrument
would reasonably be expected to result in a Material Adverse Effect, or
(iii) is in violation of any term of or in default under any contract,
agreement or instrument relating to any Indebtedness, except where such
violations and defaults would not reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect.  Excluding
obligations under inter-company loans, Schedule 3(m) provides a
description of the material financial terms of any outstanding Indebtedness
of the Company and its Subsidiaries in excess of $1,000,000.  Other than
Permitted Liens, there are no financing statements securing obligations in
any material amounts, either singly or in the aggregate, filed in connection
with the Company or any of its Subsidiaries.  

(n)   
Absence of Litigation.   Except as set forth on Schedule
3(n) or as disclosed in the Company’s filings with the SEC, there is no
action, suit, claim, arbitration, proceeding, inquiry or investigation,
whether at law or in equity, before or by any court, public board,
Governmental Authority (as defined below), self-regulatory organization or
body pending or, to the best knowledge of the Company, threatened against or
affecting the Company or any of the Company's Subsidiaries, any of their
respective properties or assets or any of the Company's or the Company's
Subsidiaries' officers or directors in their capacities as such except as
would not reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect. The 

-10-

foregoing includes, without
limitation, suits, actions, claims, arbitrations, proceedings or
investigations pending or threatened involving the prior employment of any
of the Company's or its Subsidiaries' employees, their use in connection
with the business of the Company or its Subsidiaries of any information or
techniques allegedly proprietary to such former employers or their
obligations under any agreements with prior employers.  There is no
outstanding judgment, order, injunction or decree of any governmental or
regulatory authority or arbitrator against the Company, its Subsidiaries, or
to the knowledge of the Company, against any of their respective properties,
assets or business except as would not reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect.  

(o)  
Insurance.  The Company and each of its Subsidiaries are
insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as management of the Company believes
to be prudent and customary in the businesses in which the Company and its
Subsidiaries are engaged.  Neither the Company nor any Subsidiary has
received notice of cancellation or termination of any insurance policy, nor
has the Company or any Subsidiary been denied or had revoked or rescinded
any policy of insurance. Neither the Company nor any Subsidiary has any
reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business at a cost
that would be expected to have a Material Adverse Effect.

(p)  
Employee Relations.   (i)  No executive officer of the Company (as defined in
Rule 501(f) under the Securities Act), key employee or group of employees
has notified the Company that such officer, employee or group intends to
leave the Company or otherwise terminate such officer's, employee's or
group's employment with the Company.  No executive officer or key employee
of the Company, to the knowledge of the Company, is, or is now expected to
be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or any
restrictive covenant, and the continued employment of each such executive
officer and key employee does not subject the Company or any of its
Subsidiaries to any liability with respect to any of the foregoing matters.

(ii)               
The Company and its Subsidiaries are in compliance with all federal,
state, provincial, local and foreign laws and regulations respecting labor,
employment and employment practices and benefits, terms and conditions of
employment and wages and hours, except where failure to be in compliance
would not, either individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect. There are no pending or, to the
knowledge of the Company, threatened employment discrimination charges or
complaints against or involving the Company or its Subsidiaries before any
federal, state, or local board, department, commission or agency, or unfair
labor practice charges or complaints, disputes or grievances affecting the
Company or its Subsidiaries.

-11-

(iii)              
Neither the Company nor its Subsidiaries is experiencing any labor
disputes, union organization attempts or work stoppage due to labor
disagreements.  There are no unfair labor practice charges or complaints
against the Company or its Material Subsidiaries pending, or to the
knowledge of the Company, threatened before the National Labor Relations
Board or any comparable state agency or authority.  Except as set forth on
Schedule 3(p), there are no written or oral contracts, commitments,
agreements, understandings or other arrangements with any labor
organization, nor work rules or practices agreed to with any labor
organization or employee association, applicable to employees of the Company
or any of its Subsidiaries, nor is the Company or any of its Subsidiaries a
party to, or bound by, any collective bargaining or similar agreement; there
is not, and since the Company's inception there has not been, any
representation of the employees of the Company or its Subsidiaries by any
labor organization and, to the knowledge of the Company, there are no union
organizing activities among the employees of the Company or its
Subsidiaries, and to the knowledge of the Company, no question concerning
representation has been raised or is threatened respecting the employees of
the Company or its Subsidiaries.

(q)  
Real Property and Other Assets.  Except as set forth on Schedule
3(q), the Company and its Subsidiaries have good and marketable title in fee
simple to all real property and good and marketable title to all personal
property owned by them which is material to the business of the Company and its
Subsidiaries, in each case free and clear of all liens, encumbrances and
defects, except for Permitted Liens and such as do not materially affect the
value of such property and do not interfere with the use made and proposed to be
made of such property by the Company and any of its Subsidiaries. Any real
property and facilities held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be
made of such property and buildings by the Company and its Subsidiaries. 
There exists no default, or any event which upon notice or the passage of time,
or both, would give rise to any default, in the performance of the Company or by
any lessor under any such lease, nor, to the knowledge of the Company, is the
landlord of any such lease in default, except, in any such case, where any such
default would not have a Material Adverse Effect.  All tangible personal
property owned by the Company and its Subsidiaries has been maintained in good
operating condition and repair, except (x) for ordinary wear and tear, and (y)
where such failure would not have a Material Adverse Effect.

(r)    
Intellectual Property Rights.   (i) Schedule 3(r)(i)
sets forth a true and complete list of all (x) Registered or otherwise material
Owned Intellectual Property and (y) material Licensed Intellectual Property
other than intellectual property rights licensed in conjunction with acquisition
of computer hardware, software, and other products used in the ordinary course
of business.

(ii)               
Except to the extent as would not have a Material Adverse Effect, all
Owned Intellectual Property is valid, subsisting and enforceable, and is not
subject to any outstanding order, judgment or decree restricting its use or
adversely affecting the Company's or its Subsidiaries' rights thereto.  To
the knowledge of the Company and except to the extent as would not have a
Material Adverse Effect, all Licensed Intellectual Property is valid,
subsisting and enforceable, and is not subject to any outstanding order,
judgment or decree restricting its use or adversely affecting the Company's
or its Subsidiaries' rights thereto.

-12-

(iii)              
To the knowledge of the Company, neither the Company nor any of its
Subsidiaries is violating or has violated any Intellectual Property rights,
except to the extent as would not have a Material Adverse Effect.  Except as
set forth in Schedule 3(r)(iii), there are no suits, actions,
reissues, interferences, arbitrations, mediations, oppositions,
cancellations, Internet domain name dispute proceedings or other proceedings
(collectively, "Suits") pending, or to the knowledge of the
Company, threatened, concerning any claim that the Company or any of its
indemnitees have violated any Intellectual Property rights.

(iv)             
Except as set forth on Schedule 3(r)(iv), there are no Suits
or claims pending, or to the knowledge of the Company, threatened,
concerning the Owned Intellectual Property.  Except as set forth on Schedule 3(r)(iv), to the knowledge of the Company, there are no Suits
or claims pending or threatened concerning the Licensed Intellectual
Property or the right of the Company or any Subsidiary to use the Licensed
Intellectual Property.

