Document:

exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT, is entered into and effective as of October 1, 2005 (the “Effective
Date”) by and among VALOR Communications Group, Inc., a Delaware corporation (the “Company”), Jerry
E. Vaughn (the “Employee”) and, for the purposes of Section 15 only, Valor Telecommunications, LLC,
a Delaware limited liability company (“VTC”).

     WHEREAS, commencing on the Effective Date, the Company desires to employ the Employee as its
Senior Vice President and Chief Financial Officer, and the Employee is willing to accept such
employment with the Company on a full time basis, all in accordance with the terms and conditions
set forth below;

     NOW, THEREFORE, for and in consideration of the premises hereof and the mutual covenants
contained herein, the parties hereto hereby covenant and agree as follows:

1. Employment; Effective Date.

     (a) The Company hereby agrees to employ the Employee, and the Employee hereby agrees to accept
such employment with the Company commencing on the Effective Date and continuing for the period set
forth in Section 2 hereof, all upon the terms and conditions hereinafter set forth.

     (b) Except as previously disclosed to the Company in writing by the Employee, the Employee
affirms and represents that as of the Effective Date, he will be under no obligation to any former
employer or other party which is in any way inconsistent with, or which imposes any restriction
upon, the Employee’s acceptance of employment hereunder with the Company, the employment of the
Employee by the Company or the Employee’s undertakings under this Agreement.

2. Term of Employment.

     (a) Unless earlier terminated as provided in this Agreement, the term of the Employee’s
employment under this Agreement shall be for a period beginning on the Effective Date and ending on
the fourth anniversary of the Effective Date (the “Initial Term”).The term of the Employee’s
employment under this Agreement shall be automatically renewed for additional one-year terms (each
a “Renewal Term”) upon the expiration of the Initial Term or any Renewal Term unless the Company or
the Employee delivers to the other, at least ninety (90) days prior to the expiration of the
Initial Term or the then current Renewal Term, as the case may be, a written notice specifying that
the term of the Employee’s employment will not be renewed at the end of the Initial Term or such
Renewal Term, as the case may be. The period from the Effective Date until the end of the Initial
Term, or, in the event that the Employee’s employment hereunder is earlier terminated as provided
herein or renewed as provided in this Section 2(b), such shorter or longer period, as the case may
be, is hereinafter called the “Employment Term”.

     3. Duties. The Employee shall be employed as Senior Vice President and Chief Financial
Officer of the Company, shall faithfully perform and discharge such duties as inhere in the
position of Senior Vice President and Chief Financial Officer of the Company and as may be

 

 

specified in the Certificate of Incorporation or Bylaws of the Company with respect to such
position, and shall also perform and discharge such other duties and responsibilities consistent
with such position as the Board of Directors of the Company (the “Board of Directors”) shall from
time to time determine. The Employee shall report to the President and Chief Executive Officer of
the Company. The Employee shall perform his duties principally at offices of the Company in
Irving, Texas, with such travel to such other locations from time to time as the President and
Chief Executive Officer may reasonably prescribe. Except as may otherwise be approved in advance
by the Board of Directors, and except during vacation periods and reasonable periods of absence due
to sickness, personal injury or other disability, the Employee shall devote his full business time
throughout the Employment Term to the services required of him hereunder. The Employee shall
render his business services exclusively to the Company and its subsidiaries during the Employment
Term and shall use his best efforts, judgment and energy to improve and advance the business and
interests of the Company and its subsidiaries in a manner consistent with the duties of his
position. Notwithstanding the foregoing, the Employee shall be entitled to participate as a
director or advisor to one or more associations, businesses or community or charitable
organizations, so long as such activity does not (i) involve a substantial amount of the Employee’s
time, (ii) impair in any material respect the Employee’s ability to perform his duties under this
Agreement or (iii) violate the provisions of Section 9 of this Agreement.

4. Salary and Bonus.

     (a) Salary. As compensation for the performance by the Employee of the services to be
performed by the Employee hereunder during the Employment Term, the Company shall pay the Employee
a base salary at the annual rate of Three Hundred Twenty Five Thousand Dollars ($325,000) (said
amount, together with any increases thereto as may be determined from time to time no less
frequently than annually by the Board of Directors in its sole discretion, being hereinafter
referred to as “Salary”). Any Salary payable hereunder shall be paid in regular intervals in
accordance with the Company’s payroll practices from time to time in effect.

     (b) Bonus. The Employee shall be eligible to receive bonus compensation from the
Company (i) in respect of each fiscal year (or portion thereof) occurring during the Employment
Term (each an “Annual Bonus”) in an amount targeted at 100% of his Salary in accordance with the
Company’s management bonus plan as in effect from time to time (pro rated for any portion of a
fiscal year occurring during the Employment Term), in each case as may be determined by the Board
of Directors in its sole discretion on the basis of performance-based criteria consistent with the
Company’s business plan to be established by the Board of Directors in its sole discretion and
disclosed to the Employee prior to the commencement of each fiscal year of the Company.

     (c) Payments Generally. Any payments or benefits required to be made or provided
hereunder by the Company may be provided either by the Company or any of its subsidiaries.

5. Other Benefits; Equity Interests.

     (a) General. During the Employment Term, the Employee shall:

          (i) be eligible to participate at a level commensurate with his position in any employee
equity purchase plans or programs that may be adopted for the benefit of the

 

 

Company’s officers or
employees generally and in any employee fringe or other employee benefits and pension and/or profit
sharing plans that may be provided by the Company for its
senior executive employees in accordance with the provisions of any such plans, as the same
may be in effect from time to time;

          (ii) be eligible to participate in any medical and health plans and other employee welfare
benefit plans that may be provided by the Company for its senior executive employees in accordance
with the provisions of any such plans, as the same may be in effect from time to time;

          (iii) be entitled to the number of paid time off days in each calendar year determined by the
Company from time to time for its senior executive officers, provided that such number of paid time
off days in each calendar year shall not be less than twenty (20) work days, and the Employee shall
also be entitled to all paid holidays given by the Company to its senior executive officers;

          (iv) be entitled to sick leave, sick pay and disability benefits in accordance with any
Company policy that may be applicable to senior executive employees from time to time; and

          (v) be entitled to reimbursement for all reasonable and necessary out-of-pocket business
expenses incurred by the Employee in the performance of his duties hereunder in accordance with the
Company’s normal policies from time to time in effect.

     (b) The Company will obtain for the benefit of the Employee (i) term life insurance coverage
providing two times salary in death benefits to beneficiaries designated by the Employee and (ii)
long-term disability insurance coverage providing the Employee with long-term disability benefits
equal to 66 2/3% of his Salary payable on and after the 181st day of the Employee’s qualifying
disability, provided, however, that (x) annual premiums for the insurance coverage
described in (i) and (ii) above cannot exceed $25,000 and (y) the foregoing assumes the
insurability of the Employee. The Company and the Employee agree that the Employee’s existing life
and disability insurance policies may, if permitted to be carried over to the Company, wholly or
partially satisfy the Company’s obligations under this paragraph (subject nevertheless to clauses
(x) and y above). In the event that the annual premiums for the insurance coverage described in
(i) and (ii) above would exceed $25,000, then either (A) the coverage will be reduced to the extent
necessary to keep the annual premiums under $25,000 or (B) the Employee shall pay the amount of
such excess.

     (c) Relocation Expenses. The Company shall pay for the reasonable and necessary
expenses incurred by the Employee in relocating his principal residence to the vicinity of the
Company’s executive offices in Dallas, Texas, and reasonable living expenses incurred by the
Employee during the six-month period beginning on the Effective Date, to include apartment rental,
cleaning and laundry expenses, provided that the total of all such payments made under this Section
5(c) shall not exceed $50,000 in the aggregate.

     (d) Retention of Common Stock. Pursuant to a restricted stock grant agreement (the
“Grant Agreement”), dated as of the date hereof by and between the Employee and the Company, the
Employee has been granted shares of Common Stock under the Valor Communications Group, Inc. 2005
Long-Term Equity Incentive Plan (the “Plan”). During the

 

 

Employment Term, the Employee commits to
maintain an ownership position in the Common Stock granted to him pursuant to the Grant Agreement
on such terms and in such amounts as the Employee and the Company shall mutually agree.

6. Confidential Information. The Employee hereby covenants, agrees and acknowledges as
follows:

     (a) The Employee has and will have access to and will participate in the development of or be
acquainted with confidential or proprietary information and trade secrets related to the business
of the Company and any present or future subsidiaries or affiliates of the Company (collectively
with the Company, the “Companies”), including but not limited to (i) customer lists; related
records and compilations of information; the identity, lists or descriptions of any new customers,
referral sources or organizations; financial statements; cost reports or other financial
information; contract proposals or bidding information; business plans; training and operations
methods and manuals; personnel records; software programs; reports and correspondence; and
management systems, policies or procedures, including related forms and manuals; (ii) information
pertaining to future developments such as future marketing or acquisition plans or ideas, and
potential new business locations and (iii) all other tangible and intangible property, which are
used in the business and operations of the Companies but not made public. The information and
trade secrets relating to the business of the Companies described hereinabove in this paragraph (a)
are hereinafter referred to collectively as the “Confidential Information”, provided that the term
Confidential Information shall not include any information (x) that is or becomes generally
publicly available (other than as a result of violation of this Agreement by the Employee), (y)
that the Employee receives on a non-confidential basis from a source (other than the Companies or
their representatives) that is not known by him to be bound by an obligation of secrecy or
confidentiality to any of the Companies or (z) that was in the possession of the Employee prior to
disclosure by the Companies.

     (b) The Employee shall not disclose, use or make known for his or another’s benefit any
Confidential Information or use such Confidential Information in any way except as is in the best
interests of the Companies in the performance of the Employee’s duties under this Agreement. The
Employee may disclose Confidential Information when required by a third party and applicable law or
judicial process, but only after providing immediate notice to the Company of any third party’s
request for such information, which notice shall include the Employee’s intent to disclose any
Confidential Information with respect to such request.

     (c) The Employee acknowledges and agrees that a remedy at law for any breach or threatened
breach of the provisions of this Section 6 would be inadequate and, therefore, agrees that the
Companies shall be entitled to seek injunctive relief in addition to any other available rights and
remedies in case of any such breach or threatened breach by the Employee; provided,
however, that nothing contained herein shall be construed as prohibiting the Companies from
pursuing any other rights and remedies available for any such breach or threatened breach.

     (d) The Employee agrees that upon termination of his employment with the Company for any
reason, the Employee shall forthwith return to the Company all Confidential Information in whatever
form maintained (including, without limitation, computer discs and other electronic media).

 

 

     (e) The obligations of the Employee under this Section 6 shall, except as otherwise provided
herein, survive the termination of the Employment Term and the expiration or termination of this
Agreement.

     (f) Without limiting the generality of Section 10 hereof, the Employee hereby expressly agrees
that the foregoing provisions of this Section 6 shall be binding upon the Employee’s heirs,
successors and legal representatives.

7. Termination.

     (a) The Employee’s employment hereunder shall be terminated upon the occurrence of any of the
following:

          (i) death of the Employee;

          (ii) the Employee’s inability to perform his duties on account of disability or incapacity for
a period of one hundred eighty (180) or more days, whether or not consecutive, within any period of
twelve (12) consecutive months;

          (iii) the Company giving written notice, at any time, to the Employee that the Employee’s
employment is being terminated for “cause” (as defined below);

          (iv) the Company giving written notice, at any time (including, without limitation, following
a change of control of the Company or a sale of substantially all of the assets of the Company), to
the Employee that the Employee’s employment is being terminated , other than pursuant to clause
(i), (ii) or (iii) above;

          (v) the Employee terminates his employment hereunder for “Good Reason” (as defined below); or

          (vi) the Employee terminates his employment hereunder for any reason whatsoever (whether by
reason of retirement, resignation, or otherwise), other than for “Good Reason”.

     The following actions, failures and events by or affecting the Employee shall constitute
“cause” for termination within the meaning of clause (iii) above: (A) gross negligence by the
Employee in the performance of, or willful disregard by the Employee of, his obligations under this
Agreement that results in material damage to the business of one or more of the Companies, (B)
willful failure by the Employee to obey the reasonable and lawful orders and policies of the Board
of Directors that are consistent with the provisions of this Agreement (in the case of clause (A)
and this clause (B), which gross negligence, willful disregard or willful failure (and the
consequences thereof) continue unremedied for a period of fifteen (15) days after written notice
thereof to the Employee), (C) embezzlement or misappropriation by the Employee of Company funds or
property, (D) a willful and knowing violation of Section 6 or Section 9 hereof or (E) conviction of
a crime (or entry of a plea of no contest with respect thereto) that results in material damage to
the business of one or more of the Companies.

     For purposes of this Agreement, “Good Reason” means (1) any material breach by the Company of
its obligations under this Agreement or (2) any substantial diminution of the Employee’s
responsibilities as an officer of the Company, as set forth in this Agreement and the

 

 

Company’s
Certificate of Incorporation and Bylaws, such breach or diminution shall continue unremedied for a
period of fifteen (15) days after written notice thereof to the Company.

     (b) In the event that the Employee’s employment is terminated by the Company pursuant to
clause (iv) of Section 7(a) above, or by the Employee pursuant
to clause (v) of said Section 7(a), whether during the Initial Term or during any Renewal Term pursuant to Section 2(b)
above, then the Company, subject to (A) Section 7(d) and (B) execution by the Employee of a release
substantially in the form of Exhibit A attached hereto, and in partial consideration of the
Employee’s continuing obligations hereunder after such termination, (i) shall pay to the Employee,
as severance pay or liquidated damages or both, monthly payments at the rate per
annum of his Salary at the time of such termination for a period of eighteen (18) months
after such termination plus, with respect to such fiscal year if the Company’s plan for such fiscal
year is achieved, a pro rata portion of any Annual Bonus payable with respect to such fiscal year
corresponding to the portion of such fiscal year during which the Employee was employed by the
Company (such pro rata Annual Bonus to be payable within thirty days after the close of such fiscal
year) and (ii) shall continue to provide the Employee with life insurance and medical and health
insurance coverage at levels comparable to those in effect prior to such termination for a period
from the date of such termination to the earlier to occur of (x) the date which is eighteen (18)
months after such termination and (y) the date upon which the Employee becomes eligible to be
covered for such benefits through his employment with another employer at no greater cost to the
Employee.

     (c) Notwithstanding anything to the contrary expressed or implied herein, except as required
by applicable law and except as set forth or described in Section 7(b) above, the Company (and its
affiliates) shall not be obligated to make any payments to the Employee or on his behalf of
whatever kind or nature by reason of the Employee’s cessation of employment (including, without
limitation, by reason of termination of the Employee’s employment by the Company for “cause”),
other than (i) such amounts, if any, of his Salary as shall have accrued and remained unpaid as of
the date of said cessation and (ii) such other amounts, if any, which may be then otherwise payable
to the Employee pursuant to the terms of the Company’s benefits plans or pursuant to clause (v) of
Section 5(a) above.

     (d) If following termination of his employment which has given rise to a payment obligation
under Section 7(b) the Employee violates either Section 6 or Section 9, in addition to any other
rights or remedies available to it of this Agreement, the Company shall no longer have any
obligations under Section 7(b) above.

     (e) No interest shall accrue on or be paid with respect to any portion of any payments
hereunder.

8. Non-Assignability.

     (a) Neither this Agreement nor any right or interest hereunder shall be assignable by the
Employee or his beneficiaries or legal representatives without the Company’s prior written consent;
provided, however, that nothing in this Section 8(a) shall preclude the Employee
from designating a beneficiary to receive any benefit payable hereunder upon his death or
incapacity. This Agreement may not be assigned by the Company except with the Employee’s prior
written consent, provided, however, that the Company may assign this Agreement to
an affiliate of the Company with the financial resources to fulfill the Company’s obligations
hereunder.

 

 

     (b) Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation or to exclusion, attachment, levy or similar process or to assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and
of no effect.

9. Restrictive Covenants.

     (a) Competition. During the Employment Term and during the twelve (12) month period
following the end of the Employment Term for any reason, the Employee, in consideration of
compensation to be paid to Employee hereunder, will not directly or indirectly (as a director,
officer, executive employee, manager, consultant, independent contractor, advisor or otherwise)
engage in competition with, or own any interest in, manage, control, perform any services for,
participate in or be connected with any business or organization which engages in competition with
any of the Companies as described in Section 9(d), provided, however, that the provisions of this
Section 9(a) shall not be deemed to prohibit (A) the Employee’s ownership of not more than two
percent (2%) of the total shares of all classes of stock outstanding of any publicly held company,
or ownership, whether through direct or indirect stock holdings so long as Employee has no active
participation in such company or (B) any of the current activities permitted by the last sentence
of Section 3.

     (b) Non-Solicitation. During the Employment Term and during the twelve (12) month
period following the end of the Employment Term for any reason whatsoever (or, if later, the twelve
(12) month period following termination of the Employee’s employment with the Company), the
Employee, in consideration of compensation to be paid to Employee hereunder, will not directly or
indirectly induce or attempt to induce any employee of any of the Companies to leave the employ of
the Company or such subsidiary or affiliate, or in any way interfere with the relationship between
any of the Companies and any employee thereof.

     (c) Non-Interference. During the Employment Term and during the twelve (12) month
period following the end of the Employment Term for any reason, the Employee, in consideration of
compensation to be paid to Employee hereunder, will not directly or indirectly hire, engage, send
any work to, place orders with, or in any manner be associated with any supplier, contractor,
subcontractor or other business relation of any of the Companies if such action by him would have
an adverse effect on the business, assets or financial condition of any of the Companies, or
materially interfere with the relationship between any such person or entity and any of the
Companies (including, without limitation, make any negative or disparaging statement or
communication regarding any of the Companies either publicly or to any such person or entity).

     (d) Competitive Activities. For purposes of this Section 9, a person or entity
(including, without limitation, the Employee) shall be deemed to be a competitor of one or
more of the Companies, or a person or entity (including, without limitation, the Employee) shall
be deemed to be engaging in competition with one or more of the Companies, if such person or
entity conducts or plans to conduct any activities that compete with or owns or manages any
business that competes with the local telecommunications businesses of any of the Companies in
any of the markets that are served by any of the Companies at the time of determination.

 

 

     (e) Certain Representations of the Employee. In connection with the foregoing
provisions of this Section 9, the Employee represents that his experience, capabilities and
circumstances are such that such provisions will not prevent him from earning a livelihood. The
Employee further agrees that the limitations set forth in this Section 9 (including, without
limitation, time and territorial limitations) are reasonable and properly required for the adequate
protection of the current and future businesses of the Companies. It is understood and agreed that
the provisions of Sections 6, 9, 10 and 12 and obligations of the parties hereunder shall survive
the expiration or termination of this Agreement.

     (f) Injunctive Relief. The Employee acknowledges and agrees that a remedy at law for
any breach or threatened breach of the provisions of Section 9 hereof would be inadequate and,
therefore agrees that the Company and any of its subsidiaries or affiliates shall be entitled to
seek injunctive relief in addition to any other available rights and remedies in cases of any such
breach or threatened breach; provided, however, that nothing contained herein shall be construed as
prohibiting the Company or any of its affiliates from pursuing any other rights and remedies
available for any such breach or threatened breach.

10. Binding Effect. Without limiting or diminishing the effect of Section 8 hereof, this
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
heirs, successors, legal representatives and assigns including, in the case of the Company, any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company.

11. Notices. All notices which are required or may be given pursuant to the terms of this
Agreement shall be in writing and shall be sufficient in all respects if given in writing and (i)
delivered personally, (ii) mailed by certified or registered mail, return receipt requested and
postage prepaid, (iii) sent via a nationally recognized overnight courier or (iv) sent via
facsimile confirmed in writing to the recipient, if to the Company at the Company’s principal place
of business, and if to the Employee, at his home address most recently filed with the Company, or
to such other address or addresses as either party shall have designated in writing to the other
party hereto, provided, however, that any notice sent by certified or registered mail shall be
deemed delivered on the date of delivery as evidenced by the return receipt.

12. Law Governing; Waiver of Jury Trial. This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas. The parties hereto hereby waive, to the fullest
extent by applicable law, any right to trial by jury with respect to any action or proceeding
arising out of or relating to this Agreement.

13. Severability. The Employee agrees that in the event that any court of competent
jurisdiction shall finally hold that any provision of Section 6 or 9 hereof is void or constitutes
an unreasonable restriction against the Employee, the provisions of such Section 6 or 9 shall not
be rendered void but shall apply with respect to such extent as such court may judicially determine
constitutes a reasonable restriction under the circumstances. If any part of this Agreement other
than Section 6 or 9 is held by a court of competent jurisdiction to be invalid, illegible or
incapable of being enforced in whole or in part by reason of any rule of law or public policy, such
part shall be deemed to be severed from the remainder of this Agreement for the purpose only of the
particular legal proceedings in question and all other covenants and provisions of this Agreement
shall in every other respect continue in full force and effect and no covenant or provision shall
be deemed dependent upon any other covenant or provision.

 

 

14. Waiver. Failure to insist upon strict compliance with any of the terms, covenants or
conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any
waiver or relinquishment of any right or power hereunder at any one or more times be deemed a
waiver or relinquishment of such right or power at any other time or times.

15. Entire Agreement; Modifications. Unless otherwise specified, this Agreement
constitutes the entire and final expression of the agreement of the Company and the Employee with
respect to the subject matter hereof and supersedes all prior agreements, oral and written, between
the
parties hereto with respect to the subject matter hereof. This Agreement may be modified or
amended only by an instrument in writing signed by the Company and the Employee.

16. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

 

 

          IN WITNESS WHEREOF, the Company and the Employee have duly executed and delivered this
Agreement as of the day and year first above written.

