Document:

EX-4.1

 

Exhibit 4.1

 

 

 

NORTHERN NEW ENGLAND SPINCO INC.

131/8% SENIOR NOTES DUE 2018

 

INDENTURE

DATED AS OF MARCH 31, 2008

 

U.S. BANK NATIONAL ASSOCIATION

TRUSTEE

 

 

 

 

CROSS-REFERENCE TABLE1

	 	 	 
	TIA	 	Indenture
	Section	 	Section
	 
	 	 
	310(a)(1)
	 	7.10
	 (a)(2)
	 	7.10
	 (a)(3)
	 	N.A.
	 (a)(4)
	 	N.A.
	 (a)(5)
	 	7.10
	 (b)
	 	7.03, 7.08,7.10
	 (c)
	 	N.A.
	311(a)
	 	7.11
	 (b)
	 	7.11
	 (c)
	 	N.A.
	312(a)
	 	2.06
	 (b)
	 	12.03
	 (c)
	 	12.03
	313(a)
	 	7.06
	 (b)(1)
	 	N.A.
	 (b)(2)
	 	7.06, 7.07
	 (c)
	 	7.06, 12.02
	 (d)
	 	7.06
	314(a)
	 	4.03, 4.04, 12.05
	 (b)
	 	N.A.
	 (c)(1)
	 	12.04, 12.05
	 (c)(2)
	 	12.04, 12.05
	 (c)(3)
	 	N.A.
	 (d)
	 	N.A.
	 (e)
	 	12.05
	 (f)
	 	N.A.
	315(a)
	 	7.01
	 (b)
	 	7.05
	 (c)
	 	7.01
	 (d)
	 	7.01
	 (e)
	 	6.11
	316(a)(1)(A)
	 	6.05
	 (a)(1)(B)
	 	6.04
	 (a)(2)
	 	N.A.
	 (a) (last sentence)
	 	2.10
	 (b)
	 	6.07
	3.17(a)(1)
	 	6.08
	  (a)(2)
	 	6.09

 

			
	1	 	N.A. means not applicable.
	 
	 	 	This Cross-Reference Table is not part of this Indenture.

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	TIA	 	Indenture
	Section	 	Section
	 
	 	 
	3.17(b)
	 	2.04
	3.18(a)
	 	12.01
	3.18(b)
	 	N.A.
	3.18(c)
	 	12.01

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TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE One
 DEFINITIONS AND INCORPORATION
 BY REFERENCE 

	 
	 	 	 	 	 	 
	Section 1.01.
	 	Definitions	 	 	1	 
	Section 1.02.
	 	Other Definitions	 	 	23	 
	Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act	 	 	23	 
	Section 1.04.
	 	Rules of Construction	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE Two 

	 
	 	 	 	 	 	 
	THE NOTES 

	 
	 	 	 	 	 	 
	Section 2.01.
	 	Form and Dating	 	 	24	 
	Section 2.02.
	 	Execution and Authentication	 	 	25	 
	Section 2.03.
	 	Methods of Receiving Payments on the Notes	 	 	26	 
	Section 2.04.
	 	Registrar and Paying Agent	 	 	26	 
	Section 2.05.
	 	Paying Agent to Hold Money in Trust	 	 	26	 
	Section 2.06.
	 	Holder Lists	 	 	27	 
	Section 2.07.
	 	Transfer and Exchange	 	 	27	 
	Section 2.08.
	 	Replacement Notes	 	 	38	 
	Section 2.09.
	 	Outstanding Notes	 	 	39	 
	Section 2.10.
	 	Treasury Notes	 	 	39	 
	Section 2.11.
	 	Temporary Notes	 	 	39	 
	Section 2.12.
	 	Cancellation	 	 	39	 
	Section 2.13.
	 	Defaulted Interest	 	 	40	 
	Section 2.14.
	 	CUSIP Numbers	 	 	40	 
	 
	 	 	 	 	 	 
	ARTICLE Three
 REDEMPTION AND OFFERS TO PURCHASE 

	 
	 	 	 	 	 	 
	Section 3.01.
	 	Notices to Trustee	 	 	40	 
	Section 3.02.
	 	Selection of Notes to Be Redeemed	 	 	40	 
	Section 3.03.
	 	Notice of Redemption	 	 	41	 
	Section 3.04.
	 	Effect of Notice of Redemption	 	 	42	 
	Section 3.05.
	 	Deposit of Redemption Price	 	 	42	 
	Section 3.06.
	 	Notes Redeemed in Part	 	 	42	 
	Section 3.07.
	 	Optional Redemption	 	 	42	 
	Section 3.08.
	 	Repurchase Offers	 	 	43	 
	Section 3.09.
	 	No Sinking Fund	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE Four
COVENANTS 

	 
	 	 	 	 	 	 
	Section 4.01.
	 	Payment of Notes	 	 	45	 
	Section 4.02.
	 	Maintenance of Office or Agency	 	 	45	 

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	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 4.03.
	 	Reports	 	 	45	 
	Section 4.04.
	 	Compliance Certificate	 	 	46	 
	Section 4.05.
	 	Taxes	 	 	47	 
	Section 4.06.
	 	Stay, Extension and Usury Laws	 	 	47	 
	Section 4.07.
	 	Restricted Payments	 	 	47	 
	Section 4.08.
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	 	 	50	 
	Section 4.09.
	 	Incurrence of Indebtedness	 	 	52	 
	Section 4.10.
	 	Asset Sales	 	 	55	 
	Section 4.11.
	 	Transactions with Affiliates	 	 	56	 
	Section 4.12.
	 	Liens	 	 	58	 
	Section 4.13.
	 	Business Activities	 	 	58	 
	Section 4.14.
	 	Offer to Repurchase upon a Change of Control	 	 	58	 
	Section 4.15.
	 	[INTENTIONALLY LEFT BLANK]	 	 	59	 
	Section 4.16.
	 	Designation of Restricted and Unrestricted Subsidiaries	 	 	59	 
	Section 4.17.
	 	Payments for Consent	 	 	61	 
	Section 4.18.
	 	Guarantees	 	 	61	 
	Section 4.19.
	 	Sale and Leaseback Transactions	 	 	61	 
	 
	 	 	 	 	 	 
	ARTICLE Five
SUCCESSORS 

	 
	 	 	 	 	 	 
	Section 5.01.
	 	Merger, Consolidation or Sale of Assets	 	 	61	 
	Section 5.02.
	 	Successor Corporation Substituted	 	 	62	 
	 
	 	 	 	 	 	 
	ARTICLE Six
DEFAULTS AND REMEDIES 

	 
	 	 	 	 	 	 
	Section 6.01.
	 	Events of Default	 	 	63	 
	Section 6.02.
	 	Acceleration	 	 	64	 
	Section 6.03.
	 	Other Remedies	 	 	65	 
	Section 6.04.
	 	Waiver of Past Defaults	 	 	65	 
	Section 6.05.
	 	Control by Majority	 	 	65	 
	Section 6.06.
	 	Limitation on Suits	 	 	66	 
	Section 6.07.
	 	Rights of Holders of Notes to Receive Payment	 	 	66	 
	Section 6.08.
	 	Collection Suit by Trustee	 	 	66	 
	Section 6.09.
	 	Trustee May File Proofs of Claim	 	 	66	 
	Section 6.10.
	 	Priorities	 	 	67	 
	Section 6.11.
	 	Undertaking for Costs	 	 	67	 
	 
	 	 	 	 	 	 
	ARTICLE Seven
TRUSTEE 

	 
	 	 	 	 	 	 
	Section 7.01.
	 	Duties of Trustee	 	 	67	 
	Section 7.02.
	 	Certain Rights of Trustee	 	 	68	 
	Section 7.03.
	 	Individual Rights of Trustee	 	 	69	 
	Section 7.04.
	 	Trustee’s Disclaimer	 	 	70	 
	Section 7.05.
	 	Notice of Defaults	 	 	70	 
	Section 7.06.
	 	Reports by Trustee to Holders of the Notes	 	 	70	 
	Section 7.07.
	 	Compensation and Indemnity	 	 	70	 
	Section 7.08.
	 	Replacement of Trustee	 	 	71	 
	Section 7.09.
	 	Successor Trustee by Merger, Etc.	 	 	72	 

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	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 7.10.
	 	Eligibility; Disqualification	 	 	72	 
	Section 7.11.
	 	Preferential Collection of Claims Against Issuer	 	 	72	 
	 
	 	 	 	 	 	 
	ARTICLE Eight
DEFEASANCE AND COVENANT DEFEASANCE 

	 
	 	 	 	 	 	 
	Section 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	 	73	 
	Section 8.02.
	 	Legal Defeasance and Discharge	 	 	73	 
	Section 8.03.
	 	Covenant Defeasance	 	 	73	 
	Section 8.04.
	 	Conditions to Legal or Covenant Defeasance	 	 	74	 
	Section 8.05.
	 	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous	 	 	 	 
	 
	 	Provisions
	 	 	75	 
	Section 8.06.
	 	Repayment to the Issuer	 	 	75	 
	Section 8.07.
	 	Reinstatement	 	 	76	 
	 
	 	 	 	 	 	 
	ARTICLE Nine
AMENDMENT, SUPPLEMENT AND WAIVER 

	 
	 	 	 	 	 	 
	Section 9.01.
	 	Without Consent of Holders of Notes	 	 	76	 
	Section 9.02.
	 	With Consent of Holders of Notes	 	 	77	 
	Section 9.03.
	 	Compliance with Trust Indenture Act	 	 	79	 
	Section 9.04.
	 	Revocation and Effect of Consents	 	 	79	 
	Section 9.05.
	 	Notation on or Exchange of Notes	 	 	79	 
	Section 9.06.
	 	Trustee To Sign Amendments, Etc.	 	 	79	 
	 
	 	 	 	 	 	 
	ARTICLE Ten
NOTE GUARANTEES 

	 
	 	 	 	 	 	 
	Section 10.01.
	 	Guarantee	 	 	79	 
	Section 10.02.
	 	Limitation on Guarantor Liability	 	 	80	 
	Section 10.03.
	 	Execution and Delivery of Note Guarantee	 	 	81	 
	Section 10.04.
	 	Guarantors May Consolidate, Etc., on Certain Terms	 	 	81	 
	Section 10.05.
	 	Release of Guarantor	 	 	82	 
	 
	 	 	 	 	 	 
	ARTICLE Eleven
SATISFACTION AND DISCHARGE 

	 
	 	 	 	 	 	 
	Section 11.01.
	 	Satisfaction and Discharge	 	 	82	 
	Section 11.02.
	 	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions	 	 	83	 
	Section 11.03.
	 	Repayment to the Issuer	 	 	83	 
	 
	 	 	 	 	 	 
	ARTICLE Twelve
MISCELLANEOUS 

	 
	 	 	 	 	 	 
	Section 12.01.
	 	Trust Indenture Act Controls	 	 	84	 
	Section 12.02.
	 	Notices	 	 	84	 
	Section 12.03.
	 	Communication by Holders of Notes with Other Holders of Notes	 	 	85	 
	Section 12.04.
	 	Certificate and Opinion as to Conditions Precedent	 	 	85	 
	Section 12.05.
	 	Statements Required in Certificate or Opinion	 	 	86	 
	Section 12.06.
	 	Rules by Trustee and Agents	 	 	86	 

-v-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 12.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	 	 	86	 
	Section 12.08.
	 	Governing Law	 	 	86	 
	Section 12.09.
	 	Consent to Jurisdiction	 	 	86	 
	Section 12.10.
	 	No Adverse Interpretation of Other Agreements	 	 	87	 
	Section 12.11.
	 	Successors	 	 	87	 
	Section 12.12.
	 	Severability	 	 	87	 
	Section 12.13.
	 	Counterpart Originals	 	 	87	 
	Section 12.14.
	 	Acts of Holders	 	 	87	 
	Section 12.15.
	 	Benefit of Indenture	 	 	88	 
	Section 12.16.
	 	Table of Contents, Headings, Etc.	 	 	88	 

EXHIBITS

	 	 	 
	Exhibit A

	 	FORM OF NOTE
	 
	 	 
	Exhibit B

	 	FORM OF CERTIFICATE OF TRANSFER
	 
	 	 
	Exhibit C

	 	FORM OF CERTIFICATE OF EXCHANGE
	 
	 	 
	Exhibit D

	 	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 
	 	 
	Exhibit E

	 	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

-vi-

 

          INDENTURE dated as of March 31, 2008 among Northern New England Spinco Inc., a Delaware
corporation (the “Issuer”), and U.S. Bank National Association, as Trustee.

          The Issuer has duly authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of its 131/8% Senior Notes due 2018 to be issued in one or more series as
provided in this Indenture. All things necessary to make this Indenture a valid agreement of the
Issuer, in accordance with its terms, have been done.

          The Issuer and the Trustee (as defined below) agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders (as defined below) of the Issuer’s 131/8% Senior
Notes due 2018:

ARTICLE ONE

DEFINITIONS AND INCORPORATION

BY REFERENCE

          Section 1.01. Definitions.

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

          “Acquisition Adjustment” shall mean, (A) an amount, not to exceed $71.0 million in the
aggregate, equal to the sum, without duplication (but only to the extent deducted in determining
Consolidated Net Income for such period), of (i) training, conversion of data and any other items
expensed in relation to systems stand-up/conversion arising solely from the Transactions, (ii)
one-time expenses related to the recruitment of employees hired within three hundred and sixty
(360) days of the Issue Date and (iii) expenses related to (1) auditing, tax and compliance with
the Sarbanes-Oxley Act of 2002, (2) marketing and community relations, (3) investor relations and
(4) any other consulting, contract services or legal expenses, for each of (1), (2), (3) and (4)
above that would not have occurred absent the Merger and accrued within three hundred and sixty
(360) days of the Issue Date, (B) an amount, not to exceed $15.0 million in the aggregate, equal to
(but only to the extent deducted in determining Consolidated Net Income for such period) any cash
payments that are reclassified from capital expenditures to operating expenses due to changes in
the Issuer’s accounting policies, and (C) an amount, not to exceed $34.0 million in the aggregate,
equal to (but only to the extent deducted in determining Consolidated Net Income for such period)
the data conversion costs related to the set-up of the Transition Services Agreement Incurred in
any one fiscal quarter after the Issue Date.

          “Additional Interest” means all additional interest owing on the Notes pursuant to the
Registration Rights Agreement.

          “Additional Notes” means an unlimited maximum aggregate principal amount of Notes
(other than the Notes issued on the date hereof) issued under this Indenture in accordance with
Sections 2.02 and 4.09.

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise. For purposes of this

 

 

definition, the terms “controlling,” “controlled by” and “under common control with” shall
have correlative meanings.

          “Agent” means any Registrar or Paying Agent.

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

          “Asset Sale” means:

     (1) the sale, lease, conveyance or other disposition of any assets, other than a
transaction governed by Section 4.14 and/or Section 5.01; and

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

          Notwithstanding the preceding, the following items shall be deemed not to be Asset Sales:

     (1) any single transaction or series of related transactions that involves assets or
Equity Interests having a Fair Market Value of less than $25.0 million;

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

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

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

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

     (6) dispositions of accounts receivable in connection with the compromise, settlement
or collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings;

     (7) a Restricted Payment that is permitted by Section 4.07 and any Permitted
Investment;

     (8) any sale or disposition of any property or equipment that has become damaged,
surplus, worn out or obsolete;

     (9) the creation of a Lien not prohibited by this Indenture;

     (10) any sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary;

     (11) licenses of intellectual property;

-2-

 

     (12) any disposition of Designated Noncash Consideration; provided that such
disposition increases the amount of Net Proceeds of the Asset Sale that resulted in such
Designated Noncash Consideration;

     (13) any foreclosure upon any assets of the Issuer or any of its Restricted
Subsidiaries pursuant to the terms of a Lien not prohibited by the terms of this Indenture;
provided that such foreclosure does not otherwise constitute a Default under this Indenture;
and

     (14) any release of intangible claims or rights in connection with the loss or
settlement of a bona fide lawsuit, dispute, or controversy.

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

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

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

          “Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or, except
in the context of the definitions of “Change of Control” and “Continuing Directors,” a duly
authorized committee thereof;

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

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

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

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

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

-3-

 

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

          “Capital Stock” means:

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

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

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

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

          “Cash Equivalents” means:

     (1) U.S. dollars and foreign currency received in the ordinary course of business or
exchanged into U.S. dollars within 180 days;

     (2) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (provided that the full faith and credit
of the United States is pledged in support thereof), maturing, unless such securities are
deposited to defease any Indebtedness, not more than one year from the date of acquisition;

     (3) certificates of deposit and eurodollar time deposits with maturities of one year or
less from the date of acquisition, bankers’ acceptances with maturities not exceeding one
year and overnight bank deposits, in each case, with any lender party under the Credit
Agreement or any domestic commercial bank having capital and surplus in excess of $500.0
million and a rating at the time of acquisition thereof of P-1 or better from Moody’s
Investors Service, Inc. or A-1 or better from Standard & Poor’s Rating Services;

     (4) repurchase obligations for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications
specified in clause (3) above;

     (5) commercial paper issued by a corporation (other than an Affiliate of the Issuer)
rated at least “A-2” or higher from Moody’s Investors Service, Inc. or Standard & Poor’s
Rating Services and in each case maturing within one year after the date of acquisition;

     (6) securities issued and fully guaranteed by any state, commonwealth or territory of
the United States of America, or by any political subdivision or taxing authority thereof,
rated at least “A” by Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services
and having maturities of not more than one year from the date of acquisition; and

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

-4-

 

          “Change of Control” means the occurrence of any of the following (other than in
connection with the Transactions):

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

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

     (3) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the Beneficial Owner, directly or indirectly, of 50% or more of the
voting power of the Voting Stock of the Issuer;

     (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 or such other Person
is converted into or exchanged for cash, securities or other property, other than any such
transaction where (A) 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) and (B) immediately after such transaction, no “person” or “group” (as such
terms are used in Section 13(d) and 14(d) of the Exchange Act), becomes, directly or
indirectly, the Beneficial Owner of 50% or more of the voting power of the Voting Stock of
the surviving or transferee Person.

          “Clearstream” means Clearstream Banking S.A. and any successor thereto.

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

          “Common Stock” means, with respect to any Person, any Capital Stock (other than
Preferred Stock) of such Person, whether outstanding on the Issue Date or issued thereafter.

          “Consolidated Cash Flow” means, with respect to any specified Person for any period,
the Consolidated Net Income of such Person for such period plus, without duplication for any
period, Consolidated Net Income for such period adjusted by:

     (1) adding thereto, an amount equal to the sum, without duplication (but only to the
extent deducted in determining Consolidated Net Income for such period), of:

     (a) provisions for taxes based on income,

     (b) Consolidated Interest Expense,

     (c) amortization and depreciation expense (including any amortization or
write-off related to the write-up of any assets as a result of purchase accounting
and the write-off of deferred financing costs),

-5-

 

     (d) losses on sales of assets (excluding sales in the ordinary course of
business) and other extraordinary losses,

     (e) the non-cash portion of any retirement or pension plan expense Incurred by
the Issuer or any of its Subsidiaries,

     (f) all one-time cash costs and expenses paid with respect to advisory
services, financing sources and other advisors retained prior to the Issue Date with
respect to the Transactions during such period,

     (g) expenses Incurred under the Transition Services Agreement during such
period; provided that such expenses are Incurred on or prior to the date that is 15
months after the Issue Date,

     (h) any other non-cash charges (including non-cash costs arising from
implementation of SFAS 106 and SFAS 109) accrued by the Issuer and its Subsidiaries
during such period (except to the extent any such charge will require a cash payment
in a future period), and

     (i) the Acquisition Adjustment for such period; and

          (B) subtracting therefrom, an amount equal to the sum, without duplication (but only to
the extent included in determining Consolidated Net Income for such period), of:

     (a) gains on sales of assets (excluding sales in the ordinary course of
business) and other extraordinary gains and

     (b) all non-cash gains and non-cash income accrued by the specified Person and
its Subsidiaries during such period, all as determined for the Issuer and its
Subsidiaries on a consolidated basis in accordance with GAAP. For the avoidance of
doubt, it is understood and agreed that, to the extent any net income (or loss) of
any Subsidiary is excluded from the calculation of Consolidated Net Income in
accordance with the definition thereof contained herein, any add-backs to, or
deductions from, Consolidated Net Income in determining Consolidated Cash Flow as
provided above shall be calculated in a fashion consistent with the limitations
and/or exclusions provided in the definition of Consolidated Net Income contained
herein.

          “Consolidated Interest Expense” means, for any period, the sum of

     (1) total interest expense (including the portion that is attributable to Indebtedness
represented by Capital Lease Obligations in accordance with GAAP) of the Issuer and its
Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of the
Issuer and its Subsidiaries (including, without limitation, all commissions, discounts and
other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing and without duplication net costs and/or net benefits under Indebtedness
represented by Hedging Obligations, but excluding, however, all non-cash interest expense to
the extent included in total interest expense and the amortization of deferred financing
costs) plus

     (2) the product of (x) the amount of all cash dividend requirements (whether or not
declared or paid) on Disqualified Stock paid, accrued or scheduled to be paid or accrued
during such period multiplied by (y) a fraction, the numerator of which is one and the
denominator of

-6-

 

which is one minus the then current effective consolidated Federal, state, local and
foreign tax rate of the Issuer as reflected in the audited consolidated financial statements
of the Issuer for its most recently completed fiscal year, which amounts described in this
clause (2) shall be treated as interest expense of the Issuer and its Subsidiaries for
purposes of this definition regardless of the treatment of such amounts under GAAP; provided
that, for the purposes of any determination of Consolidated Interest Expense for any period
ending on or prior to December 31, 2008, Consolidated Interest Expense for such period shall
be Consolidated Interest Expense for the portion of such period occurring on and after the
Issue Date multiplied by a fraction the numerator of which is 365 and the denominator of
which is the number of days elapsed from the Issue Date to the last day of such period (in
each case take as one accounting period); provided, further, that for the purposes of this
definition, any dividends or interest, as applicable, paid on Permitted Junior Capital that
is issued and outstanding pursuant to Section 4.09(b)(xv) and any accrued dividends or
interests, as applicable, paid in kind thereon shall be deemed to be excluded from the
calculation of “Consolidated Interest Expense”.

          “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of:

     (1) the aggregate outstanding amount of Indebtedness of the Issuer and its Restricted
Subsidiaries as of such date of determination on a consolidated basis (subject to the terms
described in the paragraph (2) below) after giving pro forma effect to the incurrence of the
Indebtedness giving rise to the need to make such calculation (including a pro forma
application of the use of proceeds therefrom) on such date, to

     (2) the Consolidated Cash Flow of the Issuer for the most recent four full fiscal
quarters for which internal financial statements are available immediately prior to such
date of determination.