(v)               
The Company and its Subsidiaries own or otherwise hold valid rights
to use all Business Intellectual Property used or contemplated to be used in
the operation of the Business as currently contemplated to be conducted in
the future, except to the extent as would not have a Material Adverse
Effect.  All such rights are free of all Liens (other than Permitted
Liens).  The completion of the transactions contemplated by this Agreement
will not alter or impair the ownership or right of the Company or any
Subsidiary to use any of the Business Intellectual Property.  The Business
Intellectual Property constitutes all material Intellectual Property,
Computer Software, Computer Hardware and Data that is contemplated to be
used in, or necessary for the conduct of the Business as currently
contemplated to be conducted in the future.  To the knowledge of the
Company, no Person is violating any Business Intellectual Property.

(vi)             
The Company and its Subsidiaries have timely made all filings and
payments with the appropriate foreign and domestic agencies required to
maintain in subsistence all Registered Owned Intellectual Property, except
where any failure to make such payments or filings would not have a Material
Adverse Effect.  All documentation necessary to confirm and effect the
Company's and its Subsidiaries' ownership of the Owned Intellectual
Property, if acquired from other Persons, has been recorded in the United
States Patent and Trademark Office, the United States Copyright Office and
other official offices, except to the extent as would not have a Material
Adverse Effect.

(vii)            
For purposes of this Section 3(r), the following terms shall have the
following meanings: 

"Business" means the respective businesses
of the Company and the Company's Subsidiaries.

"Business Intellectual Property" means the
Owned Intellectual Property and the Licensed Intellectual Property, and all
Computer Software, Computer Hardware and Data.

"Computer Hardware" means any computer
hardware, equipment and peripherals of any kind and of any platform,
including desktop and laptop personal computers, handheld computerized
devices, servers, mid-range and mainframe computers, process control and
distributed control systems, and all network and other communications and
telecommunications equipment.

-13-

"Computer Software" means any and all
computer programs, including operating system and applications software,
implementations of algorithms, and program interfaces, whether in source
code or object code form (including, but not limited to, all of the
foregoing that is installed on the Computer Hardware) and all documentation,
including user manuals relating to the foregoing.

"Data" means all information and data,
whether in printed or electronic form and whether contained in a database or
otherwise.

"Intellectual Property" means all rights,
priorities and privileges relating to intellectual property, including,
without limitation, (a) foreign and domestic trademarks, service marks,
brand names, certification marks, collective marks, d/b/a's, Internet domain
names, logos and other source or business identifiers, symbols, trade dress,
assumed names, fictitious names, trade names, corporate names, company
names, business names, and other indicia of origin, all applications and
registrations for all of the foregoing, and all goodwill associated
therewith and symbolized thereby, registrations and recordings thereof, and
all applications in connection therewith, including, but not limited to, all
extensions, modifications and renewals of same; (b) foreign and domestic
inventions, discoveries and ideas, whether patentable or not, and all
patents, registrations, and applications therefor, including, but not
limited to, divisions, continuations and continuations-in-part and
including, but not limited to, extensions and reissues; (c) Trade Secrets;
(d) foreign and domestic published and unpublished works of authorship,
whether copyrightable or not, copyrights therein and thereto, and
registrations and applications therefor, and all renewals, extensions,
restorations and reversions thereof; and (e) all other intellectual property
or proprietary rights and claims or causes of action arising out of or
related to any infringement, misappropriation or other violation of any of
the foregoing, including, but not limited to, rights to recover for past,
present and future violations thereof.  

"Licensed Intellectual Property" means
Intellectual Property that the Company and its Subsidiaries are licensed or
otherwise permitted by other Persons to use.  

"Owned Intellectual Property" means
Intellectual Property owned by the Company or its Subsidiaries.

"Registered" means issued, registered,
renewed or the subject of a pending application. 

"Trade Secrets" means confidential and
proprietary information, trade secrets and know-how, including, but not
limited to, processes, schematics, databases, formulae, drawings,
prototypes, models, designs and customer lists.

(s)   
Compliance with Applicable Laws.   (i) Each of the Company and its
Subsidiaries is in compliance with all applicable Legal Requirements,
including, without limitation, laws, statutes, codes, regulations, standards
(including consent decrees and administrative orders) at any time in effect
relating to the environment, hazardous materials and occupational safety and
health and to the status of the Company or its Subsidiaries as a contractor
with any Governmental Authority, except for such instances of noncompliance
as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.  No 

-14-

investigation or review by any
Governmental Authority with respect to the Company or its Subsidiaries is
pending or, to the knowledge of the Company, threatened.  For purposes of
this Agreement, "Legal Requirement" means any constitution, act,
statute, law, ordinance, treaty, rule, regulation or official interpretation
of, or judgment, injunction, order, decision, decree, license, permit or
authorization issued by, any Governmental Authority, and "Governmental
Authority" means any government, court, regulatory, self-regulatory,
administrative agency or commission or other governmental agency, authority
or instrumentality, domestic or foreign, of competent jurisdiction.

(ii)               
There are no past or present events, conditions, circumstances,
activities, practices, incidents or actions or plans which may give rise to
any common law or legal liability of the Company or its Subsidiaries that
would reasonably be expected to result in a Material Adverse Effect
including liability under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601 et seq., as
amended, or similar federal, state, county, municipal, or local laws, or
otherwise form the basis of any claim, action, demand, suit, proceeding,
hearing, notice of violation, study or investigation against or affecting
the Company or its Subsidiaries that would reasonably be expected to have a
Material Adverse Effect, based on or related to the generation, manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling, or the emission, discharge, release or threatened release into the
environment of any pollutant, contaminant, chemical, or industrial, toxic or
hazardous substance or waste ("Hazardous Substance").

(iii)              
There has been no release, discharge, deposit, disposal or
contamination (collectively "Release") of or by a Hazardous Substance caused
by the Company or any of its Subsidiaries on, under or, to the Company’s
knowledge, contiguous to any property owned or leased by the Company or any
of its Subsidiaries, except for such instances of Release as would not,
individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect, and to the knowledge of the Company, none of such properties
has been used at any time as a landfill, storage, or waste disposal site.

(iv)             
To the knowledge of the Company, no Hazardous Substance generated,
manufactured, processed, used, treated, or stored by the Company or its
Subsidiaries has been disposed of or treated at any site or location, other
than property leased or owned by the Company or its Subsidiaries, that was
not authorized or licensed to receive such materials for disposal or
treatment, or at any site or location for which the Company or any of its
Subsidiaries has received a notice of potential liability or request for
information, or at any site or location that has been placed or proposed to
be placed on any cleanup list or is the subject of a claim, order or
directive or consent (including consent decrees and administrative orders),
request, settlement or other demand from any person or entity for removal,
remedial, response, corrective action, abatement or cleanup, except, in any
such case, as would not reasonably be expected to have a Material Adverse
Effect.

-15-

(t)    
Subsidiary Rights.  The Company or one of its Subsidiaries has
the unrestricted right to vote, and (subject to limitations imposed by
applicable law) to receive dividends and distributions on, all capital
securities of its Subsidiaries that are owned by the Company or such
Subsidiary.

