Document:

Exhibit
4.02

 

EXECUTION COPY

 

CONSENT AND AMENDMENT NO. 1 TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT

 

This Consent and Amendment No. 1 to Third
Amended and Restated Credit Agreement (the “Agreement”)
is made as of the 1st day of November, 2006  between Agnico-Eagle Mines Limited (the “Borrower”), The Bank of Nova Scotia, as
co-arranger, administrative agent and technical agent, Société Générale
(Canada), as co-arranger and syndication agent, N M Rothschild & Sons
Limited, as co-arranger and co-documentation agent, The Toronto-Dominion Bank,
as co-documentation agent, and the banks and other financial institutions party
hereto, as lenders.

 

RECITALS:

 

A.                                    Reference is made to the third amended and restated credit agreement
dated as of October 17, 2006 (the “Credit
Agreement”) between the Borrower, as borrower, The Bank of Nova
Scotia, as co-arranger, administrative agent and technical agent, Société
Générale (Canada), as co-arranger and syndication agent, N M Rothschild &
Sons Limited, as co-arranger and co-documentation agent, The Toronto-Dominion
Bank, as co-documentation agent, and each bank and financial institution party
thereto (the “Lenders”), as
lenders.

 

B.                                    The Borrower proposes to enter into and complete the reorganization
described on Annex 1 hereto (the “Reorganization”).

 

C.                                    The Borrower has requested that the Lenders consent to the
Reorganization.

 

D.                                    The Lenders will consent to the Reorganization on the terms and
conditions set forth below.

 

E.                                     The parties wish to amend the Credit Agreement in the manner set
forth below.

 

NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the undersigned hereby agree as follows:

 

1.                                      DEFINITIONS.

 

All capitalized terms used herein which are
not defined herein shall have the respective meanings given to them in the
Credit Agreement.

 

2.                                      CONSENT.

 

Subject to Section 4 below, the Lenders
consent, effective from and after the date hereof, to the Reorganization.

 

3.                                      AMENDMENTS.

 

Subject to Section 4 below, the Credit
Agreement is amended, effective from and after the date hereof, by:

 

 

 

(a)                                 adding the following definitions (in appropriate alphabetical order)
to Section 1.1:

 

“Additional
Intercompany Scandinavian Creditor” means each direct or indirect Subsidiary
of the Borrower (excluding 1715495 Ontario Inc., Agnico-Eagle (Delaware)
L.L.C.,  Agnico-Eagle (Delaware) II L.L.C. and
Agnico-Eagle (Delaware) III L.L.C.) which is owed any
Additional Intercompany Scandinavian Debt.

 

“Additional
Intercompany Scandinavian Debt” means the sum (without regard to set-off)
of (a) the total indebtedness owing by Agnico-Eagle Sweden AB to each other
direct or indirect Subsidiary of the Borrower, (b) the total indebtedness owing
by Riddarhyttan Resources AB to each other direct or indirect Subsidiary of the
Borrower, (c) the total indebtedness owing by Agnico-Eagle AB to each other
direct or indirect Subsidiary of the Borrower and (d) the total indebtedness
owing by each other Scandinavian Subsidiary to each other direct or indirect
Subsidiary of the Borrower.

 

(b)                                 deleting the definition of Riddarhyttan Resources AB in Section 1.1
in its entirety and replacing it with the following:

 

“Riddarhyttan
Resources AB” shall mean Riddarhyttan Resources AB (publ) or, as
applicable, Riddarhyttan Resources AB, a Swedish corporation, and its
successors.

 

(c)                                  deleting Section 10.3(b)(iii) in its entirety and replacing it with
the following:

 

without
duplicating Section 10.3(b)(i), the Borrower may make loans or advances to, or
capital contributions in, any Subsidiary, and any Subsidiary may make loans or
advances to, or capital contributions in, any other Subsidiary, if, at the time
of such loan, advance or capital contribution, the Investment Conditions shall
have been satisfied and such loan or capital contribution to, or in, any such
Subsidiary is used by such Subsidiary (I) for the purposes set out in, and in
accordance with, Section 10.3(b)(vii) or (ix) or (II) for operating,
exploration, reclamation or capital expenditures of a Subsidiary or to repay
loans or advances or return such capital contributions previously made by the
Borrower or a Subsidiary for such purposes; provided
that, in the case of any loans or advances made by the Borrower or any
Subsidiary to any Scandinavian Subsidiary, the Borrower or such other
Subsidiary has assigned such indebtedness to the Administrative Agent;