	 	 	 	 	 
	 	 	VALOR COMMUNICATIONS GROUP, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name: John J. Mueller
	 	 	Title: President and Chief Executive Officer
	 
	 	 	 	 
	 	 	 
	 	 	Employee

 

 

Exhibit A

RELEASE AGREEMENT

     In consideration of receipt of severance payments and benefits as set forth in Section 7 of
the Employment Agreement, dated as of
October 1, 2005, among Valor
Communications Group, Inc. (the “Company”), Valor Telecommunications, LLC and Jerry E. Vaughn (the
“Employment Agreement”), I, Jerry E. Vaughn, hereby release and discharge the Company and each of
its subsidiaries and each of their respective employees, officers, directors, equityholders, and
agents (collectively, “Valor”) from, and waive any and all claims, demands, damages, causes of
action or suits (collectively, “Claims”) of any kind or nature whatsoever that I may have had or
may now have against any of them (including, without limitation, any Claims arising out of or
related to my employment with Valor or the termination thereof), whether arising under contract,
tort, statute or otherwise, and whether I know of the claim or not, including, without limitation,
Claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act, the Americans with Disabilities Act, the Equal Pay for Equal Work Act, and any
other applicable federal, state or local statutes, rules, codes, or ordinances. This release does
not cover my rights to the severance payments and benefits provided in Section 7 of the Employment
Agreement subject to any restrictions set forth therein.

     I have not, and shall not hereafter, institute any lawsuit of any kind whatsoever, or file any
complaint or charge, against Valor or any of its former or present employees, officers, directors,
equityholders, agents, subsidiaries, or affiliates, and any of their successors or assigns, under
any federal, state or local statute, rule, regulation or principle of common law growing out of
events released hereunder. I shall not seek employment or reemployment with Valor. I acknowledge
that I have had at least 21 days to review and consider this release agreement before accepting it.
I have been advised to consult with an attorney before signing this release agreement.

	 	 	 	 	 
	 	 	 
	 	 	Jerry E. Vaughn
	 
	 	 	 	 
	 

	 	Dated:	 	 
	 	 	 	 	 

Acknowledged and Agreed as of

______, ____:

	 	 	 	 	 
	VALOR COMMUNICATIONS GROUP, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:exv4w1

 

Exhibit 4.1

EXECUTION VERSION

 

DOBSON COMMUNICATIONS CORPORATION

$150,000,000

SENIOR FLOATING RATE NOTES DUE 2012

 

INDENTURE

Dated as of September 13, 2005

 

Bank of Oklahoma, National Association,

as Trustee

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1.DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	19	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	20	 
	Section 1.04. Rules of Construction.
	 	 	20	 
	ARTICLE 2.THE NOTES
	 	 	21	 
	Section 2.01. Form and Dating
	 	 	21	 
	Section 2.02. Execution and Authentication
	 	 	22	 
	Section 2.03. Registrar and Paying Agent
	 	 	22	 
	Section 2.04. Paying Agent to Hold Money in Trust
	 	 	23	 
	Section 2.05. Holder Lists
	 	 	23	 
	Section 2.06. Transfer and Exchange
	 	 	23	 
	Section 2.07. Replacement Notes
	 	 	33	 
	Section 2.08. Outstanding Notes
	 	 	33	 
	Section 2.09. Treasury Notes
	 	 	34	 
	Section 2.10. Temporary Notes
	 	 	34	 
	Section 2.11. Cancellation
	 	 	34	 
	Section 2.12. Defaulted Interest
	 	 	34	 
	Section 2.13. CUSIP and ISIN Numbers
	 	 	35	 
	Section 2.14. Additional Interest
	 	 	35	 
	ARTICLE 3.REDEMPTION AND PREPAYMENT
	 	 	35	 
	Section 3.01. Notices to Trustee
	 	 	35	 
	Section 3.02. Selection of Notes to Be Redeemed
	 	 	35	 
	Section 3.03. Notice of Redemption
	 	 	36	 
	Section 3.04. Effect of Notice of Redemption
	 	 	36	 
	Section 3.05. Deposit of Redemption Price
	 	 	36	 
	Section 3.06. Notes Redeemed in Part
	 	 	37	 
	Section 3.07. Optional Redemption
	 	 	37	 
	Section 3.08. Mandatory Redemption
	 	 	37	 
	Section 3.09. Offer to Purchase
	 	 	37	 
	ARTICLE 4.COVENANTS
	 	 	39	 
	Section 4.01. Payment of Notes
	 	 	39	 
	Section 4.02. Maintenance of Office or Agency
	 	 	40	 
	Section 4.03. Reports
	 	 	40	 

 i

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.04. Compliance Certificate
	 	 	41	 
	Section 4.05. Taxes
	 	 	41	 
	Section 4.06. Stay, Extension and Usury Laws
	 	 	41	 
	Section 4.07. Restricted Payments
	 	 	41	 
	Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	 	44	 
	Section 4.09. Incurrence of Indebtedness
	 	 	46	 
	Section 4.10. Issuance of Guarantees by Restricted Subsidiaries
	 	 	48	 
	Section 4.11. Asset Sales
	 	 	48	 
	Section 4.12. Transactions with Affiliates
	 	 	49	 
	Section 4.13. Liens
	 	 	50	 
	Section 4.14. Corporate Existence
	 	 	51	 
	Section 4.15. Offer to Repurchase Upon Change of Control
	 	 	51	 
	Section 4.16. Limitations on Line of Business
	 	 	51	 
	Section 4.17. Payments for Consent
	 	 	51	 
	Section 4.18. Issuance and Sale of Capital Stock of Restricted Subsidiaries
	 	 	51	 
	Section 4.19. Sale and Leaseback Transactions
	 	 	52	 
	Section 4.20. Termination of Certain Covenants
	 	 	52	 
	ARTICLE 5.SUCCESSORS
	 	 	52	 
	Section 5.01. Consolidation, Merger and Sale of Assets
	 	 	52	 
	Section 5.02. Successor Person Substituted
	 	 	53	 
	ARTICLE 6.DEFAULTS AND REMEDIES  
	 	 	53	 
	Section 6.01. Events of Default
	 	 	53	 
	Section 6.02. Acceleration
	 	 	55	 
	Section 6.03. Other Remedies
	 	 	55	 
	Section 6.04. Waiver of Past Defaults
	 	 	55	 
	Section 6.05. Control by Majority
	 	 	56	 
	Section 6.06. Limitation on Suits
	 	 	56	 
	Section 6.07. Rights of Holders to Receive Payment
	 	 	56	 
	Section 6.08. Collection Suit by Trustee
	 	 	57	 
	Section 6.09. Trustee May File Proofs of Claim
	 	 	57	 
	Section 6.10. Priorities
	 	 	57	 
	Section 6.11. Undertaking for Costs
	 	 	57	 
	Section 6.12. Restoration of Rights and Remedies
	 	 	58	 
	Section 6.13. Rights and Remedies Cumulative
	 	 	58	 
	Section 6.14. Delay or Omission Not Waiver
	 	 	58	 

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	 	 	Page	 
	ARTICLE 7.TRUSTEE
	 	 	58	 
	Section 7.01. Duties of Trustee
	 	 	58	 
	Section 7.02. Rights of Trustee
	 	 	59	 
	Section 7.03. Individual Rights of Trustee
	 	 	60	 
	Section 7.04. Trustee’s Disclaimer
	 	 	60	 
	Section 7.05. Notice of Defaults
	 	 	60	 
	Section 7.06. Reports by Trustee to Holders
	 	 	60	 
	Section 7.07. Compensation and Indemnity
	 	 	60	 
	Section 7.08. Replacement of Trustee
	 	 	61	 
	Section 7.09. Successor Trustee by Merger, etc.
	 	 	62	 
	Section 7.10. Eligibility; Disqualification
	 	 	62	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	62	 
	ARTICLE 8.LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	62	 
	Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	62	 
	Section 8.02. Legal Defeasance and Discharge
	 	 	62	 
	Section 8.03. Covenant Defeasance
	 	 	63	 
	Section 8.04. Conditions to Legal or Covenant Defeasance
	 	 	63	 
	Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions
	 	 	64	 
	Section 8.06. Repayment to Company
	 	 	64	 
	Section 8.07. Reinstatement
	 	 	65	 
	ARTICLE 9.AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	65	 
	Section 9.01. Without Consent of Holders
	 	 	65	 
	Section 9.02. With Consent of Holders
	 	 	66	 
	Section 9.03. Compliance with Trust Indenture Act
	 	 	67	 
	Section 9.04. Revocation and Effect of Consents
	 	 	67	 
	Section 9.05. Notation on or Exchange of Notes
	 	 	67	 
	Section 9.06. Trustee to Sign Amendments, etc.
	 	 	67	 
	ARTICLE 10.SATISFACTION AND DISCHARGE
	 	 	67	 
	Section 10.01. Satisfaction and Discharge of Indenture
	 	 	68	 
	Section 10.02. Application of Trust Money
	 	 	69	 
	ARTICLE 11.MISCELLANEOUS
	 	 	69	 
	Section 11.01. Trust Indenture Act Controls
	 	 	69	 
	Section 11.02. Notices
	 	 	69	 
	Section 11.03. Communication by Holders with Other Holders.
	 	 	69	 
	Section 11.04. Certificate and Opinion as to Conditions Precedent
	 	 	68	 

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	 	 	Page	 
	     
	 	 	 	 
	Section 11.05. Statements Required in Certificate or Opinion
	 	 	69	 
	Section 11.06. Rules by Trustee and Agents
	 	 	71	 
	Section 11.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	71	 
	Section 11.08. Governing Law
	 	 	71	 
	Section 11.09. No Adverse Interpretation of Other Agreements
	 	 	71	 
	Section 11.10. Successors
	 	 	71	 
	Section 11.11. Severability
	 	 	71	 
	Section 11.12. Counterpart Originals
	 	 	71	 
	Section 11.13. Table of Contents, Headings, etc.
	 	 	72	 

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

 iv

 

 

          This INDENTURE dated as of September 13, 2005 between Dobson Communications Corporation, an
Oklahoma corporation (the “Company”) and Bank of Oklahoma, National Association, as Trustee (the
“Trustee”).

          The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the Senior Floating Rate Notes due 2012 (together with the
Exchange Notes and any Additional Notes that may be issued in the future in accordance with Section
2.01(d), the “Notes”):

ARTICLE 1.

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. Definitions.

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

          “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Restricted Subsidiary or merges with or into the Company or which is assumed in
connection with an Asset Acquisition by a Restricted Subsidiary or by the Company and not incurred
in connection with, or in anticipation of, such Person becoming a Restricted Subsidiary or such
Asset Acquisition. The term “Acquired Indebtedness” does not include Indebtedness of a Person which
is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation
of the transactions by which such Person becomes a Restricted Subsidiary or merges with or into the
Company or such Asset Acquisition.

          “Additional Interest” has the meaning set forth in the Registration Rights Agreement.

          “Additional Notes” means any additional Notes that the Company may issue pursuant to Section
2.01(d) of this Indenture.

          “Adjusted Consolidated Net Income” means, for any period, the aggregate consolidated net
income (or loss) of the Company and its Restricted Subsidiaries for such period determined in
conformity with GAAP; provided that the following items shall be excluded in computing Adjusted
Consolidated Net Income, without duplication:

     (1) the net income of any Person other than net income attributable to a
Restricted Subsidiary in which any Person other than the Company or any of its
Restricted Subsidiaries has a joint interest and the net income of any Unrestricted
Subsidiary, except to the extent of the amount of dividends or other distributions
actually paid to the Company or any of its Restricted Subsidiaries by such other
Person or such Unrestricted Subsidiary during such period;

     (2) solely for the purposes of calculating the amount of Restricted Payments
that may be made pursuant to Section 4.07(a) (and in such case, except to the extent
includable pursuant to clause (1) above), the net income or loss of any Person
accrued prior to the date it becomes a Restricted Subsidiary or is merged into or
consolidated with the Company or any of its Restricted Subsidiaries or all or
substantially all of the property and assets of such Person are acquired by the
Company or any of its Restricted Subsidiaries;

     (3) except in the case of any restriction or encumbrance permitted under
Section 4.08, the net income of any Restricted Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of such net income is not at the time permitted by the operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to such Restricted Subsidiary;

1

 

     (4) any gains or losses on an after-tax basis attributable to Asset
Dispositions; and

     (5) all extraordinary gains and extraordinary losses, net of tax.

          “Adjusted Consolidated Net Tangible Assets” means the total amount of assets of the Company
and its Restricted Subsidiaries (less applicable depreciation, amortization and other valuation
reserves), except to the extent resulting from write-ups of capital assets (excluding write-ups in
connection with accounting for acquisitions in conformity with GAAP), after deducting therefrom

     (1) all current liabilities of the Company and its Restricted Subsidiaries
(excluding intercompany items) and

     (2) all goodwill, trade names, trademarks, patents, unamortized debt discount
and expense and other like intangibles (other than FCC license acquisition costs),
all as set forth on the most recent quarterly or annual consolidated balance sheet
of the Company and its Restricted Subsidiaries, prepared in conformity with GAAP and
filed with the Commission pursuant to Section 4.03.

          “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

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

          “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 that apply to such
transfer or exchange.

          “Asset Acquisition” means:

     (1) an Investment by the Company or any of its Restricted Subsidiaries in any
other Person pursuant to which such Person shall become a Restricted Subsidiary or
shall be merged into or consolidated with the Company or any of its Restricted
Subsidiaries but only if such Person’s primary business is related, ancillary or
complementary to the businesses of the Company and its Restricted Subsidiaries on
the date of such Investment, or

     (2) an acquisition by the Company or any of its Restricted Subsidiaries of the
property and assets of any Person other than the Company or any of its Restricted
Subsidiaries that constitute all or substantially all of a division, operating unit
or line of business of such Person but only if the property and assets acquired are
related, ancillary or complementary to the businesses of the Company and its
Restricted Subsidiaries on the date of such acquisition.

          “Asset Disposition” means the sale or other disposition by the Company or any of its
Restricted Subsidiaries other than to the Company or another Restricted Subsidiary of

          (1) all or substantially all of the Capital Stock of any Restricted Subsidiary,
or

          (2) all or substantially all of the assets that constitute a division,
operating unit or line of business of the Company or any of its Restricted
Subsidiaries.

          “Asset Sale” means any sale, transfer or other disposition (including by way of merger,
consolidation or sale and leaseback transaction) in one transaction or a series of related
transactions by the Company or any of its Restricted Subsidiaries to any Person other than the
Company or any of its Restricted Subsidiaries of:

2

 

     (a) all or any of the Capital Stock of any Restricted Subsidiary,

     (b) all or substantially all of the property and assets of a division,
operating unit or line of business of the Company or any of its Restricted
Subsidiaries, or

     (c) any other property and assets of the Company or any of its Restricted
Subsidiaries outside the ordinary course of business of the Company or such
Restricted Subsidiary and, in each case, that is not governed by Section 5.01;

     provided, however that the term “Asset Sale” shall not include:

     (1) (a) any single transaction or (b) series of related transactions that
involves assets having a Fair Market Value of less than $10.0 million, provided that
the aggregate Fair Market Value of assets involved in all transactions consummated
from and after the Issue Date under clause (a) or (b) does not exceed $50.0 million,

     (2) sales, transfers or other dispositions of assets, including Capital Stock
of Restricted Subsidiaries, for consideration at least equal to the Fair Market
Value of the assets sold or disposed of, but only if the consideration received
consists of Capital Stock of a Person that becomes a Restricted Subsidiary engaged
in, or property or assets (other than cash, except to extent used as a bona fide
means of equalizing the value of the property or assets involved in the swap
transaction) of a nature or type or that are used in, a Permitted Business on the
date of such sale or other disposition (including, but not limited to, territory or
market swaps with other Persons engaging in a Permitted Business),

     (3) sales, transfers or other dispositions of assets constituting a Permitted
Investment or Restricted Payment permitted to be made under Section 4.07,

     (4) sales, transfers or other dispositions of assets, including issuances of
Capital Stock, between or among the Company and/or its Restricted
Subsidiaries,

     (5) the sale or other disposition of cash or Cash Equivalents, or

     (6) the sale or other disposition (including sale and leaseback
transactions) of Existing Tower Assets.

          “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value, discounted at the rate of interest implicit in the transaction,
determined in accordance with GAAP, 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 the lease has been extended or may, at the option of the lessor, be extended.

          “Average Life” means, at any date of determination with respect to any debt security, the
quotient obtained by dividing

     (1) the sum of the products of

     (a) the number of years from such date of determination to the dates of
each successive scheduled principal payment of such debt security and

     (b) the amount of such principal payment by

     (2) by the sum of all such principal payments.

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

3

 

          “Board of Directors” means (1) with respect to a corporation, the board of directors of the
corporation; (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 Assistant
Secretary, to have been duly adopted by the Board of Directors and to be in full force and effect
on the date of such certification, and delivered to the Trustee.

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

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

          “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person, including, without limitation, all Common Stock and Preferred Shares.

          “Capitalized Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) of which the discounted present value of the rental obligations of such Person
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
Person.

          “Capitalized Lease Obligations” means the discounted present value of the rental obligations
under a Capitalized Lease.

          “Cash Equivalents” means any of the following:

     (1) direct obligations of the United States of America or any agency thereof or
obligations fully and unconditionally guaranteed by the United States of America or
any agency thereof, having maturities of not more than one year from the date of
acquisition,

     (2) time deposit accounts, certificates of deposit and money market deposits
maturing within 180 days of the date of acquisition thereof issued by a bank or
trust company which is organized under the laws of the United States of America, any
state thereof or any foreign country recognized by the United States, and which bank
or trust company has capital, surplus and undivided profits aggregating in excess of
$50.0 million or the foreign currency equivalent thereof and has outstanding debt
which is rated “A” or such similar equivalent rating or higher by at least one
nationally recognized statistical rating organization as defined in Rule 436 under
the Securities Act or any money-market fund sponsored by a registered broker dealer
or mutual fund distributor,

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

     (4) commercial paper, maturing not more than 90 days after the date of
acquisition, issued by a corporation other than an Affiliate of the Company son
organized and in existence under the laws of the United States of America, any state
thereof or any foreign country recognized by the United States of America with a
rating at the time as of which any investment therein is made of “P-1” or higher
according to Moody’s or “A-1” or higher according to S&P, and

     (5) securities with maturities of six months or less from the date of
acquisition issued or fully and unconditionally guaranteed by any state,
commonwealth or territory of the United States of America, or by any political
subdivision or taxing authority thereof, and rated at least “A” or such similar
equivalent or higher rating by S&P or Moody’s.

          “Change of Control” means:

4

 

     (1) any “person” or “group”, within the meaning of Section 13(d) of 14(d)(2) of
the Exchange Act, other than the Controlling Stockholder, becomes the ultimate
“beneficial owner”, as defined in Rule 13d-3 under the Exchange Act, of more than
50% of the total voting power of the Voting Stock of the Company on a fully diluted
basis;

     (2) individuals who on the Issue Date constituted the Board of Directors,
together with any new directors whose election by the Board of Directors or whose
nomination for election by the Company’s stockholders was approved by a vote of at
least a majority of the members of the Board of Directors then in office who either
were members of the Board of Directors on the Issue Date or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority of the members of the Board of Directors then in office;

     (3) the sale, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all
or substantially all the combined assets of the Company and its Restricted
Subsidiaries, taken as a whole, to any Person other than a Wholly Owned Restricted
Subsidiary or the Controlling Stockholder or any Affiliate thereof; or

     (4) the adoption of a plan of liquidation or dissolution of the Company.

          “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Ratings Decline with respect to the Notes.

          “Clearstream” means Clearstream Banking, S.A., and any and all successors thereto.

          “Commission” means the Securities and Exchange Commission.

          “Common Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s equity, other than Preferred Shares of such Person, whether now outstanding or issued
after the Issue Date, including without limitation, all series and classes of such Common Stock.

          “Company” means Dobson Communications Corporation, an Oklahoma corporation, and any and all
successors thereto.

          “Consolidated EBITDA” means, for any period, Adjusted Consolidated Net Income for such period
plus, to the extent such amount was deducted in calculating Adjusted Consolidated Net Income

     (1) Consolidated Interest Expense,

     (2) income taxes, other than income taxes (either positive or negative)
attributable to extraordinary and non-recurring gains or losses or sales of assets,

     (3) depreciation expense,

     (4) amortization expense, and

     (5) all other non-cash items reducing Adjusted Consolidated Net Income other
than items that will require cash payments and for which an accrual or reserve is,
or is required by GAAP to be, made, less all non-cash items increasing Adjusted
Consolidated Net Income, all as determined on a consolidated basis for the Company
and its Restricted Subsidiaries in conformity with GAAP;

provided that if any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary,
Consolidated EBITDA shall be reduced to the extent not otherwise reduced in accordance with GAAP by
an amount equal to the amount of

5

 

the Adjusted Consolidated Net Income attributable to such Restricted Subsidiary multiplied by the
percentage ownership interest in the net income of such Restricted Subsidiary not owned on the last
day of such period by the Company or any of its Restricted Subsidiaries.

          “Consolidated Interest Expense” means, for any period, the aggregate amount of interest in
respect of Indebtedness including, without limitation,

     (1) amortization of original issue discount on any Indebtedness and the
interest portion of any deferred payment obligation, calculated in accordance with
the effective interest method of accounting;

     (2) all commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers’ acceptance financing; and

     (3) the net costs associated with Interest Rate Agreements and the interest
expense in respect of Indebtedness that is Guaranteed or secured by the Company or
any of its Restricted Subsidiaries and all but the principal component of rentals in
respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to
be accrued by the Company and its Restricted Subsidiaries during such period;
excluding, however, any amount of such interest of any Restricted Subsidiary if the
net income of such Restricted Subsidiary is excluded in the calculation of Adjusted
Consolidated Net Income pursuant to clause (3) of the definition thereof (but only
in the same proportion as the net income of such Restricted Subsidiary is excluded
from the calculation of Adjusted Consolidated Net Income pursuant to clause (3) of
the definition thereof).