(u)   
Tax Status.  Except as would not be reasonably expected to
have a Material Adverse Effect, the Company and each of its Subsidiaries (i)
has made or filed (or requested an extension with respect to) all federal,
state and material local and provincial income and other tax returns,
reports and declarations required to be made or filed by it by any
jurisdiction to which it is subject and all such tax returns, reports and
declarations are complete and accurate in all material respects, (ii) has
paid all taxes and other governmental assessments and charges that are due
(whether or not shown as due) and payable by it on such returns, reports and
declarations, except those being contested in good faith for which adequate
reserves have been accrued on the Company's latest balance sheet and (iii)
has set aside on its books provisions required by GAAP reasonably adequate
for the payment of all taxes for periods subsequent to the periods to which
such returns, reports or declarations apply and which such taxes are not yet
due and payable.  There are no liens with respect to any taxes upon any of
the assets or properties of the Company or any of its Subsidiaries other
than for taxes that are not yet due and payable.  The Company is not a
United States real property holding corporation within the meaning of
Section 897(c)(2) of the Internal Revenue Code of 1986, as amended.

(v)   
Ranking of Securities.  No Indebtedness of the Company or any
of its Subsidiaries is senior to the Securities in right of payment.

(w) 
Independent Accountants.  Friedman LLP, who have certified the
consolidated financial statements of the Company as of December 31, 2005,
are independent public accountants within the meaning of the Securities Act.

(x)   
Investment Company.  Neither the Company nor any entity which
it "controls" (as defined by the Investment Company Act of 1940, as amended
(the "Investment Company Act")) is, or, after giving effect to the
offering and sale of the Securities and the application of the proceeds
thereof, will be, required to register under the Investment
Company Act. No entity, which is organized under any "State"
(as defined in the Investment Company Act) and which is "controlled" (as
defined by the Investment Company Act) by the Company, is required to
register under the Investment Company Act. 

(y)   
Trust Indenture Act.  Assuming the accuracy of the
representations and warranties of the Buyers contained in Section 2 hereof
and the Buyers' compliance with the agreements set forth therein, it is not
necessary in connection with the offer, issuance, sale and delivery of the
Securities in the manner contemplated by this Agreement and the other
Transaction Documents to register the offer or sale of any of the Securities
under the Securities Act or to qualify the Indenture under the Trust
Indenture Act of 1939, as amended.

-16-

(z)   
Sarbanes-Oxley Act.  The Company, each of its Subsidiaries
and, to the knowledge of the Company, each of their respective directors and
executive officers, in their capacities as such, are in compliance in all
material respects with any and all applicable requirements of the
Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any
and all applicable rules and regulations promulgated by the SEC thereunder
that are effective as of the date hereof.

(aa)    Internal Accounting Controls.  The
Company and each of its Subsidiaries maintain a system of internal
accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management's general or
specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset and liability
accountability, (iii) access to assets or incurrence of liabilities is
permitted only in accordance with management's general or specific
authorization and (iv) the recorded accountability for assets and
liabilities is compared with the existing assets and liabilities at
reasonable intervals and appropriate action is taken with respect to any
difference.

(bb)    Contracts.  Schedule 3(bb) contains a true, correct and
complete list or description of all current written contracts, agreements,
arrangements and other instruments ("Contracts") to which the Company
or any of its Subsidiaries is a party which: (a) are with any Governmental
Authority, (b)  are material to the Business Intellectual Property,
including but not limited to Contracts granting the Company or its
Subsidiaries rights to use the Business Intellectual Property and trademark
coexistence agreements, trademark consent agreements and nonassertion
agreements, or (c) are otherwise material to the business of the Company and
its Subsidiaries taken as a whole, other than, in each of the foregoing
cases, Contracts that have been publicly filed with the SEC.  All Contracts
are valid, binding and in full force and effect as to the Company and its
Subsidiaries, and there is no default by the Company or its Subsidiaries
with respect to any such Contracts, except for such defaults which would
not, individually or in the aggregate, have a Material Adverse Effect. 

(cc)    Benefit Plans.  
(i) Each Benefit
Plan intended to be tax qualified under Sections 401(a) and 501(a) of the
Internal Revenue Code of 1986, as amended (the "Code")
has
been determined by the Internal Revenue Service (the "IRS") to be tax
qualified under Sections 401(a) and 501(a) of the Code and, since such
determination, no amendment to or failure to amend any such Benefit Plan and
no other event or circumstance has occurred that could reasonably be
expected to adversely affect its tax qualified status.  Except for any
transactions that would not reasonably be expected to result in a Material
Adverse Effect, there have been no prohibited transactions within the
meaning of Section 4975 of the Code or Section 406 of Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
with respect to any Benefit Plan, except to the extent there is an exemption
available under Section 4975(d) of the Code or Section 408 of ERISA, or a
class or individual exemption issued by the Department of Labor.  For
purposes of this Agreement, "Benefit Plan" shall mean any
pension, retirement, savings, deferred compensation or profit-sharing plan, any
stock option, stock appreciation, stock purchase, performance share, bonus or
other incentive plan, severance 

-17-

plan, health, group insurance or other
welfare plan, or other similar plan (whether written or otherwise) and any
"employee benefit plan" within the meaning of Section 3(3) of ERISA, under
which the Company has any current or future obligation or liability
(including any potential, contingent or secondary liability under Title IV
of ERISA) or under which any employee or former employee (or beneficiary of
any employee or former employee) of the Company has or may have any current
or future right to benefits (the term "plan" shall include any contract,
agreement (including an employment or independent contractor agreement),
policy or understanding.

(ii)               
There are no actions, claims, audits, lawsuits or arbitrations
pending, or, to the knowledge of the Company, threatened, with respect to
any Benefit Plan or the assets of any Benefit Plan, except as would not,
either individually or in the aggregate, reasonably be expected to result in
a Material Adverse Effect.  Except as set forth in Schedule 3(cc) or
that would not reasonably be expected to result in a Material Adverse
Effect, each Benefit Plan has been administered in all material respects in
accordance with its terms and with all applicable Legal Requirements
(including, without limitation, the Code and ERISA).  There are no
applications pending with the IRS or the United States Department of Labor
under any voluntary compliance program regarding any Benefit Plan.  Except
as would not reasonably be expected to result in a Material Adverse Effect,
each of the Company and its Subsidiaries has satisfied all funding,
compliance and reporting requirements for all Benefit Plans. With respect to
each Benefit Plan, if applicable, each of the Company and its Subsidiaries
has paid all contributions in accordance with the terms of the applicable
Benefit Plan (including employee salary reduction contributions) and all
insurance premiums that have become due and any such expense accrued but not
yet due has been properly reflected in the Financial Statements.

(iii)              
The consummation of the transactions contemplated by this Agreement
will not (A) entitle any employee or independent contractor of the Company
or its Subsidiaries to severance pay or termination benefits, (B) accelerate
the time of payment or vesting, or increase the amount of compensation due
to any current or former employee or independent contractor of the Company
or its Subsidiaries, (C) obligate the Company or any of its affiliates to
pay or otherwise be liable for any compensation, vacation days, pension
contribution or other benefits to any current or former employee,
consultant, agent or independent contractor of the Company or its
Subsidiaries for periods before the Closing Date or the Buyers' Option
Purchase Date, (D) require assets to be set aside or other forms of security
to be provided with respect to any liability under a Benefit Plan, or (5)
result in any "parachute payment" (within the meaning of Section 280G of the
Code) under any Benefit Plan.