 

(d)                                 deleting the last paragraph of Section 10.3(c) in its entirety and
replacing it with the following:

 

Notwithstanding any other provision hereof,
neither the Borrower nor any Subsidiary (including, for greater certainty, any
Scandinavian Subsidiary) shall create, incur, assume or suffer to exist any
Indebtedness owed to any Person other than any Subsidiary or the Borrower which
has recourse to any Scandinavian Subsidiary or any assets held by any
Scandinavian Subsidiary if such outstanding Indebtedness, in the aggregate,
would exceed US $10,000,000. For greater certainty, for the purposes of the
immediately preceding sentence only, “recourse” shall not include any rights
conferred on a Person as a result of the ownership of shares of any
Scandinavian Subsidiary.

 

2

 

(e)                                  deleting Section 11.1(v) in its entirety and replacing it with the
following:

 

(a) the Borrower
ceases to own, directly or indirectly, all of the issued and outstanding
Capital Stock of any Subsidiary which owns or controls an Included Property, or
(b) the Borrower ceases to own all of the issued and outstanding Capital Stock
of any Subsidiary which owns the Capital Stock of another Subsidiary which owns
or controls an Included Property, or (c) any Subsidiary which owns the issued
and outstanding Capital Stock of another Subsidiary which owns an Included
Property or which owns the issued and outstanding Capital Stock of another
Subsidiary which owns or controls an Included Property ceases to own all such
issued and outstanding Capital Stock; provided that, until such time as
Agnico-Eagle Sweden AB has completed the compulsory acquisition procedure under
Swedish law in respect of the 2.7% of the shares of Riddarhyttan Resources AB
that it does not own on the date hereof, the holding by Agnico-Eagle Sweden AB
of 97.3% of the shares of Riddarhyttan Resources AB shall not constitute an
Event of Default, but the holding by Agnico-Eagle Sweden AB of less than 97.3%
of the shares of Riddarhyttan Resources AB shall constitute an Event of
Default.

 

(f)                                   adding the following after Section 9.1(n), as new Section 9.1(o):

 

forthwith and
in any event within 5 Business Days after each time that the Additional
Intercompany Scandinavian Debt exceeds US $10,000,000, the Borrower shall
notify the Administrative Agent of such event or occurrence; and

 

Old Section
9.1(o) shall become Section 9.1(p). The last word, “and” in Section 9.1(n),
shall be deleted.

 

(g)                                  adding the following after Section 10.2(v) as Section 10.2(w):

 

Security for
Additional Intercompany Scandinavian Debt. At any time that the Additional Intercompany Scandinavian Debt
exceeds US $10,000,000, the Borrower shall cause to be delivered to the
Administrative Agent by each Additional Intercompany Scandinavian Creditor a
guarantee of the Senior Secured Indebtedness and an assignment to the
Administrative Agent of such indebtedness, each in form and substance
satisfactory to the Lenders, with the security interest granted thereby being a
first priority security interest subject only to Permitted Liens, together with
any other documents or opinions required by the Lenders in support thereof.

 

(h)                                 deleting the definition of “Obligors” in the Provisions and
replacing it with the following:

 

“Obligors”
means, collectively, the Borrower and each of the guarantors of the Borrower’s
obligations.

 

3

 

Subject
to Section 4 below, the Credit Agreement is amended, effective from and after
the date of the completion of the Reorganization, by deleting Schedule 8.1(t)
(Subsidiaries and Capital Stock) and replacing it with updated Schedule 8.1(t)
hereto.

 

4.                                      CONDITIONS TO EFFECTIVENESS.

 

This Agreement shall not become effective
until the following conditions are satisfied:

 

(a)                                 Due Diligence. The Lenders shall have
conducted due diligence satisfactory to them on the Reorganization.

 

(b)                                 Closing Documents. The Borrower shall
have delivered, or caused to be delivered, the documents, and taken, or caused
to be taken, the actions, contemplated by the “Closing Matters” section of the
closing checklist attached hereto as Annex 2, all in form and substance
satisfactory to the Lenders, acting reasonably.