     For purposes of this definition:

     (a) Consolidated Cash Flow shall be calculated on a pro forma basis after giving effect
to (A) the incurrence of the Indebtedness of the Issuer and its Restricted Subsidiaries (and
the application of the proceeds therefrom) giving rise to the need to make such calculation
and any incurrence (and the application of the proceeds therefrom) or repayment of other
Indebtedness on the date of determination, and (B) any acquisition or disposition
(including, without limitation, any acquisition giving rise to the need to make such
calculation as a result of the Issuer or one of its Restricted Subsidiaries (including any
Person that becomes a Restricted Subsidiary as a result of such acquisition) incurring,
assuming or otherwise becoming liable for Indebtedness) at any time on or subsequent to the
first day of the applicable four-quarter period specified in clause (2) of the preceding
paragraph (1) and on or prior to the date of determination, as if such acquisition or
disposition (including the incurrence or assumption of any such Indebtedness and also
including any Consolidated Cash Flow associated with such acquisition or disposition)
occurred on the first day of such four-quarter period; and

     (b) pro forma calculations shall be made in good faith by a responsible financial or
accounting officer of the Issuer and may give effect to any operating improvements and cost
reductions that have occurred or are reasonably expected to occur in the good faith judgment
of such responsible financial or accounting officer of the Issuer (regardless of whether
those operating improvements or cost reductions could then be reflected in pro forma
financial statements prepared in accordance with Regulation S-X under the Securities Act or
any other regulation or policy of the Commission related thereto).

-7-

 

          “Consolidated Net Income” means, with respect to any specified Person for any period,
the aggregate of the Net Income of such Person and its Subsidiaries on a consolidated basis for
such period (taken as a single accounting period), determined in conformity with GAAP; provided
that there shall be excluded from the calculation thereof (without duplication):

     (1) the income (or loss) of any Person (other than Subsidiaries of the specified
Person) in which any other Person (other than the specified Person or any of its
Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other
distributions actually paid to the specified Person or any of its Subsidiaries by such
Person during such period,

     (2) except for determinations expressly required to be made after giving pro forma
effect to the acquisition of any Person, the income (or loss) of any Person accrued prior to
the date it becomes a Subsidiary of the specified Person or is merged into or consolidated
with the specified Person or any of its Subsidiaries or that Person’s assets are acquired by
the specified Person or any of its Subsidiaries and

     (3) the income of any Subsidiary of the specified Person to the extent that the
declaration or payment of dividends or similar distributions by that Subsidiary of that
income is not at the time permitted by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Subsidiary.

          “Continuing Directors” means, 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 of the Trustee” shall be at the address of the Trustee
specified in Section 12.02 or such other address as to which the Trustee may give notice to the
Issuer.

          “Credit Agreement” means that certain Credit Agreement, dated as of March 31, 2008 by
and among FairPoint, the Issuer, Lehman Commercial Paper Inc., as administrative agent, Bank of
America, N.A., as syndication agent, Morgan Stanley Senior Funding, Inc. and Deustsche Bank
Securities Inc., as co-documentation agents, the other lenders named therein, including any related
notes, Guarantees, collateral documents, instruments and agreements executed in connection
therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or
refinanced from time to time (including increases in the amounts available for borrowing
thereunder), regardless of whether such amendment, restatement, modification, renewal, refunding,
replacement or refinancing is with the same financial institutions, investors or otherwise.

          “Credit Facilities” means one or more debt facilities (including, without limitation,
the Credit Agreement and indentures or debt securities) or commercial paper facilities, in each
case with banks or other institutional lenders providing for revolving credit loans, term debt,
receivables financing (including through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such receivables) or letters of credit,
in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or
in part from time to time, including any refunding, replacement or refinancing thereof through the
issuance of debt securities.

-8-

 

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

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

          “Definitive Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.07, substantially in the form of Exhibit A,
except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached thereto.

          “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.04 as the Depositary with respect to the Notes, and any and
all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.

          “Designated Noncash Consideration” means the Fair Market Value of noncash
consideration received by the Issuer or one of its Restricted Subsidiaries in connection with an
Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’
Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents
received in connection with a subsequent sale of such Designated Noncash Consideration.

          “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of
any security into which it is convertible, or for which it is exchangeable, in each case at the
option of the holder thereof), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of
the holder thereof, in whole or in part, on or prior to the date that is one year after the date on
which the Notes mature; provided, however, that only the portion of Capital Stock which so matures
or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such dates shall be deemed to be Disqualified Stock. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holders thereof have the right to require the Issuer to repurchase such Capital Stock upon the
occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the
terms of such Capital Stock provide that the Issuer may not repurchase or redeem any such Capital
Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07.
The term “Disqualified Stock” shall also include any options, warrants or other rights that are
convertible into Disqualified Stock or that are redeemable at the option of the holder, or required
to be redeemed, prior to the date that is one year after the date on which the Notes mature.

          “DTC” means The Depository Trust Company.

          “Earn-Out Obligation” means any contingent consideration based on future operating
performance of the acquired entity or assets or other purchase price adjustment or indemnification
obligation, payable following the consummation of an acquisition based on criteria set forth in the
documentation governing or relating to such acquisition.

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

          “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and any
successor thereto.

-9-

 

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

          “Exchange Notes” means the Notes issued in the Exchange Offer in accordance with
Section 2.07(f).

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

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

          “Existing Indebtedness” means the aggregate principal amount of Indebtedness of the
Issuer and its Restricted Subsidiaries (other than Indebtedness under the Credit Agreement or under
the Notes) in existence on the Issue Date after giving effect to the application of the proceeds of
(1) the Notes and (2) any borrowings made under the Credit Agreement on the Issue Date, until such
amounts are repaid.

          “Fair Market Value” means the price that would be paid in an arm’s-length transaction
between an informed and willing seller under no compulsion to sell and an informed and willing
buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the
Issuer, whose determination, unless otherwise specified below, shall be conclusive if evidenced by
a Board Resolution. Notwithstanding the foregoing, (1) the Board of Directors’ determination of
Fair Market Value must be evidenced by a Board Resolution attached to an Officers’ Certificate
delivered to the Trustee if the Fair Market Value exceeds $25.0 million and (2) the Board of
Directors’ determination of Fair Market Value must be based upon an opinion or appraisal issued by
an accounting, appraisal or investment banking firm of national standing if the Fair Market Value
exceeds $50.0 million.

          “FairPoint” means FairPoint Communications, Inc., a Delaware corporation, and its
successors.

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

          “Global Note Legend” means the legend set forth in Section 2.07(g)(ii), which is
required to be placed on all Global Notes issued under this Indenture.

          “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A, issued in the name
of the Depositary or its nominee in accordance with Section 2.01 or Section 2.07.

          “Government Securities” means securities that are direct obligations of the United
States of America for the timely payment of which its full faith and credit is pledged.

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

-10-

 

          “Guarantors” means any Subsidiary of the Issuer that executes a Guarantee of the Notes
in accordance with the provisions of this Indenture; and their respective successors and assigns
until released from their obligations under their Guarantees of the Notes and this Indenture in
accordance with the terms of this Indenture.

          “Hedging Obligations” means, with respect to any specified Person, the obligations of
such Person under:

     (1) interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and other agreements or arrangements with respect to interest rates;

     (2) commodity swap agreements, commodity option agreements, forward contracts and other
agreements or arrangements with respect to commodity prices; and

     (3) foreign exchange contracts, currency swap agreements and other agreements or
arrangements with respect to foreign currency exchange rates.

     “Holder” means a Person in whose name a Note is registered.

          “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or
otherwise become directly or indirectly liable for or with respect to, or become responsible for,
the payment of, contingently or otherwise, such Indebtedness (and “Incurrence” and “Incurred” shall
have meanings correlative to the foregoing); provided that (1) any Indebtedness of a Person
existing at the time such Person becomes a Restricted Subsidiary of the Issuer shall be deemed to
be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the
Issuer and (2) neither the accrual of interest nor the accretion of original issue discount nor the
payment of interest in the form of additional Indebtedness with the same terms and the payment of
dividends on Disqualified Stock or Preferred Stock in the form of additional shares of the same
class of Disqualified Stock or Preferred Stock (to the extent provided for when the Indebtedness or
Disqualified Stock or Preferred Stock on which such interest or dividend is paid was originally
issued) shall be considered an Incurrence of Indebtedness; provided that in each case the amount
thereof is for all other purposes included in the Consolidated Interest Expense and Indebtedness of
the Issuer or its Restricted Subsidiary as accrued.

          “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

     (1) in respect of borrowed money;

     (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit
(or reimbursement agreements in respect thereof);

     (3) in respect of banker’s acceptances;

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

     (5) in respect of the balance deferred and unpaid of the purchase price of any property
or services; provided that Indebtedness shall not include (A) any Earn-Out Obligation or
obligation in respect of purchase price adjustment, except to the extent that the contingent
consideration relating thereto is not paid within 15 Business Days after the contingency
relating thereto is resolved and (B) (i) deferred payments, trade payables, accrued expenses
and receipts of progress and advance payments, in each case including any accrued interest
thereon and (ii) amounts

-11-

 

owed by the Issuer or any of its Affiliates to Verizon or any of its Affiliates under
the Transition Services Agreement (which are not covered by clause (B)(i) above) in an
aggregate amount not to exceed $50.0 million (excluding interest accrued thereon);

     (6) representing Hedging Obligations;

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

     (8) in the case of a Subsidiary of such Person, representing Preferred Stock valued at
the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued
dividends,

if and to the extent any of the preceding items (other than letters of credit and other than
clauses (4), (5), (6), (7) or (8)) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes
(x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or
not such Indebtedness is assumed by the specified Person); provided that the amount of such
Indebtedness shall be the lesser of (A) the Fair Market Value of such asset at such date of
determination and (B) the amount of such Indebtedness, and (y) to the extent not otherwise
included, the Guarantee by the specified Person of any Indebtedness of any other Person; provided
further that any obligation of the Issuer or any Restricted Subsidiary in respect of minimum
guaranteed commissions, or other similar payments, to clients, minimum returns to clients or stop
loss limits in favor of clients or indemnification obligations to clients, in each case pursuant to
contracts to provide services to clients entered into in the ordinary course of business, shall be
deemed not to constitute Indebtedness. For purposes hereof, the “maximum fixed repurchase price”
of any Disqualified Stock or Preferred Stock which does not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Stock or Preferred Stock, as
applicable, as if such Disqualified Stock or Preferred Stock were repurchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture.

          The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at
such date of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation, and shall be:

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

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

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

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

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

          “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the form of loans or other extensions of credit
(in-

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cluding Guarantees), advances, capital contributions (by means of any transfer of cash or
other property to others or any payment for property or services for the account or use of others),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP. 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.

          If the Issuer or any of its Restricted Subsidiaries sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary of the 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 shall be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Investment in such Subsidiary not sold or
disposed of. The acquisition by the Issuer or any of its Restricted Subsidiaries of a Person that
holds an Investment in a third Person shall be deemed to be an Investment 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.

          “Issue Date” means the date of original issuance of the Notes under this Indenture.

          “Issuer” means Northern New England Spinco Inc., a Delaware corporation, until a
successor replaces it pursuant to Article Five and thereafter means the successor.

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in
The City of New York or at a place of payment are authorized or required by law, regulation or
executive order to remain closed.

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

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

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

          “Master Services Agreement” means the Master Services Agreement, dated as of January
15, 2007, by and between Capgemini, U.S. LLC and the Issuer, as amended, as in effect on the Issue
Date (and any amendment, modification, or supplement thereto or replacement thereof, as long as
such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole,
is, as determined in good faith by the Issuer’s Board of Directors, not materially more
disadvantageous to the Holders than the original agreement or arrangement in existence on the Issue
Date).

          “Merger” means the transactions contemplated by that certain Agreement and Plan of
Merger, dated as of January 15, 2007, by and among Verizon, the Issuer and FairPoint, as amended
(in-

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cluding, without limitation, the merger of Spinco with and into FairPoint, with FairPoint
continuing as the surviving corporation).

          “Net Income” means, with respect to any specified Person, the net income (loss) of
such Person, determined in accordance with GAAP and before any reduction in respect of Preferred
Stock dividends, excluding, however:

     (1) any gain or loss, together with any related provision for taxes on such gain or
loss, realized in connection with: (a) any sale of assets outside the ordinary course of
business of such Person; or (b) the disposition of any securities by such Person or any of
its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any
of its Restricted Subsidiaries; and

     (2) any extraordinary gain or loss, together with any related provision for taxes on
such extraordinary gain or loss.

          “Net Proceeds” means the aggregate cash proceeds, including payments in respect of
deferred payment obligations (to the extent corresponding to the principal, but not the interest
component, thereof) received by the Issuer or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash received upon the sale or other disposition of
any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to
such Asset Sale and the sale or other disposition of any such non-cash consideration, including,
without limitation, legal, accounting, investment banking and brokerage fees, and sales
commissions, and any relocation expenses Incurred as a result thereof, (2) taxes paid or payable as
a result thereof, in each case, after taking into account any available tax credits or deductions
and any tax sharing arrangements, (3) amounts required to be applied to the repayment of
Indebtedness or other liabilities secured by a Lien on the asset or assets that were the subject of
such Asset Sale or required to be paid as a result of such sale (other than the Credit Agreement),
(4) any reserve for adjustment in respect of the sale price of such asset or assets established in
accordance with GAAP, (5) in the case of any Asset Sale by a Restricted Subsidiary of the Issuer,
payments to holders of Equity Interests in such Restricted Subsidiary in such capacity (other than
such Equity Interests held by the Issuer or any Restricted Subsidiary thereof) to the extent that
such payment is required to permit the distribution of such proceeds in respect of the Equity
Interests in such Restricted Subsidiary held by the Issuer or any Restricted Subsidiary thereof and
(6) appropriate amounts to be provided by the Issuer or its Restricted Subsidiaries as a reserve
against liabilities associated with such Asset Sale, including, without limitation, pension and
other post-employment benefit liabilities, liabilities related to environmental matters and
liabilities under any indemnification obligations associated with such Asset Sale, all as
determined in accordance with GAAP; provided that (a) excess amounts set aside for payment of taxes
pursuant to clause (2) above remaining after such taxes have been paid in full or the statute of
limitations therefor has expired and (b) amounts initially held in reserve pursuant to clause (6)
no longer so held, shall, in the case of each of subclause (a) and (b), at that time become Net
Proceeds.

          “Non-Recourse Debt” means Indebtedness:

     (1) as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides
credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) other than a pledge of the Equity Interests of the Unrestricted
Subsidiary that is the obligor thereunder, (b) is directly or indirectly liable as a
guarantor or otherwise, or (c) constitutes the lender;

     (2) no default with respect to which (including any rights that the holders thereof may
have to take enforcement action against an Unrestricted Subsidiary) would permit upon no-

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tice, lapse of time or both any holder of any other Indebtedness (other than the Notes)
of the Issuer or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated
maturity; and

     (3) as to which either (a) the explicit terms provide that there is no recourse against
any of the assets of the Issuer or any Restricted Subsidiary thereof or (b) the lenders have
been notified in writing that they shall not have any recourse to the stock or assets of the
Issuer or any of its Restricted Subsidiaries, in each case other than recourse against the
Equity Interests of the Unrestricted Subsidiary that is the obligor thereunder.

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

          “Notes” means the 131/8% Senior Notes due 2018 of the Issuer issued on the date hereof and any
Additional Notes, including any Exchange Notes. The Notes and the Additional Notes (including any
Exchange Notes), if any, shall be treated as a single class for all purposes under this Indenture.

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

          “Offering Memorandum” means the offering memorandum, dated March 26, 2008, relating to
the Issuer’s 131/8% Senior Notes due 2018.

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

          “Officers’ Certificate” means a certificate signed on behalf of the Issuer by at least
two Officers of the Issuer, one of whom must be the principal executive officer, the principal
financial officer or the principal accounting officer of the Issuer, that meets the requirements of
this Indenture.

          “Opinion of Counsel” means an opinion from legal counsel (who may be counsel to or an
employee of the Issuer) that meets the requirements of this Indenture.

          “Original Issuance” shall mean the issuance of $551,000,000 aggregate principal amount
of Notes by the Issuer to Verizon New England Inc. on the Issue Date in the form of Definitive
Notes.

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

          “Permitted Business” means any business conducted or proposed to be conducted (as
described in the Offering Memorandum) by the Issuer and its Restricted Subsidiaries on the Issue
Date and other businesses reasonably related, ancillary or incidental, thereto or a reasonable
extension or expansion thereof.

          “Permitted Investments” means:

     (1) any Investment in the Issuer or in a Restricted Subsidiary of the Issuer;

     (2) any Investment in Cash Equivalents;

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

     (a) such Person becomes a Restricted Subsidiary of the Issuer; 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 of the Issuer;

     (4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.10;

     (5) Hedging Obligations permitted under Section 4.09(b)(viii) that are Incurred for
the purpose of fixing, hedging or swapping interest rate, commodity price or foreign
currency exchange rate risk (or to reverse or amend any such agreements previously made for
such purposes), and not for speculative purposes;

     (6) any Investment acquired by the Issuer or any of its Restricted Subsidiaries (a) in
exchange for any other Investment or accounts receivable held by the Issuer or any such
Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts
receivable or (b) as a result of a foreclosure by the Issuer or any of its Restricted
Subsidiaries with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

     (7) advances to customers or suppliers in the ordinary course of business that are, in
conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the
balance sheet of the Issuer or its Restricted Subsidiaries and endorsements for collection
or deposit arising in the ordinary course of business;

     (8) Investments consisting of purchases and acquisitions of inventory, supplies,
materials and equipment or purchases of contract rights or licenses or leases of
intellectual property, in each case in the ordinary course of business;

     (9) advances to employees not in excess of $5.0 million outstanding at any one time in
the aggregate;

     (10) commission, payroll, travel and similar advances to officers and employees of the
Issuer or any of its Restricted Subsidiaries that are expected at the time of such advance
ultimately to be recorded as an expense in conformity with GAAP;

     (11) Investments consisting of the licensing or contribution of intellectual property
pursuant to joint marketing arrangements with other Persons;

     (12) Investments represented by guarantees that are otherwise permitted under this
Indenture;

     (13) Investments resulting from the creation of Liens on the assets of the Issuer or
any of the Restricted Subsidiaries that are otherwise permitted under this Indenture; and

     (14) other Investments in any Person (provided that any such Person is either (i) not
an Affiliate of the Issuer or (ii) is an Affiliate of the Issuer (A) solely because the
Issuer, directly

-16-

 

or indirectly, owns Equity Interests in, or controls, such Person or (B) engaged in
bona fide business operations and is an Affiliate solely because it is under common control
with the Issuer) having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken
together with all other Investments made pursuant to this clause (14) since the Issue Date,
not to exceed the greater of (x) 3.0% of Tangible Assets at the time of such Investment and
(y) $75.0 million.

          “Permitted Junior Capital” means and includes (i) any Permitted Unsecured Debt and
(ii) any Preferred Stock of the Issuer.

          “Permitted Liens” means:

     (1) Liens securing Indebtedness permitted to be Incurred and outstanding at such time
under this Indenture in an amount not to exceed the greater of (x) the amount permitted to
be Incurred and outstanding pursuant to Section 4.09(b)(i), (iv) and (xiv) and (y) 3.0% of
Tangible Assets (on a pro forma basis) at the time of such Incurrence;

     (2) Liens in favor of the Issuer or any Restricted Subsidiary thereof;

     (3) 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 thereof; provided that
such Liens were in existence prior to the contemplation of such merger or consolidation and
do not extend to any assets other than those of the Person merged into or consolidated with
the Issuer or the Restricted Subsidiary;

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

     (5) Liens securing the Notes and any Guarantee of the Notes;

     (6) Liens existing on the Issue Date (excluding any such Liens securing Indebtedness
under the Credit Agreement);

     (7) Liens securing Permitted Refinancing Indebtedness; provided that such Liens do not
extend to any property or assets other than the property or assets that secure the
Indebtedness being refinanced;

     (8) Liens on property or assets used to defease or to satisfy and discharge
Indebtedness; provided that (a) the Incurrence of such Indebtedness was not prohibited by
this Indenture and (b) such defeasance or satisfaction and discharge is not prohibited by
this Indenture;

     (9) Liens securing obligations that do not exceed $10.0 million at any one time
outstanding;

     (10) Liens on cash or Cash Equivalents securing Hedging Obligations of the Issuer or
any of its Restricted Subsidiaries (a) that are Incurred for the purpose of fixing, hedging
or swapping interest rate, commodity price or foreign currency exchange rate risk (or to
reverse or amend any such agreements previously made for such purposes), and not for
speculative purposes, or (b) securing letters of credit that support such Hedging
Obligations;

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     (11) Liens Incurred or deposits made in the ordinary course of business in connection
with worker’s compensation, unemployment insurance or other social security obligations;

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

     (13) survey exceptions, encumbrances, easements or reservations of, or rights of other
for, rights of way, zoning or other restrictions as to the use of properties, and defects in
title which, in the case of any of the foregoing, were not Incurred or created to secure the
payment of Indebtedness, and which in the aggregate do not materially adversely affect the
value of such properties or materially impair the use for the purposes of which such
properties are held by the Issuer or any of its Restricted Subsidiaries;

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

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

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

     (17) any interest or title of a lessor, licensor or sublicensor in the property subject
to any lease, license or sublicense (other than any property that is the subject of a Sale
Leaseback Transaction);

     (18) Liens for taxes, assessments and governmental charges not yet delinquent or being
contested in good faith and for which adequate reserves have been established to the extent
required by GAAP;

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

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

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

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

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

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

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

     (5) such Indebtedness is Incurred by either (a) an Issuer or any Guarantor or (b) by
the Restricted Subsidiary that is the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded.

          “Permitted Unsecured Debt” means Indebtedness of the Issuer that (a) is not secured by
any assets of the Issuer or any other Subsidiary of the Issuer, (b) is not guaranteed by a
Subsidiary of the Issuer and (c) is subordinated in right of payment and priority to the Notes, or
any Guarantee of the Notes, on customary terms and conditions.

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

          “Preferred Stock” means, with respect to any Person, any Capital Stock of such Person
that has preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.