(iv)             
No Benefit Plan is subject to the provisions of Section 412 of the
Code or Part 3 of Subtitle B of Title I of ERISA.  No Benefit Plan is
subject to Title IV of ERISA and no Benefit Plan is a "multiemployer plan"
(within the meaning of Section 3(37) of ERISA).  In the past six years,
neither the Company, its Subsidiaries, nor any business or entity treated as
a single employer with the Company or its Subsidiaries for purposes of Title
IV of ERISA contributed to or was obliged to contribute to a pension plan
that was at any time subject to Title IV of ERISA.

-18-

(dd)          
Books and Records.  The books of account, ledgers, order books, records
and documents of the Company and its Subsidiaries (in the case of any acquired
Subsidiary, since the date of its acquisition) accurately and completely reflect
all information relating to the respective businesses of the Company and its
Subsidiaries, the nature, acquisition, maintenance, location and collection of
each of their respective assets, and the nature of all transactions giving rise
to material obligations or accounts receivable of the Company or its
Subsidiaries, as the case may be, except where the failure to so reflect such
information would not reasonably be expected to have a Material Adverse Effect. 
The minute books of the Company and its Subsidiaries (in the case of any
acquired Subsidiary, since the date of its acquisition) contain accurate records
in all material respects of all meetings and accurately reflect in all material
respects all other actions taken by the stockholders, boards of directors and
all committees of the boards of directors, and other governing Persons of the
Company and its Subsidiaries, respectively.

(ee)           
Money Laundering.  The Company and
its Subsidiaries are in material compliance with, and have not previously
violated in any material respect, the USA PATRIOT ACT of 2001 (the "PATRIOT
Act") and all other applicable U.S. and non-U.S. anti-money laundering
laws and regulations, including, but not limited to, the laws, regulations
and Executive Orders and sanctions programs administered by the U.S. Office
of Foreign Assets Control ("OFAC"), including, but not limited, to
(i) Executive Order 13224 of September 23, 2001 entitled, "Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism" (66 Fed. Reg. 49079 (2001)); and (ii) any regulations
contained in 31 CFR, Subtitle B, Chapter V (collectively, the "Anti-Money
Laundering/OFAC Laws").

(ff)             
Business Practices.  Neither the Company, its Subsidiaries,
nor, to the knowledge of the Company, any Person acting on behalf of the
Company or its Subsidiaries has paid or delivered, or promised to pay or
deliver, directly or indirectly through any other Person, any monies or
anything else of value to any government official or employee of any
political party, for the purpose of inducing or rewarding any action by the
official favorable to the Company or its Subsidiaries in violation of
applicable laws.

4.     
COVENANTS.

(a)   
Reasonable Best Efforts.  Each party shall use its reasonable
best efforts to timely satisfy each of the conditions to be satisfied by it
as provided in Sections 6 and 7 of this Agreement.

(b)  
Form D and Blue Sky.  The Company agrees to file a Form D with
respect to the Securities as required under Regulation D and to provide a
copy thereof to counsel for J.P. Morgan Securities Inc. promptly after such
filing.  The Company shall, on or before the Closing Date, take such action
as the Company shall reasonably determine is necessary in order to obtain an
exemption for or to qualify the Securities for sale to the Buyers at the
Closing pursuant to this Agreement under applicable securities or "Blue Sky"
laws of the states of the United States (or to obtain an exemption from such
qualification), and shall provide evidence of any such action so taken to
the Buyers on or prior to the Closing Date.  The Company shall make all
filings and reports relating to the offer and sale of the Securities
required under applicable securities or "Blue Sky" laws of the states of the
United States.

-19-

(c)   
Use of Proceeds. The proceeds from the sale of the Securities
will be used by the Company for any business proposed to be conducted by the
Company and its Subsidiaries on the date hereof and other businesses
reasonably related, complementary or ancillary thereto or a reasonable
extension or expansion thereof.  

(d)  
Financial Information.  For so long as any Securities remain
outstanding and are "restricted securities" within the meaning of Rule
144(a)(3) under the Securities Act, the Company will, during any period in
which it is not subject to Section 13 or 15(d) under the United States
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
make available to any Buyer and any holder of Securities in connection with
any sale thereof and any prospective purchaser of Securities, in each case
upon request, the information specified in, and meeting the requirements of,
Rule 144A(d)(4) under the Securities Act (or any successor thereto).

(e)   
Fees and Expenses.

(i)                 
The Company shall pay or reimburse, on the Closing Date,  the
reasonable and documented expenses of all legal counsel to the Buyers,
incurred in connection with the negotiation, due diligence and documentation
of the Transaction Documents in an aggregate amount not to exceed $75,000. 
Except as otherwise set forth in the Transaction Documents, each party
to this Agreement shall bear its own expenses in connection with the sale of
the Securities to the Buyers.

(ii)               
The Company shall pay or cause to be paid all reasonable costs and
expenses incident to the performance of its obligations hereunder, including
without limitation, all reasonable fees (including reasonable fees of its
counsel), costs and expenses (A) incident to the preparation, issuance,
execution, authentication and delivery of the Securities and (B) incurred in
connection with the registration or qualification and determination of
eligibility for investment of the Securities under United States federal and
state laws.

(f)    
Pledge of Securities.  The Company acknowledges and agrees
that the Securities may be pledged by a Holder to an Institutional
Accredited Investor in connection with a bona fide margin agreement
or other loan or financing arrangement that is secured by the Securities;
provided, that any such pledgee shall not foreclose on such pledge other
than in compliance with the transfer restrictions set forth in Section 2(h)
hereof.  The pledge of Securities shall not be deemed to be a transfer, sale
or assignment of the Securities hereunder, and no Buyer effecting a pledge
of Securities shall be required to provide the Company with any notice
thereof or otherwise make any delivery to the Company pursuant to this
Agreement or any other Transaction Document.  The Company hereby agrees to
execute and deliver such documentation as a pledgee of the Securities may
reasonably request in connection with a pledge of the Securities to such
pledgee by a Buyer.

-20-

(g)   
Conduct of Business.  The business of the Company and its
Subsidiaries shall not be conducted in violation of any Legal Requirement,
except where such violations would not reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect.

(h)   
Deposit of Collateral Funds; Security Interest.  On the
Closing Date, the portion of the Purchase Price constituting the Collateral
Funds shall be paid by the Buyers directly to the Collateral Agent.  The
Collateral Agent, on behalf of the Buyers, shall have a valid perfected
first priority Lien in the Cash Escrow Account and all cash and all
Investment Property (as defined in the Security Agreement) from time to time credited thereto.

(i)      General Solicitation.  None of the Company, any of its
affiliates (for purposes of this Section 4(i), as defined in Rule 501(b)
under the Securities Act) or any person acting on behalf of the Company or
such affiliate will solicit any offer to buy or offer or sell the Securities
by means of any form of general solicitation or general advertising within
the meaning of Regulation D, including:  (i) any advertisement, article,
notice or other communication published in any newspaper, magazine or
similar medium or broadcast over television or radio; and (ii) any seminar
or meeting whose attendees have been invited by any general solicitation or
general advertising.