 

Execution and
delivery by a Lender of a counterpart of this Agreement shall be deemed
confirmation by such Lender that the conditions referred to in Sections 4(a)
and (b) above have been fulfilled to the satisfaction of such Lender. Upon
completion of the conditions referred to in Sections 4(a) and (b) above to the
satisfaction of the Lenders, the Administrative Agent will so notify the
Borrower in writing.

 

5.                                      POST-CLOSING COVENANT.

 

The Borrower agrees to deliver, or cause to
be delivered, the documents, and take, or cause to be taken, the actions,
contemplated by the “Post-Closing Matters” section of the closing checklist
attached hereto as Annex 2 within the following time periods:

 

	
  No.

  	
   

  	
  Document

  	
   

  	
  Time Period

  
	
  1.

  	
   

  	
  Search
  report of DWPV-NY

  	
   

  	
  Within
  45 days of the Administrative Agent notifying the Borrower of the completion
  of the conditions referred to in Sections 4(a) and (b) above to the
  satisfaction of the Lenders.

  
	
  2.

  	
   

  	
  Pledge
  Amendment to Securities Pledge Agreement by Newco Ontario pledging the shares
  of AE Sweden

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  3.

  	
   

  	
  Interim
  Share Certificate evidencing the shares of AE Sweden held by Newco Ontario
  duly endorsed in blank

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  4.

  	
   

  	
  Notice
  of Pledge Agreement and Acknowledgement by AE Sweden

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  5.

  	
   

  	
  Shareholders’
  Register of AE Sweden

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  

 

4

 

	
  No.

  	
   

  	
  Document

  	
   

  	
  Time Period

  
	
  6.

  	
   

  	
  Officer’s
  Certificate for Newco Ontario confirming no change to articles and by-laws of
  Newco Ontario, and attaching:

  (a)         Authorizing
  resolutions

  (b)         Incumbency
  particulars

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  7.

  	
   

  	
  Certificate
  of Status for Newco Ontario

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  8.

  	
   

  	
  Opinion
  of DWPV

  	
   

  	
  Upon
  Newco Ontario acquiring any shares of AE Sweden.

  
	
  9.

  	
   

  	
  Share
  Certificate evidencing the shares of AE Sweden held by Newco Ontario duly
  endorsed in blank

  	
   

  	
  Within
  60 days of Newco Ontario acquiring any shares of AE Sweden.

  

 

6.                                      REPRESENTATIONS AND WARRANTIES.

 

In order to induce the Lenders to enter into
this Agreement, the Borrower represents and warrants as follows:

 

(a)                                 each representation and warranty of each Restricted Party contained
in the Financing Documents is true and correct on the date hereof (where such
representation or warranty is qualified by “Material Adverse Effect” or any
other “materiality” concept), and in all other cases true and correct in all
material respects on the date hereof, as though such representation and
warranty had been made on and as of the date hereof (unless such representation
and warranty is expressly limited to an earlier date or is no longer true and
correct solely as a result of transactions not prohibited by the Financing
Documents);

 

(b)                                 no Material Adverse Change has occurred since the effective date of
the last financial statements of the Borrower delivered to the Administrative
Agent pursuant to Section 9.1(b) or (c) of the Credit Agreement; and

 

(c)                                  no Default has occurred and is continuing.

 

Each
representation and warranty made in this Agreement shall survive the execution
and delivery of this Agreement.

 

7.                                      CONFIRMATION.

 

Except to the extent specifically provided
herein, nothing herein waives, amends or otherwise alters the Credit Agreement,
the Documents or the rights and remedies of the Administrative Agent and the
Lenders thereunder or under applicable law, all of which rights and remedies
remain in full force and effect. The amendments referred to herein apply only
to the specific subject matter hereof, and nothing herein shall constitute an
amendment or waiver 

 

5

 

of,
consent to, or shall in any manner affect any of the rights and remedies of the
Administrative Agent and the Lenders with respect to, any other matter.

 

8.                                      MISCELLANEOUS.

 

(a)                                 The Credit Agreement and the Documents shall be read and construed
throughout so as to incorporate the provisions of this Agreement.