          “Consolidated Leverage Ratio” means, on any Transaction Date, the ratio of

     (1) the aggregate amount of Indebtedness of the Company and its Restricted
Subsidiaries on a consolidated basis outstanding on such Transaction Date, to

     (2) the product of (A) the aggregate amount of Consolidated EBITDA of the
Company and its Restricted Subsidiaries for the then most recent two fiscal quarters
for which consolidated financial statements of the Company have been filed with the
Commission and (B) two (such two fiscal quarter period being the “Two Quarter
Period”).

          In determining the Consolidated Leverage Ratio, pro forma effect shall be given to:

     (1) any Indebtedness that is to be incurred or repaid on the Transaction Date
as if such incurrence or repayment had occurred on the first day of such Two Quarter
Period;

     (2) Asset Dispositions and Asset Acquisitions (including giving pro forma
effect to the application of proceeds of any Asset Disposition) that occur during
the period beginning on the first day of the Two Quarter Period and ending on the
Transaction Date (the “Reference Period”) as if they had occurred and such proceeds
had been applied on the first day of such Reference Period; and

     (3) Asset Dispositions and Asset Acquisitions (including giving pro forma
effect to the application of proceeds of any Asset Disposition) that have been made
by any Person that has become a Restricted Subsidiary or has been merged with or
into the Company or any Restricted Subsidiary during such Reference Period and that
would have constituted Asset Dispositions or Asset Acquisitions had such
transactions occurred when such Person was a Restricted Subsidiary as if such asset
dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions
that occurred on the first day of such Reference Period.

To the extent that pro forma effect is given to an Asset Acquisition or Asset Disposition, such pro
forma calculation shall be based upon the two full fiscal quarters immediately preceding the
Transaction Date of the Person, or

6

 

division, operating unit or line of business of the Person, that is acquired or disposed of for
which financial information is available.

          “Controlling Stockholder” means Everett R. Dobson and his Affiliates.

          “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 11.02 hereof or such other address as to which the Trustee may give notice to the Company.

          “Credit Agreement” means one or more debt facilities or commercial paper facilities with banks
or other institutional lenders providing for revolving credit loans, term loans, 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, or one or more
indentures (including each of the indentures governing the DCS Notes) or similar agreements
including any related bonds, notes, debentures, guarantees, collateral documents, instruments and
agreements executed in connection therewith, in each case as such agreement, other agreements,
instruments or documents may be amended, modified, supplemented, extended, renewed or refinanced
(including by means of sales of debt securities to institutional investors) from time to time,
including without limitation, increases or decreases from time to time in the amounts available for
borrowings thereunder.

          “Currency Agreement” means any foreign exchange contract, currency swap agreement or other
similar agreement or arrangement.

          “DCS Notes” means the First Lien Floating Rate Notes due 2011, the First Lien 8.375% Secured
Notes due 2011 and the Second Lien 9.875% Secured Notes due 2012 of Dobson Cellular Systems, Inc.

          “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 after notice or passage of time or both would be, an
Event of Default.

          “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.01 or 2.06 hereof, in substantially the form of Exhibit A
hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

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

          “Determination Date,” with respect to an Interest Period, will be the second London Banking
Day preceding the first day of the Interest Period.

          “Disqualified Stock” means any class or series of Capital Stock of any Person that by its
terms or otherwise is:

     (1) required to be redeemed prior to the final Stated Maturity of the Notes,

     (2) redeemable at the option of the holder of such class or series of Capital
Stock at any time prior to the final Stated Maturity of the Notes, or

     (3) convertible into or exchangeable for Capital Stock referred to in (1) or
(2) above or Indebtedness having a scheduled maturity prior to the final Stated
Maturity of the Notes.

          Any Capital Stock that would not constitute Disqualified Stock but for provisions thereof
giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock
upon the occurrence of a

7

 

“change of control” occurring prior to the final Stated Maturity of the Notes shall not
constitute Disqualified Stock if the “change of control” provisions applicable to such Capital
Stock are no more favorable to the holders of such Capital Stock than the provisions contained in
Section 4.15 and such Capital Stock specifically provides that the Company of such Capital Stock
will not repurchase or redeem any such Capital Stock pursuant to such provision prior to the
Company repurchase of such Notes as are required to be repurchased pursuant to Section 4.15;
provided that in no event shall the Senior Preferred Stock be deemed to be Disqualified Stock for
any purpose of this Indenture.

          “Equipment Lease and Switch Sharing Agreements” means the three Equipment Lease Agreements and
the three Switch Sharing Agreements between Dobson Operating Co., LLC and American Cellular
Corporation, and the one Equipment Lease Agreement between Sygnet Communications, Inc. and American
Cellular Corporation, all dated as of January 1, 2003, which provide for the leasing or sharing of
certain telecommunications equipment between the parties thereto, including any amendments or
modifications thereto; provided, however, that such amendments or modifications may not adversely
affect the Company and its Restricted Subsidiaries when compared with the provisions in place
immediately prior to the time of such amendment.

          “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 Morgan Guaranty Trust Company of New York, Brussels office, as operator of
the Euroclear System, and any and all successors thereto.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute.

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

          “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 Tower Assets” means any telecommunications towers (including any equipment, real
property interests and fixtures which are appurtenant and integral to such towers) (i) owned by the
Company or any of its Restricted Subsidiary on the Issue Date, and (ii) acquired by the Company or
any of its Restricted Subsidiaries at any time prior to November 8, 2005.

          “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, whose determination
shall be conclusive if evidenced by a Board Resolution.

          “FCC” means the Federal Communications Commission.

          “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Issue Date, including, without limitation, those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment of the accounting
profession. All ratios and computations contained or referred to in this Indenture shall be
computed in conformity with GAAP applied on a consistent basis.

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

8

 

          “Global Notes” means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes in the form of Exhibit A hereto issued in accordance with Section
2.01, 2.06(f) or 2.07 hereof.

          “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person

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

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

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

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

          “IAI Global Note” means a Global Note in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with and registered in the name of the
Depositary or its nominee that will be issued in a denomination equal to the outstanding principal
amount of the Notes sold to Institutional Accredited Investors, if any, to the extent required by
the Applicable Procedures.

          “incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Indebtedness, including an “incurrence” of Indebtedness by reason
of a Person becoming a Restricted Subsidiary.

          “Indebtedness” means, with respect to any Person at any date of determination, without
duplication,

     (1) all indebtedness of such Person for borrowed money,

     (2) all obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments,

     (3) all obligations of such Person in respect of letters of credit or other
similar instruments (including reimbursement obligations with respect thereto, but
excluding obligations with respect to letters of credit (including trade letters of
credit) securing obligations (other than obligations described in (1) or (2) above
or (5), (6), (7) or (8) below) entered into in the ordinary course of business of
such Person to the extent such letters of credit are not drawn upon or, if drawn
upon, to the extent such drawing is reimbursed no later than the third Business Day
following receipt by such Person of a demand for reimbursement),

     (4) all obligations of such Person to pay the deferred and unpaid purchase
price of property or services, which purchase price is due more than six months
after the date of placing such property in service or taking delivery and title
thereto or the completion of such services, except Trade Payables,

     (5) all obligations of such Person as lessee under Capitalized Leases,

9

 

     (6) all indebtedness of other Persons secured by a Lien on any asset of such
Person, whether or not such Indebtedness is assumed by such Person; but only to the
extent of the lesser of

     (a) the Fair Market Value of such asset at such date of determination,
and

     (b) the amount of such Indebtedness,

     (7) all indebtedness of other Persons Guaranteed by such Person to the extent
such Indebtedness is Guaranteed by such Person,

     (8) the maximum fixed redemption or repurchase price of Disqualified Stock (or,
in the case of any Restricted Subsidiary, of Preferred Shares) of such Person, and,
solely for the purposes of Section 4.09(b)(ii) and Section 4.07(b)(iii), the Senior
Preferred Stock, in each case, outstanding at the time of determination and

     (9) to the extent not otherwise included in this definition, obligations under
Currency Agreements and Interest Rate Agreements.

          The amount of Indebtedness of any Person at 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, provided

     (1) the amount outstanding at any time of any Indebtedness issued with original
issue discount is the face amount of such Indebtedness less the unamortized portion
of the original issue discount of such Indebtedness at the time of its issuance as
determined in conformity with GAAP, and

     (2) money borrowed at the time of the incurrence of any Indebtedness in order
to pre-fund the payment of interest on such Indebtedness shall be deemed not to be
“Indebtedness.”

          “Indenture” means this Indenture, as amended or supplemented from time to time in accordance
with Article 9 hereof.

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

          “Initial Purchasers” means Lehman Brothers Inc., Bear, Stearns & Co. Inc. and Morgan Stanley &
Co. Incorporated.

          “Institutional Accredited Investor” means an “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act.

          “Interest Period” means the period commencing on and including an interest payment date and
ending on and including the day immediately preceding the next succeeding interest payment date,
with the exception that the first Interest Period shall commence on and include the Issue Date and
end on and include October 14, 2005.

          “Interest Rate Agreement” means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement.

          “Investment” in any Person means any direct or indirect advance, loan or other extension of
credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding
advances to customers in the ordinary course of business that are in conformity with GAAP, recorded
as accounts receivable on the balance sheet of the Company or its Restricted Subsidiaries) or
capital contribution to (by means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others), or any purchase or

10

 

	 	 	acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by,
such Person and shall include

     (1) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary,
and

     (2) the Fair Market Value of the Capital Stock or any other Investment held by
the Company or any of its Restricted Subsidiaries, of or in any Person that has
ceased to be a Restricted Subsidiary other than as a result of being designated as
an Unrestricted Subsidiary, including without limitation, by reason of any
transaction permitted by Section 4.18(c).

          For purposes of the definition of “Unrestricted Subsidiary” and Section 4.07,

     (1) “Investment” shall include the Fair Market Value of the assets (net of
liabilities (other than liabilities to the Company or any of its Subsidiaries)) of
any Restricted Subsidiary at the time that such Restricted Subsidiary is designated
an Unrestricted Subsidiary,

     (2) the Fair Market Value of the assets (net of liabilities (other than
liabilities to the Company or any of its Subsidiaries)) of any Unrestricted
Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted
Subsidiary shall be considered a reduction in outstanding Investments and

     (3) any property transferred to or from an Unrestricted Subsidiary shall be
valued at its Fair Market Value at the time of such transfer.

          “Investment Grade Rating” means a rating equal to or higher than Baa3 by
Moody’s and BBB- by S&P.

          “Issue Date” means September 13, 2005.

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

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

          “LIBOR,” with respect to an Interest Period, will be the rate (expressed as a percentage per annum) for deposits in United States dollars for three-month periods beginning on the first day of such Interest Period that appears on Telerate Page 3750 as of 11:00 a.m., London time, on the Determination Date. If Telerate Page 3750 does not include such a rate or is unavailable on a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits in a Representative Amount in United States dollars for a three-month period beginning on the first day of such Interest Period. If at least two such offered quotations are so provided, LIBOR for the Interest Period will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in United States dollars to leading European banks for a three-month period beginning on the first day of such Interest Period. If at least two such rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the immediately preceding Interest
Period.

11

 

          “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in
the nature thereof or any agreement to give any security interest).

          “London Banking Day” is any day in which dealings in United States dollars are transacted or
with respect to any future date, are expected to be transacted in the London interbank market.

          “Management Agreement” means the Amended and Restated Management Agreement between Dobson
Cellular Systems, Inc. and ACC Acquisition LLC, dated as of February 25, 2000, as amended, as in
effect on the Issue Date.

          “Moody’s” means Moody’s Investors Service, Inc. and its successors.

          “Net Cash Proceeds” means,

     (1) with respect to any Asset Sale or the sale of any Existing Tower Assets,
the proceeds of such Asset Sale or such sale in the form of cash or Cash
Equivalents, including payments in respect of deferred payment obligations (to the
extent corresponding to the principal, but not interest, component thereof) when
received in the form of cash or Cash Equivalents (except to the extent such
obligations are financed or sold with recourse to the Company or any Restricted
Subsidiary) and proceeds from the conversion of other property received when
converted to cash or Cash Equivalents, net of

     (a) brokerage commissions and other fees and expenses (including fees
and expenses of counsel and investment bankers) related to such Asset Sale
or such sale,

     (b) provisions for all taxes (whether or not such taxes will actually
be paid or are payable) as a result of such Asset Sale or such sale without
regard to the consolidated results of operations of the Company and its
Restricted Subsidiaries, taken as a whole,

     (c) payments made to repay Indebtedness or any other obligation (owing
to a Person other than the Company or any Subsidiary of the Company)
outstanding at the time of such Asset Sale or such sale that either

          (i) is secured by a Lien on the property or assets sold, or

          (ii) is required to be paid as a result of such Asset Sale or such
sale, and

     (d) appropriate amounts to be provided by the Company or any Restricted
Subsidiary as a reserve against any liabilities associated with such Asset
Sale or such 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 or such sale, all as determined in conformity with
GAAP, and

     (2) with respect to any issuance or sale of Capital Stock or the incurrence of
any Indebtedness, the proceeds of such issuance or sale in the form of cash or Cash
Equivalents, including payments in respect of deferred payment obligations to the
extent corresponding to the principal, but not interest, component thereof when
received in the form of cash or Cash Equivalents (except to the extent such
obligations are financed or sold with recourse to the Company or any Restricted
Subsidiary of the Company) and proceeds from the conversion of other property
received when converted to cash or Cash Equivalents, net of attorney’s fees,
accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions
and

12

 

brokerage, consultant and other fees incurred in connection with such issuance
or sale and net of taxes paid or payable as a result thereof.

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

          “Notes” has the meaning assigned to it in the preamble to this Indenture.

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

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

          “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of
the Company, at least one of whom shall be the principal executive officer, principal accounting
officer or principal financial officer of the Company, and delivered to the Trustee.

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

          “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
the DTC, shall include Euroclear and Clearstream.

          “Participating Broker-Dealer” means any Broker-Dealer that elects to exchange Notes acquired
in the Exchange Offer for its own account as a result of market-making or other trading activities.

          “Permitted Business” means (i) the delivery or distribution of telecommunications, voice,
data, internet or video services, (ii) any business or activity reasonably related or ancillary
thereto, including, without limitation, any business conducted by the Company or any Restricted
Subsidiary on the Issue Date and the acquisition, holding or exploitation or any license relating
to the delivery of the services described in clause (i) of this definition.

          “Permitted Investment” means:

     (1) an Investment in the Company or a Restricted Subsidiary or a Person which
will, upon the making of such Investment, become a Restricted Subsidiary or be
merged or consolidated with or into or transfer or convey all or substantially all
its assets to, the Company or a Restricted Subsidiary; but only if such Person’s
primary business is related, ancillary or complementary to the businesses of the
Company and its Restricted Subsidiaries on the date of such Investment;

     (2) Cash Equivalents;

     (3) payroll, travel and similar advances to cover matters that are expected at
the time of such advances ultimately to be treated as expenses in accordance with
GAAP;

     (4) stock, obligations or securities received in satisfaction of judgments or
pursuant to any court supervised plan of reorganization or similar proceeding;

     (5) non-cash consideration acquired in any Asset Sale effected in accordance
with Section 4.11; and

13

 

     (6) any acquisition of assets used, or Capital Stock of a Person primarily
engaged, in a business related, ancillary or complementary to the business of the
Company and its Restricted Subsidiaries to the extent acquired in exchange for
Capital Stock (other than Disqualified Stock) of the Company.

          “Permitted Liens” means

     (1) Liens on the Company’s assets or on the assets of any of its Restricted
Subsidiaries to secure (x) Indebtedness under Credit Agreements or (y) other
Indebtedness, provided that the principal amount of such Indebtedness secured by
Liens incurred pursuant to this clause (y) shall not exceed $150.0 million at any
time outstanding;

     (2) Liens to secure Indebtedness permitted under Section 4.09(b)(ix);

     (3) Liens on property of a Person existing at the time such Person is merged
into or consolidated with the Company or any of the Company’s Restricted
Subsidiaries; provided, however, that such Liens were in existence prior to the
contemplation of such merger or consolidation and do not extend to any assets other
than those of the Person merged into or consolidated with the Company or any of its
Restricted Subsidiaries;

     (4) Liens on property existing at the time of acquisition of that property by
the Company or any of the Company’s Restricted Subsidiaries; provided, however, that
such Liens were in existence prior to the contemplation of such merger or
consolidation and do not extend to any assets other than those of the Person merged
into or consolidated with the Company or any of its Restricted Subsidiaries;

     (5) Liens existing on the Issue Date;

     (6) Liens in favor of the Company or any of its Restricted Subsidiaries;

     (7) any interest or title of a lessor in the property subject to any
Capitalized Lease;

     (8) Liens incurred in the ordinary course of the business of the Company or of
any of its Restricted Subsidiaries with respect to obligations that do not exceed,
in the aggregate at any one time outstanding, more than 10% of total consolidated
assets of the Company or any of its Restricted Subsidiaries;

     (9) Liens to secure the performance of statutory obligations, surety or appeal
bonds, performance bonds, deposits to secure the performance of bids, trade
contracts, government contracts, leases or licenses or other obligations of a like
nature incurred in the ordinary course of business, including, without limitation,
landlord Liens on leased properties;

     (10) Liens for taxes, assessments or governmental charges or claims that are
not yet delinquent or that are being contested in good faith by appropriate
proceedings promptly instituted and diligently prosecuted, provided that any reserve
or other appropriate provision as will be required to conform with GAAP will have
been made for that reserve or provision;

     (11) carriers’, warehousemen’s, mechanics’, landlords’ materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business in
respect of obligations not overdue for a period in excess of 60 days or which are
being contested in good faith by appropriate proceedings promptly instituted and
diligently prosecuted; provided, however, that any reserve or other appropriate
provision as will be required to conform with GAAP will have been made for that
reserve or provision;

     (12) easements, rights-of-way, zoning and similar restrictions and other
similar encumbrances or title defects incurred, or leases or subleases granted to
others, in the ordinary

14

 

course of business, which do not in any case materially detract from the value
of the property subject to the Lien or do not interfere with or adversely affect in
any material respect the ordinary conduct of the business of the Company and the
business of the Company’s Restricted Subsidiaries taken as a whole;

     (13) Liens in favor of customs and revenue authorities to secure payment of
customs duties in connection with the importation of goods in the ordinary course of
business and other similar Liens arising in the ordinary course of business;

     (14) leases or subleases granted to third Persons not interfering with the
Company’s ordinary course of business or of the business of any of its Restricted
Subsidiaries;

     (15) Liens, other than any Lien imposed by ERISA or any rule or regulation
promulgated under ERISA, incurred or deposits made in the ordinary course of
business in connection with workers’ compensation, unemployment insurance, and other
types of social security;

     (16) deposits made in the ordinary course of business to secure liability to
insurance carriers;

     (17) any attachment or judgment Lien in respect of a judgment not constituting
an Event of Default under Section 6.01(f);

     (18) any interest or title of a lessor or sublessor under any operating lease,
conditional sale, title retention, consignment or similar arrangements entered into
in the ordinary course of business;

     (19) Liens under licensing agreements for use of intellectual property entered
into in the ordinary course of business;

     (20) bankers’ liens in respect of deposit accounts;

     (21) Liens imposed by law incurred by the Company or its Restricted
Subsidiaries in the ordinary course of business; and

     (22) Liens to secured Attributable Debt in connection with sale and leaseback
transactions.

          “Permitted Refinancing Indebtedness” means any Indebtedness of the Company 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 Company or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

     (1) the principal amount (or accreted value or liquidation preference, if
applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value or liquidation preference, if applicable) of the
Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all
accrued interest or dividends, if applicable, on the Indebtedness and the amount of
all expenses and premiums incurred in connection therewith);

     (2) such Permitted Refinancing Indebtedness has a final Stated Maturity not
earlier than the Stated Maturity of, and has an Average Life equal to or greater
than the Average Life 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, such Permitted
Refinancing Indebtedness has a Stated Maturity not earlier than the final Stated
Maturity date of, and is

15

 

subordinated in right of payment to, the Notes on terms at least as favorable
to the Holders as those contained in the documentation governing the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded; provided,
however, that if the Indebtedness being extended, refinanced, renewed, replaced or
refunded is Senior Preferred Stock, such Permitted Refinancing Indebtedness (a) has
a final Stated Maturity not earlier than the final Stated Maturity of the Notes and
an Average Life not less than the remaining Average Life of the Notes and (b) none
of such Permitted Refinancing Indebtedness may rank on a parity with or senior to
the Notes; and

     (4) such Indebtedness is incurred either by the Company or by the Subsidiary
who is the obligor on the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded.

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

          “Preferred Shares” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s preferred or preference equity, whether now outstanding or issued after the Issue Date,
including, without limitation, the Senior Preferred Stock and all other series and classes of such
preferred stock or preference stock.

          “Private Placement Legend” means the legend set forth in Section 2.06(g)(i)(A) 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.

          “Rating Agency” means each of S&P and Moody’s or, if either of S&P and Moody’s shall not make
a rating on the Notes publicly available, a nationally recognized statistical rating agency or
agencies, as the case may be, selected by the Company (as evidenced by a resolution of the Board of
Directors of the Company), which shall be substituted for any of S&P or Moody’s, as the case may
be.