(j)    
Integration.  None of the Company, any of its affiliates (for
the purpose of this Section 4(j), as defined in Rule 501(b) under the
Securities Act) or any person acting on behalf of the Company or such
affiliate will sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in the Securities Act)
which will be integrated with the sale of the Securities in a manner which
would require the registration under the Securities Act of the Securities
and the Company will take all action that is appropriate or necessary to
assure that its offerings of other securities will not be integrated for
purposes of the Securities Act.

(k)  
Publicity.  The Buyers shall not issue any press release or
otherwise make any public statement, filing or other communication related
to this Agreement, any other Transaction Document, or any of the
transactions contemplated hereby or thereby, without the prior consent of
the Company (such consent not to be unreasonably withheld), except if such
disclosure is required by law or the rules of any national stock exchange or
automated quotation system, in which case the disclosing party shall
promptly provide the other parties with prior notice of such public
statement, filing or other communication.  The Company shall not, disclose
the name of any Buyer to any third party without the prior written consent
of such Buyer (which consent shall not be unreasonably withheld or delayed),
except if such disclosure is required by law.  The preceding sentence shall
not apply to the provision of documentation to potential investors in
connection with any potential financings, mergers or acquisitions involving
the Company.

-21-

(l)     
Withholding Tax.  Each Buyer shall deliver to the Company
either (i) two (2) copies of a properly completed and duly executed
applicable Internal Revenue Service Form W-8 (claiming an exemption under an
applicable United States income tax treaty) or W-9 that establishes a
complete exemption from United States withholding tax or (ii) a certificate
to the effect that such Buyer is not a "bank" within the meaning of Section
881(c)(3)(A) of the Code, is not a "10-percent shareholder" within the
meaning of Section 881(c)(3)(B) of the Code and is not a controlled foreign
corporation as described in Section 881(c)(3)(C) of the Code, and two (2)
copies of a properly completed and duly executed Internal Revenue Service
Form W-8BEN or Form W-8IMY transmitting one or more Form W-8BENs. Each Buyer
will provide replacement forms on the obsolescence of such forms or
inaccuracy of any information thereon to the extent that it may lawfully do
so.

(m)    Compliance With Laws.  The Company and its Subsidiaries shall
at all times be in compliance in all material respects with the Foreign
Corrupt Practices Act; the PATRIOT Act, and all other applicable U.S. and
non-U.S. anti-money laundering laws and regulations; and the laws,
regulations and Executive Orders and sanctions programs administered by the
OFAC, including, without limitation, the "Anti-Money Laundering/OFAC Laws".

5.     
[RESERVED].

6.     
CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

The obligation of the Company hereunder to issue
and sell the Securities to each Buyer at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the following
conditions, provided that these conditions are for the Company's sole
benefit and may be waived by the Company at any time in its sole discretion
by providing each Buyer with prior written notice thereof:

(a)   
Such Buyer shall have executed each of the Transaction Documents to
which it is a party and delivered the same to the Company.

(b)  
Such Buyer and each other Buyer shall have delivered to the Company
the Purchase Price for the Securities being purchased by such Buyer at the
Closing, by wire transfer of immediately available funds pursuant to the
wire instructions provided by the Company. 

(c)   
The representations and warranties of such Buyer shall be true and
correct in all material respects as of the date when made and as of the
Closing Date, as though made at that time (except for representations and
warranties that speak as of a specific date), and such Buyer shall have
performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by such Buyer at or prior to the
Closing Date.

7.     
CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

The obligation of each Buyer hereunder to purchase
the Securities at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these
conditions are for each Buyer's sole benefit and may be waived by such Buyer
at any time in its sole discretion by providing the Company with prior
written notice thereof:

-22-

 (a)   
The Company and the Guarantors (as applicable) shall have executed
and delivered to such Buyer (i) each of the Transaction Documents, and (ii)
the Securities being purchased by such Buyer at the Closing.

(b)  
Such Buyer shall have received the opinions of (i) Gibson, Dunn &
Crutcher LLP, special counsel for the Company and the Guarantors, in
substantially the form of Exhibit C-1 attached hereto, (ii) Dechert LLP,
Investment Company Act counsel for the Company and the Guarantors, in
substantially the form of Exhibit C-2 attached hereto and (iii) Jeffrey
Epstein, Esq., general counsel for the Company, in substantially the form of
Exhibit C-3.

(c)   
The Company shall have delivered to such Buyer a certificate
evidencing the formation and good standing of the Company and each of its
Domestic Restricted Subsidiaries in such entity's jurisdiction of formation
issued by the Secretary of State (or comparable office) of such
jurisdiction, as of a date within ten (10) days of the Closing Date.

(d)  
[Reserved].

(e)   
The representations and warranties of the Company and the Guarantors
(as applicable) shall be true and correct as of the date when made and as of
the Closing Date, as though made at that time (except for representations
and warranties that speak as of a specific date) and the Company and the
Guarantors (as applicable) shall have performed, satisfied and complied in
all respects with the covenants, agreements and conditions required by the
Transaction Documents to be performed, satisfied or complied with by the
Company and the Guarantors (as applicable) at or prior to the Closing Date. 
Such Buyer shall have received a certificate, executed by an authorized
officer of the Company and each Guarantor, dated as of the Closing Date, to
the foregoing effect and certifying as to (i) the resolutions consistent
with Section 3(b) as adopted by the Company's Board of Directors in a form
reasonably acceptable to such Buyer, (ii) the Certificate of Incorporation
and (iii) the Bylaws, each as in effect at the Closing, and certifying as to
such other matters as may be reasonably requested by such Buyer in the form
attached hereto as Exhibit D.  

(f)    
The Company shall have obtained all governmental, regulatory or third
party consents and approvals, if any, necessary for the sale of the
Securities and consummation of all other transactions contemplated hereby.

(g)   
In accordance with the terms of the Security Agreement, the Company
shall have: 

-23-

(1)  
filed such financing statements and other documents in such offices
as the Collateral Agent may reasonably request to perfect the security
interests granted by the Security Agreement (it being understood that in no
event shall financing statements be filed against fixtures in the local
jurisdictions of their location);

(2)  
delivered to the Collateral Agent all certificates evidencing any of
the Pledged Equity (as defined in the Security Agreement), accompanied by
undated stock or other powers duly executed in blank;

(3)  
caused each Share Issuer (as defined in the Security Agreement) that
is a Subsidiary (other than a Share Issuer the ownership interests in which
are evidenced by certificates) to agree that it will comply with
instructions regarding perfection and recordation originated by the
Collateral Agent;

(4)  
execute, deliver and record such short form security agreements
relating to Collateral consisting of the Trademark Collateral (as defined in
the Security Agreement) as the Collateral Agent may reasonably request; and

(h)   
The Company shall have delivered to the Collateral Agent such other
documents and certificates as the Collateral Agent may reasonably require in
order to perfect the Collateral Agent’s security interest in the Collateral.

(i)     
The Company shall have simultaneously sold to each Buyer the
Securities to be purchased by such Buyer hereunder at the Closing and shall
have received payment in full for such Securities.

(j)    
The Company shall have obtained all consents, authorizations,
approvals, orders, licenses, permits and qualifications from, or secured
exemptions therefrom, and made all necessary filings, declarations and
registrations with, any Governmental Authority (including any required
consents from the FCC) or any other Person (if any) required to be obtained
or made by or with respect to the Company in connection with the offer and
sale of the Securities, the execution and delivery of each of the
Transaction Documents or the consummation of the transactions contemplated
hereby and thereby (other than filings, declarations and registrations in
connection with the perfection of security interests).