          “Private Placement Legend” means the legend set forth in Section 2.07(g)(i) to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

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

          “Registration Rights Agreement” means (1) with respect to the Notes issued on the
Issue Date, the Registration Rights Agreement, to be dated the Issue Date, among FairPoint and Banc
of America Securities LLC, Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and the other
initial purchasers named therein and (2) with respect to any Additional Notes, any registration
rights agreement between the Issuer and the other parties thereto relating to the registration by
the Issuer of such Additional Notes under the Securities Act.

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

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          “Regulation S Global Note” means a Legended Regulation S Global Note or an Unlegended
Regulation S Global Note, as appropriate.

          “Regulation S Global Notes Legend” means the legend set forth in Section 2.07(h),
which is required to be placed on all Legended Regulation S Global Notes.

          “Replacement Assets” means (1) non-current assets (including any such assets acquired
by capital expenditures) that shall be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or Capital Stock of any Person engaged in a Permitted
Business that shall become on the date of acquisition of such Capital Stock of a Restricted
Subsidiary of the Issuer.

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

          “Restricted Definitive Note” means a Definitive Note that is a Restricted Note.

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

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

          “Restricted Note” has the meaning set forth in Rule 144(a)(3) under the Securities Act
for the term “restricted securities”; provided, however, that the Trustee shall be entitled to
request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a
Restricted Note. Restricted Notes are required to bear the Private Placement Legend.

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

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

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

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

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

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

          “Sale and Leaseback Transaction” means, with respect to any Person, any transaction
involving any of the assets or properties of such Person whether now owned or hereafter acquired,
whereby such Person sells or otherwise transfers such assets or properties and then or thereafter
leases such assets or properties or any part thereof or any other assets or properties which such
Person intends to use for substantially the same purpose or purposes as the assets or properties
sold or transferred.

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

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

          “Significant Subsidiary” means any Restricted Subsidiary that would constitute a
“significant subsidiary” within the meaning of Article 1 of Regulation S-X of the Securities Act.

          “Spin-Off” means (i) the contribution by the Verizon Group to the Issuer and entities
that will become subsidiaries of the Issuer of (x) specified assets and liabilities associated with
the local exchange business of Verizon New England Inc. in Maine, New Hampshire and Vermont and (y)
the customers of the Verizon Group’s related long distance and Internet service provider businesses
in those states in exchange for the issuance or transfer to the Verizon Group of common stock of
the Issuer, the Notes and the making of the special cash payment made by the Issuer to the Verizon
Group on the Issue Date and (ii) the distribution by Verizon of the Issuer’s common stock to a
third-party distribution agent to be held collectively for the benefit of holders of Verizon common
stock, in each case pursuant to the Distribution Agreement, dated as of January 15, 2007, between
the Issuer and Verizon, as amended.

          “Stated Maturity” means, with respect to any installment of interest or principal on
any series of Indebtedness, the date on which such payment of interest or principal was scheduled
to be paid in the original documentation governing such Indebtedness, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof.

          “Subsidiary” means, with respect to any specified Person:

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

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

          “Tangible Assets” means the total consolidated assets of the Issuer and its Restricted
Subsidiaries (less depreciation, amortization, applicable reserves and other properly deductible
items) after deducting therefrom all goodwill, trade names, trademarks, patents, purchased
technology, unamortized debt discount and other like intangible assets, as shown on the most recent
balance sheet of the Issuer prepared in conformity with GAAP.

          “TIA” means the Trust Indenture Act of 1939, as in effect on the date on which this Indenture
is qualified under the TIA.

          “Transactions” means, collectively, any or all of the following: (i) the Spin-Off,
(ii) the Merger, (iii) the entry into this Indenture, and the offer and issuance of the Notes, (iv)
the entry into the Credit Agreement and Incurrence of Indebtedness thereunder by one or more of
FairPoint, the Issuer and each of their respective Subsidiaries and (v) all other transactions
relating to any of the foregoing (including payment of fees and expenses related to any of the
foregoing).

          “Transition Services Agreement” means the Transition Services Agreement, dated as of
January 15, 2007, by and among Verizon Information Technologies LLC, Northern New England Tele-

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phone Operations Inc. (subsequently renamed Northern New England Telephone Operations LLC),
Enhanced Communications of Northern New England Inc. and FairPoint, as amended, as in effect on the
Issue Date (and any amendment, modification, or supplement thereto or replacement thereof, as long
as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a
whole, is, as determined in good faith by the Issuer’s Board of Directors, not materially more
disadvantageous to the Holders than the original agreement or arrangement in existence on the Issue
Date).

          “Trustee” means U.S. Bank National Association until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the successor serving
hereunder.

          “Unlegended Regulation S Global Note” means a permanent Global Note in the form of
Exhibit A bearing the Global Note Legend, deposited with or on behalf of and registered in the name
of the Depositary or its nominee and issued upon expiration of the Restricted Period.

          “Unrestricted Definitive Note” means one or more Definitive Notes that is an
Unrestricted Note.

          “Unrestricted Global Note” means a Global Note that is an Unrestricted Note.

          “Unrestricted Notes” means one or more Notes that do not and are not required to bear
the Private Placement Legend including, without limitation, the Exchange Notes, any Notes sold in
connection with an effective Shelf Registration Statement pursuant to the Registration Rights
Agreement, any Notes from which the Private Placement Legend has been removed in accordance with
Sections 2.07(g)(i) and, with respect to Unrestricted Global Notes, Notes in which a Holder
acquires an interest pursuant to Section 2.07(k).

          “Unrestricted Subsidiary” means any Subsidiary of the Issuer that is designated by the
Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to a Board Resolution in
compliance with Section 4.16 and any Subsidiary of such Subsidiary.

          “Verizon” means Verizon Communications Inc.

          “Verizon Group” means, collectively, Verizon and its Subsidiaries (other than Cellco
Partnership doing business as Verizon Wireless).

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

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

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

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

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          Section 1.02. Other Definitions.

	 	 	 	 	 
	 	 	Defined in	 
	Term	 	Section	 
	 
	 	 	 	 
	“Affiliate Transaction”
	 	 	4.11	 
	“Asset Sale Offer”
	 	 	4.10	 
	“Authentication Order”
	 	 	2.02	 
	“Basket Period”
	 	 	4.07	 
	“Change Of Control Offer”
	 	 	4.14	 
	“Change Of Control Payment”
	 	 	4.14	 
	“Change Of Control Payment Date”
	 	 	4.14	 
	“Covenant Defeasance”
	 	 	8.03	 
	“Event Of Default”
	 	 	6.01	 
	“Excess Proceeds”
	 	 	4.10	 
	“Excess Proceeds Trigger Date”
	 	 	4.10	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.08	 
	“Offer Period”
	 	 	3.08	 
	“Offshore Transaction”
	 	 	2.07	 
	“Paying Agent”
	 	 	2.04	 
	“Payment Default”
	 	 	6.01	 
	“Permitted Debt”
	 	 	4.09	 
	“Purchase Date”
	 	 	3.08	 
	“Registrar”
	 	 	2.04	 
	“Related Proceedings”
	 	 	12.09	 
	“Repurchase Offer”
	 	 	3.08	 
	“Restricted Payments”
	 	 	4.07	 
	“Specified Courts”
	 	 	12.09	 

          Section 1.03. Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.

          The following TIA terms used in this Indenture have the following meanings:

          “Indenture Securities” means the Notes and any Guarantees;

          “Indenture Security Holder” means a Holder of a Note;

          “Indenture To Be Qualified” means this Indenture;

          “Indenture Trustee” or “Institutional Trustee” means the Trustee; and

     “Obligor” on the Notes means the Issuer, the Guarantors, if any, and any successor
obligor upon the Notes or any Guarantees.

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

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          Section 1.04. Rules of Construction

          Unless the context otherwise requires:

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

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

     (c) “or” is not exclusive;

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

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

     (f) all references to Sections or Articles or Exhibits refer to Sections or Articles or
Exhibits of or to this Indenture unless otherwise indicated; and

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

ARTICLE TWO

THE NOTES

          Section 2.01. Form and Dating.

          (a) General. The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage. Each Note shall be dated the date of its
authentication. The Notes shall be issued in registered form without interest coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

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

          (b) Global Notes. Notes offered and sold in reliance on Rule 144A after the Original
Issuance shall be issued initially in the form of one or more permanent Restricted Global Notes.
Notes in global form shall be substantially in the form of Exhibit A (and shall include the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached
thereto). Notes initially issued to or transferred to affiliates (as defined in Rule 144) of the
Issuer shall only be issued in definitive form and shall be substantially in the form of
Exhibit A (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent
such of the outstanding Notes as shall be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon
and that the aggregate principal amount of outstanding Notes represented thereby may from time to
time be

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reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby shall be made by the Trustee or, if the Custodian
and the Trustee are not the same Person, by the Custodian at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 2.07 hereof. For
the avoidance of doubt, unless and until exchanged for an Exchange Note or sold in connection with
an effective Shelf Registration Statement pursuant to the Registration Rights Agreement, affiliates
of the Issuer may only hold an interest in Notes in the form of Definitive Notes and are prohibited
from taking a beneficial interest in one or more Global Notes.

          (c) Regulation S Global Notes. Notes offered and sold in reliance on Regulation S
after the Original Issuance, shall be issued initially in the form of the Legended Regulation S
Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby
with the Trustee, as custodian for DTC in New York, New York, and registered in the name of the
Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf
of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided. Following the termination of the Restricted Period, beneficial interests in
the Legended Regulation S Global Note may be exchanged for beneficial interests in Unlegended
Regulation S Global Notes pursuant to Section 2.07 and the Applicable Procedures. Simultaneously
with the authentication of Unlegended Regulation S Global Notes, the Trustee shall cancel the
Legended Regulation S Global Note. The aggregate principal amount of the Regulation S Global Notes
may from time to time be increased or decreased by adjustments made on the records of the Trustee
and the Depositary or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

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

          Section 2.02. Execution and Authentication.

          At least one Officer of the Issuer shall sign the Notes for the Issuer by manual or facsimile
signature.

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

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

          The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture is unlimited.

          The Issuer may, subject to Section 4.09 of this Indenture and applicable law, issue Additional
Notes under this Indenture, including Exchange Notes. The Notes issued on the Issue Date and any
Additional Notes subsequently issued shall be treated as a single class for all purposes under this
Indenture.

          At any time and from time to time after the execution of this Indenture, the Trustee shall,
upon receipt of a written order of the Issuer signed by an Officer of the Issuer (an
“Authentication Order”), authenticate Notes for original issue in an aggregate principal
amount specified in such Authentica-

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tion Order. The Authentication Order shall specify the amount
of Notes to be authenticated, the date on which the Notes are to be authenticated, the number of
separate Note certificates, the registered Holder of each of the Notes and delivery instructions.

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

          Section 2.03. Methods of Receiving Payments on the Notes.

          If a Holder has given wire transfer instructions to the Issuer, the Issuer shall pay all
principal, interest, premium, if any, and Additional Interest, if any, on that Holder’s Notes in
accordance with those instructions. All other payments on Notes shall be made at the office or
agency of the Paying Agent and Registrar within the City and State of New York unless the Issuer
elects to make interest payments by check mailed to the Holders at their addresses set forth in the
register of Holders.

          Section 2.04. Registrar and Paying Agent.

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

          (b) The Issuer initially appoints DTC to act as Depositary with respect to the Global Notes.

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

          Section 2.05. Paying Agent to Hold Money in Trust.

          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 the Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, or Additional Interest, if any, or
interest on the Notes, and shall promptly notify the Trustee of any Default by the Issuer in making
any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than
the Issuer or one of its Subsidiaries) shall have no further liability for the money. If the
Issuer or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying
Agent for the Notes.

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          Section 2.06. Holder Lists.

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

          Section 2.07. Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a
whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to
the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to
a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be
exchanged by the Issuer for Definitive Notes if (i) DTC (A) notifies the Issuer that it is
unwilling or unable to continue as Depositary for the Global Notes or (B) has ceased to be a
clearing agency registered under the Exchange Act, and in each case the Issuer fails to appoint a
successor Depositary; (ii) the Issuer, at its option, notifies the Trustee in writing that it
elects to cause the issuance of Definitive Notes; provided that in no event shall the Legended
Regulation S Global Note be exchanged by the Issuer for Definitive Notes other than in accordance
with Section 2.07(c)(ii); or (iii) there shall have occurred and be continuing a Default or Event
of Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i),
(ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall
instruct the Trustee in writing. Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.08 and 2.11 hereof. Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or
Section 2.08 or 2.11 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 2.07(a); however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.07(b), (c) or (f) hereof.

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

     (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend;
provided, however, that prior to the expiration of the Restricted Period, transfers of
beneficial interests in the Legended Regulation S Global Note may not be made to a Person or
for the account or benefit of a Person (other than an Initial Purchaser). Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note. No written
orders or instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.07(b)(i).

     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject
to Sec-

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tion 2.07(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either (A) (1) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given
in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an
amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Registrar containing information regarding the Person in
whose name such Definitive Note shall be registered to effect the transfer or exchange
referred to in (1) above; provided that in no event shall Definitive Notes be issued upon
the transfer or exchange of beneficial interests in the Legended Regulation S Global Note
other than in accordance with Section 2.07(c)(ii). Upon consummation of an Exchange Offer
by the Issuer in accordance with Section 2.07(f), the requirements of this Section
2.07(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount at maturity of the relevant Global Notes pursuant to
Section 2.07(i).

     (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted Global Note if
the transfer complies with the requirements of Section 2.07(b)(ii) above and the Registrar
receives the following:

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

     (B) if the transferee shall take delivery in the form of a beneficial interest
in a Legended Regulation S Global Note, then the transferor must deliver a
certificate in the form of Exhibit B, including the certifications in item
(2) thereof.

     (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer
complies with the requirements of Section 2.07(b)(ii) above and:

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

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

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

     (D) the Registrar receives the following:

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

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

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

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

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

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

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

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

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

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     (C) [INTENTIONALLY OMITTED];

     (D) [INTENTIONALLY OMITTED];

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

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

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.07(i) hereof, and the Issuer shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.07(c) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

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

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

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

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

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

     (D) the Registrar receives the following:

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

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

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

          (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of
the conditions set forth in Section 2.07(b)(ii), the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(i), and the
Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall be registered in such
name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.07(c)(iv) shall not bear the Private Placement Legend.

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

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

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

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

     (C) if such Restricted Definitive Note is being transferred to a Non-Person in an
“Offshore Transaction” in accordance with Rule 903 or Rule 904, a certificate to the effect
set forth in Exhibit B, including the certifications in item (2) thereof; or

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

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

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

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

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

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

     (D) the Registrar receives the following:

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

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

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

          Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.07(d)(ii),
the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note.

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

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

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section
2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder shall present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in
form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized
in writing. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this
Section 2.07(e).

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

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

     (B) [INTENTIONALLY OMITTED]; and

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

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

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

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

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

     (D) the Registrar receives the following:

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

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

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

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

          (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.02, the Trustee shall authenticate (i) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable
Letters of Transmittal that (x) they are not affiliates (as defined in Rule 144) of the Issuer, (y)
they are not engaged in, and do not intend to engage in, and have no arrangement or understanding
with any Person to participate in, a distribution of the Exchange Notes to be issued in the
Exchange Offer and (z) they are acquiring the Exchange Notes in their ordinary course of business
and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuer shall
execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of
Restricted Global Notes so accepted Unrestricted Global Notes not bearing the Private Placement
Legend in the appropriate principal amount.

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

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     (i) Private Placement Legend. Unless and until (x) a Note is exchanged for an
Exchange Note or sold in connection with an effective Shelf Registration Statement pursuant
to the Registration Rights Agreement, (y) with respect to a Restricted Global Note, all of
the beneficial interests in such Restricted Global Note have been exchanged for beneficial
interests in the Unrestricted Global Note in accordance with Section 2.07(k) or the Private
Placement Legend has been removed from such Restricted Global Note in accordance with
Section 2.07(b)(iv), or (z) the Issuer determines and there is delivered to the Trustee an
Opinion of Counsel reasonably satisfactory to the Trustee and a letter of representation of
the Issuer reasonably satisfactory to the Trustee to the effect that the following legend
and the related restrictions on transfer are not required in order to maintain compliance
with the provisions of the Securities Act, each Global Note and each Definitive Note (and
all Notes issued in exchange therefor or substitution therefor) shall bear the legend in
substantially the following form:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE HEREON (OR ANY
PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO
THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION
COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE
THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND
DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

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     Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this
Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not
bear the Private Placement Legend.

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

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY
BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

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

THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE
INDENTURE (AS DEFINED HEREIN).

          (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global
Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who shall take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement shall be made on
such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who shall take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

          (j) General Provisions Relating to Transfers and Exchanges.

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

          (ii) No service charge shall be made to a Holder of a beneficial interest in a Global Note or
to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may

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require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 3.08, 4.10, 4.14 and 9.05).

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

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

          (v) The Issuer shall not be required (A) to issue, to register the transfer of or to exchange
any Notes during a period beginning at the opening of business 15 days before the day of mailing of
a notice of redemption of Notes under Section 3.02 and ending at the close of business on the day
of mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register
the transfer of or to exchange a Note between a record date and the next succeeding interest
payment date or (D) to register the transfer of or to exchange a Note tendered and not withdrawn in
connection with a Change of Control Offer or an Asset Sale Offer.

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

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

          (viii) All certifications, certificates and Opinions of Counsel required to be submitted to
the Registrar pursuant to this Section 2.07 to effect a registration of transfer or exchange may be
submitted by facsimile (followed promptly by originals).

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

          (x) Neither the Trustee nor any Agent shall have the responsibility for any actions taken or
not take by the Depositary.

          (xi) Each Holder agrees to provide reasonable indemnity to the Issuer and the Trustee against
any liability that may result from the transfer, exchange or assignment of such Holder’s Note in
violation of any provision of this Indenture and/or applicable United States federal or state
securities law.

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          (k) Automatic Exchange from Restricted Global Note to Unrestricted Global Note. Upon
compliance with the following procedures, all of the beneficial interests in a Restricted Global
Note shall be exchanged for beneficial interests in the Unrestricted Global Note. In order to
effect such exchange, the Issuer shall provide written notice to the Trustee instructing the
Trustee to (i) direct the Depositary to transfer all of the outstanding beneficial interests in a
particular Restricted Global Note to the Unrestricted Global Note and provide the Depositary with
all such information as is necessary for the Depositary to appropriately credit and debit the
relevant Holder accounts and (ii) provide prior written notice to all Holders of such exchange,
which notice must include the date such exchange is to occur, the CUSIP number of the relevant
Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such
Holders’ beneficial interests will be exchanged. As a condition to any such exchange pursuant to
this Section 2.07(k), the Trustee shall be entitled to receive from the Issuer, and rely
conclusively without any liability, upon an officers’ certificate and an Opinion of Counsel to the
Issuer, in form and in substance reasonably satisfactory to the Trustee, to the effect that such
transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance
with the Securities Act. Upon such exchange of beneficial interests pursuant to this Section
2.07(k), the Registrar shall endorse Schedule A to the relevant Notes and reflect on its books and
records the date of such transfer and a decrease and increase, respectively, in the principal
amount of the applicable Restricted Global Note(s) and the Unrestricted Global Note, respectively,
equal to the principal amount of beneficial interests transferred. Following any such transfer
pursuant to this Section 2.07(k), the relevant Restricted Global Note shall be cancelled.

          (l) Transfers of Notes Held by Affiliates. Any certificate (i) evidencing a Note that
has been transferred to an affiliate (as defined in Rule 405) of an Issuer within one year after
the Issue Date, as evidenced by a notation on the assignment form for such transfer or in the
representation letter delivered in respect thereof or (ii) evidencing a Note that has been acquired
from an affiliate (other than by an affiliate) in a transaction or a chain of transactions not
involving any public offering, shall, until one year after the last date on which either the Issuer
or any affiliate of the Issuer was an owner of such Note, in each case, be in the form of a
permanent Definitive Note and bear the Private Placement Legend subject to the restrictions in Section 2.07(g)(i). The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to Section 2.04 and this
Section 2.07. The Issuer, at its sole cost and expense, shall have the right to inspect and make
copies of all such letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Registrar.

          Section 2.08. Replacement Notes.

          (a) If any mutilated Note is surrendered to the Trustee, or the Issuer and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuer shall
issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the
Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss,
liability or expense that any of them may suffer if a replaced Note is ever subsequently presented
or otherwise claimed for payment. The Issuer may charge for its expenses in replacing a Note.

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

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          Section 2.09. Outstanding Notes.

          (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.09(a) as not outstanding. Except as set forth in Section 2.10, a Note
does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

          (b) If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser
or protected purchaser.

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

          (d) If the Paying Agent (other than the Issuer, a Subsidiary of the Issuer or an Affiliate of
any of the foregoing) holds, on a redemption date or maturity date, money sufficient to pay Notes
payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest.

          Section 2.10. Treasury Notes.

          In determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the
Issuer, shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in conclusively relying on any such direction,
waiver or consent, only Notes shown on the register as being so owned shall be so disregarded.
Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the
Issuer pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be
owned by such entity until legal title to such Notes passes to such entity.

          Section 2.11. Temporary Notes.

          (a) Until certificates representing Notes are ready for delivery, the Issuer may prepare and
the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes.
Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that
the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes.

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

          Section 2.12. Cancellation.

          The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of
canceled Notes in accordance with its customary procedures for the disposition of canceled
securities in effect as of the date of such disposition (subject to the record retention
requirement of the Exchange Act). Certification of the

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disposition of all canceled Notes shall be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid,
redeemed or that have been delivered to the Trustee for cancellation.

          Section 2.13. Defaulted Interest.

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

          Section 2.14. CUSIP Numbers.

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

ARTICLE THREE

REDEMPTION AND OFFERS TO PURCHASE

          Section 3.01. Notices to Trustee.

          If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section
3.07, it shall furnish to the Trustee, at least 15 Business Days before notice of redemption is
required to be mailed or caused to be mailed to Holders pursuant to Section 3.03 hereof (or such
shorter period that is acceptable to the Trustee) but not more than 60 days before a redemption
date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be
redeemed and (iv) the redemption price.

          Section 3.02. Selection of Notes to Be Redeemed.

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

          (b) The Trustee shall promptly notify the Issuer in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the principal amount at
maturity

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thereof to be redeemed. No Notes in amounts of $2,000 or less shall be redeemed in part.
Notes and portions of Notes selected shall be in amounts of $2,000 or integral multiples of $1,000
in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be
redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to
Notes called for redemption also apply to portions of Notes called for redemption.

          Section 3.03. Notice of Redemption.