 

(b)                                 This Agreement may be signed in counterparts and transmitted by
facsimile, each of which shall be considered an original and all of such
counterparts taken together shall constitute one and the same agreement.

 

(c)                                  This Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the laws of Canada applicable in the
Province of Ontario.

 

(d)                                 The parties hereto shall from time to time do all such further acts
and things and execute and deliver all such documents as are required in order
to effect the full intent of and fully perform and carry out the terms of this
Agreement.

 

(e)                                  This Agreement shall be binding upon the parties hereto and their
respective successors and permitted assigns, and shall enure to the benefit of
the parties hereto and their respective successors and permitted assign.

 

[execution pages follow]

 

6

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

	
   

  	
   

  	
  AGNICO-EAGLE MINES LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
    (signed) R. Gregory Laing

  
	
   

  	
   

  	
  Name: R.
  Gregory Laing

  
	
   

  	
   

  	
  Title: 

  	
  General
  Counsel, Senior Vice President, Legal and Corporate Secretary

  
					

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  THE BANK OF NOVA SCOTIA, as Co-

  Arranger, Administrative Agent and

  Technical Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Alistair Borthwick

  
	
   

  	
   

  	
  Name:

  	
  Alistair
  Borthwick

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Alicia Osegueda

  
	
   

  	
   

  	
  Name:

  	
  Alicia
  Osegueda

  
	
   

  	
   

  	
  Title:

  	
  Associate
  Director

  
						

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  SOCIÉTÉ GÉNÉRALE (CANADA), as

  Co-Arranger and Syndication Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  David Baldoni

  
	
   

  	
   

  	
  Name:

  	
  David
  Baldoni

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Paul Primavesi

  
	
   

  	
   

  	
  Name:

  	
  Paul
  Primavesi

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
  N M ROTHSCHILD & SONS LIMITED,

  as Co-Arranger and Co-Documentation

  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  (signed)
  Nicholas Wood

  
	
   

  	
  Name:

  	
  Nicholas
  Wood

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  (signed)
  Alan Park

  
	
   

  	
  Name:

  	
  Alan
  Park

  
	
   

  	
  Title:

  	
  Director

  
					

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  THE TORONTO-DOMINION BANK

  
	
   

  	
   

  	
  as Co-Documentation agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Rohan Appadurai

  
	
   

  	
   

  	
  Name:

  	
  Rohan
  Appadurai

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
						

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  THE BANK OF NOVA SCOTIA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Ray Clarke

  
	
   

  	
   

  	
  Name:

  	
  Ray
  Clarke

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Derek Taylor

  
	
   

  	
   

  	
  Name:

  	
  Derek
  Taylor

  
	
   

  	
   

  	
  Title:

  	
  Associate
  Director

  

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  SOCIÉTÉ GÉNÉRALE (CANADA)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  David Baldoni

  
	
   

  	
   

  	
  Name:

  	
  David
  Baldoni

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Paul Primavesi

  
	
   

  	
   

  	
  Name:

  	
  Paul
  Primavesi

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  N M ROTHSCHILD & SONS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Alan Park

  
	
   

  	
   

  	
  Name:

  	
  Alan
  Park

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Nicholas Wood

  
	
   

  	
   

  	
  Name:

  	
  Nicholas
  Wood

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  NATIONAL BANK OF CANADA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Andre Marenger

  
	
   

  	
   

  	
  Name:

  	
  Andre
  Marenger

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed)
  Rejean Guevremont

  
	
   

  	
   

  	
  Name:

  	
  Rejean
  Guevremont

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  

 

 

IN WITNESS WHEREOF each of the undersigned has caused this Consent and Amendment No. 1
to Third Amended and Restated Credit Agreement to be executed by its duly
authorized officer(s) as of the date first written above.