(k)  
No action or proceeding by or before any Governmental Authority shall
be pending or threatened challenging or seeking to restrain or prohibit the
transactions contemplated by the Transaction Documents.  No Legal
Requirement preventing the transactions contemplated by the Transaction
Documents shall be in effect.

(l)     
The Company shall have delivered an incumbency certificate dated the
Closing Date for the officers of the Company or any Guarantor executing any
of the Transaction Documents and any documents delivered in connection with
the Transaction Documents and the Closing.

-24-

8.     
TERMINATION.

In the event that the Closing shall not have
occurred with respect to a Buyer on or before five (5) Business Days
from the date hereof due to the Company's or such Buyer's failure to satisfy
the conditions set forth in Sections 6 and 7 above (and the nonbreaching
party's failure to waive such unsatisfied condition(s)), the nonbreaching
party shall have the option to terminate this Agreement with respect to such
breaching party at the close of business on such date without liability of
any party to any other party by providing written notice of such termination
to the breaching party; provided, however, if this Agreement is
terminated pursuant to this Section 8 by reason of a breach by the Company,
the Company shall remain obligated to reimburse the non-breaching Buyers for
the expenses described in Section 4(e) above. 

9.     
MISCELLANEOUS.

(a)   
Governing Law; Jurisdiction; Jury Trial.  All questions
concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other
jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York.  Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. 
Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it
under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof.  Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY.

(b)  
Counterparts.  This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party; provided; that a facsimile
signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an
original, not a facsimile signature.

-25-

(c)   
Headings.  The headings of this Agreement are for convenience
of reference and shall not form part of, or affect the interpretation of,
this Agreement.

(d)  
Severability.  If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

(e)   
Entire Agreement; Amendments.  This Agreement supersedes all
other prior oral or written agreements between the Buyers, the Company,
their affiliates and Persons acting on their behalf with respect to the
matters discussed herein, and this Agreement and the instruments referenced
herein contain the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth
herein or therein, neither the Company nor any Buyer makes any
representation, warranty, covenant or undertaking with respect to such
matters.  No provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and the holders of at least a
majority of the aggregate principal amount of the Securities issued and
issuable hereunder, and any amendment to this Agreement made in conformity
with the provisions of this Section 9(e) shall be binding on all Buyers and
holders of Securities, as applicable.  No provision hereof may be waived
other than by an instrument in writing signed by the party against whom
enforcement is sought.  No such amendment shall be effective to the extent
that it applies to less than all of the holders of the applicable Securities
then outstanding.  The Company has not, directly or indirectly, made any
agreements with any Buyers relating to the terms or conditions of the
transactions contemplated by the Transaction Documents except as set forth
in the Transaction Documents.

(f)    
Notices.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered:  (i)
upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii)
one Business Day after deposit with an overnight courier service, in each
case properly addressed to the party to receive the same.  The addresses and
facsimile numbers for such communications shall be:  (x) if to the Company
or a Guarantor, to the address specified in Section 12.01 of the Indenture
and (y) to a Buyer, to its address set forth on the Schedule of Buyers, or
to such other address and/or facsimile number and/or to the attention of
such other Person as the recipient party has specified by written notice
given to each other party five (5) days prior to the effectiveness of such
change.  Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the
time, date, recipient facsimile number and an image of the first page of
such transmission or (C) provided by an overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or
(iii) above, respectively.

-26-

(g)   
Successors and Assigns.  This Agreement shall be binding upon
and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of the Securities.  The Company shall not
assign this Agreement or any rights or obligations hereunder without the
prior written consent of the holders of at least a majority of the aggregate
principal amount of the Securities issued and issuable hereunder.  A Buyer
may assign some or all of its rights hereunder without the consent of the
Company, in which event such assignee shall be deemed to be a Buyer
hereunder with respect to such assigned rights and shall agree to be bound
by the provisions hereof.

(h)   
No Third Party Beneficiaries.  This Agreement is intended for
the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person, provided, however, that the Agents may rely
upon Sections 2 and 3 hereof.

(i)      Survival.  Unless this Agreement is terminated under Section
8, the representations and warranties of the Company and the Buyers
contained in Sections 2 and 3 and the agreements and covenants set forth in
Sections 4, 5 and 9 shall survive the Closing.  Each Buyer shall be
severally responsible only for its own representations, warranties,
agreements and covenants hereunder.

(j)    
Further Assurances.  Each party shall do and perform, or cause
to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and
documents, as any other party may reasonably request in order to carry out
the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

(k)  
Indemnification.  In consideration of each Buyer's execution
and delivery of the Transaction Documents and acquiring the Securities
thereunder and in addition to all of the Company's and Guarantors' other
obligations under the Transaction Documents, the Company and the Guarantors,
jointly and severally, shall defend, protect, indemnify and hold harmless
each Buyer and such Buyer's stockholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the
foregoing Persons' agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated
by this Agreement) (each, an "Indemnitee" and collectively, the "Indemnitees"),
as incurred, from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and
expenses in connection therewith (irrespective of whether any such
Indemnitee is a party to the action for which indemnification hereunder is
sought), and including reasonable attorneys' fees and disbursements (the "Indemnified
Liabilities"), incurred by any Indemnitee as a result of, or arising out
of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company or the Guarantors (as applicable) in the
Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby, (b) any breach of any covenant, agreement or
obligation of the Company or the Guarantors (as applicable) contained in the
Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby or (c) any cause of action, suit or claim
brought or made against such 

-27-

Indemnitee by a third party (including for
these purposes a derivative action brought on behalf of the Company) and
arising out of or resulting from (i) the execution, delivery, performance or
enforcement of the Transaction Documents or any other certificate,
instrument or document contemplated hereby or thereby, (ii) any transaction
financed or to be financed in whole or in part, directly or indirectly, with
the proceeds of the issuance of the Securities or (iii) the status of such
Buyer or holder of the Securities as an investor in the Company pursuant to
the transactions contemplated by the Transaction Documents; provided that
indemnification pursuant to this clause (c) shall not be available to the
extent arising primarily from such Buyer's bad faith, breach of the
Transaction Documents, fraud, gross negligence or willful misconduct.  To
the extent that the foregoing undertaking by the Company may be
unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law. 
If a third party
claim in respect of Indemnified Liabilities involves more than one
Indemnitee, the Indemnitees shall conduct the defense through the same legal
counsel, at the Company’s expense, acceptable to all Indemnitees, provided
that an Indemnitee may employ separate counsel, at the Company’s expense, if
representation by the same legal counsel would be inappropriate due to
differing interests between the Indemnitees. 

(l)     
No Strict Construction.  The language used in this Agreement
will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against
any party.

(m) 
Remedies.  Each Buyer and each holder of the Securities shall
have all rights and remedies set forth in the Transaction Documents and all
rights and remedies which such holders have been granted at any time under
any other agreement or contract and all of the rights which such holders
have under any law.  Any Person having any rights under any provision of
this Agreement shall be entitled to enforce such rights specifically
(without posting a bond or other security), to recover damages by reason of
any breach of any provision of this Agreement and to exercise all other
rights granted by law.  Furthermore, the Company recognizes that in the
event that it fails to perform, observe, or discharge any or all of its
obligations under the Transaction Documents, any remedy at law may prove to
be inadequate relief to the Buyers.  The Company therefore agrees that the
Buyers shall be entitled to seek temporary and permanent injunctive relief
in any such case without the necessity of proving actual damages and without
posting a bond or other security.