          “Rating Date” means the date which is 90 days prior to the earlier of:

     (1) a Change of Control, and

     (2) public notice of the occurrence of a Change of Control or of the intention
of the Company to effect a Change of Control.

          “Rating Decline” means the occurrence of the following on, or within 90 days after, the
earlier of the date of public notice of the occurrence of a Change of Control or of the intention
of the Company to effect a Change of Control (which period shall be extended so long as the rating
of the Notes is under publicly announced consideration for possible downgrade by any of the Rating
Agencies):

     (1) in the event the Notes are assigned an Investment Grade Rating by both
Rating Agencies on the Rating Date, the rating of the Notes by one of the Rating
Agencies shall be below an Investment Grade Rating; or

     (2) in the event the Notes are rated below an Investment Grade Rating by at
least one of the Rating Agencies on the Rating Date, the rating of the Notes by at
least one of the Rating Agencies shall be decreased by one or more gradations
(including gradations within rating categories as well as between rating
categories).

          “Replacement Assets” means:

16

 

     (1) capital expenditures or other non-current assets of a nature or type that
are used in a Permitted Business; or

     (2) substantially all the assets of a Permitted Business or a majority of the
Voting Power of any Person engaged in a Permitted Business that will become on the
date of acquisition thereof a Restricted Subsidiary.

          “Registration Rights Agreement” means the Registration Rights Agreement dated as of the Issue
Date, by and among and the Initial Purchasers named therein, as such agreement may be amended,
modified or supplemented from time to time and, with respect to any Additional Notes, one or more
registration rights agreements between the Company and the other parties thereto, as such
agreement(s) may be amended, modified or supplemented from time to time, relating to rights given
by the Company to the purchasers of Additional Notes to register such Additional Notes, or exchange
such Additional Notes for registered Notes, under the Securities Act.

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

          “Regulation S Global Note” means a Global Note in substantially the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 904 of Regulation S.

          “Representative Amount” means a principal amount of not less than U.S. $1,000,000 for a single
transaction in the relevant market at the relevant time.

          “Responsible Officer,” when used with respect to the Trustee, means any officer within the
Corporate Trust Department of the Trustee (or any successor group of the Trustee) or any other
officer of the Trustee customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his or her knowledge of and familiarity
with the particular subject.

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

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

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

          “Restricted Subsidiary” means any Subsidiary of the Company other than 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 Regulation S of the Securities Act.

          “Rule 904” means Rule 904 promulgated under Regulation S of the Securities Act.

          “S&P” means Standard & Poor’s Ratings Services and its successors.

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

          “Senior Preferred Stock” means each of the Company’s series of 13% Senior Exchangeable
Preferred Stock due 2009, 12.25% Senior Exchangeable Preferred Stock due 2008 and Series F
Convertible Preferred Stock.

17

 

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

          “Significant Subsidiary” means, at any date of determination, any Restricted Subsidiary that,
together with its Subsidiaries that are Restricted Subsidiaries,

     (1) for the most recent fiscal year of the Company, accounted for more than 10%
of the consolidated revenues of the Company and its Restricted Subsidiaries or

     (2) as of the end of such fiscal year, was the owner of more than 10% of the
consolidated assets of the Company and its Restricted Subsidiaries, all as set forth
on the most recently available consolidated financial statements of the Company for
such fiscal year.

          “Stated Maturity” means,

     (1) with respect to any Indebtedness, the date specified in such Indebtedness
as the fixed date on which the final installment of principal of such Indebtedness
is due and payable or the fixed date on which such Indebtedness is mandatorily
redeemable, and

     (2) with respect to any scheduled installment of principal of or interest or
dividends, as applicable, on any Indebtedness, the date specified in such
Indebtedness as the fixed date on which such installment is due and payable.

          “Subsidiary” means, with respect to any Person, any corporation, association or other business
entity of which more than 50% of the voting power of the outstanding Voting Stock is owned,
directly or indirectly, by such Person and one or more other Subsidiaries of such Person.

          “Telerate Page 3750” means the display designated as “Page 3750” on the Moneyline Telerate
service (or such other page as may replace Page 3750 on that service).

          “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the
date on which this Indenture is qualified under the TIA, except as provided in Section 9.03 hereof.

          “Trade Payables” means accounts payable to vendors in the ordinary course of business.

          “Transaction Date” means, with respect to the incurrence of any Indebtedness by the Company or
any of its Restricted Subsidiaries, the date such Indebtedness is to be incurred and, with respect
to any Restricted Payment, the date such Restricted Payment is to be made.

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

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

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

          “Unrestricted Subsidiary” means DCC PCS, Inc., American Cellular Corporation, Dobson JV
Company, Wireless Investments, Inc. and their respective Subsidiaries, or any other Subsidiary of
the Company that at any time of determination after the Issue Date shall be designated an
Unrestricted Subsidiary by the Company’s Board of Directors in the manner provided below and any
Subsidiary of an Unrestricted Subsidiary. The Company’s Board of Directors may designate any
Restricted Subsidiary including any newly acquired or newly formed Subsidiary of the Company to be
an Unrestricted Subsidiary unless, immediately after such designation, such

18

 

Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the
Company or any Restricted Subsidiary, on the condition that

     (1) any Guarantee by the Company or any Restricted Subsidiary of any
Indebtedness of the Subsidiary being so designated shall be deemed an “incurrence”
of such Indebtedness and an “Investment” by the Company or such Restricted
Subsidiary (or both, if applicable) at the time of such designation;

     (2) either the Subsidiary to be so designated has total assets of $1,000 or
less or if such Subsidiary has assets greater than $1,000, such designation would be
permitted under Section 4.07 described below; and

     (3) if applicable, the incurrence of Indebtedness and the Investment referred
to in clause (1) of this proviso would be permitted under Sections 4.07 and 4.09
hereof.

          The Company’s Board of Directors may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary, on the condition that immediately after giving effect to such designation

     (1) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately
after such designation would, if incurred at such time, have been permitted to be incurred
for all purposes of this Indenture, and

     (2) no Default or Event of Default shall have occurred and be continuing, or shall
occur upon such redesignation.

          Any such designation by the Company’s Board of Directors shall be evidenced to the Trustee by
promptly providing the Trustee a copy of the Board Resolution giving effect to such designation and
an Officers’ Certificate certifying that such designation complied with the foregoing provisions.

          “U.S. Government Securities” means securities that are direct obligations of, or obligations
guaranteed by, the United States of America for the payment of which its full faith and credit is
pledged.

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

          “Voting Power” means with the aggregate number of votes of all classes of Capital Stock of
such Person which ordinarily have voting power for the election of directors of such Person.

          “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.

          “Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of
the outstanding Capital Stock of such Subsidiary (other than any director’s qualifying shares or
Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

			
	Section 1.02.	 	Other Definitions.

	 	 	 
	 	 	Defined in
	Term	 	Section
	“Asset Sale Offer”
	 	4.11
	“Authentication Order”
	 	2.02
	“Calculation Agent”
	 	Exhibit A
	“Change of Control Offer”
	 	4.15
	“Change of Control Payment”
	 	4.15

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	 	 	Defined in
	Term	 	Section
	“Change of Control Payment Date”
	 	4.15
	“Covenant Defeasance”
	 	8.03
	“DTC”
	 	2.03
	“Event of Default”
	 	6.01
	“Excess Proceeds”
	 	4.11
	“Guaranteed Indebtedness”
	 	4.10
	“Legal Defeasance”
	 	8.02
	“Offer Amount”
	 	3.09
	“Offer Period”
	 	3.09
	“Paying Agent”
	 	2.03
	“Registrar”
	 	2.03
	“Restricted Payments”
	 	4.07
	“Subsidiary Guarantee”
	 	4.10
	“Successor Person “
	 	5.01

			
	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act.

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

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

“indenture securities” means the Notes;

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

“indenture to be qualified” means this Indenture;

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

“obligor” on the Notes means the Company and any successor obligor upon the
Notes, and any Guarantor and its successors or assigns.

          (c) 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.

			
	Section 1.04.	 	Rules of Construction.

          (a) Unless the context otherwise requires:

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

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

     (3) “or” is not exclusive;

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

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

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

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

ARTICLE 2.

THE NOTES

			
	Section 2.01.	 	Form and Dating.

          (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially
in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The
Notes shall be in denominations of $1,000 and integral multiples thereof. The terms and provisions
contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and, to the extent applicable, the Company, the Guarantors and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling.

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

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

          (d) Subject to compliance with the provisions of Section 4.09 of this Indenture, the Company
may issue Additional Notes in an unlimited principal amount under this Indenture.

          (e) Certificated Securities. The Company shall exchange Global Notes for Definitive Notes if:
(1) at any time the Depositary notifies the Company that it is unwilling or unable to continue to
act as Depositary for the Global Notes or if at any time the Depositary shall no longer be eligible
to act as such because it ceases to be a clearing agency registered under the Exchange Act, and, in
either case, the Company shall not have appointed a successor Depositary within 120 days after the
Company receives such notice or becomes aware of such ineligibility, (2) the Company, at its
option, determines that the Global Notes shall be exchanged for Definitive Notes and delivers a
written notice to such effect to the Trustee or (3) upon written request of a Holder or the Trustee
if a Default or Event of Default shall have occurred and be continuing.

          Upon the occurrence of any of the events set forth in clauses (1), (2) or (3) above, the
Company shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate and deliver, Definitive Notes, in authorized denominations,
in an aggregate principal amount equal to the principal amount of the Global Notes in exchange for
such Global Notes.

          Upon the exchange of a Global Note for Definitive Notes, such Global Note shall be cancelled
by the Trustee or an agent of the Company or the Trustee. Definitive Notes issued in exchange for
a Global Note

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pursuant to this Section 2.01 shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its Participants or its Applicable
Procedures, shall instruct the Trustee or an agent of the Company or the Trustee in writing. The
Trustee or such agent shall deliver such Definitive Notes to or as directed by the Persons in whose
names such Definitive Notes are so registered or to the Depositary.

			
	Section 2.02.	 	Execution and Authentication.

          (a) One Officer shall sign the Notes for the Company by manual or facsimile signature.

          (b) 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.

          (c) A Note shall not be valid until authenticated by the manual signature of a Responsible
Officer of the Trustee. The signature of a Responsible Officer of the Trustee on the certificate
of authentication on a Note shall be conclusive evidence that the Note has been authenticated under
this Indenture.

          (d) The Trustee shall, upon a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount
stated in such notice.

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

			
	Section 2.03.	 	Registrar and Paying Agent.

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

          (b) The
Company initially appoints The Depository Trust Company
(“DTC”) to act as Depositary
with respect to the Global Notes. Whenever this Indenture or any other document related hereto or
thereto requires or permits actions to be taken based on instructions or directions of Holders
evidencing a specified percentage of the aggregate principal amount of the Notes then outstanding,
the Depositary will be deemed to represent such percentage only to the extent that it has received
instructions or directions to that effect from the Holders of the Notes and/or Indirect
Participants or Participants owning or representing, respectively, such required percentage of the
beneficial interest in the Notes, as shall be conclusively evidenced by the Depositary’s delivery
of such instructions or directions to the Trustee.

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

          (d) The Global Notes shall be initially registered in the name of Cede & Co., nominee of DTC.

          (e) The Company shall maintain a Calculation Agent. The Company may change any Calculation
Agent without notice to any Holder. The Company shall notify the Trustee in writing of the name
and address of any Calculation Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Calculation Agent, the Trustee shall act as such.

22

 

          (f) The Company initially appoints the Trustee to act as the Calculation Agent.

			
	Section 2.04.	 	Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by
the Paying Agent for the payment of principal of, and premium, Additional Interest, if any, or
interest on, the Notes, and shall notify the Trustee of any default by the Company in making any
such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than
the Company or a Subsidiary of the Company) shall have no further liability for the money. If the
Company 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 Company, the Trustee shall serve as Paying
Agent for the Notes.

			
	Section 2.05.	 	Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with TIA
§ 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
seven Business Days or such shorter time as the Trustee may allow 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, including
the aggregate principal amount of Notes held by each Holder.

			
	Section 2.06.	 	Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. Upon the occurrence of any of the
events set forth in Section 2.01(c) above, Definitive Notes shall be issued in denominations of
$1,000 or integral multiples thereof and 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 2.07 and 2.10 hereof. Except as provided above, every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), and beneficial interests in a Global Note may not be transferred and exchanged
other than as provided in Section 2.06(b), (c) or (f) hereof.

          (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in Global Notes also shall require compliance with either clause (i) or (ii) below, as
applicable, as well as one or more of the other following clauses, 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 and any
Applicable Procedures; provided, however, that prior to the expiration of the Distribution
Compliance Period, transfers of beneficial interests in the Regulation S Global Note may not
be made to or for the account or benefit of a “U.S. Person” (as defined in Rule 902(k) of
Regulation S) (other than a “distributor” (as defined in Rule 902(d) of the Regulation S)).
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.
Except as may be required by any Applicable Procedures, no written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(i).

23

 

     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject
to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either (A)(1) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given
in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B)(1) if permitted under Section
2.06(a), 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 (B)(1) above. Upon consummation of an
Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of
this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the
Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder
of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of
the requirements for transfer or exchange of beneficial interests in Global Notes contained
in this Indenture and the Notes, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof.

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

     (A) if the transferee will take delivery in the form of a
beneficial interest in the 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (1) thereof or, if permitted by
the Applicable Procedures, item (3) thereof;

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

     (C) if the transferee is required by the Applicable Procedures
to take delivery in the form of a beneficial interest in the IAI
Global Note, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications and
certificates and Opinion of Counsel required by item (3) thereof, if
applicable.

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

     (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with a Registration Rights Agreement
and the holder of the beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, makes any
and all certifications required in the applicable Letter of
Transmittal (or is deemed to have made such certifications if
delivery is made through the Applicable Procedures) as may be
required by such Registration Rights Agreement;

24

 

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

     (C) such transfer is effected by a broker-dealer pursuant to an
Exchange Offer Registration Statement in accordance with a
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 hereto, including the certifications in item (1)(a) thereof; or

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

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

     If any such transfer is effected pursuant to clause (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall execute 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 clause (B) or
(D) above.

     (v) Transfer or Exchange of Beneficial Interests in an Unrestricted Global Note for
Beneficial Interests in a Restricted Global Note Prohibited. Beneficial interests in an
Unrestricted Global Note may not be exchanged for, or transferred to Persons who take
delivery thereof in the form of, beneficial interests in a Restricted Global Note.

               (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes.

     (i) Transfer or Exchange of Beneficial Interests in Restricted Global Notes to
Restricted Definitive Notes. Subject to Section 2.06(a) hereof, if any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon
receipt by the Registrar of the following documentation:

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

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

     (C) if such beneficial interest is being transferred to a
Non-U.S. Person in an offshore transaction (as defined in Section
902(k) of Regulation S) in

25

 

accordance with Rule 903 or Rule 904, a certificate to the
effect set forth in Exhibit B hereto, including the certifications
in item (2) thereof;

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

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

the Trustee shall reduce or cause to be reduced in a corresponding amount pursuant to
Section 2.06(h) hereof, the aggregate principal amount of the applicable Restricted Global
Note, and the Company shall execute and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver a Restricted
Definitive Note in the appropriate principal amount to the Person designated by the holder
of such beneficial interest in the instructions delivered to the Registrar by the Depositary
and the applicable Participant or Indirect Participant on behalf of such holder. Any
Restricted Definitive Note issued in exchange for beneficial interests in a Restricted
Global Note pursuant to this Section 2.06(c)(i) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial
interest shall designate in such instructions. The Trustee shall deliver such Restricted
Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be
subject to all restrictions on transfer contained therein.

     (ii) Transfer or Exchange of Beneficial Interests in Restricted Global Notes to
Unrestricted Definitive Notes. Subject to Section 2.06(a) hereof, 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 an
Exchange Offer in accordance with a 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, makes any
and all certifications in the applicable Letter of Transmittal (or
is deemed to have made such certifications if delivery is made
through the Applicable Procedures) as may be required by such
Registration Rights Agreement;

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

     (C) such transfer is effected by a broker-dealer pursuant to an
Exchange Offer Registration Statement in accordance with a
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 an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof; or

26

 

     (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 an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

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

     Upon satisfaction of any of the conditions of any of the clauses of this Section
2.06(c)(ii), the Company shall execute and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver an
Unrestricted Definitive Note in the appropriate principal amount to the Person designated by
the holder of such beneficial interest in instructions delivered to the Registrar by the
Depositary and the applicable Participant or Indirect Participant on behalf of such holder,
and the Trustee shall reduce or cause to be reduced in a corresponding amount pursuant to
Section 2.06(h), the aggregate principal amount of the applicable Restricted Global Note.

     (iii) Transfer or Exchange of Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. Subject to Section 2.06(a) hereof, if any holder of a
beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon
satisfaction of the applicable conditions set forth in Section 2.06(b)(ii) hereof, the
Trustee shall reduce or cause to be reduced in a corresponding amount pursuant to Section
2.06(h) hereof, the aggregate principal amount of the applicable Unrestricted Global Note,
and the Company shall execute, and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee shall authenticate and deliver an Unrestricted
Definitive Note in the appropriate principal amount to the Person designated by the holder
of such beneficial interest in instructions delivered to the Registrar by the Depositary and
the applicable Participant or Indirect Participant on behalf of such holder. Any
Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(iii) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall designate in
such instructions. The Trustee shall deliver such Unrestricted Definitive Notes to the
Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall not
bear the Private Placement Legend.

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

     (i) Transfer or Exchange of Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes. If any holder of a Restricted Definitive Note proposes to
exchange such Restricted Definitive 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 Restricted Definitive Note for a beneficial
interest in a Restricted Global Note, a certificate from such holder
in the form of Exhibit C hereto, including the certifications in
item (2)(b) thereof;

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

     (C) if such Restricted Definitive Note is being transferred to
a “non-U.S. Person” in an offshore transaction (as defined in Rule
902(k) of Regulation

27

 

S) in accordance with Rule 903 or Rule 904, a certificate to
the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof;

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

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

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

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased
in a corresponding amount pursuant to Section 2.06(h) hereof, the aggregate principal amount
of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of
clause (B) above, a 144A Global Note, in the case of clause (C) above, a Regulation S Global
Note, and in all other cases, a IAI Global Note.

     (ii) Transfer or Exchange of Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A holder of a Restricted Definitive Note may exchange such
Restricted Definitive 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 an
Exchange Offer in accordance with a 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, makes any
and all certifications in the applicable Letter of Transmittal (or
is deemed to have made such certifications if delivery is made
through the Applicable Procedures) as may be required by such
Registration Rights Agreement;

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

     (C) such transfer is effected by a broker-dealer pursuant to an
Exchange Offer Registration Statement in accordance with a
Registration Rights Agreement; or

     (D) the Registrar receives the following:

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

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

28

 

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

     Upon satisfaction of the conditions of any of the clauses in this Section 2.06(d)(ii),
the Trustee shall cancel such Restricted Definitive Note and increase or cause to be
increased in a corresponding amount pursuant to Section 2.06(h) hereof, the aggregate
principal amount of the Unrestricted Global Note.

     (iii) Transfer or Exchange of Unrestricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange
such Unrestricted Definitive 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 in a corresponding amount
pursuant to Section 2.06(h) hereof the aggregate principal amount of one of the Unrestricted
Global Notes.

     (iv) Transfer or Exchange of Unrestricted Definitive Notes to Beneficial Interests
in Restricted Global Notes Prohibited. An Unrestricted Definitive Note may not be
exchanged for, or transferred to Persons who take delivery thereof in the form of,
beneficial interests in a Restricted Global Note.

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

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

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

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

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

     (ii) Transfer or Exchange of 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 only if:

     (A) such exchange or transfer is effected pursuant to an
Exchange Offer in accordance with a Registration Rights Agreement
and the holder, in the case of an exchange, or the transferee, in
the case of a transfer, makes any and all certifications in the
applicable Letter of Transmittal (or is deemed to have

29

 

made such certifications if delivery is made through the
Applicable Procedures) as may be required by a Registration Rights
Agreement;

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

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

     (D) the Registrar receives the following:

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

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

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

          Upon satisfaction of the conditions of any of the clauses of this Section 2.06(e)(ii), the
Trustee shall cancel the prior Restricted Definitive Note and the Company shall execute, and upon
receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall
authenticate and deliver an Unrestricted Definitive Note in the appropriate aggregate principal
amount to the Person designated by the holder of such prior Restricted Definitive Note in
instructions delivered to the Registrar by such holder.

     (iii) Transfer of Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A holder of Unrestricted Definitive Notes may transfer such Unrestricted
Definitive 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 an Exchange Offer in accordance with a
Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee shall authenticate (A) one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of the
beneficial interests in the applicable Restricted Global Notes (1) tendered for acceptance by
Persons that make any and all certifications in the applicable Letters of Transmittal (or are
deemed to have made such certifications if delivery is made through the Applicable Procedures) as
may be required by such Registration Rights Agreement and (2) accepted for exchange in such
Exchange Offer and (B) Unrestricted Definitive Notes in an aggregate principal amount equal to the
aggregate principal amount of the Restricted Definitive Notes tendered for acceptance by Persons
who made the foregoing certifications and accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall reduce or cause to be reduced in a
corresponding amount the aggregate principal amount of the applicable Restricted Global Notes, and
the Company shall execute and, upon receipt of an Authentication Order in accordance with Section
2.02 hereof, the Trustee shall authenticate and deliver to the Persons designated by the holders of
Restricted Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate aggregate
principal amount.

30

 

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

          (i) Private Placement Legend.