 

 

	
   

  	
   

  	
  THE
  TORONTO-DOMINION BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (signed) Rohan
  Appadurai

  
	
   

  	
   

  	
  Name:

  	
  Rohan Appadurai

  
	
   

  	
   

  	
  Title:

  	
  Managing DirectorExhibit 4.1

 

EXECUTION VERSION

 

 

INDENTURE

 

Dated as of August 23, 2006

 

Among

 

TDS INVESTOR CORPORATION,

 

the Guarantors listed herein

 

and

 

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW
YORK,

as Trustee

 

SENIOR DOLLAR FLOATING RATE NOTES DUE 2014

SENIOR EURO FLOATING RATE NOTES DUE 2014

and

97/8% SENIOR DOLLAR FIXED RATE NOTES DUE 2014

 

 

 

CROSS-REFERENCE TABLE*

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  311(a)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  312(a)

  	
   

  	
  2.05

  	
   

  
	
   

  	
  (b)

  	
   

  	
  12.03

  	
   

  
	
   

  	
  (c)

  	
   

  	
  12.03

  	
   

  
	
  313(a)

  	
   

  	
  7.06

  	
   

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06;7.07

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.06;12.02

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.06

  	
   

  
	
  314(a)

  	
   

  	
  4.03;12.02; 12.05

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)(1)

  	
   

  	
  12.04

  	
   

  
	
   

  	
  (c)(2)

  	
   

  	
  12.04

  	
   

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (e)

  	
   

  	
  12.05

  	
   

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  	
   

  
	
  315(a)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.05;12.02

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (e)

  	
   

  	
  6.14

  	
   

  
	
  316(a)(last
  sentence)

  	
   

  	
  2.09

  	
   

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  	
   

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)

  	
   

  	
  6.07

  	
   

  
	
   

  	
  (c)

  	
   

  	
  2.12;9.04

  	
   

  
	
  317(a)(1)

  	
   

  	
  6.08

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  6.12

  	
   

  
	
   

  	
  (b)

  	
   

  	
  2.04

  	
   

  
	
  318(a)

  	
   

  	
  12.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)

  	
   

  	
  12.01

  	
   

  

 

N.A.
means not applicable.

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

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  
	
   

  	
   

  	
   

  
	
  Section
  1.01

  	
  Definitions

  	
  1

  
	
  Section
  1.02

  	
  Other
  Definitions

  	
  31

  
	
  Section
  1.03

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
  32

  
	
  Section
  1.04

  	
  Rules of
  Construction.

  	
  32

  
	
  Section
  1.05

  	
  Acts of
  Holders

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  
	
   

  	
   

  	
   

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Form and
  Dating; Terms

  	
  34

  
	
  Section
  2.02

  	
  Execution
  and Authentication

  	
  36

  
	
  Section
  2.03

  	
  Registrar,
  Paying Agent and Calculation Agent

  	
  36

  
	
  Section
  2.04

  	
  Paying
  Agent to Hold Money in Trust

  	
  37

  
	
  Section
  2.05

  	
  Holder
  Lists

  	
  37

  
	
  Section
  2.06

  	
  Transfer
  and Exchange

  	
  37

  
	
  Section
  2.07

  	
  Replacement
  Notes

  	
  50

  
	
  Section
  2.08

  	
  Outstanding
  Notes

  	
  50

  
	
  Section
  2.09

  	
  Treasury
  Notes

  	
  50

  
	
  Section
  2.10

  	
  Temporary
  Notes

  	
  51

  
	
  Section
  2.11

  	
  Cancellation

  	
  51

  
	
  Section
  2.12

  	
  Defaulted
  Interest

  	
  51

  
	
  Section
  2.13

  	
  CUSIP/COMMON
  CODE/ISIN Numbers

  	
  52

  
	
  Section
  2.14

  	
  Calculation
  of Principal Amount of Securities

  	
  52

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  
	
   

  	
   

  	
   

  
	
  REDEMPTION

  
	
   

  	
   

  	
   

  
	
  Section
  3.01

  	
  Notices to
  Trustee

  	
  52

  
	
  Section
  3.02

  	
  Selection
  of Notes to Be Redeemed or Purchased

  	
  52

  
	
  Section
  3.03

  	
  Notice of
  Redemption

  	
  53

  
	
  Section
  3.04

  	
  Effect of
  Notice of Redemption

  	
  54

  
	
  Section
  3.05

  	
  Deposit of
  Redemption or Purchase Price

  	
  54

  
	
  Section
  3.06

  	
  Notes
  Redeemed or Purchased in Part

  	
  55

  
	