(n)   
Payment Set Aside.  To the extent that the Company makes a
payment or payments to the Buyers hereunder or pursuant to any of the other
Transaction Documents or the Buyers enforce or exercise their rights
hereunder or thereunder, and such payment or payments or the proceeds of
such enforcement or exercise or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise
restored to the Company, a trustee, receiver or any other Person under any
law (including, without limitation, any bankruptcy law, foreign, state or
federal law, common law or equitable cause of action), then to the extent of
any such restoration the obligation or part thereof originally intended to
be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such enforcement or setoff had not
occurred.

-28-

(o)  
Independent Nature of Buyers' Obligations.  The obligations of
each Buyer under any Transaction Document are several and not joint with the
obligations of any other Buyer, and no Buyer shall be responsible in any way
for the performance of the obligations of any other Buyer under any
Transaction Document.  Nothing contained herein or in any other Transaction
Document, and no action taken by any Buyer pursuant hereto or thereto, shall
be deemed to constitute the Buyers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Buyers
are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. 
Each Buyer confirms that it has independently participated in the
negotiation of the transaction contemplated hereby with the advice of its
own counsel and advisors. Subject to the provisions of the Indenture, each
Buyer shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement or
out of any other Transaction Documents, and it shall not be necessary for
any other Buyer to be joined as an additional party in any proceeding for
such purpose.

(p)  
Currency.  Unless otherwise indicated, all dollar amounts
referred to in this Agreement are in United States Dollars.

(q)  
Termination of Security Documents; Releases.  Upon the
redemption of all of the Securities pursuant to the terms of the Indenture,
the Security Agreement shall terminate.  Upon such termination of the
Security Agreement or upon any release of a Guarantor or of Collateral
pursuant to Section 5.12 of the Security Agreement or Section 4.07 or
Section 11.02 of the Indenture, and the Collateral Agent and the Holders
irrevocably authorize and direct the Company, and any agent under their
respective direction, at the sole expense of the Company, to (a) discharge
any and all appropriate registrations and filings made in favor of the
Holders or the Collateral Agent on behalf of the Holders, against the
Company or its Subsidiaries (and any predecessor entities of or to the
Company or its Subsidiaries) and any appropriate financing change statements
filed in connection with such registrations; and (b) file any appropriate
UCC financing statement terminations.

(r)    
Appointment of Collateral Agent.  Each Buyer hereby appoints
the Collateral Agent to serve as collateral agent under all the Financing
Documents and hereby authorizes and directs the Collateral Agent to enter
into the Security Agreement and to perform its obligations and exercise its
rights thereunder in accordance therewith.  

[Signature Pages Follow]

-29-

IN WITNESS
WHEREOF, each Buyer, the Company and each of the Guarantors have caused
their respective signature page to this Securities Purchase Agreement to be
duly executed as of the date first written above.

	 	MOTIENT CORPORATION
	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	
Executive Vice President 

 

 

	 	
MVH HOLDINGS INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

	 	
MOTIENT COMMUNICATIONS INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

	 	 MOTIENT LICENSE INC. 
	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

	 	
MOTIENT SERVICES INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

 

	 	
MOTIENT HOLDINGS INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

	 	
MOTIENT VENTURES HOLDING INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	Vice President 

 

 

	 	
TERRESTAR NETWORKS INC. 

	 
	 	By:	/s/ 
Neil L. Hazard   
	 	Name:	Neil L. Hazard  
	 	Title:	
Chief Financial Officer 

 

 

IN WITNESS
WHEREOF, each Buyer, the Company and each of the Guarantors have caused
their respective signature page to this Securities Purchase Agreement to be
duly executed as of the date first written above.

	 	
BUYER: 

	 	 
	 	
DEEPHAVEN EVENT TRADING LTD 

	 
	 	By:	/s/
Jeffrey Golbus  
	 	Name:	
Jeffrey Golbus 

	 	Title:	Assistant Portfolio Manager

 

 

	 	
BUYER: 

	 	 
	 	
DEEPHAVEN DISTRESSED 

	 	
OPPORTUNITIES TRADING LTD 

	 
	 	By:	/s/
Jeffrey Golbus  
	 	Name:	
Jeffrey Golbus 

	 	Title:	Portfolio Manager

 

 

	 	
BUYER: 

	 	 
	 	
MA DEEP EVENT LTD 

	 
	 	By:	/s/
Jeffrey Golbus  
	 	Name:	
Jeffrey Golbus 

	 	Title:	Assistant Portfolio Manager

 

 

 

	 	
BUYER: 

	 	 
	 	
TEMPO MASTER FUND LP 
	 	 
	 	
c/o JD CAPITAL MANAGEMENT LLC
	 
	 	By:	/s/
Andrew Barnard    
	 	Name:	
Andrew Barnard    
	 	Title:	Portfolio Manager

 

 

	 	
BUYER: 

	 	 
	 	
THIRD POINT PARTNERS  

	 	
QUALIFIED L.P. 
	 
	 	By:	/s/
Keith Waller   
	 	Name:	
Keith Waller  
	 	Title:	
 Managing Director Operations

Third Point LLC  

 

 

	 	
BUYER: 

	 	 
	 	
THIRD POINT PARTNERS L.P.
	 
	 	By:	/s/
Keith Waller    
	 	Name:	
Keith Waller  
	 	Title:	
 Managing Director Operations

Third Point LLC  

 

 

 

	 	
BUYER: 

	 	 
	 	
THIRD POINT OFFSHORE FUND LTD. 
	 	 
	 
	 	By:	/s/
Keith Waller    
	 	Name:	
Keith Waller    
	 	Title:	
 Managing Director Operations

Third Point LLC  

 

 

	 	
BUYER: 

	 	 
	 	
THIRD POINT ULTRA LTD. 

	 
	 	By:	/s/
Keith Waller   
	 	Name:	
Keith Waller  
	 	Title:	
 Managing Director Operations

Third Point LLC  

 

 

	 	
BUYER: 

	 	 
	 	
SATELLITE ASSET MANAGEMENT, 
LP
	 
	 	
on behalf of certain of its funds and accounts
	 	 	 
	 	 	 
	 	By:	/s/
Simon Raykher  
	 	Name:	
Simon Raykher 

	 	Title:	General Counsel 

 

 

	 	
BUYER: 

	 	 
	 	
STANFIELD OFFSHORE LEVERAGED
	 	
ASSETS, LTD. 

	 
	 	By:	/s/
Chris Pucillo  
	 	Name:	
Chris Pucillo 
    
	 	Title:	
Portfolio Manager 

 

 

	 	
BUYER: 

	 	 
	 	
LC CAPITAL MASTER FUND, LTD. 

	 
	 	By:	/s/
Richard F. Conway  
	 	Name:	
Richard F. Conway 

	 	Title:	
Director 

 

 

	 	
BUYER: 

	 	 
	 	
REDWOOD MASTER FUND, LTD. 