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

     “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), (B) IT IS NOT A U.S. PERSON AND IT IS ACQUIRING ITS NOTE IN AN “OFFSHORE TRANSACTION”
PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL
“ACCREDITED INVESTOR: WITHIN THE MEANING OF SUBPARAGRAPHS (A)(1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE WHICH IS TWO
YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT
OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR
OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF
THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER
DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION
DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY, (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)
FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT 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 INSIDE THE UNITED STATES, (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, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPHS
(A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER,
FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON THE TRANSFER OF THIS NOTE (WHICH CAN BE OBTAINED FROM THE
TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF LESS THAT $100,000 PRINCIPAL AMOUNT OF
NOTES, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND;
PROVIDED THAT THE COMPANY, THE TRUSTEE, AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (D), (E) OR (F) 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 CERTIFICATION OF TRANSFER
IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER

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AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY
REGULATION S UNDER THE SECURITIES ACT.”

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

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

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OR IN ACCORDANCE WITH SECTION
9.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.”

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

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

               (i) General Provisions Relating to Transfers and Exchanges.

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

32

 

payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15
and 9.05 hereof).

     (ii) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company,
evidencing the same debt as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued hereunder.

     (iii) Neither the Registrar nor the Company shall be required (A) to issue, to register
the transfer of or to exchange any Notes during a period beginning at the opening of
business 15 days before the day of any selection of Notes for redemption under Section 3.02
hereof and ending at the close of business on the date of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of
or to exchange a Note between a record date (including a Regular Record Date) and the next
succeeding Interest Payment Date.

     (iv) Prior to due presentment for the registration of transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of
principal of, premium, if any, and interest on such Note and for all other purposes, in each
case regardless of any notice to the contrary.

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

     (vi) The Trustee is hereby authorized and directed to enter into a letter of
representation with the Depositary in the form provided by the Company and to act in
accordance with such letter.

			
	Section 2.07.	 	Replacement Notes.

          (a) If any mutilated Note is surrendered to the Trustee or the Company and the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company
shall issue and the Trustee, upon receipt of an Authentication Order in accordance with Section
2.02 with respect to such Note, shall authenticate a replacement Note if the Trustee’s requirements
are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the
Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company,
the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a
Note is replaced. The Company may charge for its expenses in replacing a Note.

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

			
	Section 2.08.	 	Outstanding Notes.

          (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except
for those cancelled 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 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the
Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be
outstanding for purposes of Section 3.07(b) hereof.

          (b) If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding and
interest on the Notes ceases to accrue unless the Trustee receives proof satisfactory to it that
the replaced Note is held by a bona fide purchaser.

33

 

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

          (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money for the purposes of and 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 2.09.	 	Treasury Notes.

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

			
	Section 2.10.	 	Temporary Notes.

          Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to
such Notes, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form
of Definitive Notes but may have variations that the Company considers appropriate for temporary
Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary
Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for
definitive Notes upon surrender of the temporary Notes at the office or agency of the Company
designated for such purpose pursuant to Section 4.02 without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Notes, the Company shall execute and, upon receipt of
an Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee
shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of
authorized denominations.

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

			
	Section 2.11.	 	Cancellation.

          The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee upon direction by the Company and no one else shall
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall destroy cancelled Notes (subject to the record retention requirements of the
Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the
Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.

			
	Section 2.12.	 	Defaulted Interest.

          If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Company shall fix or cause to be fixed each such special record date and
payment date; provided, however, that no such special record date shall be less than 5 days prior
to the related payment date for such defaulted interest. At least 10 days before the special
record date, the Company (or, upon the written request of the Company, the Trustee in the name and
at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the
special record date, the related payment date and the amount of such interest to be paid.

34

 

			
	Section 2.13.	 	CUSIP and ISIN Numbers.

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

			
	Section 2.14.	 	Additional Interest .

          If Additional Interest is payable by the Company pursuant to a Registration Rights Agreement,
the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of
such Additional Interest that is payable and (ii) the date on which such interest is payable
pursuant to Section 4.01 hereof. Unless and until a Responsible Officer of the Trustee receives
such a certificate or instruction or direction from the Holders in accordance with the terms of
this Indenture, the Trustee may assume without inquiry that no Additional Interest is payable. The
foregoing shall not prejudice the rights of the Holders with respect to their entitlement to
Additional Interest as otherwise set forth in this Indenture or the Notes and pursuing any action
against the Company directly or otherwise directing the Trustee to take any such action in
accordance with the terms of this Indenture and the Notes. If the Company has paid Additional
Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an
Officers’ Certificate setting forth the details of such payment.

ARTICLE 3.

REDEMPTION AND PREPAYMENT

			
	Section 3.01.	 	Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it shall furnish to the Trustee, at least 45 days (unless a shorter period
shall be agreed to by the Trustee) but not more than 60 days before a redemption date (but in any
event prior to the notice provided pursuant to Section 3.03 hereof), an Officers’ Certificate
setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii)
the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption
price.

			
	Section 3.02.	 	Selection of Notes to Be Redeemed.

          If less than all of the Notes are to be redeemed or purchased in an Offer to Purchase at any
time, the Trustee shall select the Notes to be redeemed or purchased among the Holders 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 considers fair and appropriate or in accordance with
the Applicable Procedures. In the event of partial redemption by lot, the particular Notes to be
redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the redemption date by the Trustee from the outstanding Notes not previously called
for redemption.

          The Trustee shall promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $1,000
or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or
purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of
$1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions
of this Indenture that apply to Notes called for redemption or subject to purchase also apply to
portions of Notes called for redemption or subject to purchase.

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	Section 3.03.	 	Notice of Redemption.

          Subject to the provisions of Section 3.07 hereof, at least 30 days but not more than 60 days
before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address.

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

          (a) the redemption date;

          (b) the redemption price;

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

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

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

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

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

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

          At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company shall have delivered to the Trustee at
least 45 days (unless a shorter period shall be agreed to by the Trustee in writing) but not more
than 60 days prior to the redemption date, an Officers’ Certificate in accordance with Sections
11.04 and 11.05 requesting that the Trustee give such notice and setting forth the information to
be stated in such notice as provided in the preceding paragraph.

			
	Section 3.04.	 	Effect of Notice of Redemption.

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

          A notice of redemption shall be deemed to be given when mailed, whether or not the Holder
receives the notice. In any event, failure to give such notice, or any defect in such notice,
shall not affect the validity of the proceedings for the redemption of the Notes held by Holders to
whom such notice was properly given.

			
	Section 3.05.	 	Deposit of Redemption Price.

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

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               If the Company complies with the provisions of the preceding paragraph or Section 3.09, as
applicable, on and after the redemption or purchase date, as applicable, interest shall cease to
accrue on the Notes or the portions of Notes called for redemption or subject to purchase. If a
Note is redeemed or purchased 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 or subject to purchase shall not be so paid upon surrender for redemption or purchase
because of the failure of the Company to comply with the preceding paragraph or Section 3.09, as
applicable, interest shall be paid on the unpaid principal from the redemption date or Purchase
Date, as applicable, until such principal is paid, and to the extent lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

Section 3.06. Notes Redeemed in Part.

               Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon receipt
of an Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee
shall authenticate for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.

Section 3.07. Optional Redemption.

               (a) The Company may redeem the Notes at any time and from time to time on or after October 15,
2007, at its option, in whole or in part, at a redemption price equal to the percentage of
principal amount set forth below, plus accrued and unpaid interest and Additional Interest, if any,
on the Notes redeemed to the applicable redemption date, if redeemed during the 12-month period
beginning on October 15 each of the years set forth below:

	 	 	 	 	 
	Year	 	Percentage	 
	2007
	 	 	102.000	%
	2008
	 	 	101.000	%
	2009 and thereafter
	 	 	100.000	%

               (b) In addition, at any time and from time to time on or prior to October 15, 2007, the
Company may redeem up to 35% of the principal amount of the Notes at a redemption price equal to
100.0% of their principal amount, plus a premium equal to the interest rate per year that is
applicable to the Notes on the date on which notice of redemption is given,, plus accrued and
unpaid interest and Additional Interest, if any, on the Notes redeemed to the redemption date, with
the proceeds of one or more sales of its Capital Stock (other than Disqualified Stock); provided
that, in each case, such redemption date occurs within 180 days after consummation of such sale and
at least 65% aggregate principal amount of the Notes issued on the Issue Date remains outstanding
after each such redemption.

Section 3.08. Mandatory Redemption.

               Except as described below under Sections 4.11 and 4.15, the Company is not required to make
any mandatory redemption of, sinking fund payments for, or offer to repurchase any Notes.

Section 3.09. Offer to Purchase.

               (a) In the event that, pursuant to Section 4.11 or 4.15 hereof, the Company shall be required
to commence an Asset Sale Offer or Change of Control Offer (each, an “Offer to Purchase”), it shall
follow the procedures specified below.

               (b) The Company shall cause a notice of the Offer to Purchase to be sent at least once to the
Dow Jones News Service or similar business news service in the United States.

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               (c) The Company shall commence the Offer to Purchase by sending, by first-class mail, with a
copy to the Trustee, to each Holder at such Holder’s address appearing in the Security Register, a
notice the terms of which shall govern the Offer to Purchase stating:

     (i) that the Offer to Purchase is being made pursuant to this Section 3.09 and Section
4.11 or Section 4.15, as the case may be, and, in the case of a Change of Control Offer,
that a Change of Control Triggering Event has occurred, the circumstances and relevant facts
regarding the Change of Control and that a Change of Control Offer is being made pursuant to
Section 4.15;

     (ii) the principal amount of Notes required to be purchased pursuant to Section 4.11 or
Section 4.15, as the case may be (the “Offer Amount”), the purchase price set forth in
Section 4.11 or Section 4.15, as applicable, the Offer Period and the Purchase Date (each as
defined below);

     (iii) except as provided in clause (ix), that all Notes timely tendered and not
withdrawn shall be accepted for payment;

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

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

     (vi) that Holders electing to have a Note purchased pursuant to an Offer to Purchase
may elect to have Notes purchased in integral multiples of $1,000 only;

     (vii) that Holders electing to have a Note purchased pursuant to any Offer to Purchase
shall be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the
Company, the Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice before the close of business on the third Business Day before the
Purchase Date;

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

     (ix) that, in the case of an Asset Sale Offer, if the aggregate principal amount of
Notes surrendered by Holders exceeds the Offer Amount, the Company shall select the Notes to
be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the
Company so that only Notes in denominations of $1,000 or integral multiples thereof shall be
purchased);

     (x) that Holders whose Notes were purchased 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); and

     (xi) any other procedures the Holders must follow in order to tender their Notes (or
portions thereof) for payment and the procedures that Holders must follow in order to
withdraw an election to tender Notes (or portions thereof) for payment.

               (d) The Offer to Purchase shall remain open for a period of at least 30 days but 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 five (5) Business Days (and in any event no
later than the 60th day following the Change of Control Triggering Event, if applicable) after the
termination of the Offer Period (the “Purchase Date”), the Company shall purchase the Offer Amount
or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to
Purchase. Payment for any Notes so purchased shall be made in the same manner as interest

38

 

payments are made. The Company shall publicly announce the results of the Offer to Purchase
on the Purchase Date.

               (e) On or prior to the Purchase Date, the Company shall, to the extent lawful:

     (i) accept for payment (on a pro rata basis to the extent necessary in connection with
an Asset Sale Offer), the Offer Amount of Notes or portions of Notes properly tendered
pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all
Notes tendered;

     (ii) deposit with the Paying Agent funds in an amount equal to the purchase price as
set forth in Section 4.11 or Section 4.15, as applicable, in respect of all Notes or
portions of Notes properly 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 of
Notes being purchased by the Company that such Notes or portions thereof were accepted for
payment by the Company in accordance with the terms of this Section 3.09.

               (f) The Depositary or the Paying Agent (or the Company, if acting as the Paying Agent), as the
case may be, shall promptly (but in the case of a Change of Control Triggering Event, not later
than 60 days from the date of the Change of Control Triggering Event) deliver to each tendering
Holder the purchase price as set forth in Section 4.11 or Section 4.15, as applicable. In the
event that any portion of the Notes surrendered is not purchased by the Company, the Company shall
promptly execute and issue a new Note in a principal amount equal to such unpurchased portion of
the Note surrendered, and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate and deliver (or cause to be transferred by book-entry) such
new Note to such Holder; provided, however, that each such new Note shall be in a principal amount
of $1,000 or an integral multiple thereof.

               (g) If the Purchase Date is on or after a Regular 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 Regular Record Date, and no additional interest
shall be payable to Holders who tender Notes pursuant to the Offer to Purchase.

               (h) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the Offer to Purchase. To the extent that
the provisions of any securities laws or regulations conflict with Sections 4.11 or 4.15, as
applicable, this Section 3.09 or other provisions of this Indenture, the Company shall comply with
applicable securities laws and regulations and shall not be deemed to have breached its obligations
under Sections 4.11 or 4.15, as applicable, this Section 3.09 or such other provision by virtue of
such conflict.

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

ARTICLE 4.

COVENANTS

Section 4.01. Payment of Notes.

               (a) The Company shall pay or cause to be paid the principal of, premium, if any, Additional
Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, Additional Interest, if any, and interest shall be considered paid on
the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available
funds and designated for and sufficient to pay all principal, premium, if any,

39

 

and interest then due. The Company 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 Company shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to 1% per annum in
excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest (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 Company shall maintain in the Borough of Manhattan, The City of New York, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee.

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

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

Section 4.03. Reports.

               (a) Whether or not required by the Commission, so long as any Notes are outstanding, the
Company shall furnish to the Trustee on behalf of the Holders, within the time periods specified in
the Commission’s rules and regulations:

          (1) 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 Company were
required to file such Forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and, with respect to the annual
information only, a report on the annual financial statements by the Company’s
certified independent accountants; and

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

               (b) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then
the quarterly and annual financial information required by the preceding paragraph shall include an
unaudited condensed consolidating balance sheet and related statements of income and cash flows of
the Unrestricted Subsidiaries of the Company separate from the financial condition and results of
operations of the Company and its Restricted Subsidiaries.

               (c) Following the consummation of the Exchange Offer, whether or not required by the
Commission, the Company shall file a copy of all of the information and reports referred to in
clauses (a) and (b) above with the Commission for public availability within the time periods
specified in the Commission’s rules and regulations (unless the Commission will not accept such a
filing) and make such information available to securities analysts and prospective investors upon
request. In addition, for so long as any Notes remain outstanding, the

40

 

Company shall furnish to the Holders and to securities analysts and prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

Section 4.04. Compliance Certificate.

               (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal
year, an Officers’ Certificate in accordance with Sections 11.04 and 11.05 stating that a review of
the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has
been made under the supervision of the signing Officers with a view to determining whether each of
the Company and its Restricted Subsidiaries has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if
a Default or Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Company is taking or proposes to
take with respect thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of or interest, if
any, on the Notes is prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto.

               (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the year-end financial statements delivered pursuant to Section
4.03(a) above shall be accompanied by a written statement of the Company’s independent public
accountants (who 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 Company has violated any provisions of Article 4 or Article 5
hereof or, if any such violation has occurred, specifying the nature and period of existence
thereof, it being understood that such accountants shall not be liable directly or indirectly to
any Person for any failure to obtain knowledge of any such violation.

               (c) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’
Certificate in accordance with Sections 11.04 and 11.05 specifying such Default or Event of Default
and what action the Company is taking or proposes to take with respect thereto.

Section 4.05. Taxes.

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

Section 4.06. Stay, Extension and Usury Laws.

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

Section 4.07. Restricted Payments.

               (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to take any
of the following actions (each a “Restricted Payment”):

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     (i) declare or pay any dividend or make any distributions on or with respect to
its Capital Stock, other than dividends or distributions payable solely in Capital
Stock (other than Disqualified Stock) or in options, warrants or other rights to
acquire shares of Capital Stock (other than Disqualified Stock) or dividends or
distributions payable to the Company or any Restricted Subsidiary; provided that if
any such Restricted Subsidiary is not a Wholly Owned Subsidiary of the Company,
distributions or dividends to the stockholders of such Restricted Subsidiary other
than the Company shall be permitted only to the extent a pro rata portion of such
distributions or dividends (measured by value) is paid to the Company, directly or
through a Restricted Subsidiary,

     (ii) purchase, redeem, retire or otherwise acquire for value any Capital Stock
of

          (A) the Company or an Unrestricted Subsidiary (including options, warrants or
other rights to acquire such shares of Capital Stock) held by any Person, or

          (B) a Restricted Subsidiary (including options, warrants or other rights to
acquire such shares of Capital Stock) held by any Affiliate of the Company (other
than a Wholly Owned Restricted Subsidiary) or any holder (or any Affiliate of such
holder) of 5% or more of the Capital Stock of the Company,

     (iii) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness that is subordinated to the
Notes, except a payment of interest or principal at Stated Maturity of such
Indebtedness (other than interest or principal relating to Indebtedness of the
Company or a Restricted Subsidiary owing to an Unrestricted Subsidiary); or

     (iv)
make any Investment, other than a Permitted Investment, in any Person, unless, in each case, at the time of, and after giving effect to, the proposed Restricted
Payment:

     (1) no Default or Event of Default shall have occurred and be continuing or
would result therefrom or shall have occurred and be continuing,

     (2) the Company would, at the time of such Restricted Payment and after giving
pro forma effect thereto as if such Restricted Payment had been made at the
beginning of the applicable two-quarter period, have been permitted to incur at
least $1.00 of additional Indebtedness under Section 4.09(a), and

     (3) the aggregate amount of such Restricted Payments and all other Restricted
Payments declared or made after the Issue Date (the amount, if other than in cash,
to be determined in good faith by the Board of Directors) is less than the sum of:

               (A) 100% of the Company’s Consolidated EBITDA (or, if its Consolidated
EBITDA is a loss, minus 100% of the amount of such loss) accrued during the
period treated as one accounting period, beginning on July 1, 2000 to the
end of the most recent fiscal quarter preceding the date of such Restricted
Payment for which consolidated financial statements of the Company have been
filed with the Commission, minus 1.65 times the Company’s Consolidated
Interest Expense for the same period, plus

               (B) the aggregate Net Cash Proceeds received by the Company after July
1, 2000 as a capital contribution or from issuing or selling its Capital
Stock, and options, warrants and other rights to acquire its Capital Stock,
to a Person who is not a Restricted Subsidiary of the Company (in each case,
exclusive of any Disqualified Stock or any options, warrants or other rights
that are redeemable at the option of the holder, or are required to be
redeemed, prior to the final Stated Maturity of the Notes), plus

42

 

               (C) an amount equal to the net reduction in Investments that constitute
Restricted Payments resulting from payments of interest, dividends,
repayments or loans or advances, returns of capital or other transfers of
assets to the Company or any Restricted Subsidiary or from the Net Cash
Proceeds from the sale of any Investment (except to the extent any such
payment or proceeds are included in the calculation of Consolidated EBITDA),
or from redesignations of Unrestricted Subsidiaries as Restricted
Subsidiaries (valued in each case as provided in the definition of
“Investment”), not to exceed, in each case, the amount of the relevant
Investments so being reduced or sold; plus

               (D) $25.0 million.

               (b) Notwithstanding the foregoing, the following actions shall not be deemed to
violate the foregoing limitation on Restricted Payments:

     (i) the payment of any dividend within 60 days after the date of
declaration thereof if, at the date of declaration, such payment would
comply Section 4.07(a);

     (ii) the repurchase, redemption, defeasance or other acquisition or
retirement of Capital Stock of the Company (or options, warrants or other
rights to acquire such Capital Stock) or any Indebtedness that is
subordinated to the Notes, in each case in exchange for, or out of the Net
Cash Proceeds of the substantially concurrent sale (other than to any
Restricted Subsidiary of the Company) of, shares of Capital Stock (other
than Disqualified Stock) of the Company;

     (iii) the repurchase, redemption, defeasance or other acquisition or
retirement of Indebtedness that is subordinated to the Notes with the Net
Cash Proceeds from an incurrence of Indebtedness that meets the requirements
of Section 4.09(b)(ii);

     (iv) payments or distributions, to dissenting stockholders in
connection with a consolidation, merger or transfer of assets that complies
with Section 5.01;

     (v) the purchase, redemption, acquisition, cancellation or other
retirement for value of shares of Capital Stock of the Company to the extent
necessary in the good faith judgment of the Company’s Board of Directors, to
prevent the loss or secure the renewal or reinstatement of any license or
franchise held by the Company or any Restricted Subsidiary from any
governmental agency;

     (vi) the purchase, redemption, retirement or other acquisition for
value of Capital Stock of the Company, or options to purchase such shares,
held by the Company’s directors, employees or former directors or employees
or of any Restricted Subsidiary, or their estates or beneficiaries under
their estates, upon death, disability, retirement, termination of employment
or pursuant to the terms of any agreement under which such shares of Capital
Stock or options were issued, but only if the aggregate consideration paid
for such purchase, redemption, acquisition, cancellation or other retirement
of such shares of Capital Stock or options after the Issue Date does not
exceed $2.5 million in any calendar year or $7.0 million in the aggregate;

     (vii) Investments in any Person in an aggregate amount (measured on the
date each such Investment was made and without giving effect to subsequent
changes in value) at any time outstanding not to exceed $50.0 million plus,
in the case of an Investment in a Person the primary business of which is a
Permitted Business, an amount not to exceed the Net Cash Proceeds received
by the Company after the Issue Date from the issuance and sale of its
Capital Stock other than Disqualified Stock to a Person that is

43

 

not a Subsidiary, except to the extent such Net Cash Proceeds are used
to make Restricted Payments pursuant to clauses (a)(3)(B) or (b)(ii) of this
Section 4.07; or

     (viii) the payment of regularly scheduled cash dividends with respect
to the Senior Preferred Stock in accordance with the terms thereof as in
effect on the Issue Date; provided that after giving effect to any such
payment on a pro forma basis, the Company could incur at least $1.00 of
Indebtedness under Section 4.09(a);

               provided that, except in the case of clauses (i) or (ii), no Default or Event of
Default, shall have occurred and be continuing or occur as a consequence of the actions or
payments set forth therein.