  Section
  3.07

  	
  Optional
  Redemption

  	
  55

  
	
  Section
  3.08

  	
  Mandatory
  Redemption

  	
  57

  
	
  Section
  3.09

  	
  Offers to
  Repurchase by Application of Excess Proceeds

  	
  57

  

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  
	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  
	
  Section
  4.01

  	
  Payment of
  Notes

  	
  59

  
	
  Section
  4.02

  	
  Maintenance
  of Office or Agency

  	
  59

  
	
  Section
  4.03

  	
  Reports
  and Other Information

  	
  59

  
	
  Section
  4.04

  	
  Compliance
  Certificate

  	
  61

  
	
  Section
  4.05

  	
  Taxes

  	
  61

  
	
  Section
  4.06

  	
  Stay,
  Extension and Usury Laws

  	
  61

  
	
  Section
  4.07

  	
  Limitation
  on Restricted Payments

  	
  61

  
	
  Section
  4.08

  	
  Dividend
  and Other Payment Restrictions Affecting Restricted Subsidiaries

  	
  68

  
	
  Section
  4.09

  	
  Limitation
  on Incurrence of Indebtedness and Issuance of Disqualified Stock and
  Preferred Stock

  	
  69

  
	
  Section
  4.10

  	
  Asset
  Sales

  	
  74

  
	
  Section
  4.11

  	
  Transactions
  with Affiliates

  	
  76

  
	
  Section
  4.12

  	
  Liens

  	
  78

  
	
  Section
  4.13

  	
  Corporate
  Existence

  	
  79

  
	
  Section
  4.14

  	
  Offer to
  Repurchase Upon Change of Control

  	
  79

  
	
  Section
  4.15

  	
  Limitation
  on Guarantees of Indebtedness by Restricted Subsidiaries

  	
  81

  
	
  Section
  4.16

  	
  Discharge
  and Suspension of Covenants

  	
  81

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  
	
   

  	
   

  	
   

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  
	
  Section
  5.01

  	
  Merger,
  Consolidation or Sale of All or Substantially All Assets

  	
  82

  
	
  Section
  5.02

  	
  Successor
  Corporation Substituted

  	
  84

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
   

  	
   

  	
   

  
	
  DEFAULTS AND REMEDIES

  
	
   

  	
   

  	
   

  
	
  Section
  6.01

  	
  Events of
  Default

  	
  85

  
	
  Section
  6.02

  	
  Acceleration

  	
  87

  
	
  Section
  6.03

  	
  Other
  Remedies

  	
  87

  
	
  Section
  6.04

  	
  Waiver of
  Past Defaults

  	
  87

  
	
  Section
  6.05

  	
  Control by
  Majority

  	
  87

  
	
  Section
  6.06

  	
  Limitation
  on Suits

  	
  88

  
	
  Section
  6.07

  	
  Rights of
  Holders of Notes to Receive Payment

  	
  88

  
	
  Section
  6.08

  	
  Collection
  Suit by Trustee

  	
  88

  
	
  Section
  6.09

  	
  Restoration
  of Rights and Remedies

  	
  88

  
	
  Section
  6.10

  	
  Rights and
  Remedies Cumulative

  	
  89

  
	
  Section
  6.11

  	
  Delay or
  Omission Not Waiver

  	
  89

  
	
  Section
  6.12

  	
  Trustee
  May File Proofs of Claim

  	
  89

  
	
  Section
  6.13

  	
  Priorities

  	
  89

  
	
  Section
  6.14

  	
  Undertaking
  for Costs

  	
  90

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  
	
  Section
  7.01

  	
  Duties of
  Trustee

  	
  90

  
	
  Section
  7.02

  	
  Rights of
  Trustee

  	
  91

  
	
  Section
  7.03

  	
  Individual
  Rights of Trustee

  	
  92

  
	
  Section
  7.04

  	
  Trustee’s
  Disclaimer

  	
  92

  
	
  Section
  7.05

  	
  Notice of
  Defaults

  	
  92

  
	
  Section
  7.06

  	
  Reports by
  Trustee to Holders of the Notes

  	
  93

  
	
  Section
  7.07

  	
  Compensation
  and Indemnity

  	
  93

  
	