          (a) At least 30 days but not more than 60 days before a redemption date, the Issuer shall mail
or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are
to be redeemed at its registered address, except that redemption notices may be mailed more than 60
days prior to a redemption date if the notice is issued in connection with a defeasance of the
Notes or a satisfaction and discharge of this Indenture.

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

     (i) the redemption date;

     (ii) the redemption price;

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

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

     (v) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price and become due on the date fixed for redemption;

     (vi) that, unless the Issuer defaults in making such redemption payment, interest, if
any, on Notes called for redemption ceases to accrue on and after the redemption date;

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

     (viii) the CUSIP number, or any similar number, if any, printed on the Notes being
redeemed; and

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

          (b) At the Issuer’s written request, the Trustee shall give the notice of redemption in the
Issuer’s name and at its expense; provided, however, that the Issuer shall have delivered to the
Trustee, at least 15 Business Days before the notice of redemption is required to be mailed or
caused to be mailed to Holders pursuant to this Section 3.03 (or such shorter period as is
acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in the preceding
paragraph. The notice, if mailed in the manner provided herein, shall be presumed to have been
given, whether or not the Holder receives such notice. In

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any case, failure to give such notice by mail or any defect in the notice to the Holder of any
Note shall not affect the validity of the proceeding for the redemption of any other Note.

          Section 3.04. Effect of Notice of Redemption.

          Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price.
Interest, if any, on Notes called for redemption ceases to accrue on and after the redemption date,
unless the Issuer defaults in making the applicable redemption payment. A notice of redemption may
not be conditional.

          Section 3.05. Deposit of Redemption Price.

          (a) Not later than 12:00 p.m. (noon) Eastern Time on the redemption date, the Issuer shall
deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of
and accrued and unpaid interest and Additional Interest, if any, on all Notes to be redeemed on
that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited
with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the
redemption price of, and accrued and unpaid interest on, all Notes to be redeemed.

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

          Section 3.06. Notes Redeemed in Part.

          Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall issue and
the Trustee shall authenticate for the Holder at the expense of the Issuer, a new Note equal in
principal amount to the unredeemed portion of the Note surrendered. No Notes in denominations of
$2,000 or less shall be redeemed in part.

          Section 3.07. Optional Redemption.

          (a) The Issuer shall not have the option to redeem the Notes prior to April 1, 2013. On or
after April 1, 2013, the Issuer may redeem all or a part of the Notes upon not less than 30 nor
more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount
to be redeemed) set forth below plus accrued and unpaid interest and Additional Interest, if any,
thereon, to, but not including, the applicable redemption date, if redeemed during the twelve-month
period beginning on April 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage
	 
	 	 	 	 
	2013 
	 	 	106.563	%
	2014 
	 	 	104.375	%
	2015 
	 	 	102.188	%
	2016 and thereafter 
	 	 	100.000	%

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          (b) Any redemption pursuant to this Section 3.07 shall be made in accordance with the
provisions of Sections 3.01 through 3.06.

          Section 3.08. Repurchase Offers.

          In the event that, pursuant to Section 4.10 or Section 4.14, the Issuer shall be required to
commence an offer to all Holders to purchase all or a portion of their respective Notes (a
“Repurchase Offer”), they shall follow the procedures specified in such Sections and, to
the extent not inconsistent therewith, the procedures specified below.

          The Repurchase Offer shall remain open for a period of no less than 30 days and no more than
60 days following its commencement, except to the extent that a longer period is required by
applicable law (the “Offer Period”). No later than three Business Days after the
termination of the Offer Period (the “Purchase Date”), the Issuer shall purchase the
aggregate principal amount of Notes required to be purchased pursuant to Section 4.10 or 4.14
hereof (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes
tendered in response to the Repurchase Offer. Payment for any Notes so purchased shall be made in
the same manner as interest payments are made.

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

          Upon the commencement of a Repurchase Offer, the Issuer shall send, or at the Issuer’s
request, the Trustee shall send at the Issuer’s expense, by first class mail, a notice to each of
the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Repurchase Offer. The Repurchase
Offer shall be made to all Holders. The notice, which shall govern the terms of the Repurchase
Offer, shall state:

     (a) that the Repurchase Offer is being made pursuant to this Section 3.08 and Section
4.10 or Section 4.14 hereof;

     (b) the length of time the Repurchase Offer shall remain open;

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

     (d) that any Note not tendered or accepted for payment shall continue to accrue
interest and Additional Interest, if any;

     (e) that, unless the Issuer defaults in making such payment, any Note (or portion
thereof) accepted for payment pursuant to the Repurchase Offer shall cease to accrue
interest and Additional Interest, if any, after the Purchase Date;

     (f) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may
elect to have Notes purchased in integral multiples of $2,000 only;

     (g) that Holders electing to have a Note purchased pursuant to any Repurchase Offer
shall be required to surrender the Note, with the form entitled “Option of Holder to Elect
Pur-

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chase” on the reverse of the Note completed, or transfer by book-entry transfer, to the
Issuer, a depositary, if appointed by the Issuer, or a Paying Agent at the address specified
in the notice at least three days before the Purchase Date;

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

     (i) that, if the aggregate amount of Notes surrendered by Holders exceeds the Offer
Amount, the Trustee shall, subject in the case of a Repurchase Offer made pursuant to
Section 4.10 to the provisions of Section 4.10, select the Notes to be purchased on a pro
rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only
Notes in denominations of $2,000, or integral multiples thereof, shall be purchased); and

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

          On the Purchase Date, the Issuer shall, to the extent lawful, subject in the case of a
Repurchase Offer made pursuant to the provisions of Section 4.10, accept for payment on a pro rata
basis to the extent necessary, the Offer Amount of Notes (or portions thereof) tendered pursuant to
the Repurchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and
shall deliver to the Trustee an Officers’ Certificate stating that such Notes (or portions thereof)
were accepted for payment by the Issuer in accordance with the terms of this Section 3.08. The
Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not
later than three Business Days after the Purchase Date) mail or deliver to each tendering Holder an
amount equal to the purchase price of Notes tendered by such Holder, as the case may be, and
accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note. The Trustee,
upon written request from the Issuer, shall authenticate and mail or deliver such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered by such
Holder. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the
respective Holder thereof. The Issuer shall publicly announce the results of the Repurchase Offer
on the Purchase Date.

          The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase of the Notes pursuant to a Repurchase Offer. To the
extent that the provisions of any securities laws or regulations conflict with Section 3.08, 4.10
or 4.14, the Issuer shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under Section 3.08, 4.10 or 4.14 by virtue of such
compliance.

          Section 3.09. No Sinking Fund.

          The Issuer is not required to make mandatory redemption or sinking fund payments with respect
to the Notes.

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ARTICLE FOUR

COVENANTS

          Section 4.01. Payment of Notes.

          (a) The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and
interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer or
one of its Subsidiaries, holds as of 12:00 p.m. (noon) Eastern Time on the due date money deposited
by the Issuer in immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Issuer shall pay all Additional Interest,
if any, in the same manner on the dates and in the amounts set forth in the Registration Rights
Agreement.

          (b) The Issuer shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to 2% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest, and Additional Interest, if any (without regard to any applicable grace period), at the
same rate to the extent lawful.

          Section 4.02. Maintenance of Office or Agency.

          (a) The Issuer shall maintain in the Borough of Manhattan, The City of New York, an office or
agency (which may be an office of the Trustee or Registrar or agent of the Trustee or Registrar)
where Notes may be surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer
shall give prompt written notice to the Trustee of the location, and any change in the location, of
such office or agency. If at any time the 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 Corporate Trust Office of the Trustee.

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

          (c) The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Issuer in accordance with Section 2.04 of this Indenture.

          Section 4.03. Reports.

          (a) The Issuer shall furnish to the Trustee and, upon request, to beneficial owners and
prospective investors a copy of all of the information and reports referred to in clauses (i) and
(ii) below within the time periods specified in the Commission’s rules and regulations:

          (i) all quarterly and annual financial information that would be required to be
contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer were required
to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the
annual financial statements by the Issuer’s certified independent accountants; and

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          (ii) all current reports that would be required to be filed with the Commission on Form
8-K if the Issuer were required to file such reports.

          Whether or not required by the Commission, the Issuer shall comply with the periodic reporting
requirements of the Exchange Act and shall file the reports specified in Section 4.03(a)(i) and
Section 4.03(a)(ii) with the Commission within the time periods specified above unless the
Commission shall not accept such a filing. The Issuer agrees that it shall not take any action for
the purpose of causing the Commission not to accept any such filings. If, notwithstanding the
foregoing, the Commission shall not accept the Issuer’s filings for any reason, the Issuer shall
post the reports referred to in the preceding paragraph on its website within the time periods that
would apply if the Issuer were required to file those reports with the Commission.

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

          (c) The Issuer, for so long as any Notes remain outstanding, shall furnish to the Holders and
to prospective investors, upon their request, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act.

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

          (e) Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have
failed to comply with any of its obligations hereunder for purposes of Section 6.01(v) until 90
days after the date any report hereunder is due (it being understood, for the avoidance of doubt,
that the time period set forth in Section 6.01(v) shall be deemed to have begun concurrently with
the 90 day period referenced in this paragraph and in no event shall such time period set forth in
Section 6.01(v) be deemed to conclude after the 90 day period referenced herein).

          Section 4.04. Compliance Certificate.

          (a) The Issuer and each Guarantor, if any (to the extent that it is so required under the
TIA), shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Issuer and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Issuer and Guarantors, if any, have kept, observed, performed and fulfilled
their obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to his or her knowledge, the Issuer and Guarantors, if any, have kept, observed,
performed and fulfilled their obligations under this Indenture and are not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if
a Default or Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Issuer and Guarantors, if any,
are taking or propose to take with respect thereto) and that to his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the principal

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of or interest, if any, on the Notes is prohibited or if such event has occurred, a
description of the event and what action the Issuer and Guarantors, if any, are taking or propose
to take with respect thereto.

          Except with respect to receipt of payments on the Notes and any Default or Event of Default
information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.04,
the Trustee shall have no duty to review, ascertain or confirm the Issuer’s compliance with, or
breach of, any representation, warranty or covenant made in this Indenture.

          (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants or the Public Company Accounting Oversight Board, the year-end
financial statements delivered pursuant to Section 4.03(a)(i) above shall be accompanied by a
written statement of the Issuer’s independent public accountants (which shall be a firm of
established national reputation) that in making the examination necessary for certification of such
financial statements, nothing has come to their attention that would lead them to believe that the
Issuer or any Guarantor has failed to comply with the provisions of Article Four or Article Five
hereof in so far as they relate to financial or accounting matters or, if an event of noncompliance
has come to their attention, specifying the nature and period of existence thereof, it being
understood that such accountants shall not be liable directly or indirectly to any Person for any
failure to obtain knowledge of any such violation.

          (c) The Issuer shall, so long as any of the Notes are outstanding, deliver to the Trustee,
within 30 days after any Officer becomes aware of any Default or Event of Default, an Officers’
Certificate specifying such Default or Event of Default and what action the Issuer and the
Guarantors, if any, are taking or propose to take with respect thereto.

          Section 4.05. Taxes.

          The Issuer shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency,
any taxes, assessments, and governmental levies except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not adverse in any material
respect to the Holders of the Notes.

          Section 4.06. Stay, Extension and Usury Laws.

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

          Section 4.07. Restricted Payments.

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

               (i) declare or pay (without duplication) any dividend or make any other payment or
distribution on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity
Interests (including, without limitation, any payment in connection with any merger or
consolidation involving the Issuer or any of its Restricted Subsidiaries) or to the direct
or indirect holders of the Is-

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suer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as
such (other than dividends, payments or distributions (x) payable in Equity Interests (other
than Disqualified Stock) of the Issuer or (y) to the Issuer or a Restricted Subsidiary of
the Issuer);

               (ii) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Issuer or any of
its Restricted Subsidiaries) any Equity Interests of the Issuer or any Restricted Subsidiary
thereof held by Persons other than the Issuer or any of its Restricted Subsidiaries;

               (iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any Indebtedness that is contractually subordinated to the Notes
or any Guarantee of the Notes, except (a) a payment of interest or principal at the Stated
Maturity thereof or (b) the purchase, repurchase or other acquisition of any such
Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment
or final maturity, in each case due within one year of the date of such purchase, repurchase
or other acquisition; or

               (iv) make any Restricted Investment

(all such payments and other actions set forth in Section 4.07(a)(i) through (iv) above being
collectively referred to as “Restricted Payments”), unless, at the time of and after giving
pro forma effect to such Restricted Payment:

     (A) no Default or Event of Default shall have occurred and be continuing or would occur
as a consequence thereof;

     (B) the Issuer’s Consolidated Leverage Ratio is less than 5.0 to 1; and

     (C) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (excluding
Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (9), (10), (11), (12) and
(13) of Section 4.07(b)), is less than the sum, without duplication, of:

     (1) for the period (taken as one accounting period) from the beginning of the
first fiscal quarter commencing after the Issue Date to the end of the Issuer’s most
recently ended fiscal quarter for which internal financial statements are available
(the “Basket Period”), an amount equal to the sum of (x) for each fiscal quarter in
which the Issuer’s Consolidated Leverage Ratio is less than 5.0 to 1 (determined at
the end of such fiscal quarter), the Issuer’s Consolidated Cash Flow for such fiscal
quarter less 1.6 times the Issuer’s Consolidated Interest Expense for such fiscal
quarter and (y) for each fiscal quarter in which the Issuer’s Consolidated Leverage
Ratio is equal to or greater than 5.0 to 1 (determined at the end of such fiscal
quarter), zero, plus

     (2) 100% of the aggregate net cash proceeds received by the Issuer since the
Issue Date as a contribution to its common equity capital or from the issue or sale
of Equity Interests (other than Disqualified Stock) of the Issuer or from the
Incurrence of Indebtedness (including the issuance of Disqualified Stock) of the
Issuer or any of its Restricted Subsidiaries that has been converted into or
exchanged for such Equity Interests (other than Equity Interests sold to, or
Indebtedness held by, a Subsidiary of the Issuer), plus

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     (3) with respect to Restricted Investments made by the Issuer and its
Restricted Subsidiaries after the Issue Date, the aggregate amount of cash, or the
Fair Market Value of property other than cash, equal to the net reduction in such
Restricted Investments in any Person resulting from repayments of loans or advances,
or other transfers of assets, in each case to the Issuer or any Restricted
Subsidiary or from the net proceeds received in cash, or in property other than cash
(valued at such property’s Fair Market Value), from the sale of any such Restricted
Investment (except, in each case, to the extent any such payment or proceeds are
included in the calculation of Consolidated Net Income) or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries.

          (b) Section 4.07(a) shall not prohibit, so long as, in the case of Section 4.07(b)(5), (7),
(8), (9) and (12), no Event of Default has occurred and is continuing or would be caused thereby:

          (1) the payment of any dividend within 60 days after the date of declaration thereof,
if at said date of declaration such payment would have complied with the provisions of this
Indenture;

          (2) the payment of any dividend or other distribution by a Restricted Subsidiary of the
Issuer to the holders of its Common Stock on a pro rata basis;

          (3) the making of any Restricted Payment in exchange for, or out of the net cash
proceeds of a contribution to the common equity of the Issuer or a substantially concurrent
sale (other than to a Subsidiary of the Issuer) of, Equity Interests (other than
Disqualified Stock) of the Issuer; provided that the amount of any such net cash proceeds
that are utilized for any such Restricted Payment shall be excluded from Section
4.07(a)(C)(2);

          (4) the defeasance, redemption, repurchase or other acquisition of Indebtedness
subordinated to the Notes or any Guarantee of the Notes with the net cash proceeds from an
Incurrence of Permitted Refinancing Indebtedness;

          (5) the declaration and payment of dividends or distributions to holders of any class
or series of Disqualified Stock of the Issuer or any Preferred Stock of its Restricted
Subsidiaries issued or incurred in accordance with Section 4.09;

          (6) the repurchase of Equity Interests deemed to occur upon the exercise of options or
warrants to the extent that such Equity Interests represent all or a portion of the exercise
price thereof;

          (7) the repurchase of Equity Interests of the Issuer constituting fractional shares in
an aggregate amount since the Issue Date not to exceed $1.0 million;

          (8) the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Issuer or any of its Restricted Subsidiaries held by any current or
former employee, consultant or director of the Issuer or any of its Restricted Subsidiaries
pursuant to the terms of any employee equity subscription agreement, stock option agreement
or similar agreement approved by a majority of the disinterested members of the Board of
Directors of the Issuer; provided that the aggregate price paid for all such repurchased,
redeemed, acquired or retired Equity Interests in any fiscal year shall not exceed the sum
of: (i) $15.0 million, with unused amounts pursuant to this subclause (i) being carried
over to succeeding fiscal years up to a maximum of $30.0 million in any fiscal year;
plus (ii) the aggregate net cash proceeds received by the

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Issuer since the Issue Date as a contribution to its common equity capital or from the
issue or sale of Equity Interests (other than Disqualified Stock) of the Issuer to any
current or former employee, consultant or director of the Issuer or any of its Restricted
Subsidiaries; provided that the amount of any such net cash proceeds that are used to permit
a repurchase, redemption or other acquisition under this subclause (ii) shall be excluded
from Section 4.07(a)(C)(2); plus (iii) the cash proceeds of any “key man” life insurance
received by the Issuer or any of its Restricted Subsidiaries (and not included in the
Consolidated Cash Flow of the Issuer) that are used to make such redemptions, repurchases,
redemptions or other acquisitions;

          (9) dividends paid by FairPoint on its Common Stock in an amount not to exceed $50.0
million in the aggregate for the quarterly dividend payments payable for the fiscal quarter
in which the Merger occurs and the first and second full fiscal quarters immediately
following the Issue Date;

          (10) purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness subordinated to the Notes or any Guarantee of the Notes pursuant to provisions
requiring the Issuer or any Restricted Subsidiary to offer to purchase, redeem, defease or
otherwise acquire or retire for value such subordinated Indebtedness upon the occurrence of
a “change of control” as defined in the agreements or instruments governing such
subordinated Indebtedness; provided, however, that the Issuer has made a Change of Control
Offer and have purchased all Notes tendered in connection with such Change of Control Offer;

          (11) Restricted Payments made as part of the Transactions;

          (12) other Restricted Payments in an aggregate amount not to exceed $40.0 million; and

          (13) the redemption or repurchase of Permitted Junior Capital issued pursuant to
Section 4.09(b)(xv), so long as at the time of each such redemption or repurchase, the
Issuer’s Consolidated Leverage Ratio is less than 4.5 to 1.

          (c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on
the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or
issued to or by the Issuer or such Subsidiary, as the case may be, pursuant to the Restricted
Payment. For purposes of determining compliance with this Section 4.07, in the event that a
Restricted Payment meets the criteria of more than one of the categories described in clauses (1)
through (12) above or is entitled to be made pursuant to Section 4.07(a), the Issuer shall, in its
sole discretion, classify (or from time to time may reclassify) such Restricted Payment in any
manner that complies with this covenant and such Restricted Payment will be treated as having been
made pursuant to only one of such categories.

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

          (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to:

          (i) pay dividends or make any other distributions on its Capital Stock to the Issuer or
any of its Restricted Subsidiaries or pay any liabilities owed to the Issuer or any of its
Restricted Subsidiaries;

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          (ii) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or

          (iii) transfer any of its properties or assets to the Issuer or any of its Restricted
Subsidiaries.

          (b) However, the preceding restrictions shall not apply to encumbrances or restrictions:

          (i) existing under, by reason of or with respect to the Credit Agreement, Existing
Indebtedness or any other agreements in effect on the Issue Date and any amendments,
modifications, restatements, renewals, extensions, supplements, refundings, replacements or
refinancings thereof, provided that the encumbrances and restrictions in any such
amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacement or refinancings are, in the good faith judgment of the Issuer’s Board of
Directors, no more restrictive, taken as a whole, than those contained in the Credit
Agreement, Existing Indebtedness or such other agreements, as the case may be, as in effect
on the Issue Date;

          (ii) set forth in this Indenture, the Notes or any Guarantee of the Notes;

          (iii) existing under, by reason of or with respect to applicable law, rule, regulation
or order;

          (iv) with respect to any Person or the property or assets of a Person acquired by the
Issuer or any of its Restricted Subsidiaries existing at the time of such acquisition and
not Incurred in connection with or in contemplation of such acquisition, which encumbrance
or restriction is not applicable to any Person or the properties or assets of any Person,
other than the Person, or the property or assets of the Person, so acquired and any
amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacements or refinancings thereof, provided that the encumbrances and restrictions in any
such amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacement or refinancings are, in the good faith judgment of the Issuer’s Board of
Directors, no more restrictive, taken as a whole, than those in effect on the date of the
acquisition;

          (v) in the case of Section 4.08(a)(iii):

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

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

     (3) purchase money obligations for property acquired in the ordinary course of
business that impose restrictions on the property so acquired, or

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

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          (vi) existing under, by reason of or with respect to any agreement for the sale or
other disposition of all or substantially all of the Capital Stock of, or property and
assets of, a Restricted Subsidiary that restrict distributions by that Restricted Subsidiary
pending such sale or other disposition;

          (vii) on cash or other deposits or net worth imposed by customers or required by
insurance, surety or bonding companies, in each case, under contracts entered into in the
ordinary course of business;

          (viii) existing under, by reason of or with respect to Permitted Refinancing
Indebtedness; provided that the restrictions contained in the agreements governing such
Permitted Refinancing Indebtedness are, in the good faith judgment of the Issuer’s Board of
Directors, no more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced;

          (ix) existing under, by reason of or with respect to provisions with respect to the
disposition or distribution of assets or property, in each case contained in joint venture
agreements, limited liability company agreements and other similar agreements and which the
Issuer’s Board of Directors determines in good faith will not adversely affect the Issuer’s
ability to make payments of principal or interest payments on the Notes; and

          (x) existing under, by reason of or with respect to Indebtedness of any Restricted
Subsidiary of the Issuer; provided that the Issuer’s Board of Directors determines in good
faith at the time such encumbrances or restrictions are created that they do not adversely
affect the Issuer’s ability to make payments of principal or interest on the Notes.

     Section 4.09. Incurrence of Indebtedness.

          (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, Incur any Indebtedness; provided, however, that the Issuer or any of its Restricted
Subsidiaries may Incur Indebtedness, if the Issuer’s Consolidated Leverage Ratio at the time of the
Incurrence of such additional Indebtedness, and after giving effect thereto, is less than 5.0 to 1.