	 	 	 
	 	By:	/s/
Jonathan Kolatch 
	 	Name:	
Jonathan Kolatch 

	 	Title:	
Director 

 

	 	
BUYER: 

	 	 
	 	
MULBERRY MASTER FUND, LTD. 

	 	 
	 
	 	By:	/s/
Jonathan Kolatch  
	 	Name:	Jonathan Kolatch 

	 	Title:	Member of Mulberry Capital

Management, LLC, Advisor 
 

 

 

	 	
BUYER: 

	 	 
	 	
CANYON CAPITAL ADVISORS LLC 

	 
	 	By:	/s/
Joshua S. Friedman  
	 	Name:	
Joshua S. Friedman 

	 	Title:	Authorized Signatory   

 

 

	 	
BUYER: 

	 	 
	 	
GOLDENTREE MASTER FUND, LTD. 

	 	 	 
	 	
By: GOLDENTREE ASSET 

	 	
MANAGEMENT, LP 
	 	 	 
	 	By:	/s/
Barry Ritholz  
	 	Name:	
Barry Ritholz 

	 	Title:	General Counsel 

 

 

	 	
BUYER: 

	 	 
	 	
GOLDENTREE MASTER FUND II,  LTD. 

	 	 
	 	
By: GOLDENTREE ASSET 

	 	
MANAGEMENT, LP 

	 
	 
	 	By:	/s/
Barry Ritholz  
	 	Name:	
Barry Ritholz 

	 	Title:	General Counsel 

 

 

	 	
BUYER: 

	 	 
	 	
CITI GOLDENTREE, LTD. 

	 	 
	 	
By: GOLDENTREE ASSET 

	 	
MANAGEMENT, LP 

	 
	 
	 	By:	/s/
Barry Ritholz  
	 	Name:	
Barry Ritholz 

	 	Title:	General Counsel 

 

 

	 	
BUYER: 

	 	 
	 	
GOLDENTREE MULTISTRATEGY

FINANCING, LTD. 
 

	 	 	 
	 	
By: GOLDENTREE ASSET 

	 	
MANAGEMENT, LP 
	 	 	 
	 	By:	/s/
Barry Ritholz  
	 	Name:	
Barry Ritholz 

	 	Title:	General Counsel 

 

 

 

	 	
BUYER: 

	 	 
	 	
GPC LVIII, LLC
	 	 
	 	
By: GOLDENTREE ASSET 

	 	
MANAGEMENT, LP 

	 
	 
	 	By:	/s/
Barry Ritholz  
	 	Name:	
Barry Ritholz 

	 	Title:	General Counsel 

 

 

	 	
BUYER: 

	 	 
	 	
FARALLON CAPITAL PARTNERS, 
L.P.
	 	
FARALLON CAPITAL 
	 	
INSTITUTIONAL PARTNERS, L.P. 

	 	
FARALLON CAPITAL 

	 	
INSTITUTIONAL PARTNERS II, L.P. 

	 	
FARALLON CAPITAL 

	 	
INSTITUTIONAL PARTNERS III, L.P. 

	 	
TINICUM PARTNERS, L.P. 
	 	
FARALLON CAPITAL OFFSHORE
	 	
INVESTORS II, L.P. 

	 	 
	 	 
	 	
By: FARALLON PARTNERS, L.L.C., 

	 	
their General Partner 
	 
	 
	 	By:	/s/ Raj Patel   
	 	Name:	
Raj Patel   
	 	Title:	Managing Member 

 

 

 

	 	
BUYER: 

	 	 
	 	
FARALLON CAPITAL OFFSHORE 

	 	
INVESTORS, INC. 

	 	 
	 	
By: FARALLON CAPITAL 

	 	
MANAGEMENT, L.L.C., 
	 	
its Attorney-In-Fact 

	 
	 
	 	By:	/s/ Raj Patel 
	 	Name:	
Raj Patel 
	 	Title:	Managing Member 

 

 

	 	
BUYER: 

	 	 
	 	
YORK CREDIT OPPORTUNITIES 
	 	
FUND, L.P. 

	 	 
	 
	 	By:	/s/
Alan H. Cohen  
	 	Name:	
Alan H. Cohen 

	 	Title:	
Sr. Managing Director

 

 

	 	
BUYER: 

	 	 
	 	
YORK ENHANCED STRATEGIES 
	 	
FUND, LLC 

	 	 	 
	 	By:	/s/
Alan H. Cohen  
	 	Name:	Alan H. Cohen 

	 	Title:	
Sr. Managing Director

 

 

	 	
BUYER: 

	 	 
	 	
COLUMBUS HILL OVERSEAS, LTD. 
	 	 
	 	
By: COLUMBUS HILL CAPITAL 

	 	
MANAGEMENT, L.P., 

	 	
its investment manager 
	 
	 
	 	By:	/s/
David Newmark 
	 	Name:	
David Newmark 
	 	Title:	
Chief Financial Officer

 

 

	 	
BUYER: 

	 	 
	 	
COLUMBUS HILL PARTNERS, L.P. 

	 	 
	 	
By: COLUMBUS HILL CAPITAL 

	 	
MANAGEMENT, L.P., 

	 	
its investment manager 

	 
	 	By:	/s/
David Newmark  
	 	Name:	
David Newmark   
	 	Title:	
Chief Financial Officer

 

 

	 	
BUYER: 

	 	 
	 	
SILVER POINT CAPITAL FUND, L.P. 
	 	 
	 	
By: SILVER POINT CAPITAL 

	 	
GENERAL PARTNER, LLC, 

	 	
its general partner 

	 	 	 
	 	By:	/s/
Fred Fogel 
  
	 	Name:	
Fred Fogel 

	 	Title:	Authorized Person 

 

 

	 	
BUYER: 

	 	 
	 	
SILVER POINT CAPITAL OFFSHORE 

	 	
FUND, L.P. 

	 	 
	 	
By: SILVER POINT CAPITAL, L.P., 
	 	
its investment manager 
	 
	 
	 	By:	/s/
Fred Fogel  
	 	Name:	
Fred Fogel 

	 	Title:	Authorized Person 

 

 

	 	
BUYER: 

	 	 
	 	
GARY & KAREN SINGER 

	 	
CHILDREN’S TRUST 

	 
	 	By:	/s/
Steven Singer  
	 	Name:	Steven Singer 

	 	Title:	Trustee 

 

 

 

EXHIBITS

	Exhibit A

Exhibit B

Exhibit C-1

Exhibit C-2

Exhibit C-3

Exhibit D

Exhibit E	Indenture

Security Agreement

Form of Special Counsel Opinion

Form of Investment Company Act Opinion

Form of General Corporate Counsel Opinion

Form of Secretary's and Officer’s Certificate

Form of Account Control Agreement

SCHEDULES

	Schedule 3(a)

Schedule 3(i)

Schedule 3(j) 

Schedule 3(l) 

Schedule 3(m) 

Schedule 3(n) 

Schedule 3(p) 

Schedule 3(q) 

Schedule 3(r) 

Schedule 3(bb) 

Schedule 3(cc)
	Subsidiaries

Absence of Certain Changes

Conduct of Business; Regulatory Permits

Equity Capitalization

Indebtedness and Other Contracts

Absence of Litigation

Employee Relations

Real Property and Other Assets

Intellectual Property Rights

Contracts

Benefit Plans

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