               Each Restricted Payment that is permitted as provided in the preceding paragraph (other than
(1) an exchange of Capital Stock for Capital Stock or for subordinated Indebtedness referred to in
clause (b)(ii) above, (2) the repurchase, redemption or the acquisition or retirement of
subordinated Indebtedness referred to in clause (b)(iii) above, (3) the Net Cash Proceeds from any
issuance of Capital Stock referred to in clause (b)(ii) above or any issuance of Capital Stock
referred to in clause (b)(vii) above, and (4) the Restricted Payment referred to in clause
(b)(viii) above) shall be included in calculating whether the conditions of Section 4.07(a)(3) have
been met with respect to any subsequent Restricted Payments.

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

               (a) The Company and its Restricted Subsidiaries shall not create or otherwise cause or permit
to exist or become effective any consensual encumbrance or restriction of any kind on the ability
of any Restricted Subsidiary to:

     (i) pay dividends or make any other distributions permitted by
applicable law on any Capital Stock of such Restricted Subsidiary owned by
the Company or any other Restricted Subsidiary,

     (ii) pay any Indebtedness owed to the Company or any other Restricted
Subsidiary,

     (iii) make loans or advances to the Company or any other Restricted
Subsidiary or

     (iv) transfer any of its property or assets to the Company or any other
Restricted Subsidiary.

               (b) The provisions of clause (a) above shall not apply to any encumbrances or restrictions:

     (i) existing under agreements (including the indenture governing the
Company’s 1.50% Senior Convertible Debentures due 2025 and the certificates
of designation governing the Senior Preferred Stock (notwithstanding any
waiver that may be in effect on the Issue Date with respect to the payment
of dividends thereon)) governing Indebtedness existing on the Issue Date and
Credit Agreements, and any amendments, extensions, refinancings, renewals or
replacements of such agreements; provided that, the encumbrances and
restrictions in any such amendments, extensions, refinancings, renewals or
replacements are not materially more restrictive, taken as a whole, than
those encumbrances or restrictions that are then in effect and that are
being extended, refinanced, renewed or replaced;

     (ii) existing under or by reason of applicable law;

     (iii) existing with respect to any Person or the property or assets of
such Person acquired by the Company or any Restricted Subsidiary, existing
at the time of such acquisition and not incurred in contemplation thereof,
which encumbrances or

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restrictions are not applicable to any Person or the property or assets
of any Person other than such Person or the property or assets of such
Person so acquired, and any amendments to such encumbrances or restrictions;
provided that, any such amendments are not materially more restrictive,
taken as a whole, than those encumbrances or restrictions that are then in
effect and that are being amended;

     (iv) in the case of restrictions relating to the transfers of property,
restrictions that;

     (A) 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,

     (B) exist by virtue of any transfer of, agreement to transfer,
option or right with respect to, or Lien on, any property or assets
of the Company or any Restricted Subsidiary not otherwise prohibited
by this Indenture or

     (C) arise 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
Company or any Restricted Subsidiary in any manner material to the
Company or any Restricted Subsidiary;

     (v) with respect to a Restricted Subsidiary and imposed pursuant to an
agreement that has been entered into for the sale or disposition of all or
substantially all of the Capital Stock of, or property and assets of, such
Restricted Subsidiary; or

     (vi) contained in the terms of any Indebtedness (other than as
contemplated by (b)(i) above), or any agreement creating Indebtedness, of a
Restricted Subsidiary entered into after the Issue Date if:

     (A) the encumbrance or restriction applies only if there is a
payment default, a default with respect to a financial covenant, or
an event of default resulting in the acceleration of the final
maturity of such Indebtedness,

     (B) the encumbrance or restriction is not materially more
disadvantageous to Holders than is customary in comparable
financings (as determined by the Company), and

     (C) the Company determines that the encumbrance or restriction
will not materially affect the ability to pay interest on the Notes
at their Stated Maturity or principal and accrued and unpaid
interest on the Notes at their final Stated Maturity.

          (c) The Company and its Restricted Subsidiaries shall not be precluded from:

     (i) creating, incurring, assuming or permitting to exist any Liens otherwise
permitted under Section 4.13, or

     (ii) restricting the sale of their assets that secure Indebtedness of the
Company or its Restricted Subsidiaries.

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Section 4.09. Incurrence of Indebtedness.

               (a) Neither the Company nor any Restricted Subsidiary may incur any Indebtedness (including
Acquired Indebtedness); provided, however, that the Company and any Restricted Subsidiary may incur
Indebtedness, if, after giving effect to the incurrence of such Indebtedness and the receipt and
application of the proceeds therefrom, the Consolidated Leverage Ratio would be less than 6.75 to 1.

               (b) Notwithstanding the provisions of clause (a) of this Section 4.09, the Company and any
Restricted Subsidiary (except as specified below) may incur the following types of Indebtedness:

     (i) Indebtedness outstanding under one or more Credit Agreements at any
time in an aggregate principal amount not to exceed $900.0 million incurred
under this clause (i), less any amount of such Indebtedness permanently
repaid as provided in Section 4.11 described below;

     (ii) Permitted Refinancing Indebtedness issued in exchange for, or the
net proceeds of which are used to refinance or refund, then outstanding
Indebtedness, other than Indebtedness incurred under clause (i), (iii),
(iv), (v), (ix) or (xii) of this Section 4.09(b), and any refinancings
thereof in an amount not to exceed the amount so refinanced or refunded
(plus premiums, accrued interest, accrued dividends, fees and expenses);

     (iii) Indebtedness

     (A) in respect of performance, surety or appeal bonds provided
in the ordinary course of business,

     (B) under Currency Agreements and Interest Rate Agreements, but
only if such agreements:

     1) are designed solely to protect the Company or its
Restricted Subsidiaries against fluctuations in foreign
currency exchange rates or interest rates, and

     2) do not increase the Indebtedness of the obligor
outstanding at any time other than as a result of
fluctuations in foreign currency exchange rates or interest
rates or by reason of fees, indemnities and compensation
payable thereunder, or

     (C) arising from agreements providing for indemnification,
adjustment of purchase price or similar obligations, or from
Guarantees or letters of credit, surety bonds or performance bonds
securing any obligations of the Company 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 of the Company (other than Guarantees of
Indebtedness incurred by any Person acquiring all or any portion of
such business, assets or Restricted Subsidiary of the Company for
the purpose of financing such acquisition), in an amount not to
exceed the gross proceeds actually received by Issuer or any
Restricted Subsidiary in connection with such disposition;

     (iv) Guarantees of Indebtedness of the Company by any Restricted
Subsidiary or by the Company of Indebtedness of any Restricted Subsidiary so
long as such Indebtedness was permitted to be incurred under another
provision of this Section 4.09 and Section 4.10;

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     (v) intercompany Indebtedness (other than any Guarantee to the extent
addressed in clause (iv) above) by or among the Company and its Restricted
Subsidiaries; provided, however, that (A) if the Company is the obligor on
such Indebtedness, such Indebtedness is expressly subordinated to the prior
payment in full in cash of all obligations in respect of the Notes and
(B)(1) any subsequent issuance or transfer of Capital Stock that results in
any such Indebtedness being held by a Person other than the Company or
another Restricted Subsidiary thereof and (2) any sale or other transfer of
any such Indebtedness to a Person other than the Company or another
Restricted Subsidiary thereof shall be deemed, in each case, to constitute
an incurrence of Indebtedness by the Company or such Restricted Subsidiary,
as the case may be, that was not permitted by this clause (v);

     (vi) Indebtedness of the Company and its Restricted Subsidiaries
existing on the Issue Date (other than Indebtedness under Credit Agreements
incurred pursuant to clause (b)(i) above);

     (vii) Indebtedness represented by the Notes issued on the date of this
Indenture and any Notes issued in exchange for such Notes pursuant to the
Registration Rights Agreement;

     (viii) Acquired Indebtedness in an aggregate principal amount not to
exceed $100.0 million at any time outstanding;

     (ix) Indebtedness incurred by the Company or any Restricted Subsidiary
to finance or refinance the cost to acquire cellular properties or related
assets by a Restricted Subsidiary after the Issue Date; provided, however,
that the aggregate principal amount of such Indebtedness outstanding at any
time may not exceed $100.0 million;

     (x) Indebtedness of the Company or any Restricted Subsidiary
represented by Capitalized Lease Obligations, mortgage financings or
purchase money obligations, incurred for the purpose of financing all or
part of the purchase price or cost of construction or improvement of
property, plant or equipment used in the business of the Company or such
Restricted Subsidiary in an aggregate principal amount of such Indebtedness
outstanding at any time (together with refinancings thereof) not to exceed
$75.0 million;

     (xi) Capitalized Lease Obligations incurred in connection with sale and
leaseback transactions involving Existing Tower Assets; and

     (xii) Indebtedness of the Company outstanding at any time in an
aggregate principal amount not to exceed $125.0 million.

               (c) The maximum amount of Indebtedness that the Company or a Restricted Subsidiary may incur
pursuant to this 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) For purposes of determining any particular amount of Indebtedness under this Section 4.09,
Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness
otherwise included in the determination of such particular amount shall not be included and any
Liens granted pursuant to the equal and ratable provisions referred to in Section 4.13 shall not be
treated as Indebtedness.

               (e) For purposes of determining compliance with this Section 4.09, in the event that an item
of Indebtedness (including Acquired Indebtedness) meets the criteria of more than one of the types
of Indebtedness described in the above clauses or would be entitled to be incurred pursuant to the
first paragraph of this Section 4.09 or any combination of the foregoing, the Company, in its sole
discretion, shall classify, and from time to time may reclassify (in whole or part), such item of
Indebtedness in any manner that complies with this Section 4.09. Accrual

47

 

of interest, the accretion of accreted value and the payment of interest in the form of
additional Indebtedness or the payment of dividends on Preferred Shares in the form of additional
shares of the same class or series of Preferred Shares shall not be deemed an incurrence of
Indebtedness for purposes of this Section 4.09.

               (f) The Company will not incur any Indebtedness that pursuant to its terms is subordinate or
junior in right of payment to any Indebtedness unless such Indebtedness is subordinate in right to
payment to the Notes to the same extent; provided that Indebtedness will not be considered
subordinate or junior in right of payment to any other Indebtedness solely by virtue of being
unsecured or secured to a greater or lesser extent or with greater or lower priority.

Section 4.10. Issuance of Guarantees by Restricted Subsidiaries .

               (a) The Company shall not permit any Restricted Subsidiary to guarantee, directly or
indirectly, any Indebtedness of the Company which ranks equally with or subordinate in right of
payment to the Notes (“Guaranteed Indebtedness”), unless

          (i) such Restricted Subsidiary simultaneously executes and delivers a
supplemental indenture providing for a Guarantee (a “Subsidiary Guarantee”) of
payment of the Notes by such Restricted Subsidiary, and

          (ii) such Restricted Subsidiary waives, and will not in any manner whatsoever
claim or take the benefit or advantage of, any rights of reimbursement, indemnity or
subrogation or any other rights against the Company or any other Restricted
Subsidiary as a result of any payment by such Restricted Subsidiary under its
Subsidiary Guarantee;

provided, however, that this Section 4.10 shall not be applicable to any Guarantee of any
Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was
not incurred in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary. If the Guaranteed Indebtedness

          (A) ranks equally with the Notes, then the Guarantee of such Guaranteed
Indebtedness shall rank equally with, or be subordinated to, the Subsidiary
Guarantee, or

          (B) is subordinated to the Notes, then the Guarantee of such Guaranteed
Indebtedness shall be subordinated to the Subsidiary Guarantee at least to the
extent that the Guaranteed Indebtedness is subordinated to the Notes.

                 (b) Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary may
provide by its terms that it shall be automatically and unconditionally released and discharged
upon

     (i) any sale, exchange or transfer, to any Person not an Affiliate of
the Company, of all of the Company’s and each Restricted Subsidiary’s
Capital Stock in, or all or substantially all the assets of, such Restricted
Subsidiary, which sale, exchange or transfer is not prohibited by this
Indenture, or

     (ii) the release or discharge of the Guarantee of Indebtedness which
resulted in the creation of such Subsidiary Guarantee, except a discharge or
release by or as a result of payment under such Guarantee.

Section 4.11. Asset Sales.

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

     (i) the consideration received by the Company or such Restricted
Subsidiary is at least equal to the Fair Market Value of the assets sold or
disposed of, and

48

 

     (ii) at least 75% of the consideration received consists of cash or
Cash Equivalents or Replacement Assets. For purposes of this clause (ii),
any liabilities, as shown on the Company’s or such Restricted Subsidiary’s
most recent balance sheet, of the Company or any Restricted Subsidiary
(other than contingent liabilities and liabilities that are by their terms
subordinated to the Notes) that are assumed by the transferee of any such
assets pursuant to a customary novation agreement that releases the Company
or such Restricted Subsidiary from further liability, will be deemed to be
cash.

                    (b) In the event and to the extent that the Net Cash Proceeds received by the Company or any
of its Restricted Subsidiaries from one or more Asset Sales occurring on or after the Issue Date in
any period of 12 consecutive months exceeds 10% of Adjusted Consolidated Net Tangible Assets
(determined as of the date closest to the commencement of such 12-month period for which a
consolidated balance sheet of the Company has been filed with the Commission) then, within 12
months after the date Net Cash Proceeds so received exceed 10% of Adjusted Consolidated Net
Tangible Assets, the Company shall, or shall cause the relevant Restricted Subsidiary, to:

     (i) apply an amount equal to such excess Net Cash Proceeds to
permanently repay Indebtedness of the Company secured by a Lien or
Indebtedness of any Restricted Subsidiary in each case owing to a Person
other than the Company or any of its Restricted Subsidiaries, or

     (ii) invest an equal amount, or the amount not so applied pursuant to
(b)(i) (or enter into a definitive agreement committing to so invest within
12 months after the date of such agreement), in Replacement Assets.

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

                    (d) The amount of such excess Net Cash Proceeds required to be applied, or to be committed to
be applied, during such 12-month period as set forth in the preceding paragraph and not applied as
so required by the end of such period shall constitute “Excess Proceeds.” If, as of the first day
of any calendar month, the aggregate amount of Excess Proceeds not theretofore subject to an Asset
Sale Offer (as defined below) totals at least $35.0 million, the Company shall commence, not later
than the fifteenth business day of such month, and consummate an offer to purchase from the Holders
and the holders of any Indebtedness ranking equally with the Notes and entitled to participate in
such an Asset Sale Offer on a pro rata basis, an aggregate principal amount of Notes and such other
Indebtedness equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the
principal amount thereof, plus, in each case, accrued interest and Additional Interest, if any, to
the Payment Date (an “Asset Sale Offer”). If any Excess Proceeds remain after consummation of an
Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee
will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis.
Upon completion of each Asset Sale Offer, the Company may apply any remaining Excess Proceeds for
any purpose not otherwise prohibited by this Indenture and the amount of Excess Proceeds will be
reset at zero.

Section 4.12. Transactions with Affiliates.

                    (a) The Company and its Restricted Subsidiaries shall not, directly or indirectly, engage in
any transaction including, without limitation, the purchase, sale, lease or exchange of property or
assets, or the rendering of any service, with any Affiliate except (i) upon fair and reasonable
terms no less favorable to the Company or such Restricted Subsidiary than could be obtained in a
comparable arm’s-length transaction with an unrelated Person and (ii)(A) with respect to any
transaction or series of related transactions involving aggregate consideration in excess of $15.0
million, such transaction is approved by at least a majority of the disinterested members of the
Board of Directors or (B) with respect to any transaction or series of related transactions
involving aggregate consideration in

49

 

excess of $35.0 million, the Company obtains a written opinion as to the fairness to Holders
of such transaction or series of related transactions issued by an investment banking, accounting
or appraisal firm of national standing.

               (b) The provisions of Section 4.12(a) shall not prohibit:

          (1) any employment agreement, employee benefit plan, officer and director
indemnification agreement or any similar arrangement entered into by the Company or
any of its Restricted Subsidiaries in the ordinary course of business;

          (2) any transaction solely between the Company and any of its Restricted
Subsidiaries, solely between Restricted Subsidiaries or among the Company, any of
its Restricted Subsidiaries and one or more non-Affiliates;

          (3) the payment of reasonable and customary regular fees and indemnity payments
to directors of the Company who are not employees of the Company and the payment of
reasonable compensation and indemnity payments to officers of the Company;

          (4) any payments or other transactions pursuant to any tax-sharing agreement
between the Company and any other Person with which the Company files a consolidated
tax return or with which the Company is part of a consolidated group for tax
purposes;

          (5) any Restricted Payments or Permitted Investments not prohibited by Section
4.07;

          (6) transactions with a Person (other than an Unrestricted Subsidiary of the
Company) that is an Affiliate of the Company solely because the Company holds,
directly or through a Restricted Subsidiary, an Equity Interest in, or controls,
such Person;

          (7) any agreement between or among the Company and its Restricted Subsidiaries
existing and as in effect on the Issue Date and, in each case, any amendment thereto
so long as any such amendment is no less favorable to the Company or any of its
Restricted Subsidiaries, as the case may be, in any material respect than the
original agreement as in effect on the Issue Date;

          (8) payments under the Management Agreement and Equipment Lease and Switch
Sharing Agreements in the ordinary course and on terms no less favorable to the
Company than those that would been obtained in a comparable transaction by the
Company with an unrelated Person;

          (9) loans or advances to employees in the ordinary course not to exceed $3.0
million in the aggregate at any one time outstanding; and

          (10) any issuance of Equity Interests (other than Disqualified Stock) of the
Company to Affiliates of the Company.

Section 4.13. Liens.

               The Company 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
securing Indebtedness, Attributable Debt or trade payables, other than Permitted Liens, upon any of
the Company, or its Restricted Subsidiaries’ property or assets, now owned or acquired after the
date the Notes are issued, unless all payments due under this Indenture and the Notes are secured
on an equal and ratable basis with (or if the obligations being secured rank junior in right of
payment to the Notes, on a senior basis to) the obligations so secured until such time as such
obligations are no longer secured by a Lien.

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Section 4.14. Corporate Existence.

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

Section 4.15. Offer to Repurchase Upon Change of Control Triggering Event.

               (a) If a Change of Control Triggering Event occurs, each Holder shall have the right to
require the Company to repurchase all or any part of such Holder’s Notes pursuant to the offer
described below (the “Change of Control Offer”). In the Change of Control Offer, the Company shall
offer a payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest and Additional Interest, if any, to the purchase date (the “Change of
Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company
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 the notice, which date will be no earlier than 30 days and no later than 60 days from the date
such notice is mailed, pursuant to the procedures set forth in Section 3.09 and described in such
notice.

               (b) The provisions described above that require the Company to make a Change of Control Offer
following a Change of Control Triggering Event shall be applicable whether or not any other
provisions of this Indenture are applicable.

               (c) The Company shall not be required to make a Change of Control Offer upon a Change of
Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the
times and otherwise in compliance with the requirements set forth in Section 4.15 and purchases all
Notes validly tendered and not withdrawn under such Change of Control Offer.

Section 4.16. Limitations on Line of Business.

               The Company shall not, and shall not permit any Restricted Subsidiary to, engage in any
business other than a Permitted Business, except to such extent as is not material to the Company
and its Restricted Subsidiaries, taken as a whole.

Section 4.17. Payments for Consent

               The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder 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 that consideration is offered to be paid
or is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to the consent, waiver or agreement.

Section 4.18. Issuance and Sale of Capital Stock of Restricted Subsidiaries

               The Company and its Restricted Subsidiaries shall not sell, directly or indirectly, any shares
of Capital Stock of a Restricted Subsidiary, including options, warrants or other rights to
purchase shares of such Capital Stock, except:

               (a) to the Company or a Restricted Subsidiary;

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          (b) issuances of director’s qualifying shares or sales to foreign nationals of
shares of Capital Stock of Restricted Subsidiaries, to the extent required by
applicable law and other sales of immaterial amounts of Capital Stock; or

          (c) if, immediately after giving effect to such issuance or sale, such
Restricted Subsidiary (i) would continue to be a Restricted Subsidiary or (ii) if it
would no longer constitute a Restricted Subsidiary, any remaining Investment in such
Person after giving effect to the issuance or sale would have been permitted to be
made under Section 4.07, if made on the date of such issuance or sale.

Section 4.19. Sale and Leaseback Transactions

               The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into
any sale and leaseback transaction; provided that the Company and its Restricted Subsidiaries may
enter into a sale and leaseback transaction if

               (1) the Company or the relevant Restricted Subsidiary could have incurred Indebtedness in an
amount equal to the Attributable Debt relating to the sale and leaseback transaction pursuant to
Section 4.09; provided, that this clause will no longer be applicable from and after any Investment
Grade Date;

               (2) the gross cash proceeds of the sale and leaseback transaction are at least equal to the
Fair Market Value, as determined in good faith by the Board of Directors and set forth in an
Officers’ Certificate delivered to the Trustee, of the property that is the subject of the sale and
leaseback transaction; and

               (3) the transfer of assets in the sale and leaseback transaction is permitted by, and the
Company of the relevant Restricted Subsidiary applies the proceeds of the transaction in compliance
with Section 4.11.

               The foregoing restrictions shall not apply to sale and leaseback transactions involving
Existing Tower Assets.