          (b) Section 4.09(a) shall not prohibit the Incurrence of any of the following items of
Indebtedness (collectively, “Permitted Debt”):

          (i) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness
under Credit Facilities in an aggregate principal amount at any one time outstanding
pursuant to this clause (i) not to exceed $2,030.0 million, less the aggregate amount of all
Net Proceeds of Asset Sales applied by the Issuer or any Restricted Subsidiary thereof to
permanently repay any such Indebtedness pursuant to Section 4.10;

          (ii) Existing Indebtedness;

          (iii) the Incurrence by the Issuer of Indebtedness represented by the Notes to be
issued on the Issue Date and the Exchange Notes;

          (iv) the Incurrence by the Issuer or any Restricted Subsidiary thereof of Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations,
in each case, Incurred for the purpose of financing all or any part of the purchase price or
cost of construction or improvement of property (real or personal), plant or equipment used
in the busi-

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ness of the Issuer or such Restricted Subsidiary (whether through the direct
acquisition of such assets or the acquisition of Equity Interests of any Person owning such
assets), in an aggregate principal amount at any time outstanding, including all Permitted
Refinancing Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred
pursuant to this clause (iv), not to exceed the greater of (x) 3.0% of Tangible Assets at
the time of Incurrence and (y) $75.0 million;

          (v) the Incurrence by the Issuer or any Restricted Subsidiary thereof of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund,
refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted
by this Indenture to be Incurred under Section 4.09(a) or clauses (ii), (iii) or (v) of this
Section 4.09(b);

          (vi) the Incurrence by the Issuer or any of its Restricted Subsidiaries of intercompany
Indebtedness owing to and held by the Issuer or any of its Restricted Subsidiaries;
provided, however, that:

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

     (B) (1) any subsequent issuance or transfer of Equity Interests that results in
any such Indebtedness being held by a Person other than the Issuer or a Restricted
Subsidiary thereof and (2) any sale or other transfer of any such Indebtedness to a
Person that is not either the Issuer or a Restricted Subsidiary thereof, shall 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
Section 4.09(b)(vi);

          (vii) the Guarantee by the Issuer or any of its Restricted Subsidiaries of Indebtedness
of the Issuer or a Restricted Subsidiary thereof that was permitted to be Incurred by
another provision of this Section 4.09;

          (viii) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging
Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate,
commodity price or foreign currency exchange rate risk (or to reverse or amend any such
agreements previously made for such purposes), and not for speculative purposes;

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

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

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          (xi) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness
constituting reimbursement obligations with respect to letters of credit in respect of
workers’ compensation claims or self-insurance obligations or bid, performance, appeal or
surety bonds (in each case other than for an obligation for borrowed money);

          (xii) the Incurrence by the Issuer or any of its Restricted Subsidiaries of
Indebtedness constituting reimbursement obligations with respect to letters of credit issued
in the ordinary course of business; provided that, upon the drawing of such letters of
credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30
days following such drawing or Incurrence;

          (xiii) the Incurrence by the Issuer or any Guarantor of Indebtedness to the extent that
the net proceeds thereof are promptly deposited to defease or to satisfy and discharge the
Notes;

          (xiv) the Incurrence by the Issuer or any of its Restricted Subsidiaries of additional
Indebtedness in an aggregate principal amount at any time outstanding, including all
Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred pursuant to
this Section 4.09(b)(xiv), not to exceed $75.0 million; and

          (xv) on or after the six-month anniversary of the Issue Date, the Incurrence by the
Issuer or any of its Restricted Subsidiaries of Permitted Junior Capital issued to
Capgemini, U.S. LLC pursuant to the Master Services Agreement in an aggregate amount not to
exceed $50.0 million plus any accrued dividends or interest paid in kind; provided that (1)
100% of the Net Proceeds thereof are applied to pay expenses under the Transition Services
Agreement and (2) interest and dividends thereon, as applicable, shall be payable in kind
and not payable in cash.

          For purposes of determining compliance with this Section 4.09, in the event that any proposed
Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in
Section 4.09(b)(i) through (xiv) above, or is entitled to be Incurred pursuant to Section 4.09(a),
the Issuer will be permitted to classify such item of Indebtedness at the time of its Incurrence in
any manner that complies with this Section 4.09. Indebtedness under the Credit Agreement
outstanding on the Issue Date shall be deemed to have been Incurred on such date in reliance on the
exception provided by Section 4.09(b)(i) and may not be reclassified. Additionally, all or any
portion of any item of Indebtedness may later be reclassified as having been Incurred pursuant to
Section 4.09(a) or under any one of the categories of Permitted Debt described in Section
4.09(b)(i) through (xiv) so long as such Indebtedness is permitted to be Incurred pursuant to such
provision at the time of reclassification.

          (c) Notwithstanding any other provision of Section 4.09, the maximum amount of Indebtedness
that may be Incurred pursuant to Section 4.09 shall not be deemed to be exceeded with respect to
any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of
currencies.

          (d) The Issuer shall not incur any Indebtedness that is contractually subordinate in right of
payment to any other Indebtedness of the Issuer unless it is contractually subordinate in right of
payment to the Notes to the same extent. No Guarantor, if any, shall Incur any Indebtedness that
is contractually subordinate in right of payment to any other Indebtedness of such Guarantor unless
it is contractually subordinate in right of payment to any Guarantee of the Notes by such Guarantor
to the same extent; provided that no Indebtedness will be deemed to be contractually subordinated
in right of payment to any other Indebtedness of the Issuer or any Guarantor (as applicable) solely
by reason of any Liens or Guarantees arising or created in respect thereof or by virtue of the fact
that the holders of any secured In-

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debtedness have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them.

          Section 4.10. Asset Sales.

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

          (i) the Issuer (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of such Asset Sale at least equal to the Fair Market Value of the
assets or Equity Interests issued or sold or otherwise disposed of; and

          (ii) at least 75% of the consideration therefor received by the Issuer or such
Restricted Subsidiary is in the form of cash, Cash Equivalents or Replacement Assets or a
combination thereof. For purposes of this Section 4.10(a)(ii), each of the following shall
be deemed to be cash:

     (A) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s
most recent balance sheet) of the Issuer or any Restricted Subsidiary (other than
contingent liabilities, Indebtedness that is by its terms subordinated to the Notes
or any Guarantee of the Notes and liabilities to the extent owed to the Issuer or
any Subsidiary of the Issuer) that are assumed by the transferee of any such assets
or Equity Interests pursuant to a written assignment and assumption agreement that
releases the Issuer or such Restricted Subsidiary from further liability therefor;

     (B) any securities, notes or other obligations received by the Issuer or any
such Restricted Subsidiary from such transferee that are converted by the Issuer or
such Restricted Subsidiary into Cash Equivalents or Replacement Assets within 180
days of the receipt thereof (to the extent of the Cash Equivalents or Replacement
Assets received in that conversion); and

     (C) any Designated Noncash Consideration received by the Issuer or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value,
taken together with all other Designated Noncash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed the greater of (x)
2.0% of Tangible Assets or (y) $50.0 million (with the Fair Market Value of each
item of Designated Noncash Consideration being measured at the time received and
without giving effect to subsequent changes in value).

          (b) Within 365 days after the receipt by the Issuer or any of its Restricted Subsidiaries of
any Net Proceeds from an Asset Sale, or, if the Issuer or such Restricted Subsidiary has entered
into
a binding commitment or commitments with respect to any of the actions described below, within
the later of (x) 365 days after the receipt of any Net Proceeds from an Asset Sale or (y) 180 days
after entering into such commitment or commitments, the Issuer or such Restricted Subsidiary may
apply such Net Proceeds at its option:

          (i) (x) to permanently repay Indebtedness ranking pari passu with the Notes that is
secured by assets of the Issuer or its Restricted Subsidiaries (to the extent of the value
of the assets securing such Indebtedness), (y) (A) to permanently repay Obligations under
the term loan portion of the Credit Agreement or (B) to repay Obligations under the
revolving portion of the

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Credit Agreement or (z) to permanently repay Indebtedness of any of
the Issuer’s Restricted Subsidiaries; or

          (ii) to purchase Replacement Assets.

Pending the final application of any such Net Proceeds, the Issuer or such Restricted Subsidiary
may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any
manner that is not prohibited by this Indenture.

          (c) On the 366th day after an Asset Sale or such earlier date, if any, as the Issuer
determines not to apply the Net Proceeds relating to such Asset Sale as set forth in Section
4.10(b) (each such date being referred as an “Excess Proceeds Trigger Date”), such
aggregate amount of Net Proceeds that has not been applied on or before the Excess Proceeds Trigger
Date as permitted pursuant to Section 4.10(b) (“Excess Proceeds”) shall be applied by the
Issuer to make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of
other Indebtedness that is pari passu with the Notes or any Guarantee of the Notes containing
provisions similar to those set forth in this Indenture with respect to offers to purchase with the
proceeds of sales of assets, to purchase the maximum principal amount of Notes and such other pari
passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer shall be equal to 100% of the principal amount of the Notes and such other pari passu
Indebtedness plus accrued and unpaid interest and Additional Interest, if any, to the date of
purchase, and shall be payable in cash.

          (d) The Issuer may defer the Asset Sale Offer until there are aggregate unutilized Excess
Proceeds equal to or in excess of $25.0 million resulting from one or more Asset Sales, at which
time the entire unutilized amount of Excess Proceeds (not only the amount in excess of $25.0
million) shall be applied as provided in Section 4.10(c). If any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Issuer and its Restricted Subsidiaries may use such Excess
Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal
amount of Notes and such other pari passu Indebtedness tendered into such Asset Sale Offer exceeds
the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness shall be purchased
on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness
tendered. Upon completion of each Asset Sale Offer, the Excess Proceeds subject to such Asset Sale
shall no longer be deemed to be Excess Proceeds.

          (e) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict with the Asset Sales
provisions of this Indenture, the Issuer shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached their obligations under the Asset Sale
provisions of this Indenture by virtue of such compliance.

          Section 4.11. Transactions with Affiliates.

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

          (i) such 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

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arm’s-length transaction by the Issuer or such Restricted Subsidiary with a Person that is
not an Affiliate of the Issuer or any of its Restricted Subsidiaries; and

          (ii) the Issuer delivers to the Trustee:

     (1) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $20.0 million, a Board
Resolution set forth in an Officers’ Certificate certifying that such Affiliate
Transaction or series of related Affiliate Transactions complies with this Section
4.11 and that such Affiliate Transaction or series of related Affiliate Transactions
has been approved by a majority of the disinterested members of the Board of
Directors of the Issuer (if any); and

     (2) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $50.0 million, an
opinion as to the fairness to the Issuer or such Restricted Subsidiary of such
Affiliate Transaction or series of related Affiliate Transactions from a financial
point of view issued by an independent accounting, appraisal or investment banking
firm of national standing.

     (b) The following items shall not be deemed to be Affiliate Transactions and, therefore, shall
not be subject to the provisions of Section 4.11(a):

          (i) transactions between or among the Issuer and/or its Restricted Subsidiaries or any
Person that shall become a Restricted Subsidiary as part of any such transactions (but
excluding any such transaction to the extent that any payments thereunder made by the Issuer
or any of its Restricted Subsidiaries to such Person are substantially concurrently paid by
such Person to any other Affiliate of the Issuer, except to the extent that any such
transaction would not be prohibited by this Section 4.11);

          (ii) payment of reasonable and customary fees to, and reasonable and customary
indemnification and similar payments on behalf of, directors of the Issuer;

          (iii) Permitted Investments and Restricted Payments that are permitted by the
provisions of Section 4.07;

          (iv) any sale of Equity Interests (other than Disqualified Stock) of the Issuer;

          (v) transactions pursuant to agreements or arrangements in effect on the Issue Date, or
any amendment, modification, or supplement thereto or replacement thereof, as long as such
agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a
whole, is, as determined in good faith by the Issuer’s Board of Directors, not materially more
disadvantageous to the Issuer and its Restricted Subsidiaries than the original agreement or
arrangement in existence on the Issue Date;

          (vi) any employment, consulting, service or termination agreement, or reasonable and
customary indemnification arrangements, entered into by the Issuer or any of its Restricted
Subsidiaries with officers and employees of the Issuer or any of its Restricted Subsidiaries
and the payment of compensation to officers and employees of the Issuer or any of its
Restricted Subsidiaries (including amounts paid pursuant to employee benefit plans, employee
stock option or similar plans), so long as such agreement or payment has been approved by a
majority of the disinterested members of the Board of Directors of the Issuer;

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          (vii) payments or loans to employees or consultants in the ordinary course of business
which are approved by a majority of the disinterested members of the Board of Directors of
the Issuer in good faith;

          (viii) transactions with a Person that is an Affiliate of the Issuer solely because the
Issuer, directly or indirectly, owns Equity Interests in, or controls, such Person;

          (ix) transactions with customers, clients, suppliers or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance
with the terms of this Indenture, which are fair to the Issuer and its Restricted
Subsidiaries in the determination of a majority of the disinterested members of the Board of
Directors or the senior management of the Issuer, or are on terms at least as favorable as
might reasonably have been obtained at such time from an unaffiliated party; and

          (x) the Transactions, all transactions in connection therewith (including but not
limited to the financing thereof), and all fees and expenses paid or payable in connection
with the Transactions.

          Section 4.12. Liens.

          The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, create,
incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other
than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, unless
all payments due under this Indenture and the Notes are secured on an equal and ratable basis with
the obligations so secured (or, in the case of Indebtedness subordinated to the Notes or any
Guarantee of the Notes, prior or senior thereto, with the same relative priority as the Notes shall
have with respect to such subordinated Indebtedness) until such time as such obligations are no
longer secured by a Lien.

          Section 4.13. Business Activities.

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

          Section 4.14. Offer to Repurchase upon a Change of Control.

          (a) If a Change of Control occurs, each Holder of Notes shall have the right to require the
Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes pursuant to an offer by the Issuer (a “Change of Control
Offer”) at an offer price (a “Change of Control Payment”) in cash equal to not less
than 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid
interest and Additional Interest, if any, thereon, to the date of repurchase (the “Change of
Control Payment Date”). No later than 30 days following any Change of Control (unless the
Issuer has exercised its right to redeem the Notes pursuant to Section 3.07 hereof), the Issuer
shall mail a notice to each Holder describing the transaction or transactions that constitute the
Change of Control and offering to repurchase Notes on the Change of Control Payment Date specified
in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date
such notice is mailed, pursuant to the procedures described in Section 3.08 (including the notice
required thereby). The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change
of Control. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions of this

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Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the
Change of Control provisions of this Indenture by virtue of such compliance.

          (b) On the Change of Control Payment Date, the Issuer shall, to the extent lawful:

          (i) accept for payment all Notes or portions thereof properly tendered pursuant to the
Change of Control Offer;

          (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered; and

          (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together
with an Officers’ Certificate stating the aggregate principal amount of Notes or portions
thereof being purchased by the Issuer.

          (c) The Paying Agent shall promptly mail or wire transfer to each Holder of Notes so tendered
the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail
(or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be
in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

          (d) The Issuer will publicly announce the results of the Change of Control Offer on or as soon
as practicable after the Change of Control Payment Date.

          (e) Notwithstanding anything to the contrary in this Section 4.14, the 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 this Section 4.14 and all other provisions of this Indenture applicable
to a Change of Control Offer made by the Issuer and purchases all Notes tendered and not withdrawn
under such Change of Control Offer.

          Section 4.15. [INTENTIONALLY LEFT BLANK].

          Section 4.16. Designation of Restricted and Unrestricted Subsidiaries.

          (a) The Board of Directors of the Issuer may designate any Restricted Subsidiary of the Issuer
(other than (x) the Issuer or (y) any Subsidiary of the Issuer that owns Equity Interests in the
Issuer) to be an Unrestricted Subsidiary; provided that:

          (i) any Guarantee by the Issuer or any Restricted Subsidiary thereof of any
Indebtedness of the Subsidiary being so designated shall be deemed to be an Incurrence of
Indebtedness by the Issuer or such Restricted Subsidiary (or both, if applicable) at the
time of such designation, and such Incurrence of Indebtedness would be permitted under
Section 4.09(a);

          (ii) the aggregate Fair Market Value of all outstanding Investments owned by the Issuer
and its Restricted Subsidiaries in the Subsidiary being so designated (including any
Guarantee by the Issuer or any Restricted Subsidiary thereof of any Indebtedness of such
Subsidiary) shall be deemed to be a Restricted Investment made as of the time of such
designation and that such Investment would be permitted under Section 4.07;

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          (iii) the Subsidiary being so designated:

     (1) is not party to any agreement, contract, arrangement or understanding with
the Issuer or any Restricted Subsidiary thereof unless either (A) such agreement,
contract, arrangement or understanding is with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture, which are
fair to the Issuer and its Restricted Subsidiaries in the determination of a
majority of the disinterested members of the Board of Directors or the senior
management of the Issuer, or (B) the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Issuer or such Restricted
Subsidiary than those that might be obtained at the time from Persons who are not
Affiliates of the Issuer;

     (2) is a Person with respect to which neither the Issuer nor any of its
Restricted Subsidiaries has any direct or indirect obligation (A) to subscribe for
additional Equity Interests or (B) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating
results; and

     (3) has not Guaranteed or otherwise directly or indirectly provided credit
support for any Indebtedness of the Issuer or any of its Restricted Subsidiaries,
except (A) to the extent such Guarantee or credit support would be released upon
such designation or (B) a pledge of the Equity Interests of the Unrestricted
Subsidiary that is the obligor thereunder; and

          (iv) no Default or Event of Default would be in existence following such designation.

          (b) Any designation of a Restricted Subsidiary of the Issuer as an Unrestricted Subsidiary
shall be evidenced to the Trustee by filing with the Trustee the Board Resolution giving effect to
such designation and an Officers’ Certificate certifying that such designation complied with the
preceding conditions and was permitted by this Indenture. If, at any time, any Unrestricted
Subsidiary would fail to meet any of the preceding requirements described in Section 4.16(a)(iii),
it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness, Investments, or Liens on the property, of such Subsidiary shall be deemed to be
Incurred or made by a Restricted Subsidiary of the Issuer as of such date and, if such
Indebtedness, Investments or Liens are not permitted to be Incurred or made as of such date under
this Indenture, the Issuer shall be in default under this Indenture.

          (c) The Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided that:

          (i) such designation shall be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of the Issuer of any outstanding Indebtedness (including any
Non-Recourse Debt) of such Unrestricted Subsidiary and such designation shall only be
permitted if such Indebtedness is permitted under Section 4.09(a);

          (ii) all outstanding Investments owned by such Unrestricted Subsidiary shall be deemed
to be made as of the time of such designation and such designation shall only be permitted
if such Investments would be permitted under Section 4.07;

          (iii) all Liens upon property or assets of such Unrestricted Subsidiary existing at the
time of such designation would be permitted under Section 4.12; and

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          (iv) no Default or Event of Default would be in existence following such designation.

          Section 4.17. Payments for Consent.

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

          Section 4.18. Guarantees.

          The Issuer will not permit any of its Restricted Subsidiaries, whether in existence on the
Issue Date or formed, purchased or otherwise acquired thereafter, directly or indirectly, by way of
a pledge of any intercompany note or otherwise, to incur or Guarantee or pledge any assets to
secure the payment of any other Indebtedness (other than (1) guarantees by Restricted Subsidiaries
of the Issuer which are guarantors on the Issue Date of obligations pursuant to the Credit
Facilities and (2) Indebtedness permitted under Section 4.09(b)(iv) and Section 4.09(b)(xiv)) of
the Issuer or any Restricted Subsidiary unless such Restricted Subsidiary is a Guarantor or
simultaneously executes and delivers to the Trustee an Opinion of Counsel and a supplemental
indenture providing for the Guarantee of the payment of
the Notes by such Restricted Subsidiary, which Guarantee shall be senior to or pari passu with
such Subsidiary’s Guarantee of such other Indebtedness.

          Section 4.19. Sale and Leaseback Transactions.

          The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, enter into
any Sale and Leaseback Transaction; provided that the Issuer or any Restricted Subsidiary thereof
may enter into a Sale and Leaseback Transaction if:

          (i) the Issuer or such Restricted Subsidiary, as applicable, could have (A) Incurred
Indebtedness in an amount equal to the Attributable Debt relating to such Sale and Leaseback
Transaction and (B) incurred a Lien to secure such Indebtedness pursuant to Section 4.12;

          (ii) the gross cash proceeds of that Sale and Leaseback Transaction are at least equal
to the Fair Market Value of the property that is the subject of that Sale and Leaseback
Transaction; and

          (iii) the transfer of assets in that Sale and Leaseback Transaction is permitted by,
and the Issuer applies the proceeds of such transaction in compliance with, Section 4.10.

ARTICLE FIVE

SUCCESSORS

          Section 5.01. Merger, Consolidation or Sale of Assets.

          (a) The Issuer shall not, directly or indirectly: (1) consolidate or merge with or into
another Person (whether or not the Issuer is the surviving corporation) or (2) sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the properties and assets of
the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:

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          (i) either: (1) the Issuer is the surviving corporation; or (2) the Person formed by
or surviving any such consolidation or merger (if other than the Issuer) or to which such
sale, assignment, transfer, conveyance or other disposition shall have been made (A) is a
corporation or limited liability company organized or existing under the laws of the United
States, any state thereof or the District of Columbia (provided that, if the Person formed
by or surviving such consolidation or merger, or the transferee of such properties or
assets, is a limited liability company, then there shall be a Restricted Subsidiary of such
Person which shall be a corporation organized in the jurisdictions permitted by this Section
5.01(a)(i) and a co-obligor of the Notes) and (B) assumes all the obligations of the Issuer
under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements
reasonably satisfactory to the Trustee;

          (ii) immediately after giving effect to such transaction, no Default or Event of
Default exists;

          (iii) immediately after giving effect to such transaction on a pro forma basis, the
Issuer or the Person formed by or surviving any such consolidation or merger (if other than
the Issuer), or to which such sale, assignment, transfer, conveyance or other disposition
will have been made, shall be permitted to Incur at least $1.00 of additional Indebtedness
pursuant to the Consolidated Leverage Ratio test set forth in Section 4.09(a); and

          (iv) each Guarantor, unless such Guarantor is the Person with which the Issuer has
entered into a transaction under this Section 5.01, shall have by amendment to its Guarantee
of the Notes confirmed that such Guarantee shall apply to the obligations of the Issuer or
the surviving Person in accordance with the Notes and this Indenture.

Notwithstanding the foregoing, the provisions of clauses (ii), (iii) and (iv) above shall not apply
to the consummation of the Merger.

          (b) In addition, the Issuer and its Restricted Subsidiaries may not, directly or indirectly,
lease all or substantially all of the properties or assets of the Issuer and its Restricted
Subsidiaries considered as one enterprise, in one or more related transactions, to any other
Person. Section 5.01(a)(ii) and (iii) shall not apply to any merger, consolidation or sale,
assignment, transfer, conveyance or other disposition of assets between or among the Issuer and any
of its Restricted Subsidiaries. Section 5.01(a)(ii) and (iii) shall also not apply to any
transaction if, in the good faith determination of the Board of Directors of the Issuer, the sole
purpose of the transaction is to reincorporate the Issuer in another state of the United States.

          Section 5.02. Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Issuer in accordance with
Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which
the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, assignment, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Issuer” shall refer instead to the successor
corporation and not to the Issuer), and may exercise every right and power of, the Issuer under the
Indenture with the same effect as if such successor Person had been named as the Issuer in this
Indenture. In the event of any such transfer (other than any transfer by way of lease), the
predecessor Issuer will be released and discharged from all liabilities and obligations in respect
of the Notes and the Indenture and the predecessor Issuer may be dissolved, wound up or liquidated
at any time thereafter.

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ARTICLE SIX

DEFAULTS AND REMEDIES

          Section 6.01. Events of Default.

               Each of the following is an “Event of Default”:

          (i) default for 30 days in the payment when due of interest on, or Additional Interest
with respect to, the Notes;

          (ii) default in payment when due (whether at maturity, upon acceleration, redemption,
required repurchase or otherwise) of the principal of, or premium, if any, on the Notes;

          (iii) failure by the Issuer or any of its Restricted Subsidiaries to comply with
Section 5.01;

          (iv) failure by the Issuer or any of its Restricted Subsidiaries to comply with Section
4.10 or Section 4.14 (other than a failure to purchase Notes);

          (v) failure by the Issuer or any of its Restricted Subsidiaries for 60 days after
written notice to comply with any of the other agreements in this Indenture (other than a
failure to purchase Notes);

          (vi) default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness by the Issuer or any
of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Issuer or any
of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is
created after the Issue Date, if that default:

          (A) is caused by a failure to make any principal payment when due at the final
maturity of such Indebtedness and prior to the expiration of any grace period
provided in such Indebtedness on the date of such default (a “Payment
Default”); or

          (B) results in the acceleration of such Indebtedness prior to its express
maturity,

          and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $50.0 million or more;

          (vii) failure by the Issuer or any of its Restricted Subsidiaries to pay final
judgments (to the extent such judgments are not paid or covered by insurance provided by a
reputable carrier that has the ability to perform) aggregating in excess of $50.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days;

          (viii) except as permitted by this Indenture, any Guarantee of the Notes provided by a
Significant Subsidiary of the Issuer (or any Restricted Subsidiaries that together would
constitute a Significant Subsidiary of the Issuer) will be held in any judicial proceeding
to be unenforceable or invalid or will cease for any reason to be in full force and effect
or any Guarantor that is a Significant Subsidiary of the Issuer (or a group that would
constitute a Significant Subsidiary of the Issuer), or any Person acting on behalf of any
Guarantor that is a Significant Subsidiary of the Is-

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suer (or a group that would constitute a Significant Subsidiary of the Issuer), will deny or disaffirm its obligations under its
Guarantee of the Notes;

          (ix) the Issuer or any Significant Subsidiary of the Issuer (or any Restricted
Subsidiaries that together would constitute a Significant Subsidiary of the Issuer) pursuant
to or within the meaning of Bankruptcy Law:

          (A) commences a voluntary case,

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

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

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

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

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

          (B) appoints a custodian of the Issuer or any Significant Subsidiary of the
Issuer (or Restricted Subsidiaries that together would constitute a Significant
Subsidiary of the Issuer) or for all or substantially all of the property of the
Issuer or any Significant Subsidiary of the Issuer (or Restricted Subsidiaries that
together would constitute a Significant Subsidiary of the Issuer); or

          (C) orders the liquidation of the Issuer or any Significant Subsidiary of the
Issuer (or Restricted Subsidiaries that together would constitute a Significant
Subsidiary of the Issuer);

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

          Section 6.02. Acceleration.

          (a) In the case of an Event of Default specified in clause 6.01(ix) or (x) with respect to (i)
the Issuer, (ii) any Significant Subsidiary of the Issuer (or any Restricted Subsidiaries that
together would constitute a Significant Subsidiary of the Issuer), all outstanding Notes will
become due and payable immediately without further action or notice. If any other Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes may declare all the Notes to be due and payable immediately by notice in
writing to the Issuer specifying the Event of Default.

          (b) In the event of a declaration of acceleration of the Notes because an Event of Default has
occurred and is continuing as a result of the acceleration of any Indebtedness described in Section
6.01(vi), the declaration of acceleration of the Notes shall be automatically annulled if the
holders of all Indebtedness described in Section 6.01(vi) have rescinded the declaration of
acceleration in respect of such Indebtedness within 30 Business Days of the date of such
declaration, and if the annulment of the acceleration of the Notes would not conflict with any
judgment or decree of a court of competent jurisdic-

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tion, and all existing Events of Default, except non-payment of principal or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived.

          (c) In the case of any Event of Default occurring by reason of any willful action or inaction
taken or not taken by or on behalf of the Issuer or any of its Restricted Subsidiaries with the
intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer
then had elected to redeem the Notes pursuant to Section 3.07, an equivalent premium shall also
become and be immediately due and payable to the extent permitted by law upon the acceleration of
the Notes.

          Section 6.03. Other Remedies.

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

          (b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

          Section 6.04. Waiver of Past Defaults.

          Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to
the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of
Default and its consequences hereunder except a continuing Default or Event of Default in the
payment of interest or Additional Interest on, or the principal of, the Notes.

          The Issuer shall deliver to the Trustee an Officers’ Certificate stating that the requisite
percentage of Holders have consented to such waiver and attaching copies of such consents. In case
of any such waiver, the Issuer, the Trustee and the Holders shall be restored to their former
positions and rights hereunder and under the Notes, respectively. This Section 6.04 shall be in
lieu of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby
expressly excluded from this Indenture and the Notes, as permitted by the TIA. Upon any such
waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.

          Section 6.05. Control by Majority.

          The Holders of a majority in aggregate principal amount of the then outstanding Notes will
have the right to direct the time, method and place of conducting any proceeding for exercising any
remedy available to the Trustee. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that
the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining
in the giving of such direction and may take any other action it deems proper that is not
inconsistent with any such direction received from Holders.

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          Section 6.06. Limitation on Suits.

          (a) A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:

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

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

          (iii) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee
against any costs, liability or expense;

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

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

          (b) A Holder may not use this Indenture to affect, disturb or prejudice the rights of another
Holder or to obtain a preference or priority over another Holder (it being understood that the
Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holder).

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

          Notwithstanding any other provision of this Indenture, the right of any Holder to receive
payment of the principal of, premium, if any, or Additional Interest, if any, or interest on, such
Note or to bring suit for the enforcement of any such payment, on or after the due date expressed
in the Notes, which right shall not be impaired or affected without the consent of the Holder.

          Section 6.08. Collection Suit by Trustee.

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

          Section 6.09. Trustee May File Proofs of Claim.

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

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

          Section 6.10. Priorities.

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

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

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

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

          (b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10.

          Section 6.11. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of
more than ten percent in principal amount of the then outstanding Notes.

ARTICLE SEVEN

TRUSTEE

          Section 7.01. Duties of Trustee.

          Except to the extent, if any, provided otherwise in the TIA (as from time to time in effect):

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

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

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

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

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

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

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

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

          (d) Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01.

          (e) No provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any liability. The Trustee shall be under no obligation to exercise any of
its rights and powers under this Indenture at the request of any Holders, unless such Holder
shall have of
fered to the Trustee security and indemnity satisfactory to it against any loss, costs,
liability or expense that might be incurred by it in connection with the request or
direction.

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

          Section 7.02. Certain Rights of Trustee.

          (a) The Trustee may conclusively rely 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 the document.

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

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

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

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

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

          (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such
event is sent to the Trustee in accordance with Section 12.03, and such notice references the
Notes.

          (h) 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.

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

          (j) The Trustee may request that the Issuer deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture.

          (k) The Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder.

          (l) The permissive rights of the Trustee to do things enumerated in this Indenture shall not
be construed as duties.

          Section 7.03. Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may become a creditor of, or otherwise deal with, the Issuer or any of its Affiliates with the
same rights it would have if it were not Trustee. However, in the event that the Trustee acquires
any conflicting interest as described in the Trust Indenture Act of 1939 (as in effect at such
time), it must elimi-

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nate such conflict within 90 days, apply to the Commission for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11.

          Section 7.04. Trustee’s Disclaimer.

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

          Section 7.05. Notice of Defaults.

          If a Default or Event of Default occurs and is continuing and if it is known to the Trustee,
the Trustee shall mail to Holders a notice of the Default or Event of Default within 90 days after
it occurs. Except in the case of a Default or Event of Default relating to the payment of
principal or interest or Additional Interest on any Note, the Trustee may withhold the notice if
and so long as a committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders.

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

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

          (b) A copy of each report at the time of its mailing to the Holders shall be mailed to the
Issuer and filed with the Commission and each stock exchange on which the Notes are listed in
accordance with TIA Section 313(d). The Issuer shall promptly notify the Trustee in writing when
the Notes are listed on any stock exchange or any delisting thereof.

          Section 7.07. Compensation and Indemnity.

          (a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its
acceptance of this Indenture and services hereunder in accordance with a written schedule provided
by the Trustee to the Issuer. 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 promptly
upon request for all reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel.

          (b) The Issuer and the Guarantors, if any, shall indemnify the Trustee, its officers,
directors, agents and employees against any and all losses, liabilities or expenses incurred by it
arising out of or in connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the
Guarantors, if any (including this Section 7.07), and defending itself against any claim (whether
asserted by the Issuer or any Holder or any

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other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct.
The Trustee shall notify the Issuer and the Guarantors, if any, promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of
its obligations hereunder unless the failure to notify the Issuer impairs the Issuer’s ability to
defend such claim. The Issuer shall defend the claim and the Trustee shall cooperate in the
defense. The Issuer need not pay for any settlement made without its consent. The indemnity
contained herein shall survive the resignation or removal of the Trustee and the termination of
this Indenture.

          (c) The obligations of the Issuer and the Guarantors, if any, under this Section 7.07 shall
survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee.

          (d) To secure the Issuer’s payment obligations in this Section 7.07, the Trustee shall have a
Lien prior to the Notes on all money or property held or collected by the Trustee, except that held
in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee.

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

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

          Section 7.08. Replacement of Trustee.

          (a) A resignation or removal of the Trustee and appointment of a successor Trustee shall
become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08.

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

          (i) the Trustee fails to comply with Section 7.10;

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

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

          (iv) the Trustee becomes incapable of acting.

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

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          (d) If a successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in
principal amount of the then outstanding Notes may petition at the expense of the Issuer any court
of competent jurisdiction for the appointment of a successor Trustee.

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

          (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the 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
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject
to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to
this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of
the retiring Trustee.

          Section 7.09. Successor Trustee by Merger, Etc.

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

          Section 7.10. Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trust powers, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $50.0
million as set forth in its most recent published annual report of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

          Section 7.11. Preferential Collection of Claims Against Issuer.

          The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated therein. The Trustee hereby waives any right to set off any claim
that it may have against the Issuer in any capacity (other than as Trustee and Paying Agent)
against any of the assets of the Issuer held by the Trustee; provided, however, that if the Trustee
is or becomes a lender of any other Indebtedness permitted hereunder to be pari passu with the
Notes, then such waiver shall not apply to the extent of such Indebtedness.

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ARTICLE EIGHT

DEFEASANCE AND COVENANT DEFEASANCE

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

          The Issuer may, at the option of their Boards of Directors evidenced by a resolution set forth
in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 be applied to
all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

          Section 8.02. Legal Defeasance and Discharge.

          Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Notes and all obligations of the Guarantors, if any, shall be deemed to have been discharged with
respect to their obligations under any Guarantees of the Notes on the date the conditions set forth
below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Issuer and the Guarantors, if any, shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding
Notes and any Guarantees of the Notes, respectively, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all of their other obligations under such
Notes 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: (a) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in Section 8.04, and as more
fully set forth in such Section, payments in respect of the principal of, premium, if any, interest
and Additional Interest, if any, on such Notes when such payments are due, (b) the Issuer’s
obligations with respect to such Notes under Sections 2.07(f), 2.08 and 2.11 and the Issuer’s
obligations under Section 4.02, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Issuer’s and the Guarantors’, if any, obligations in connection therewith
and (d) this Article Eight. Subject to compliance with this Article Eight, the Issuer may exercise
its option under this Section 8.02 notwithstanding the prior exercise of their option under Section
8.03 hereof.

          Section 8.03. Covenant Defeasance.

          Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Issuer and the Guarantors, if any, shall, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from their obligations under the covenants contained
in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.16, 4.17, 4.18,
4.19 and 5.01 with respect to the outstanding Notes on and after the date the conditions set forth
in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer and the
Guarantors, if any, may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a Default or an Event of Default under Section 6.01, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 of

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the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(iii) through (viii) shall
not constitute Events of Default.

          Section 8.04. Conditions to Legal or Covenant Defeasance.

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

          (i) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants, to pay
the principal of, or interest and premium, if any, and Additional Interest, if any, on the
outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case
may be, and the Issuer must specify whether the Notes are being defeased to maturity or to a
particular redemption date;

          (ii) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that (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, and based thereon such Opinion of Counsel shall confirm
that, the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;

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

          (iv) no Default or Event of Default shall have occurred and be continuing either: (a)
on the date of such deposit; or (b) insofar as Events of Default from bankruptcy or
insolvency events are concerned, at any time in the period ending on the 123rd day after the
date of deposit;

          (v) such Legal Defeasance or Covenant Defeasance will not result in a breach or
violation of, or constitute a default under any material agreement or instrument to which
the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of
its Restricted Subsidiaries is bound;

          (vi) the Issuer must have delivered to the Trustee an Opinion of Counsel 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 will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally, including Section 547
of the United States Bankruptcy Code, and Section 15 of the New York Debtor and Creditor
Law;

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          (vii) the Issuer must deliver 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 with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;

          (viii) if the Notes are to be redeemed prior to their Stated Maturity, the Issuer must
deliver to the Trustee irrevocable instructions to redeem all of the Notes on the specified
redemption date; and

          (ix) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent (other than the expiration of the
123-day period referred to in Section 8.04(a)(vi)) relating to the Legal Defeasance or the
Covenant Defeasance have been complied with.

          Notwithstanding the foregoing, the requirements of clause (ii) above with respect to a Legal
Defeasance need not be complied with if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the maturity
date 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.

          Section 8.05. Deposited Money and Government Securities To Be Held in Trust;
Other Miscellaneous Provisions.

          (a) Subject to Section 8.06, all money and non-callable Government Securities (including the
proceeds thereof) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of
all sums due and to become due thereon in respect of principal, premium, if any, and interest and
Additional Interest, if any, but such money need not be segregated from other funds except to the
extent required by law.

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

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

          Section 8.06. Repayment to the 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, if any, interest, or Additional Interest, if any, on
any Note and remaining unclaimed for two years after such principal, and premium, if any, interest,
or Additional Interest, if any, has become due and payable shall be paid to the Issuer on its
written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder
of such Note shall thereafter

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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 reasonable expense of the Issuer cause
to be published once, in the New York Times and The Wall Street Journal (national edition), notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money
then remaining shall be repaid to the Issuer.

          Section 8.07. Reinstatement.

          If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
Government Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
and, in the case of a Legal Defeasance, the obligations of any Guarantors under their respective
Guarantees shall be revised and reinstated as though no deposit had occurred pursuant to Section
8.02, in each case until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the
Issuer makes any payment of principal of, premium, if any, or interest on any Note following the
reinstatement of their obligations, the Issuer shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE NINE

AMENDMENT, SUPPLEMENT AND WAIVER

          Section 9.01. Without Consent of Holders of Notes.

          (a) Notwithstanding Section 9.02, the Issuer, the Guarantors, if any, and the Trustee may
amend or supplement this Indenture or the Notes without the consent of any Holder of a Note:

          (i) to cure any ambiguity, mistake, defect or inconsistency;

          (ii) to provide for uncertificated Notes in addition to or in place of certificated
Notes;

          (iii) to provide for the assumption of any of the Issuer’s or any Guarantor’s
obligations to Holders in the case of a merger or consolidation or sale of all or
substantially all of the Issuer’s or such Guarantor’s assets (including in connection with
the Transactions);

          (iv) to make any change that would provide any additional rights or benefits to the
Holders or that does not materially adversely affect the legal rights under this Indenture
of any such Holder;

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

          (vi) to comply with Section 4.18;

          (vii)
to evidence and provide for the acceptance of appointment by a
successor Trustee;

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          (viii) to provide for the issuance of Additional Notes in accordance with this
Indenture; or

          (ix) to conform the text of this Indenture or the Notes to any provision of the section
of the Offering Memorandum entitled “Description of Notes” to the extent that such provision
in the “Description of Notes” was intended to conform to the text of this Indenture or the
Notes.

          Upon the request of the Issuer accompanied by a Board Resolution authorizing the execution of
any such amended or supplemental Indenture, and upon receipt by the Trustee of any documents
requested under Section 7.02(b) hereof, the Trustee shall join with the Issuer in the execution of
any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to
make any further appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects
its own rights, duties or immunities under this Indenture or otherwise.

          Section 9.02. With Consent of Holders of Notes.

          (a) Except as otherwise provided in this Section 9.02, the Issuer and the Trustee may amend or
supplement this Indenture or the Notes with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to
Sections 6.04 and 6.07, any existing Default or Event of Default or compliance with any provision
of this Indenture or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes).

          (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed, the Holders on such record date, or its duly designated proxies, and only such Persons,
shall be entitled to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided that unless such consent shall have become effective by
virtue of the requisite percentage having been obtained prior to the date which is 90 days after
such record date, any such consent previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.

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

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

          (e) After an amendment, supplement or waiver under this Section becomes effective, the Issuer
shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however,
in

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any way impair or affect the validity of any such amendment, supplement or waiver. Subject to
Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including Additional Notes, if any) may waive compliance in a particular
instance by the Issuer with any provision of this Indenture, or the Notes. However, without the
consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder):

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

          (ii) reduce the principal of or change the fixed maturity of any Note or alter the
provisions, or waive any payment, with respect to the redemption of the Notes other than
provisions relating to Sections 3.08, 4.10 and 4.14 (except to the extent provided in clause
(ix) below);

          (iii) reduce the rate of or change the time for payment of interest on any Note;

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

          (v) make any Note payable in money other than U.S. dollars;

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

          (vii) release any Guarantor that is a Significant Subsidiary of the Issuer (or any
Restricted Subsidiaries that together would constitute a Significant Subsidiary of the
Issuer) from any of its obligations under its Guarantee of the Notes or this Indenture,
except in accordance with the terms of this Indenture;

          (viii) impair the right to institute suit for the enforcement of any payment on or with
respect to the Notes or any Guarantee of the Notes provided by a Significant Subsidiary of
the Issuer (or any Restricted Subsidiaries that together would constitute a Significant
Subsidiary of the Issuer);

          (ix) amend, change or modify the obligation of the Issuer to make and consummate an
Asset Sale Offer with respect to any Asset Sale in accordance with Section 4.10 after the
obligation to make such Asset Sale Offer has arisen, or the obligation of the Issuer to make
and consummate a Change of Control Offer in the event of a Change of Control in accordance
with Section 4.14 after such Change of Control has occurred, including, in each case,
amending, changing or modifying any definition relating thereto;

          (x) except as otherwise permitted under Section 4.18 and Section 5.01, consent to the
assignment, or transfer or release by the Issuer or any Guarantor that is a Significant
Subsidiary of the Issuer (or any Restricted Subsidiaries that together would constitute a
Significant Subsidiary of the Issuer), of any of their rights or obligations under this
Indenture;

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          (xi) amend or modify any of the provisions of this Indenture or the related definitions
affecting the ranking of the Notes or any Guarantee of the Notes in any manner adverse to
the Holders of the Notes or any Guarantee of the Notes; or

          (xii) make any change in the preceding amendment and waiver provisions.

          Section 9.03. Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Notes shall be set forth in a document
that complies with the TIA as then in effect.

          Section 9.04. Revocation and Effect of Consents.

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

          Section 9.05. Notation on or Exchange of Notes.

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

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

          Section 9.06. Trustee To Sign Amendments, Etc.

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

ARTICLE TEN

NOTE GUARANTEES

          Section 10.01.
Guarantee.

          (a) Subject to this Article Ten, each of the Guarantors, if any, hereby, jointly and
severally, and fully and unconditionally, guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder
or thereunder, that: (i) the principal of, premium, if any, and interest and Additional Interest,
if any, on the Notes will be promptly

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paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest
and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any applicable
grace period provided herein), and all other obligations of the Issuer to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full, all in accordance with the terms
hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, the same will be promptly paid in full when due in accordance with
the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor, if any, agrees that
this is a guarantee of payment and not a guarantee of collection.

          (b) Any Guarantors hereby agree that, to the maximum extent permitted under applicable law,
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of
any judgment against the Issuer, any action to enforce the same or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Subject to
Section 6.06, each Guarantor, if any, hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to
require a proceeding first against the Issuer, protest, notice and all demands whatsoever and
covenants that this Guarantee of the Notes shall not be discharged except by complete performance
of the obligations contained in the Notes and this Indenture.

          (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuer, the Guarantors, if any, or any custodian, trustee, liquidator or other similar official
acting in relation to the Issuer or any Guarantors, any amount paid by any of them to the Trustee
or such Holder, this Guarantee of the Notes, to the extent theretofore discharged, shall be
reinstated in full force and effect.

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

          Section 10.02. Limitation on Guarantor Liability.

          Each Guarantor, if any, and by its acceptance of Notes, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee of the Note of such Guarantor not
constitute (i) a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to its Guarantee of the Note or (ii) an unlawful distribution under any applicable state
law prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to
its Guarantee of the Note. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors, if any, hereby irrevocably agree that the obligations of such Guarantor will be limited
to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of
such Guarantor that are relevant under such laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on

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behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Ten, result in the
obligations of such Guarantor under its Guarantee of the Note not constituting a fraudulent
transfer or conveyance or such an unlawful distribution.

          Section 10.03. Execution and Delivery of Note Guarantee.