Section 4.20. Termination of Certain Covenants

               In the event that:

          (a) the Notes have received Investment Grade Rating from any two Rating
Agencies (notwithstanding that the Notes may later cease to have an Investment Grade
Rating from either or both of the Rating Agencies); and

          (b) no Default or Event of Default has occurred and is continuing under this
Indenture at the time the Investment Grade Ratings are received,

then the Company and its Restricted Subsidiaries shall be released from their obligations to comply
with Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.16 and 4.18 and, only to the extent set forth
therein, Sections 4.19 and 5.01 of this Indenture.

ARTICLE 5.

SUCCESSORS

Section 5.01. Consolidation , Merger and Sale of Assets.

               The Company shall not consolidate or merge with, or sell, lease or otherwise dispose of all or
substantially all of its property and assets in one transaction or a series of related transactions
to any Person or permit any Person to merge with or into it unless:

52

 

          (a) (i) the resulting, surviving or transferee Person (the “Successor Company”)
shall be a corporation organized and existing under the laws of the United States of
America, or, any state or jurisdiction thereof and (ii) the Successor Company
assumes all of the Company’s obligations under the Notes, this Indenture and the
Registration Rights Agreement pursuant to agreements reasonably satisfactory to the
Trustee;

          (b) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

          (c) immediately after giving effect to such transaction on a pro forma basis,
either (i) the Company, or the Successor Company or resulting company, as the case
may be, could incur at least $1.00 of Indebtedness under Section 4.09(a) or (ii) the
Consolidated Leverage Ratio for the Company or the Successor Company or resulting
company, as the case may be, is not greater than the Consolidated Leverage Ratio for
the Company immediately prior to such transaction; provided that this clause (c)
shall not apply to a consolidation or merger with or into a Wholly Owned Restricted
Subsidiary in connection with which no consideration, other than Common Stock in the
Surviving Person or the Company, shall be issued or distributed to the stockholders
of the Company; provided further, that this clause (c) shall no longer be applicable
from and after any Investment Grade Date, and

          (d) the Company delivers to the Trustee an Officers’ Certificate in accordance
with Sections 11.04 and 11.05, attaching the arithmetic computations to demonstrate
compliance with clause (c) of this Section 5.01, and an Opinion of Counsel, in each
case stating that such consolidation, merger or transfer complies with this
provision and that all conditions precedent provided for herein relating to such
transaction have been complied with.

               Clause (c) of this Section 5.01 above shall not apply if, in the good faith determination of
the Company’s Board of Directors, the principal purpose of the transaction is to change the
Company’s state of incorporation and the transaction does not have as one of its purposes the
evasion of the foregoing limitations. This Section 5.01 shall not apply to (a) a merger of the
Company with an Affiliate solely for the purpose of reincorporating in another jurisdiction, or (b)
any sale, transfer, assignment, conveyance, lease or other disposition of assets between or among
the Company and its Wholly Owned Restricted Subsidiaries.

Section 5.02. Successor Person 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 Company or a Subsidiary
Guarantor in accordance with Section 5.01 hereof, the successor Person formed by such consolidation
or into or with which the Company or any such Subsidiary Guarantor, as the case may be, 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, lease, conveyance or other disposition, the provisions of this Indenture referring to the
“Company” shall refer instead to the successor Person and not to the Company, and the provisions of
this Indenture referring to the “Guarantor” shall refer instead to the Successor Person and not to
any Guarantor), and may exercise every right and power of the Company or the Guarantor, as the case
may be, under this Indenture with the same effect as if such Successor Person had been named as the
Company or a Guarantor, as the case may be, herein; provided, however, that the predecessor Company
or Guarantor, as the case may be, shall not be relieved from the obligation to pay or Guarantee,
respectively, the principal of and interest on the Notes except in the case of a sale of all or
substantially all of the Company’s assets that meets the requirements of Section 5.01 hereof.

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ARTICLE 6.

DEFAULTS AND REMEDIES

Section 6.01. Events of Default.

          Each of the following events constitutes an “Event of Default”:

          (a) default in the payment of principal of (or premium, if any, on) any Note
when the same becomes due and payable at maturity, upon acceleration, redemption or
otherwise;

          (b) default in the payment of interest or Additional Interest, if any, on any
Note when the same becomes due and payable, and such default continues for a period
of 30 days;

          (c) default in the performance or breach of the provisions of Section 5.01, or
the failure to make or consummate an Offer to Purchase in accordance with Sections
4.11 or 4.15 or a breach of Sections 4.07 and 4.09;

          (d) the Company defaults in the performance of or breaches any other covenant
or agreement of the Company in this Indenture or under the Notes (other than a
default specified in clause (a), (b) or (c) above) and such default or breach
continues for a period of 45 consecutive days after written notice by the Trustee or
the Holders of 25% or more in aggregate principal amount of the Notes;

          (e) there occurs with respect to any issue or issues of Indebtedness of the
Company or any Significant Subsidiary having an outstanding principal amount of
$50.0 million or more in the aggregate for all such issues of all such Persons,
whether such Indebtedness now exists or shall hereafter be created,

               (i) an event of default that has caused the Holder thereof to declare such
Indebtedness to be due and payable prior to its final Stated Maturity and such
Indebtedness has not been discharged in full or such acceleration has not been
rescinded or annulled within 45 days of such acceleration, and/or

               (ii) the failure to make a principal payment at the final (but not any interim)
fixed maturity and such defaulted payment shall not have been made, waived or
extended within 45 days of such payment default;

          (f) any final judgment or order (not covered by insurance) for the payment of
money in excess of $50.0 million in the aggregate for all such final judgments or
orders against all such Persons (treating any deductibles, self-insurance or
retention as not so covered) shall be rendered against the Company or any
Significant Subsidiary and shall not be paid or discharged, and there shall be any
period of 45 consecutive days following entry of the final judgment or order that
causes the aggregate amount for all such final judgments or orders outstanding and
not paid or discharged against all such Persons to exceed $50.0 million during which
a stay of enforcement of such final judgment or order, by reason of a pending appeal
or otherwise, shall not be in effect;

          (g) a court having jurisdiction in the premises enters a decree or order for

               (i) relief in respect of the Company or any Significant Subsidiary in an
involuntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect,

               (ii) appointment of a receiver, liquidator, assignee, custodian, Trustee,
sequestrator or similar official of the Company or any Significant Subsidiary or for
all or substantially all of the property and assets of the Company or any
Significant Subsidiary, or

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               (iii) the winding up or liquidation of the affairs of the Company or any
Significant Subsidiary and, in each case, such decree or order shall remain unstayed
and in effect for a period of 30 consecutive days; or

          (h) The Company or any Significant Subsidiary

               (i) commences a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or consents to the entry of an order
for relief in an involuntary case under any such law,

               (ii) consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, Trustee, sequestrator or similar official of the
Company or any Significant Subsidiary or for all or substantially all of the
property and assets of the Company or any Significant Subsidiary, or

               (iii)effects any general assignment for the benefit of creditors.

Section 6.02. Acceleration.

               (a) If an Event of Default, other than an Event of Default specified in clause (g) or (h)
above that occurs with respect to the Company, occurs and is continuing under the Notes or this
Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding, by written notice to the Company (and to the Trustee if such notice is given by
the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of,
premium, if any, and accrued interest on the Notes to be immediately due and payable, provided,
however that so long as any Credit Agreement is in effect, such declaration shall not become
effective until the earlier of:

               (i) five Business Days after the receipt of the acceleration notice by the
agent thereunder and the Company, and

               (ii) acceleration of the Indebtedness under such Credit Agreement.

               Upon a declaration of acceleration, such principal of, premium, if any, and accrued and unpaid
interest and Additional Interest, if any, shall be immediately due and payable.

               (b) In the event of a declaration of acceleration because an Event of Default set forth in
clause (e) above has occurred and is continuing, such declaration of acceleration shall be
automatically rescinded and annulled if the event of default triggering such Event of Default
pursuant to clause (e) shall be remedied or cured by the Company or the relevant Significant
Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the
declaration of acceleration with respect thereto.

               (c) If an Event of Default specified in clause (g) or (h) above occurs with respect to the
Company, the principal of, premium, if any, and accrued and unpaid interest and Additional
Interest, if any, on the Notes then outstanding shall automatically become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holder.

Section 6.03. Other Remedies.

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

               The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
in exercising

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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.

               (a) At any time after declaration of acceleration, but before a judgment or decree for the
payment of the money due has been obtained by the Trustee, the Holders of at least a majority in
principal amount of the outstanding Notes by written notice to the Company and to the Trustee, may
waive all past defaults and rescind and annul a declaration of acceleration and its consequences
if:

          (i) all existing Events of Default, other than the nonpayment of the principal
of, premium, if any, and interest on the Notes that have become due solely by such
declaration of acceleration, have been cured or waived and

          (ii) the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction.

Upon any such waiver, such Default shall cease to exists, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default or impair
any right consequence thereto.

Section 6.05. Control by Majority.

               The Holders of at least a majority in aggregate principal amount of the outstanding Notes may
direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture, that any proceeding 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.

Section 6.06. Limitation on Suits.

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

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

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

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

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

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

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

Section 6.07. Rights of Holders to Receive Payment.

               Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, interest and Additional Interest, if any, on such Note, on
or after the respective due

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dates expressed in the Note (including in connection with an Offer to Purchase), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

Section 6.08. Collection Suit by Trustee.

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

Section 6.09. Trustee May File Proofs of Claim.

               The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or deliverable on any such
claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

Section 6.10. Priorities.

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

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

               Second: to Holders for amounts due and unpaid on the Notes for principal, premium, 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, interest, and Additional Interest,
if any, respectively; and

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

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

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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, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more
than 10% in principal amount of the then outstanding Notes.

Section 6.12. Restoration of Rights and Remedies.

               If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then, and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Company, Trustee and the Holders shall continue as though no such proceeding had
been instituted.

Section 6.13. Rights and Remedies Cumulative.

               Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Notes in Section 2.07, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.14. Delay or Omission Not Waiver.

               No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

ARTICLE 7.

TRUSTEE

Section 7.01. Duties of Trustee.

               (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 man would exercise or use under the circumstances in the conduct of his
own affairs.

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

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

     (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to

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the Trustee and conforming to the requirements of this Indenture. However, the Trustee
shall examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

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

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

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

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

               (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e), (f) and (g) of this
Section and Section 7.02.

               (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 offered to
the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

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

               (g) The Trustee shall not be charged with notice or knowledge of any Default or Event of
Default (other than an Event of Default under Section 6.01(a) or (b) hereof) unless a Responsible
Officer of the Trustee receives at its Corporate Trust Office written notice thereof.

Section 7.02. Rights of Trustee.

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

               (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
in accordance with Sections 11.04 and 11.05 or an Opinion of Counsel or both. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written 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 or takes or omits to take in accordance with the written direction of the Holders of a
majority in principal amount of the outstanding Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture.

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

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

               (g) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company
personally or by agent or attorney.

Section 7.03. Individual Rights of Trustee.

               The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it
would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the Commission for permission to
continue as Trustee 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 hereof.

Section 7.04. Trustee’s Disclaimer.

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

Section 7.05. Notice of Defaults.

               If a Default or Event of Default occurs and is continuing and if it is 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 in payment of principal of,
premium, interest or Additional Interest, if any, 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 .

               Within 60 days after each May 15 beginning with May 15, 2006, 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 § 313(a) (but if no event described in TIA § 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall
comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by
TIA § 313(c).

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

Section 7.07. Compensation and Indemnity.

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

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the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

               The Company shall indemnify the Trustee against any and all losses, liabilities or expenses
(including reasonable fees and disbursements of counsel) 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 Company (including this Section 7.07)
and defending itself against any claim (whether asserted by the Company or any Holder or any other
person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense or a portion thereof may be
attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent shall not be unreasonably withheld. The Company
need not reimburse any expense or indemnify against any loss liability or expense Incurred by the
Trustee through the Trustee’s own willful misconduct, negligence or bad faith.

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

               To secure the Company’s payment obligations in this Section, the Trustee shall have, and the
Company hereby grants, 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, interest and Additional Interest, if any, on
particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.

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

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

Section 7.08. Replacement of Trustee.

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

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

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

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

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

               (d) the Trustee becomes incapable of acting.

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

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

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

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

Section 7.09. Successor Trustee by Merger, etc.

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

Section 7.10. Eligibility; Disqualification.

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

          This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b) provided, however, that there shall be
excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusions set forth in TIA Section 310(b)(1) are met.

Section 7.11. Preferential Collection of Claims Against Company.

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

ARTICLE 8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

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

          The Company may, at the option of its Board of Directors evidenced by a resolution set forth
in an Officers’ Certificate complying with Section 11.04 and 11.05 delivered to the Trustee, at any
time, elect to have Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance
with the conditions set forth below in this Article Eight.

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Section 8.02. Legal Defeasance and Discharge.

          Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of
this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its other
obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense
of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights
of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04
hereof, and as set forth in such Section, payments in respect of the principal of, premium, if any,
and interest and Additional Interest, if any, on such Notes when such payments are due, (b) the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof, (c) the
Company’s rights of optional redemption under Section 3.07, (d) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Company’s obligations in connection therewith and
(e) this Article Eight. Subject to compliance with this Article Eight, the Company may exercise
its option under this Section 8.02 notwithstanding the prior exercise of its option under Section
8.03 hereof.

Section 8.03. Covenant Defeasance.

          Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.18 and 4.19 hereof, and the operation of Section
5.01(c) hereof, with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(c)
through 6.01(f) hereof shall not constitute Events of Default.

Section 8.04. Conditions to Legal or Covenant Defeasance.

          The Company may exercise Legal Defeasance or Covenant Defeasance if:

          (a) the Company has irrevocably deposited with the Trustee, in trust, for the benefit of the
Holders, cash in United States dollars, non-callable U.S. Government Securities, or a combination
thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, and accrued interest and
Additional Interest, if any, on the outstanding Notes on the Stated Maturity of such payments in
accordance with the terms of the Notes and this Indenture,

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          (b) the Company has delivered to the Trustee

     (i) either

     (A) an Opinion of Counsel to the effect that Holders
shall not recognize income, gain or loss for federal income
tax purposes as a result of the Company’s exercise of its
option under this Article Eight and shall be subject to
federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred, which
opinion of counsel must be based upon (and accompanied by a
copy of) a ruling of the Internal Revenue Service to the
same effect unless there has been a change in applicable
federal income tax law after the Issue Date such that a
ruling is no longer required or

     (B) a ruling directed to the Trustee received from the
Internal Revenue Service to the same effect as the
aforementioned opinion of counsel and

     (ii) an Opinion of Counsel to the effect that, as of the date of such
opinion and subject to customary assumptions and exclusions (including an
exclusion for insider creditors within the meaning of 11 U.S.C. 101(31) and
547(b)(4)(B)), to the effect that after the 91st day following deposit, the
trust funds will not be recoverable pursuant to Section 547 of Title 11 of
the United States Code,

          (c) immediately after giving effect to such deposit on a pro forma basis, no Default or Event
of Default shall have occurred and be continuing on the date of such deposit, and such deposit
shall not result in a breach or violation of, or constitute a default under, any other agreement or
instrument to which the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound, and

          (d) if at such time the Notes are listed on a national securities exchange, the Company has
delivered to the Trustee an Opinion of Counsel to the effect that the Notes shall not be delisted
as a result of such deposit, defeasance and discharge.

          (e) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to the
defeasance contemplated by this Section 8.04 have been satisfied in accordance with Sections 11.04
and 11.05.

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

          Subject to Section 8.06 hereof, all money and non-callable U.S. Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying Trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium, interest and Additional Interest, if any, on such Notes but such money need not be
segregated from other funds except to the extent required by law.

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

64

 

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

Section 8.06. Repayment to Company.

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

Section 8.07. Reinstatement.

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

ARTICLE 9.

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01. Without Consent of Holders.

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

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

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

    (3) to provide for the assumption of the Company’s obligations to Holders in
the case of a merger, consolidation or sale of all or substantially all the assets
of the Company in compliance with this Indenture;

    (4) to make any other change that would provide any additional rights or
benefits to the Holders or that does not adversely affect the legal rights under
this Indenture of any holder;

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

65

 

    (6) to comply with requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act of 1939;

    (7) to comply with Section 4.10; or

    (8) to provide for the issuance of Additional Notes in accordance with this
Indenture.

          Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company
in the execution of any amended or supplemental indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations 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.

          (a) Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture (including Sections 3.09, 4.11 and 4.15 hereof) and the Notes may be
amended or supplemented with the consent of the Holders of at least a majority in principal amount
of the Notes including Additional Notes, if any, then outstanding voting as a single class
(including consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the principal of, premium, if
any, interest or Additional Interest, if any, on the Notes, except a payment default resulting
solely from an acceleration that has been rescinded) 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 Additional Notes, if any, voting as a single class
(including consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes).

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

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

          (d) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company shall mail to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amended or supplemental
Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in
aggregate principal amount of the Notes, including Additional Notes, if any, then outstanding
voting as a single class may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Notes. However, without the consent of each Holder affected, an
amendment or waiver under this Section 9.02 may not (without the consent of each Holder affected
thereby):

     (i) change the Stated Maturity of the principal of, or any installment
of interest on, any Notes,

66

 

     (ii) reduce the principal amount of, premium, if any, or interest on,
any Notes,

     (iii) change the place or currency of payment of principal of premium,
if any, or interest on, any Notes,

     (iv) impair the right to institute suit for the enforcement of any
payment on or after the Stated Maturity (or, in the case of a redemption, on
or after the redemption date) of any Notes,

     (v) change the optional redemption dates or optional redemption prices
of the notes from that stated under Section 3.07,

     (vi) amend, change or modify the obligation of the Company to make and
consummate an Asset Sale Offer pursuant to Section 4.11 after the obligation
to make such Asset Sale Offer has arisen or the obligation of the Company to
make and consummate an Offer to Purchase pursuant to Section 4.15 after a
Change of Control Triggering Event has occurred, including, in each case,
amending, changing or modifying any definition relating thereto in any
material respect,

     (vii) reduce the above-stated percentage of outstanding Notes the
consent of whose Holders is necessary to modify or amend this Indenture,

     (viii) waive a default in the payment of principal of, premium, if any,
or interest or Additional Interest on, the Notes, or

     (ix) reduce the percentage of aggregate principal amount of outstanding
Notes the consent of whose Holders is necessary for waiver of compliance
with certain provisions of this Indenture or for waiver of certain defaults.

Section 9.03. Compliance with Trust Indenture Act.

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

Section 9.04. Revocation and Effect of Consents.

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

Section 9.05. Notation on or Exchange of Notes.

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

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

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Section 9.06. Trustee to Sign Amendments, etc.

          The Trustee shall sign any amended or supplemental indenture 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 Company may not sign an amendment or supplemental
indenture until the Board of Directors approves it. In executing any amended or supplemental
indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be
fully protected in relying upon, in addition to the documents required by Section 11.04 hereof, an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture.

ARTICLE 10.

SATISFACTION AND DISCHARGE

Section 10.01. Satisfaction and Discharge of Indenture.

          The Company will be deemed to have paid and will be discharged from any and all obligations in
respect of the Notes on the day of the deposit referred to below, and the provisions of this
Indenture will no longer be in effect with respect to the Notes (subject to Section 8.07 and as
surviving rights of registration of transfer or exchange of the Notes as expressly provided, this
Indenture) and the Trustee at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture when:

     (1) the Company has deposited with the Trustee, in trust, money and/or U.S. Government
Obligations that through the payment of interest and principal in respect thereof in
accordance with their terms will provide money in an amount sufficient to pay the principal
of, premium, if any, and accrued interest on the Notes on the Stated Maturity of such
payments in accordance with the terms of this Indenture and the Notes,

     (2) the Company has delivered to the Trustee

     (a) either

     (i) an Opinion of Counsel to the effect that Holders
will not recognize income, gain or loss for federal income
tax purposes as a result of the Company’s exercise of its
option under this Section 10.01 and will be subject to
federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred, which
opinion of counsel must be based upon (and accompanied by a
copy of) a ruling of the Internal Revenue Service to the
same effect unless there has been a change in applicable
federal income tax law after the Issue Date such that a
ruling is no longer required or,

     (ii) a ruling directed to the Trustee received from the
Internal Revenue Service to the same effect as the
aforementioned Opinion of Counsel and

     (b) an Opinion of Counsel to the effect that, as of the date of
such opinion and subject to customary assumptions and exclusions
(including an exclusion for insider creditors within the meaning of
11 U.S.C. 101(31) and 547(b)(4)(B)), to the effect that after the
91st day following deposit, the trust funds will not be recoverable
pursuant to Section 547 of Title 11 of the United States Code,

     (3) immediately after giving effect to such deposit on a pro forma basis, no Default or
Event of Default shall have occurred and be continuing on the date of such deposit, and such
deposit shall not result

68

 

in a breach or violation of, or constitute a default under, any other agreement or
instrument to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound, and

     (4) if at such time the Notes are listed on a national securities exchange, the Company
has delivered to the Trustee an Opinion of Counsel to the effect that the Notes will not be
delisted as a result of such deposit, defeasance and discharge.

          Notwithstanding the satisfaction and discharge of this Indenture, the obligations under
Section 7.07 and 7.10 and, if money shall have been deposited with the Trustee pursuant to clause
(a) of this Section 10.01, the obligations of the Trustee under Section 10.02 and Section 2.04
shall survive.

Section 10.02. Application of Trust Money.

          Subject to the provisions of Section 2.04, all money deposited with the Trustee pursuant to
Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
any issuer acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal and premium, if any, and interest for whose payment such money has been deposited
with the Trustee; but such money need not be segregated from other funds except to the extent
required by law.

ARTICLE 11.