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

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

          (c) If required by Section 4.18, the Issuer shall cause such Subsidiaries to execute
supplemental indentures to this Indenture and Guarantees of the Notes in accordance with Section
4.18 and this Article Ten, to the extent applicable.

          Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms.

          (a) A Guarantor (other than the Issuer) may not sell or otherwise dispose of all or
substantially all of its assets to, or consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor,
unless:

          (i) immediately after giving effect to that transaction, no Default or Event of Default
exists; and

          (ii) either:

     (A) the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger (if other than the
Guarantor) is organized or existing under the laws of the United States, any state
thereof or the District of Columbia and assumes all the obligations of that
Guarantor under this Indenture, its Guarantee of the Notes and the Registration
Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee;
or

     (B) such sale or other disposition or consolidation or merger complies with
Section 4.10.

          (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by
the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Guarantee of the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by a
Guarantor, such successor Person shall succeed to and be substituted for a Guarantor with the same
effect as if it had been named herein as a Guarantor. All the Guarantees of the Notes so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees
of the Notes theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Guarantees of the Notes had been issued at the date of the execution hereof.

          (c) Except as set forth in Article Five, and notwithstanding clauses (i) and (ii) of Section
10.04(a), nothing contained in this Indenture or in any of the Notes shall prevent any
consolidation or merger of any Guarantor with or into the Issuer or another Guarantor, or shall
prevent any sale or

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conveyance of the property of any Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor.

          Section 10.05. Release of Guarantor.

          (a) The Guarantee of the Note of any Guarantor (other than (x) the Issuer and (y) any
Subsidiary of the Issuer that owns Equity Interests in the Issuer) shall be released:

          (i) in connection with any transaction permitted by this Indenture after which such
Guarantor would no longer constitute a Restricted Subsidiary of the Issuer, if the sale of
Capital Stock, if any, complies with Section 4.10;

          (ii) if the Issuer properly designates any Restricted Subsidiary that is a Guarantor as
an Unrestricted Subsidiary under this Indenture;

          (iii) upon satisfaction and discharge of the Notes as set forth under Section 11.01 or
upon defeasance of the Notes as set forth under Article 8; or

          (iv) solely in the case of a Guarantee of the Note created pursuant to Section 4.18,
upon the release or discharge of the Guarantee which resulted in the creation of such
Guarantee of the Note pursuant to this Section 4.18, except a discharge or release by or as
a result of payment under such Guarantee.

          (b) Any Guarantor not released from its obligations under its Guarantee of the Note shall
remain liable for the full amount of principal of and interest and Additional Interest, if any, on
the Notes and for the other obligations of any Guarantor under this Indenture as provided in this
Article Ten.

ARTICLE ELEVEN

SATISFACTION AND DISCHARGE

          Section 11.01. Satisfaction and Discharge.

          (a) This Indenture shall be discharged and shall cease to be of further effect as to all Notes
issued hereunder, when:

          (i) either:

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

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

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

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

          (b) In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to
the Trustee stating that all conditions precedent to satisfaction and discharge have been
satisfied.

          (c) Notwithstanding the above, the Trustee shall pay to the Issuer from time to time upon
their request any cash or Government Securities held by it as provided in this Section 11.01 which,
in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants expressed in a written certification delivered to the Trustee, are in excess of
the amount thereof that would then be required to be deposited to effect a satisfaction and
discharge under this Article Eleven.

          (d) After the conditions to discharge contained in this Article Eleven have been satisfied,
and the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer, and
delivered to the Trustee an Officers’ Certificate and Opinion of Counsel, each stating that all
conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon written
request shall acknowledge in writing the discharge of the obligations of the Issuer and the
Guarantors, if any, under this Indenture (except for any obligations hereunder that by the terms of
such obligation expressly survive discharge of the Notes in accordance with this Section 11.01).

          Section 11.02.
Deposited Money and Government Securities To Be Held in Trust;
Other Miscellaneous Provisions.

          Subject to Section 11.03 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal, premium, if any, interest
and Additional Interest, if any, but such money need not be segregated from other funds except to
the extent required by law.

          Section 11.03. Repayment to the 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, if any, and Additional Interest, if any, or interest
on any Note and remaining unclaimed for two years after such principal, and premium, if any, or
Additional Interest, if any, 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 Note shall thereafter 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 or The Wall Street Journal (national edition), notice that
such money remains unclaimed and that, after a date specified therein,

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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.

ARTICLE TWELVE

MISCELLANEOUS

          Section 12.01. Trust Indenture Act Controls.

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

          Section 12.02. Notices.

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

If to the Issuer and/or any Guarantor:

Verizon Communications Inc.

3900 Washington St., 2nd Fl.

Wilmington, DE 19802

Attention: Janet M. Garrity

Vice President and Assistant Treasurer

Facsimile: (302) 761-4245

and

Verizon Communications, Inc.

One Verizon Way

Basking Ridge, NJ 07920

Attention: J. Goodwin Bennett

Facsimile: (908) 696-2068

With a copy to:

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

Attention: Steven J. Slutzky

Facimile: (212) 909 -6836

If to the Trustee:

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facimile: (651) 495-8097

Attention: Rick Prokosch

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          (b) The Issuer or the Trustee, by notice to the others may designate additional or different
addresses for subsequent notices or communications.

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

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

          (e) Where this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance on such waiver.

          (f) In case by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

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

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

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

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

          Section 12.04. Certificate and Opinion as to Conditions Precedent.

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

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

          (ii) an Opinion of Counsel (which shall include the statements set forth in Section
12.05 hereof) stating that, in the opinion of such counsel (who may rely upon an Officers’
Certifi-

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cate or certificates of public officials as to matters of fact), all such conditions
precedent and covenants have been satisfied.

          Section 12.05.
Statements Required in Certificate or Opinion.

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

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

          (ii) 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;

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

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

          Section 12.06. Rules by Trustee and Agents.

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

          Section 12.07. No Personal Liability of Directors, Officers, Employees
and Stockholders.

          No director, officer, employee, incorporator, stockholder, member, manager or partner of the
Issuer shall have any liability for any obligations of the Issuer or the Guarantors, if any, under
the Notes, this Indenture, any Guarantees of the Notes or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes. The waiver may not be effective to waive liabilities under the federal securities
laws.

          Section 12.08. Governing Law.

          THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE
NOTES AND THE GUARANTEES, IF ANY.

          Section 12.09. Consent to Jurisdiction.

          Any legal suit, action or proceeding arising out of or based upon this Indenture or the
transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal
courts of the United States of America located in the City of New York or the courts of the State
of New York in each case located in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts
in any such suit, action or proceeding. Service of any process, summons, notice or document by
mail (to the extent allowed under any applicable statute or rule of court) to such party’s address
set forth above shall be effective service of process for any suit,
ac-

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tion or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the
laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim in any such court has been brought in an
inconvenient forum.

          Section 12.10. No Adverse Interpretation of Other Agreements.

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

          Section 12.11. Successors.

          All agreements of the Issuer in this Indenture and the Notes shall bind its successors and
assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns.
All agreements of each Guarantor, if any, in this Indenture shall bind such Guarantor’s successors
and assigns, except as otherwise provided in Section 10.04.

          Section 12.12. Severability.

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

          Section 12.13. Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

          Section 12.14. Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by the Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by
agents duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and, where
it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Issuer if made in the manner provided in this Section
12.14.

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

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          (c) Notwithstanding anything to the contrary contained in this Section 12.14, the principal
amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be
proved by the register of the Notes maintained by the Registrar as provided in Section 2.04.

          (d) If the Issuer shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a
Board of Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the
Issuer shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date
shall be the record date specified in or pursuant to such resolution, which shall be a date not
earlier than the date 30 days prior to the first solicitation of Holders generally in connection
therewith or the date of the most recent list of Holders forwarded to the Trustee prior to such
solicitation pursuant to Section 2.06 and not later than the date such solicitation is completed.
If such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record
at the close of business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of the then outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as
of such record date; provided that no such authorization, agreement or consent by the Holders on
such record date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than eleven months after the record date.

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

          (f) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Note may do so itself with regard to all or any part of the principal
amount of such Note or by one or more duly appointed agents each of which may do so pursuant to
such appointment with regard to all or any part of such principal amount.

          Section 12.15. Benefit of Indenture.

          Nothing in this Indenture or the Notes, express or implied, shall give to any Person, other
than the parties hereto, any Paying Agent, any Registrar and its successors hereunder, and the
Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

          Section 12.16. Table of Contents, Headings, Etc.

          The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

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          IN WITNESS WHEREOF, the parties have executed this Indenture as of March 31, 2008.

[SIGNATURE PAGES FOLLOW]

	 	 	 	 	 
	 	NORTHERN NEW ENGLAND SPINCO INC.

 	 
	 	By:  	/s/ J. Goodwin Bennett
 	 
	 	 	Name:  	J. Goodwin Bennett 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ R. Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 

[Indenture]

 

 

	 	 	 	 	 

EXHIBIT A

[Face of Note]

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

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

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

CUSIP

					
	 	 	 	 	 
	No.
	 	 	 	**$                    **

NORTHERN NEW ENGLAND SPINCO INC.

131/8% Senior Notes due 2018

Issue Date:

          Northern
New England Spinco Inc., a Delaware corporation (the
“Issuer,” 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 $[                    ] on April 1, 2018.

          Interest Payment Dates: April 1 and October 1, commencing October 1, 2008.

          Record Dates: March 15 and September 15.

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

[SIGNATURE PAGE FOLLOWS]

A-1 

 

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

	 	 	 	 	 
	 	NORTHERN NEW ENGLAND SPINCO INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-2 

 

	 	 	 	 	 

(Trustee’s Certificate of Authentication)

          This is one of the 131/8% Senior Notes due 2018 described in the within-mentioned Indenture.

Dated: [                                 ]

	 	 	 	 	 
	 	U.S. Bank National Association,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	[Reverse Side of Note]

 	 
	 	 	 
	 	 	 
	 	 	 

A-3 

 

	 	 	 	 	 

NORTHERN NEW ENGLAND SPINCO INC.

131/8% Senior Notes due 2018

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

          1. Interest. The Issuer promises to pay interest on the principal amount of this Note at 131/8%
per annum from the date hereof until maturity and shall pay the Additional Interest, if any,
payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuer
shall pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October
1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each
an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of original
issuance; provided that if there is no existing Default in the payment of interest, and if this
Note is authenticated between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided further that the first Interest Payment Date shall be October 1, 2008. The Issuer shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal from time to time on demand at a rate that is 2% per annum in excess of the rate
then in effect; they shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to
any applicable grace periods) from time to time on demand at the same rate to the extent lawful.
Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The
interest rate on the Notes will in no event be higher than the maximum rate permitted by New York
law as the same may be modified by United States law of general application.

          2. Method of Payment. The Issuer shall pay interest on the Notes (except defaulted
interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at
the close of business on the record date immediately preceding the Interest Payment Date, even if
such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.13 of the Indenture with respect to defaulted interest. If a Holder has
given wire transfer instructions to the Issuer, the Issuer shall pay all principal, interest and
premium, if any, and Additional Interest, if any, on that Holder’s Notes in accordance with those
instructions. All other payments on Notes shall be made at the office or agency of the Paying
Agent and Registrar within the City and State of New York unless the Issuer elects to make interest
payments by check mailed to the Holders at their addresses set forth in the register of Holders.
Such payment shall be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

          Any payments of principal of this Note prior to Stated Maturity shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the
maturity of this Note shall be payable only upon presentation and surrender of this Note at an
office of the Trustee or the Trustee’s agent appointed for such purposes.

          3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act
as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without prior
notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

          4. Indenture. The Issuer issued the Notes under an Indenture dated as of March 31, 2008
(“Indenture”) among the Issuer and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as

A-4 

 

amended. The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. The Indenture pursuant to which this Note is issued provides that an unlimited
aggregate principal amount of Additional Notes may be issued thereunder.

     5. Optional Redemption. Except as set forth in paragraph 5(b) and (c) below, the
Issuer shall not have the option to redeem the Notes prior to April 1, 2013. On or after April 1,
2013, the Issuer may redeem all or part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest and Additional Interest, if any, thereon to the applicable
redemption date, if redeemed during the twelve-month period beginning on April 1 of the years
indicated below:

	 	 	 	 	 
	Year	 	Percentage
	2013
	 	 	106.563	%
	2014
	 	 	104.375	%
	2015
	 	 	102.188	%
	2016 and thereafter
	 	 	100.000	%

          6. Repurchase at Option of Holder.

          (a) If a Change of Control occurs, each Holder of Notes shall have the right to require the
Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes pursuant to an offer by the Issuer (a “Change of Control
Offer”) at an offer price (a “Change Of Control Payment”) in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if
any, thereon, to the date of purchase. No later than 30 days following any Change of Control, the
Issuer shall mail a notice to each Holder describing the transaction or transactions that
constitute the Change of Control and offering to repurchase Notes on a date (the “Change Of
Control Payment Date”) specified in such notice, which shall be no earlier than 30 days and no
later than 60 days from the date such notice is mailed, pursuant to the procedures required by the
Indenture and described in such notice.

          (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer or
Restricted Subsidiary of the Issuer, as applicable, may apply such Net Proceeds at its option: to
repay (A) Indebtedness ranking pari passu with the Notes that is secured by assets of the Issuer or
its Restricted Subsidiaries (to the extent of the value of the assets securing such Indebtedness),
(B) Obligations under the Credit Agreement or (C) Indebtedness of the Issuer’s Restricted
Subsidiaries); or to purchase Replacement Assets. Pending the final application of any such Net
Proceeds, the Issuer or such Restricted Subsidiary may temporarily reduce revolving credit
borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by the
Indenture.

          On the 366th day after an Asset Sale or such earlier date, if any, as the Issuer determines
not to apply the Net Proceeds relating to such Asset Sale as set forth in Section 4.10(b) (each
such date being referred as an “Excess Proceeds Trigger Date”), such aggregate amount of
Net Proceeds that has not been applied on or before the Excess Proceeds Trigger Date as permitted
pursuant to Section 4.10(b) (“Excess Proceeds”) shall be applied by the Issuer to make an
offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness
that is pari passu with the Notes or any Guarantee of the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of
assets, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness
that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer shall be
equal to 100% of the principal amount of the Notes and such other pari passu Indebt-

A-5 

 

edness plus accrued and unpaid interest and Additional Interest, if any, to the date of
purchase, and shall be payable in cash. The Issuer may defer the Asset Sale Offer until there are
aggregate unutilized Excess Proceeds equal to or in excess of $25.0 million resulting from one or
more Asset Sales, at which time the entire unutilized amount of Excess Proceeds (not only the
amount in excess of $25.0 million) shall be applied as provided in Section 4.10(c) of the
Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer and
its Restricted Subsidiaries may use such Excess Proceeds for any purpose not otherwise prohibited
by this Indenture. If the aggregate principal amount of Notes and such other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes
and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the
principal amount of Notes and such other pari passu Indebtedness tendered. Upon completion of each
Asset Sale Offer, the Excess Proceeds subject to such Asset Sale shall no longer be deemed to be
Excess Proceeds.

          7. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Issuer is not required to transfer or exchange
any Note selected for redemption. Also, the Issuer is not required to transfer or exchange any
Note (1) for a period of 15 days before the mailing of a notice of redemption of Notes to be
redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or an
Asset Sale Offer. Transfer may be restricted as provided in the Indenture.

          8. Persons Deemed Owners. The registered Holder of a Note will be treated as its
owner for all purposes.

          9. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, or
the Notes may be amended or supplemented with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing
default or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding Notes (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes). Without the consent of any Holder of a Note, the Indenture, or the Notes may be
amended or supplemented to, among other things, cure any ambiguity, mistake, defect or
inconsistency, or make any change that does not materially adversely affect the legal rights under
the Indenture of any such Holder.

          10. Defaults and Remedies. In the case of an Event of Default arising from certain
events of bankruptcy or insolvency with respect to (i) the Issuer or (ii) any Significant
Subsidiary of the Issuer (or any Restricted Subsidiaries that together would constitute a
Significant Subsidiary of the Issuer), all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately by notice in writing to the
Issuer specifying the Event of Default. In the event of a declaration of acceleration of the Notes
because an Event of Default has occurred and is continuing as a result of the acceleration of any
Indebtedness described in Section 6.01(vi) of the Indenture, the declaration of acceleration of the
Notes shall be automatically annulled if the holders of all Indebtedness described in Section
6.01(vi) of the Indenture have rescinded the declaration of acceleration in respect of such
Indebtedness within 30 Business Days of the date of such declaration, and if the annulment of the
acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction, and all existing Events of

A-6 

 

Default, except non-payment of principal or interest on the Notes that became due solely
because of the acceleration of the Notes, have been cured or waived.

          In the case of any Event of Default occurring by reason of any willful action or inaction
taken or not taken by or on behalf of the Issuer or any of its Restricted Subsidiaries with the
intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer
then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture, an equivalent
premium shall also become and be immediately due and payable to the extent permitted by law upon
the acceleration of the Notes.

          Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any Default or Event of Default (except a Default or Event of Default relating to
the payment of principal or interest or Additional Interest) if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes. If certain conditions are satisfied, Holders of a majority in aggregate
principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences
under the Indenture, except a continuing Default or Event of Default in the payment of interest or
Additional Interest on, or the principal of, the Notes.

          11. Trustee Dealings with the Issuer. The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may become a creditor of, or otherwise deal
with the Issuer or any of its Affiliates, with the same rights it would have if it were not
Trustee.

          12. No Recourse Against Others. No director, officer, employee, incorporator,
stockholder, member, manager or partner, past, present or future of the Issuer or any Guarantors
shall have any liability for any obligations of the Issuer or any Guarantors under the Notes, this
Indenture or any Guarantees of the Notes or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the
Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

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

          [14. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive
Notes. In addition to the rights provided to Holders under the Indenture, Holders of
Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement dated as of the date of the Indenture, by and among the Issuer, the
Guarantors, if any, and the parties named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any Additional Notes, one
or more registration rights agreements between the Issuer and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time, relating to rights given
by the Issuer to the purchasers of Additional Notes to register such Additional Notes under the
Securities Act (the “Registration Rights Agreement”).]2

 

			
	2	 	To be included only in the Notes on the Issue Date and any Additional Notes
that bear the Private Placement Legend.

A-7 

 

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

          16. Copies of Documents. The Issuer shall furnish to any Holder upon written request
and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may
be made to:

Verizon Communications Inc.

3900 Washington St., 2nd Fl.

Wilmington, DE 19802

Attention: Janet M. Garrity

Vice President and Assistant Treasurer

Facsimile No.: (302) 761-4245

and

Verizon Communications, Inc.

One Verizon Way

Basking Ridge, NJ 07920

Attention: J. Goodwin Bennett

Facsimile No.: (908) 696-2068

With a copy to:

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

Attention: Steven J. Slutzky

Fascimile No.: (212) 909-6836

A-8 

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

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

	 	(INSERT ASSIGNEE’S LEGAL NAME)	 

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

 

 

 

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

and irrevocably appoint                                                                  

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

Date:                     

	 	 	 	 	 	 
	 

	 	Your Signature:	 	 	 
	 

	 	 	 	(Sign exactly as your name

appears on the face of this Note)	 

Signature Guarantee*:                                              

 

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

A-9

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or
4.14 of the Indenture, check the appropriate box below:

          [ ] Section 4.10                     [ ] Section 4.14

          If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section
4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

$                                        

Date:                                         

	 	 	 	 	 	 
	 

	 	Your Signature:	 	 	 
	 

	 	 	 	(Sign exactly as your name

appears on the face of this Note)	 

	 	 	 	 	 	 
	 

	 	Tax Identification No.: 
	 	 	 

Signature Guarantee*:                                         

 

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

A-10

 

[TO BE INSERTED FOR RULE 144A GLOBAL NOTE]

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount at	 	 
	 	 	 	 	 	 	Maturity of this	 	Signature of
	 	 	Amount of Decrease	 	Amount of Increase	 	Global Note	 	Authorized
	 	 	in Principal Amount	 	in Principal Amount	 	Following such	 	Signatory of
	 	 	at Maturity of this	 	at Maturity of this	 	decrease (or	 	Trustee or
	Date of Exchange	 	Global Note	 	Global Note	 	increase)	 	Custodian
	 
	 	 	 	 	 	 	 	 

[TO BE INSERTED FOR REGULATION S GLOBAL NOTE]

SCHEDULE OF EXCHANGES OF REGULATION S GLOBAL NOTE

          The following exchanges of a part of this Regulation S Global Note for an interest in another
Global Note or of other Restricted Global Notes for an interest in this Regulation S Global Note,
have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount at	 	 
	 	 	 	 	 	 	Maturity of this	 	Signature of
	 	 	Amount of Decrease	 	Amount of Increase	 	Global Note	 	Authorized
	 	 	in Principal Amount	 	in Principal Amount	 	Following such	 	Signatory of
	 	 	at Maturity of this	 	at Maturity of this	 	decrease (or	 	Trustee or
	Date of Exchange	 	Global Note	 	Global Note	 	increase)	 	Custodian
	 
	 	 	 	 	 	 	 	 

A-11

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Northern New England Spinco Inc.

c/o Verizon Communications Inc.

3900 Washington Street, 2nd Floor

Wilmington, DE 19802

Facimile:

Attention: Chief Financial Officer

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facimile:

Attention:

Re:
131/8%
Senior Notes due 2018

          Reference is hereby made to the Indenture, dated as of March 31, 2008 (the “Indenture”),
among Northern New England Spinco Inc, a Delaware corporation (the “Issuer”) and U.S. Bank
National Association, as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

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

[CHECK ALL THAT APPLY]

          [ ] 1. Check if Transferee will take delivery of a beneficial interest in the 144A Global
Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to
and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest
or Definitive Note is being transferred to a Person that the Transferor reasonably believed and
believes is purchasing the beneficial interest or Definitive Note for its own account, or for one
or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

          [ ] 2. Check if Transferee will take delivery of a beneficial interest in a Legended
Regulation S Global Note, or a Definitive Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a
person in the United States

B-1

 

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

          [ ] 3. Check and complete if Transferee will take delivery of a Restricted Definitive Note
pursuant to any provision of the Securities Act other than Rule 144, Rule 144A or Regulation S.
The Transfer is being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act and any applicable blue sky securities laws of any state of
the United States, and accordingly the Transferor hereby further certifies that (check one):

     [ ] (a) such Transfer is being effected to the Issuer or a subsidiary thereof; or

     [ ] (b) such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities Act other than
Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not
engaged in any general solicitation within the meaning of Regulation D under the Securities
Act and the Transfer complies with the transfer restrictions applicable to Restricted
Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the
Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy
of which the Transferor has attached to this certification), to the effect that such
Transfer is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred Definitive Note will
be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Definitive Notes and in the Indenture and the Securities Act.