MISCELLANEOUS

Section 11.01. Trust Indenture Act Controls.

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

Section 11.02. Notices.

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

	 	 	 
	 

	 	If to the Company:
	 
	 	 
	 

	 	Dobson Communications Corporation
	 

	 	14201 Wireless Way
	 

	 	Oklahoma City, Oklahoma 73134
	 

	 	Telecopier No.: (405) 529-8515
	 

	 	Attention: Chief Financial Officer
	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	Mayer, Brown, Rowe & Maw LLP

71 South Wacker Drive
	 

	 	Chicago, Illinois 60606
	 

	 	Telecopier No.: (312) 706-8218
	 

	 	Attention: Paul Theiss

69

 

	 	 	 
	 

	 	If to the Trustee:
	 
	 	 
	 

	 	Bank of Oklahoma, National Association
	 

	 	9520 North May, Suite 110
	 

	 	Oklahoma City, OK 73120
	 

	 	Telecopier No.: (405) 936-3964
	 

	 	Attention: Timothy M. Cook

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

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

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

          Except for a notice to the Trustee, which is deemed given only when received, and except as
otherwise provided in this Indenture, if a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee receives it.

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

          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 upon such waiver.

          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.

Section 11.03. Communication by Holders with Other Holders.

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

Section 11.04. Certificate and Opinion as to Conditions Precedent.

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

          (a) an Officers’ Certificate (which shall include the statements set forth in Section 11.05
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

70

 

          (b) an Opinion of Counsel (which shall include the statements set forth in Section 11.05
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants
have been satisfied.

Section 11.05. Statements Required in Certificate or Opinion.

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

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

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

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

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

Section 11.06. 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 11.07. No Personal Liability of Directors, Officers, Employees and
Stockholders.

          No recourse for the payment of the principal of, premium, if any, or interest or Additional
Interest, if any, on any of the Notes, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Company
contained in this Indenture or in any of the Notes, or because of the creation of any Indebtedness
represented thereby, shall be had against any incorporator or past, present or future director,
officer, employee, controlling Person or stockholder of the Company. Each Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the Commission that such a waiver is against public policy.

Section 11.08. Governing Law.

          THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

Section 11.09. No Adverse Interpretation of Other Agreements.

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

Section 11.10. Successors.

          All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind
their respective successors. All agreements of the Trustee in this Indenture shall bind its
successors.

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Section 11.11. Severability.

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

Section 11.12. Counterpart Originals.

          The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

Section 11.13. Table of Contents, Headings, etc.

          The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

[Signatures on following page]

72

 

          IN WITNESS WHEREOF, the Company has caused this Indenture to be duly executed as of the day
and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	Company:
	 
	 	 	 	 	 	 	 	 
	 	 	DOBSON COMMUNICATIONS CORPORATION
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Bruce R. Knooihuizen
	 	 	 	 	 	 	 
	 

	 	 	 	Name:

Title:
	 	Bruce R. Knooihuizen

Executive Vice President and

Chief Financial Officer	 	 

73

 

	 	 	 	 	 	 	 	 	 
	 	 	Trustee:
	 
	 	 	 	 	 	 	 	 
	 	 	BANK OF OKLAHOMA, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Timothy M Cook
	 	 	 	 	 	 	 
	 

	 	 	 	Name:

Title:
	 	Timothy M Cook

Senior Vice President	 	 

74

 

EXHIBIT A

(Face of Note)

Senior Floating Rate Notes due 2012

	 	 	 	 	 
	CUSIP:
	 	 	 	 
	 
	 	 	 	 
	No.

	 	$	 	

DOBSON COMMUNICATIONS CORPORATION

promises to pay to Cede & Co. or registered assigns, the principal sum of ___
Dollars ($___) on October 15, 2012.

Interest Payment Dates: January 15, April 15, July 15 and October 15, commencing October 15, 2005.

Record Dates: January 1, April 1, July 1 and October 1.

	 	 	 	 	 
	 	 	DOBSON COMMUNICATIONS CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

This is one of the Global

Notes referred to in the

within-mentioned Indenture

BANK OF OKLAHOMA,

NATIONAL ASSOCIATION

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 

Authorized Signatory

Dated: September 13, 2005

 

A-1

 

(Back of Note)

Senior Floating Rate Notes due 2012

[      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 2.06 OR IN ACCORDANCE WITH
SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

     THE NOTE EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN “OFFSHORE TRANSACTION”
PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPHS (A)(1), (2), (3) OR
(7) OF RULE 501 UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE
WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION

 

			
	1	 	Used on Global Note only.

A-2

 

THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR
OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER DATE, IF ANY, AS
MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL
OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES
IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT 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 INSIDE THE UNITED
STATES, (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, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPHS (A)(1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON THE TRANSFER OF THIS NOTE (WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF
SUCH TRANSFER IS IN RESPECT OF LESS THAN $100,000 PRINCIPAL AMOUNT OF NOTES, AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY,
THE TRUSTEE, AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER (I) PURSUANT TO CLAUSE (D), (E) OR (F) 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 CERTIFICATION OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO
THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED
STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
SECURITIES ACT.

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

               1. Interest. Dobson Communications Corporation, an Oklahoma corporation (the
“Company”), promises to pay interest on the principal amount of this Note at a rate per annum,
reset quarterly, equal to LIBOR plus 4.25% as determined by the calculation agent (the “Calculation
Agent”), until maturity and shall pay the Additional Interest, if any, payable pursuant to Section
5 of the Registration Rights Agreement referred to below. The amount of interest for each day that
the Notes are outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest
rate in effect for such day by 360 and multiplying the result by the principal amount of the Notes.
The amount of interest to be paid on the Notes for each Interest Period will be calculated by
adding the Daily Interest Amounts for each day in the Interest Period. All percentages resulting
from any of the above calculations will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a percentage point being
rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all

A-3

 

dollar amounts used in or resulting from such calculations will be rounded to the nearest cent
(with one-half cent being rounded upwards). 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. The Calculation Agent will, upon the request of the Holder of any
Note, provide the interest rate then in effect with respect to the Notes. All calculations made by
the Calculation Agent in the absence of manifest error will be conclusive for all purposes and
binding on the Company and the Holders of the Notes. The Company shall pay interest and Additional
Interest, if any, quarterly on January 15, April 15, July 15 and October 15 of each year, or if any
such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”). Interest on the Notes shall accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from September 13, 2005; provided, however, 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 15, 2005. The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from
time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it
shall pay interest (including post-petition interest in any, proceeding under any Bankruptcy Law)
on overdue installments of interest and Additional Interest, if any (without regard to any
applicable grace periods) from time to time on demand at the same rate to the extent lawful.

               2. Method of Payment. The Company shall pay principal, premium, if any, interest and
Additional Interest, if any, on the Notes to the Persons who are registered Holders at the close of
business on the January 1, April 1, July 1 or October 1 immediately preceding the applicable
interest payment date, even if such Notes are cancelled after such record date and on or before
such interest payment date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The Notes shall be payable by wire transfer of immediately available funds to
the registered Holder of the relevant Global Note and, with respect to certificated Notes, by wire
transfer of immediately available funds in accordance with instructions provided by the registered
Holders of certificated Notes or, if no such instructions are specified, by mailing a check to each
such Holder’s registered address. Such payment shall be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts.

               3. Paying Agent, Registrar and Calculation Agent. Initially, Bank of Oklahoma,
National Association, the Trustee under the Indenture, shall act as Paying Agent, Registrar and
Calculation Agent. The Company may change any Paying Agent, Registrar or Calculation Agent without
notice to any Holder. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

               4. Indenture. The Company issued the Notes under an Indenture dated as of September
13, 2005 (“Indenture”) between the Company and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms,
and Holders are referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

               5. Optional Redemption.

               (a) The Company may redeem the Notes at any time and from time to time on or after October 15,
2007, at its option, in whole or in part, at a redemption price equal to the percentage of
principal amount set forth below, plus accrued and unpaid interest and Additional Interest, if any,
on the Notes redeemed to the applicable redemption date, if redeemed during the 12-month period
beginning on October 15 of each of the years set forth below:

A-4

 

	 	 	 	 	 
	Year	 	Percentage	 
	2007
	 	 	102.000	%
	2008
	 	 	101.000	%
	2009 and thereafter
	 	 	100.000	%

               (b) In addition, at any time and from time to time on or prior to October 15, 2007, the
Company may redeem up to 35% of the principal amount of the Notes at a redemption price equal to
100.0% of their principal amount, plus a premium equal to the interest rate per year that is
applicable to the Notes on the date on which notice of redemption is given, plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed to the redemption date, with the
proceeds of one or more sales of its Capital Stock (other than Disqualified Stock); provided that,
in each case, such redemption date occurs within 180 days after consummation of such sale and at
least 65% aggregate principal amount of the Notes issued on the Issue Date remains outstanding
after each such redemption.

               6. Mandatory Redemption.

               Except as described below under Sections 4.11 and 4.15 of the Indenture, the Company shall not
be required to make any mandatory redemption of, sinking fund payments for, or offer to repurchase
any Notes.

               7. Repurchase at Option of Holders.

               (a) If a Change of Control Triggering Event occurs, each Holder shall have the right to
require the Company to repurchase all or any part of such Holder’s Notes pursuant to a Change of
Control Offer in cash at a price equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Additional Interest, if any, to the purchase date.
Within 30 days following any Change of Control Triggering Event, the Company 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 the notice, which
date will 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) If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds
from Asset Sales not theretofore subject to an Offer to Purchase totals at least $35.0 million, the
Company shall commence, not later than the fifteenth Business Day of such month, and consummate an
Offer to Purchase from the Holders of Notes and the holders of any Indebtedness ranking equally
with the Notes and entitled to participate in such an Offer to Purchase on a pro rata basis, an
aggregate principal amount of Notes and such other Indebtedness equal to the Excess Proceeds on
such date, at a purchase price equal to 100% of the principal amount thereof, plus, in each case,
accrued interest and Additional Interest, if any, to the Payment Date.

               (c) The Company shall effect any Offer to Purchase in accordance with the procedures set forth
in the Indenture.

               8. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but
not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at
its registered address. Notes and portions of Notes selected shall be in amounts of $1,000 or
whole multiples of $1,000; 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. On and after the redemption date interest ceases to accrue on Notes, or portions
thereof, called for redemption.

               9. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee
may

A-5

 

require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the period between a record
date and the corresponding interest payment date.

               11. Persons Deemed Owners. The registered Holder of a Note may be treated as its
owner for all purposes.

               12. 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 not less than a
majority in aggregate principal amount of the then outstanding Notes voting as a single class.
However, without the consent of each Holder affected, an amendment or waiver may not: change the
Stated Maturity of the principal of, or any installment of interest on, any Notes; reduce the
principal amount of, premium, if any, or interest on, any Notes; change the place or currency of
payment of principal of premium, if any, or interest on, any Notes; impair the right to institute
suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a
redemption, on or after the redemption date) of any Notes; change the optional redemption dates or
optional redemption prices from those set forth in this Note; amend, change or modify the
obligation of the Company to make and consummate an Asset Sale Offer after the obligation to make
such Asset Sale Offer has arisen or the obligation of the Company to make and consummate an Offer
to Purchase after a Change of Control Triggering Event has occurred, including, in each case,
amending, changing or modifying any definition relating thereto in any material respect; reduce the
above-stated percentage of outstanding Notes the consent of whose holders is necessary to modify or
amend the indenture; waive a default in the payment of principal of, premium, if any, or interest
or Additional Interest on, the Notes; or reduce the percentage of aggregate principal amount of
outstanding Notes the consent of whose Holders is necessary for waiver of compliance with certain
provisions of this Indenture or for waiver of certain defaults. Without the consent of any Holder
of a Note, the Indenture or the Notes may be amended or supplemented to: cure any ambiguity, defect
or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated
Notes; to provide for the assumption of the Company’s obligations to Holders in the case of a
merger, consolidation or sale of all or substantially all the assets of the Company in compliance
with the Indenture; to make any other change that would provide any additional rights or benefits
to the Holders or that does not adversely affect the legal rights under the Indenture of any
Holder; to evidence and provide for the acceptance of appointment by a successor Trustee; to comply
with requirements of the Commission in order to effect or maintain the qualification of this
Indenture under the Trust Indenture Act of 1939; to comply with Section 4.10 of the Indenture; or
to provide for the issuance of Additional Notes in accordance with the Indenture.

               13. Defaults and Remedies. Events of Default include: default in the payment of
principal of (or premium, if any, on) any Note when the same becomes due and payable at maturity,
upon acceleration, redemption or otherwise; default in the payment of interest or Additional
Interest, if any, on any Note when the same becomes due and payable, and such default continues for
a period of 30 days; the Company defaults in the performance or breaches the provisions of Section
5.01 of the Indenture, or the failure to make or consummate an Offer to Purchase in accordance with
Sections 4.11 or 4.15 or a breach of Sections 4.07 and 4.09 of the Indenture; default in the
performance of or breach of any other covenant or agreement of the Company in the Indenture or
under the Notes (other than a default specified above) and such default or breach continues for a
period of 45 consecutive days after written notice by the Trustee or the Holders of 25% or more in
aggregate principal amount of the Notes; there occurs with respect to any issue or issues of
Indebtedness of the Company or any Significant Subsidiary having an outstanding principal amount of
$50.0 million or more in the aggregate for all such issues of all such Persons, whether such
Indebtedness now exists or shall hereafter be created, (i) an event of default that has caused the
Holder thereof to declare such Indebtedness to be due and payable prior to its final Stated
Maturity and such Indebtedness has not been discharged in full or such acceleration has not been
rescinded or annulled within 45 days of such acceleration, and/or (ii) the failure to make a
principal payment at the final (but not any

A-6

 

interim) fixed maturity and such defaulted payment shall not have been made, waived or
extended within 45 days of such payment default; any final judgment or order (not covered by
insurance) for the payment of money in excess of $50.0 million in the aggregate for all such final
judgments or orders against all such Persons (treating any deductibles, self-insurance or retention
as not so covered) shall be rendered against the Company or any Significant Subsidiary and shall
not be paid or discharged, and there shall be any period of 45 consecutive days following entry of
the final judgment or order that causes the aggregate amount for all such final judgments or orders
outstanding and not paid or discharged against all such Persons to exceed $50.0 million during
which a stay of enforcement of such final judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; a court having jurisdiction in the premises enters a decree or
order for (i) relief in respect of the Company or any Significant Subsidiary in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (ii)
appointment of a receiver, liquidator, assignee, custodian, Trustee, sequestrator or similar
official of the Company or any Significant Subsidiary or for all or substantially all of the
property and assets of the Company or any Significant Subsidiary, or (iii) the winding up or
liquidation of the affairs of the Company or any Significant Subsidiary and, in each case, such
decree or order shall remain unstayed and in effect for a period of 30 consecutive days; or the
Company or any Significant Subsidiary (i) commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of
an order for relief in an involuntary case under any such law, (ii) consents to the appointment of
or taking possession by a receiver, liquidator, assignee, custodian, Trustee, sequestrator or
similar official of the Company or any Significant Subsidiary or for all or substantially all of
the property and assets of the Company or any Significant Subsidiary, or (iii) effects any general
assignment for the benefit of the creditors. If any 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, subject to certain conditions. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes shall become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate 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 continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders 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 and premium, if any, on, or the principal of, the Notes. The
Company is required to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to
deliver to the Trustee a statement specifying such Default or Event of Default.

               14. Defeasance. The Indenture and the obligations under the Notes may be defeased
(subject to certain exceptions) or the Company may cease to comply with certain covenants of the
Indenture, upon satisfaction of the conditions specified in Article 8 of the Indenture.

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

               16. No Recourse Against Others. No recourse for the payment of the principal of,
premium, if any, or interest or Additional Interest, if any, on any of the Notes, or for any claim
based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company contained in this Indenture or in any of the Notes, or because
of the creation of any Indebtedness represented thereby, shall be had against any incorporator or
past, present or future director, officer, employee, controlling Person or stockholder of the
Company. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes.

A-7

 

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

               18. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

               19. 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 September 13, 2005, between the Company and the parties
named on the signature pages thereof (the “Registration Rights Agreement”).

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

               The Company 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:

	 	 	 
	 

	 	Dobson Communications Corporation
	 

	 	14201 Wireless Way
	 

	 	Oklahoma City, Oklahoma 73134
	 

	 	Attention: Treasurer

               21. Governing Law. This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

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 social security or tax I.D. no.)

 

 

 

 

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

and irrevocably appoint                                                                                                                         

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

     Date:                                         

	 	 	 
	 

	 	Your Signature:                                                             
	 

	 	(Sign exactly as your name appears on the face of
	 

	 	this Note)
	 
	 	 
	 

	 	Signature Guarantee:                                         

A-9

 

Option of Holder to Elect Purchase

               If you want to elect to have this Note purchased by the Company pursuant to Section 4.11 or
4.15 of the Indenture, check the box below:

               o Section 4.11            oSection 4.15

               If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.11 or Section 4.15 of the Indenture, state the amount you elect to have purchased:
$___

	 	 	 
	Date:                                        

	 	Your Signature:                                                             
	 

	 	(Sign exactly as your name appears on the Note)
	 
	 	 
	 

	 	Signature                      Guarantee:
	 

	 	                                                            
	 
	 	 
	 

	 	Tax Identification No:                                                            

A-10

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of decrease	 	 	 	 	 	 	Principal Amount	 	 	 	 
	 	 	in	 	 	Amount of increase	 	 	of this	 	 	Signature of	 
	 	 	Principal Amount	 	 	in Principal Amount	 	 	Global Note	 	 	authorized officer of	 
	 	 	of this	 	 	of this	 	 	following such	 	 	Trustee or	 
	Date of Exchange	 	Global Note	 	 	Global Note	 	 	decrease (or increase)	 	 	Custodian	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

A-11

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Dobson Communications Corporation

14201 Wireless Way

Oklahoma City, Oklahoma 73134

Bank of Oklahoma, National Association

9520 North May, Suite 110

Oklahoma City, OK 73120

               Re: Senior Floating Rate Notes due 2012 of Dobson Communications Corporation

               Reference is hereby made to the Indenture, dated as of September 13, 2005 (the
“Indenture”), between Dobson Communications Corporation, as issuer (the “Company”),
named therein and Bank of Oklahoma, as Trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

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

[CHECK ALL THAT APPLY]

1.
o Check if Transferee shall take delivery of a beneficial interest in the 144A Global Note or
a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933 (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 shall be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the 144A Global Note or the Definitive Note and in the
Indenture and the Securities Act.

2.
o Check if Transferee shall take delivery of a beneficial interest in the Regulation S Global
Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to
and in accordance with Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the United States and (x)
at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee
was outside the United States or (y) the transaction was executed in, on or through the facilities
of a designated offshore securities market and neither such Transferor nor any Person acting on its
behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no
directed selling efforts have been made in contravention of the requirements of Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note shall be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

B-1

 

3. o Check and complete if Transferee shall take delivery of a Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

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

or

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

or

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

or

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

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

               (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note shall 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) oCheck 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

B-2

 

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 shall 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 Company.

	 	 	 	 	 
	 	 	 
	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	Dated:                    ,                    
	 	 	 	 

ANNEX A TO CERTIFICATE OF TRANSFER

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

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

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP                      ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                      ), or
	 
	 	(iii)	 	o a Restricted Definitive Note.

	2.	 	After the Transfer the Transferee shall hold:

[CHECK ONE]

	 	(a)	 	a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP                      ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                      ), or
	 
	 	(iii)	 	o Unrestricted Global Note (CUSIP                      ); or

	 	(b)	 	o a Restricted Definitive Note; or

	 	(c)	 	o an Unrestricted Definitive Note,

     in accordance with the terms of the Indenture.

B-3

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Dobson Communications Corporation

14201 Wireless Way

Oklahoma City, Oklahoma 73134

Bank of Oklahoma, National Association

9520 North May, Suite 110

Oklahoma City, OK 73120

               Re: Senior Floating Rate Notes due 2012 of Dobson Communications Corporation

(CUSIP                      )

               Reference is hereby made to the Indenture, dated as of September 13, 2005 (the
“Indenture”), between Dobson Communications Corporation, as issuer (the “Company”),
and Bank of Oklahoma, 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 of $___in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that:

1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note
for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

               (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the United States Securities Act of 1933 (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

               (b) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

C-1

 

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

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

2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes
for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

               (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest
in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the
Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own
account without transfer. Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the Restricted Definitive Note issued shall continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

               (b) o Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive
Note for a beneficial interest in the [CHECK ONE]:  ̈

               o 144A Global Note,

               o Regulation S Global Note,

               with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange
in accordance with the terms of the Indenture, the beneficial interest issued shall 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 Company.

	 	 	 	 	 
	 	 	 
	 	 	[Insert Name of Owner]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Dated:                     ,                     

C-3

 

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Dobson Communications Corporation

14201 Wireless Way

Oklahoma City, Oklahoma 73134

Bank of Oklahoma, National Association

9520 North May, Suite 110

Oklahoma City, OK 73120

               Re: Senior Floating Rate Notes due 2012

               Reference is hereby made to the Indenture, dated as of September 13, 2005 (the “Indenture”),
by and between Dobson Communications Corporation as issuer (the “Company”), and Bank of Oklahoma,
National Association, as Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

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

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

               (b) o a Definitive Note,

               we confirm that:

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

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

               3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the proposed sale
complies

D-1

 

with the foregoing restrictions. We further understand that the Notes purchased by us will
bear a legend to the foregoing effect.

               4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

               5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

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

	 	 	 	 	 
	 	 	 
	 	 	[Insert Name of Accredited Investor]

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Dated:                                         

D-2

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