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

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

          [ ] (b) Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and, in the case of a transfer from a Restricted
Global Note or a Restricted Definitive

B-2

 

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

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

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

	 	 	 	 	 
	 	 Dated: _________________________
 	 
	 	 	 
	 	 	 
	 	     [Insert Name of Transferor]
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

B-3

 

	 	 	 	 	 

ANNEX A TO CERTIFICATE OF TRANSFER

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

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

          [ ] (a)a beneficial interest in the:

                    (i)      144A Global Note (CUSIP                     ); or

                    (ii)     Regulation S Global Note (CUSIP                     ); or

          [ ] (b)a Restricted Definitive Note.

	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

          [ ] (a) a beneficial interest in the:

                    (i)       144A Global Note (CUSIP                     ); or

                    (ii)      Regulation S Global Note (CUSIP                     ); or

                    (iii)     Unrestricted Global Note (CUSIP                     ); or

          [ ] (b) a Restricted Definitive Note; or

          [ ] (c) an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Northern New England Spinco Inc.

c/o Verizon Communications Inc.

3900 Washington Street, 2nd Floor

Wilmington, DE 19802

Facsimile:

Attention: Chief Financial Officer

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facsimile:

Re:
131/8%
Senior Notes due 2018

          Reference
is hereby made to the Indenture, dated as of March 31, 2008 (the
“Indenture”), among
Northern New England Spinco Inc., a Delaware corporation, (the
“Issuer”) and U.S. Bank National
Association, as trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

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

          1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

          o (a) Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount at maturity, the Owner hereby certifies (i)
the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended
(the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities
Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

          o (b) Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities

C-1

 

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

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

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

          2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

          o  (a) Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest
in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount at
maturity, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act.

          o  (b) Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive
Note for a beneficial interest in the [CHECK ONE]:

          o      144A Global Note

          o      Regulation S Global Note

with an equal principal amount at maturity, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange
in accordance with the terms of the Indenture, the beneficial interest issued will be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

C-2

 

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

	 	 	 	 	 
	 	 Dated: _________________________
 	 
	 	 	 
	 	 	 
	 	     [Insert Name of Transferor]
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

C-3

 

	 	 	 	 	 

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Northern New England Spinco Inc.

c/o Verizon Communications Inc.

3900 Washington Street, 2nd Floor

Wilmington, DE 19802

Facimile:

Attention: Chief Financial Officer

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facimile:

Attention:

Re:
131/8%
Senior Notes due 2018

          Reference
is hereby made to the Indenture, dated as of March 31, 2008 (the
“Indenture”),
among Northern New England Spinco Inc., a Delaware corporation, (the
“Issuer”) and [         ],
as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

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

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

          (b) o  a Definitive Note,

we confirm that:

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

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

D-1

 

Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to
an effective registration statement under the Securities Act, and we further agree to provide to
any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a
transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

          3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Issuer such certifications, legal opinions and other
information as you and the Issuer may reasonably require to confirm that the proposed sale complies
with the foregoing restrictions. We further understand that the Notes purchased by us will bear a
legend to the foregoing effect.

          4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

          5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

          The Trustee and the Issuer are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	Dated: _________________________	
 	 
	 	[Insert Name of Accredited Investor]

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-2

 

	 	 	 	 	 

EXHIBIT E

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

          Supplemental Indenture (this “Supplemental Indenture”), dated as of                     ,
among
                                         (the “Guaranteeing Subsidiary”), a subsidiary of [             ], a Delaware
corporation (or its permitted successor) (the “Company”), [
           ], a Delaware corporation (the “Issuer”), and U.S. Bank National Association, a New York
banking corporation (or its permitted successor), as trustee under the Indenture referred to below
(the “Trustee”).

WITNESSETH

          WHEREAS, the Issuer and the other Guarantors party thereto have heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of March 31, 2008 providing for
the issuance of the Issuer’s 131/8% Senior Notes due 2018 (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall, subject to Article Ten of the Indenture, unconditionally guarantee
the Notes on the terms and conditions set forth therein (the “Note Guarantee”); and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Issuer, the Guaranteeing Subsidiary
and the Trustee agree as follows for the equal and ratable benefit of the Holders of the Notes:

          1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          2. Agreement to Guarantee.

          (a) Subject to Article Ten of the Indenture, the Guaranteeing Subsidiary fully and
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:

     (i) the principal of, premium, if any, and interest and Additional Interest, if any, on
the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium, if any, and
interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to
any applicable grace period provided herein), and all other obligations of the Issuer to the
Holders or the Trustee hereunder or thereunder will be promptly paid in full, all in
accordance with the terms hereof and thereof; and

     (ii) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, the same will be promptly paid in full when due in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors
shall be

E-1

 

jointly and severally obligated to pay the same immediately. The Guaranteeing
Subsidiary agrees that this is a guarantee of payment and not a guarantee of collection.

          (b) The Guaranteeing Subsidiary hereby agrees that, to the maximum extent permitted under
applicable law, its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.

          (c) The Guaranteeing Subsidiary, subject to Section 6.06 of the Indenture, hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest,
notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged
except by complete performance of the obligations contained in the Notes and the Indenture.

          (d) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuer, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in
relation to the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such
Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

          (e) The Guaranteeing Subsidiary agrees that it shall not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby.

          (f) The Guaranteeing Subsidiary agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article Six of the Indenture for the purposes of the Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article Six of the Indenture, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of the Note Guarantee.

          (g) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Note Guarantee.

          (h) The Guaranteeing Subsidiary confirms, pursuant to Section 10.02 of the Indenture, that it
is the intention of such Guaranteeing Subsidiary that the Note Guarantee not constitute (i) a
fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to the Note Guarantee or (ii) an unlawful distribution under any applicable state law
prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to the
Note Guarantee. To effectuate the foregoing intention, the Guaranteeing Subsidiary and the Trustee
hereby irrevocably agree that the obligations of the Guaranteeing Subsidiary will be limited to the
maximum amount as will, after giving effect to all other contingent and fixed liabilities of such
Guaranteeing Subsidiary that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under Article Ten of the Indenture,
result in the obligations of the Guaranteeing Subsidiary under the Note Guarantee not constituting
a fraudulent transfer or conveyance or such an unlawful shareholder distribution.

E-2

 

          3. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantee
shall remain in full force and effect notwithstanding any failure to endorse on each Note a
notation of the Note Guarantee.

          4. Guaranteeing Subsidiary May Consolidate, Etc., on Certain Terms. The Guaranteeing
Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into, any Person other than as set forth in Section 10.04 of the
Indenture.

          5.
Release. The Guaranteeing Subsidiary’s Note Guarantee shall be released as set forth in
Section 10.05 of the Indenture.

          6. No Recourse Against Others. Pursuant to Section 12.07 of the Indenture, no
director, officer, employee, incorporator or stockholder, past, present or future of the
Guaranteeing Subsidiary shall have any liability for any obligations of the Guaranteeing Subsidiary
under the Notes, the Indenture, this Supplemental Indenture, the Note Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation. This waiver and
release are part of the consideration for the Note Guarantee.

          7. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

          8.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.

          9. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

          10.
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company.

[SIGNATURE PAGE FOLLOWS]

E-3

 

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

	 	 	 	 	 
	 	[NAME OF GUARANTEEING SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[
                      
                      
                                         
]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[
                      
                      
                                         
 ]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NORTHERN NEW ENGLAND SPINCO INC.

as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

AS TRUSTEE

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-4EX-4.2

 

Exhibit 4.2

FIRST SUPPLEMENTAL INDENTURE

          Supplemental Indenture (this “Supplemental Indenture”), dated as of March 31, 2008
between FairPoint Communications, Inc., a Delaware company (the “Company”), and U.S. Bank
National Association, as Trustee (the “Trustee”), under the Indenture referred to below.

WITNESSETH

          WHEREAS, Northern New England Spinco Inc., a Delaware corporation (the “Issuer”), has
heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March
31, 2008, providing for the issuance of the Issuer’s
131/8%
Senior Notes due 2018 (the “Notes”);

          WHEREAS, the Issuer merged with and into the Company with the Company continuing as the
surviving corporation.

          WHEREAS, the Company was not originally a party thereto, has agreed to join in the Indenture;
and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company and the Trustee agree as
follows:

          1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          2. Agreement to Join. The Company hereby acknowledges that it has received and
reviewed a copy of the Indenture and acknowledges and agrees to: (i) join and become a party to the
Indenture as indicated by its signature below; (ii) be bound by all covenants, agreements,
representations, warranties and acknowledgments attributable to it as the “Issuer” in the Indenture
as if made by the Company; and (iii) perform all obligations and duties required of it pursuant to
the Indenture. The Company hereby agrees to enter into such instruments as necessary to evidence
its obligations under the Indenture, including, without limitation, Global Notes in the form
attached hereto as Exhibit A.

          3. Effect of Supplemental Indenture. Upon execution of this Supplemental Indenture by
the Company and the Trustee, the Indenture shall be amended and supplemented in accordance
herewith, and this Supplemental Indenture shall form a part of the Indenture for all purposes and
each Holder shall be bound thereby.

          3. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

          4. Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.

          5. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

1

 

          6. Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Company

          7. Notices.

     Upon execution of this Supplemental Indenture by the Company and the Trustee, Section 12.02(a)
of the Indenture shall be superseded and replaced with the following:

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

     If to the Issuer and/or any Guarantor:

FairPoint Communications, Inc.

521 E. Morehead Street

Suite 250

Charlotte, NC 28202

Facsimile: (704)344-8121

Attention: General Counsel

     With a copy to:

Paul, Hastings, Janofsky & Walker, LLP

75 East 55th Street

New York, NY 10022

Facsimile.: (212)230-7697

Attention: Jeffrey J. Pellegrino

     If to the Trustee:

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Facimile: (651) 495-8097

Attention: Rick Prokosch

[SIGNATURE PAGE FOLLOWS]

2

 

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

	 	 	 	 	 
	 	FAIRPOINT COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ Thomas Griffin
 	 
	 	 	Name:  	Thomas Griffin 	 
	 	 	Title:  	Treasurer 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

AS TRUSTEE

 	 
	 	By:  	/s/ R. Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 
	 

[Supplemental Indenture]

 

 

EXHIBIT A

[Face of Note]

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

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

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

CUSIP

			
	 	 	 
	No.
	 	**$                    **

FAIRPOINT COMMUNICATIONS, INC.

131/8% Senior Notes due 2018

Issue Date:

          FairPoint
Communications, Inc., a Delaware corporation (the “Issuer,” 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 $[                    ] on April 1, 2018.

          Interest Payment Dates: April 1 and October 1, commencing October 1, 2008.

          Record Dates: March 15 and September 15.

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

[SIGNATURE PAGE FOLLOWS]

A-1

 

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

	 	 	 	 	 
	 	FAIRPOINT COMMUNICATIONS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2

 

(Trustee’s Certificate of Authentication)

          This is one of the 131/8% Senior Notes due 2018 described in the within-mentioned Indenture.

Dated: [                    ]

	 	 	 	 	 
	 	U.S. Bank National Association,

as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

[Reverse Side of Note]

A-3

 

FAIRPOINT COMMUNICATIONS, INC.

131/8% Senior Notes due 2018

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

          1. Interest. The Issuer promises to pay interest on the principal amount of this Note at 131/8%
per annum from the date hereof until maturity and shall pay the Additional Interest, if any,
payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuer
shall pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October
1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each
an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of original
issuance; provided that if there is no existing Default in the payment of interest, and if this
Note is authenticated between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided further that the first Interest Payment Date shall be October 1, 2008. The Issuer shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal from time to time on demand at a rate that is 2% per annum in excess of the rate
then in effect; they shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to
any applicable grace periods) from time to time on demand at the same rate to the extent lawful.
Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The
interest rate on the Notes will in no event be higher than the maximum rate permitted by New York
law as the same may be modified by United States law of general application.

          2. Method of Payment. The Issuer shall pay interest on the Notes (except defaulted
interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at
the close of business on the record date immediately preceding the Interest Payment Date, even if
such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.13 of the Indenture with respect to defaulted interest. If a Holder has
given wire transfer instructions to the Issuer, the Issuer shall pay all principal, interest and
premium, if any, and Additional Interest, if any, on that Holder’s Notes in accordance with those
instructions. All other payments on Notes shall be made at the office or agency of the Paying
Agent and Registrar within the City and State of New York unless the Issuer elects to make interest
payments by check mailed to the Holders at their addresses set forth in the register of Holders.
Such payment shall be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

          Any payments of principal of this Note prior to Stated Maturity shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the
maturity of this Note shall be payable only upon presentation and surrender of this Note at an
office of the Trustee or the Trustee’s agent appointed for such purposes.

          3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act
as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without prior
notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

          4. Indenture. The Issuer issued the Notes under an Indenture dated as of March 31, 2008
(“Indenture”) among Northern New England Spinco Inc. and the Trustee, as supplemented by the
supplemental indenture dated as of March 31, 2008 by and among the Issuer and the Trus-

A-4

 

tee. The
terms
of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended. The Notes are subject to all such terms,
and Holders are referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Indenture pursuant to which this
Note is issued provides that an unlimited aggregate principal amount of Additional Notes may be
issued thereunder.

          5. Optional Redemption. Except as set forth in paragraph 5(b) and (c) below, the
Issuer shall not have the option to redeem the Notes prior to April 1, 2013. On or after April 1,
2013, the Issuer may redeem all or part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest and Additional Interest, if any, thereon to the applicable
redemption date, if redeemed during the twelve-month period beginning on April 1 of the years
indicated below:

	 	 	 	 	 
	Year	 	Percentage
	2013
	 	 	106.563	%
	2014
	 	 	104.375	%
	2015
	 	 	102.188	%
	2016 and thereafter
	 	 	100.000	%

          6. Repurchase at Option of Holder.

          (a) If a Change of Control occurs, each Holder of Notes shall have the right to require the
Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes pursuant to an offer by the Issuer (a “Change of Control
Offer”) at an offer price (a “Change Of Control Payment”) in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if
any, thereon, to the date of purchase. No later than 30 days following any Change of Control, the
Issuer shall mail a notice to each Holder describing the transaction or transactions that
constitute the Change of Control and offering to repurchase Notes on a date (the “Change Of
Control Payment Date”) specified in such notice, which shall be no earlier than 30 days and no
later than 60 days from the date such notice is mailed, pursuant to the procedures required by the
Indenture and described in such notice.

          (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer or
Restricted Subsidiary of the Issuer, as applicable, may apply such Net Proceeds at its option: to
repay (A) Indebtedness ranking pari passu with the Notes that is secured by assets of the Issuer or
its Restricted Subsidiaries (to the extent of the value of the assets securing such Indebtedness),
(B) Obligations under the Credit Agreement or (C) Indebtedness of the Issuer’s Restricted
Subsidiaries); or to purchase Replacement Assets. Pending the final application of any such Net
Proceeds, the Issuer or such Restricted Subsidiary may temporarily reduce revolving credit
borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by the
Indenture.

          On the 366th day after an Asset Sale or such earlier date, if any, as the Issuer determines
not to apply the Net Proceeds relating to such Asset Sale as set forth in Section 4.10(b) (each
such date being referred as an “Excess Proceeds Trigger Date”), such aggregate amount of
Net Proceeds that has not been applied on or before the Excess Proceeds Trigger Date as permitted
pursuant to Section 4.10(b) (“Excess Proceeds”) shall be applied by the Issuer to make an
offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness
that is pari passu with the Notes or any Guarantee of the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of
assets, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness
that may be purchased out of the Excess Proceeds. The offer price in any Asset

A-5

 

Sale Offer shall be equal to 100% of the principal amount of the Notes and such other pari
passu Indebtedness plus accrued and unpaid interest and Additional Interest, if any, to the date of
purchase, and shall be payable in cash. The Issuer may defer the Asset Sale Offer until there are
aggregate unutilized Excess Proceeds equal to or in excess of $25.0 million resulting from one or
more Asset Sales, at which time the entire unutilized amount of Excess Proceeds (not only the
amount in excess of $25.0 million) shall be applied as provided in Section 4.10(c) of the
Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer and
its Restricted Subsidiaries may use such Excess Proceeds for any purpose not otherwise prohibited
by this Indenture. If the aggregate principal amount of Notes and such other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes
and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the
principal amount of Notes and such other pari passu Indebtedness tendered. Upon completion of each
Asset Sale Offer, the Excess Proceeds subject to such Asset Sale shall no longer be deemed to be
Excess Proceeds.

          7. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Issuer is not required to transfer or exchange
any Note selected for redemption. Also, the Issuer is not required to transfer or exchange any
Note (1) for a period of 15 days before the mailing of a notice of redemption of Notes to be
redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or an
Asset Sale Offer. Transfer may be restricted as provided in the Indenture.

          8. Persons Deemed Owners. The registered Holder of a Note will be treated as its
owner for all purposes.

          9. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, or
the Notes may be amended or supplemented with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing
default or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding Notes (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes). Without the consent of any Holder of a Note, the Indenture, or the Notes may be
amended or supplemented to, among other things, cure any ambiguity, mistake, defect or
inconsistency, or make any change that does not materially adversely affect the legal rights under
the Indenture of any such Holder.

          10. Defaults and Remedies. In the case of an Event of Default arising from certain
events of bankruptcy or insolvency with respect to (i) the Issuer or (ii) any Significant
Subsidiary of the Issuer (or any Restricted Subsidiaries that together would constitute a
Significant Subsidiary of the Issuer), all outstanding Notes will become due and payable
immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately by notice in writing to the
Issuer specifying the Event of Default. In the event of a declaration of acceleration of the Notes
because an Event of Default has occurred and is continuing as a result of the acceleration of any
Indebtedness described in Section 6.01(vi) of the Indenture, the declaration of acceleration of the
Notes shall be automatically annulled if the holders of all Indebtedness described in Section
6.01(vi) of the Indenture have rescinded the declaration of acceleration in respect of such
Indebtedness within 30 Business Days of the date of such declaration, and if the annulment of the
acceleration of the Notes would

A-6

 

not conflict with any judgment or decree of a court of competent jurisdiction, and all
existing Events of Default, except non-payment of principal or interest on the Notes that became
due solely because of the acceleration of the Notes, have been cured or waived.

          In the case of any Event of Default occurring by reason of any willful action or inaction
taken or not taken by or on behalf of the Issuer or any of its Restricted Subsidiaries with the
intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer
then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture, an equivalent
premium shall also become and be immediately due and payable to the extent permitted by law upon
the acceleration of the Notes.

          Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any Default or Event of Default (except a Default or Event of Default relating to
the payment of principal or interest or Additional Interest) if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes. If certain conditions are satisfied, Holders of a majority in aggregate
principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences
under the Indenture, except a continuing Default or Event of Default in the payment of interest or
Additional Interest on, or the principal of, the Notes.

          11. Trustee Dealings with the Issuer. The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may become a creditor of, or otherwise deal
with the Issuer or any of its Affiliates, with the same rights it would have if it were not
Trustee.

          12. No Recourse Against Others. No director, officer, employee, incorporator,
stockholder, member, manager or partner, past, present or future of the Issuer or any Guarantors
shall have any liability for any obligations of the Issuer or any Guarantors under the Notes, this
Indenture or any Guarantees of the Notes or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the
Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

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

          [14. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive
Notes. In addition to the rights provided to Holders under the Indenture, Holders of
Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement dated as of the date of the Indenture, by and among the Issuer, the
Guarantors, if any, and the parties named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any Additional Notes, one
or more registration rights agreements between the Issuer and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time, relating to rights given
by the Issuer to the purchasers of Addi-

A-7

 

tional Notes to register such Additional Notes under the Securities Act (the “Registration
Rights Agreement”).]1

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

          16. Copies of Documents. The Issuer shall furnish to any Holder upon written request
and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may
be made to:

FairPoint Communications, Inc.

521 E. Morehead Street

Suite 250

Charlotte, NC 28202

Facsimile: (704)344-8121

Attention: General Counsel

          With a copy to:

Paul, Hastings, Janofsky & Walker, LLP

75 East 55th Street

New York, NY 10022

Facsimile.: (212)230-7697

Attention: Jeffrey J. Pellegrino

 

			
	1	 	To be included only in the Notes on the Issue Date and
any Additional Notes that bear the Private Placement Legend.

A-8

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

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

(INSERT ASSIGNEE’S LEGAL NAME) 

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

 

 

 

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

	and irrevocably appoint 	 

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

Date: 
            
                    

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

Signature Guarantee*:
 

 

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

A-9

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or
4.14 of the Indenture, check the appropriate box below:

          o Section 4.10                                        o Section 4.14

          If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section
4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

	 	 	 	 	 
	
Date:                     
 	$                        
            
 	 
	 	Your Signature:   	
 	 
	 	 	(Sign exactly as your name 	 
	 	 	appears on the face of this Note)
 	 
	 	Tax Identification No.: 	
 	 
	 

Signature Guarantee*:
 

 

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

A-10

 

[TO BE INSERTED FOR RULE 144A GLOBAL NOTE]

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount at	 	 
	 	 	 	 	 	 	Maturity of this	 	Signature of
	 	 	Amount of Decrease	 	Amount of Increase	 	Global Note	 	Authorized
	 	 	in Principal Amount	 	in Principal Amount	 	Following such	 	Signatory of
	 	 	at Maturity of this	 	at Maturity of this	 	decrease (or	 	Trustee or
	Date of Exchange	 	Global Note	 	Global Note	 	increase)	 	Custodian
	 
	 	 	 	 	 	 	 	 

[TO BE INSERTED FOR REGULATION S GLOBAL NOTE]

SCHEDULE OF EXCHANGES OF REGULATION S GLOBAL NOTE

          The following exchanges of a part of this Regulation S Global Note for an interest in another
Global Note or of other Restricted Global Notes for an interest in this Regulation S Global Note,
have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount at	 	 
	 	 	 	 	 	 	Maturity of this	 	Signature of
	 	 	Amount of Decrease	 	Amount of Increase	 	Global Note	 	Authorized
	 	 	in Principal Amount	 	in Principal Amount	 	Following such	 	Signatory of
	 	 	at Maturity of this	 	at Maturity of this	 	decrease (or	 	Trustee or
	Date of Exchange	 	Global Note	 	Global Note	 	increase)	 	Custodian
	 	 	 	 	 	 	 	 	 

A-11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]