  Section
  7.08

  	
  Replacement
  of Trustee

  	
  94

  
	
  Section
  7.09

  	
  Successor
  Trustee by Merger, etc

  	
  95

  
	
  Section
  7.10

  	
  Eligibility;
  Disqualification

  	
  95

  
	
  Section
  7.11

  	
  Preferential
  Collection of Claims Against Issuer

  	
  95

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  
	
   

  	
   

  	
   

  
	
  LEGAL DEFEASANCE AND COVENANT DEFEASANCE

  
	
   

  	
   

  	
   

  
	
  Section
  8.01

  	
  Option to
  Effect Legal Defeasance or Covenant Defeasance

  	
  95

  
	
  Section
  8.02

  	
  Legal
  Defeasance and Discharge

  	
  95

  
	
  Section
  8.03

  	
  Covenant
  Defeasance

  	
  96

  
	
  Section
  8.04

  	
  Conditions
  to Legal or Covenant Defeasance

  	
  96

  
	
  Section
  8.05

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

  	
  98

  
	
  Section
  8.06

  	
  Repayment
  to Issuer

  	
  98

  
	
  Section
  8.07

  	
  Reinstatement

  	
  98

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  
	
   

  	
   

  	
   

  
	
  AMENDMENT, SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  
	
  Section
  9.01

  	
  Without
  Consent of Holders of Notes

  	
  99

  
	
  Section
  9.02

  	
  With
  Consent of Holders of Notes

  	
  100

  
	
  Section
  9.03

  	
  Compliance
  with Trust Indenture Act

  	
  101

  
	
  Section
  9.04

  	
  Revocation
  and Effect of Consents

  	
  101

  
	
  Section
  9.05

  	
  Notation
  on or Exchange of Notes

  	
  102

  
	
  Section
  9.06

  	
  Trustee to
  Sign Amendments, etc

  	
  102

  
	
  Section
  9.07

  	
  Payment
  for Consent

  	
  102

  
	
  Section
  9.08

  	
  Additional
  Voting Terms; Calculation of Principal Amount

  	
  102

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
   

  	
   

  	
   

  
	
  GUARANTEES

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Guarantee

  	
  103

  
	
  Section
  10.02

  	
  Limitation
  on Guarantor Liability

  	
  104

  
	
  Section
  10.03

  	
  Execution
  and Delivery

  	
  104

  
	
  Section
  10.04

  	
  Subrogation

  	
  105

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section
  10.05

  	
  Benefits
  Acknowledged

  	
  105

  
	
  Section
  10.06

  	
  Release of
  Guarantees

  	
  105

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  
	
   

  	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  
	
   

  	
   

  	
   

  
	
  Section
  11.01

  	
  Satisfaction
  and Discharge

  	
  106

  
	
  Section
  11.02

  	
  Application
  of Trust Money

  	
  107

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  Section
  12.01

  	
  Trust
  Indenture Act Controls

  	
  107

  
	
  Section
  12.02

  	
  Notices

  	
  107

  
	
  Section
  12.03

  	
  Communication
  by Holders of Notes with Other Holders of Notes

  	
  108

  
	
  Section
  12.04

  	
  Certificate
  and Opinion as to Conditions Precedent

  	
  108

  
	
  Section
  12.05

  	
  Statements
  Required in Certificate or Opinion

  	
  108

  
	
  Section
  12.06

  	
  Rules by
  Trustee and Agents

  	
  109

  
	
  Section
  12.07

  	
  No
  Personal Liability of Directors, Officers, Employees and Stockholders

  	
  109

  
	
  Section
  12.08

  	
  Governing
  Law

  	
  109

  
	
  Section
  12.09

  	
  Waiver of
  Jury Trial

  	
  109

  
	
  Section
  12.10

  	
  Force
  Majeure

  	
  109

  
	
  Section
  12.11

  	
  No Adverse
  Interpretation of Other Agreements

  	
  110

  
	
  Section
  12.12

  	
  Successors

  	
  110

  
	
  Section
  12.13

  	
  Severability

  	
  110

  
	
  Section
  12.14

  	
  Counterpart
  Originals

  	
  110

  
	
  Section
  12.15

  	
  Table of
  Contents, Headings, etc

  	
  110

  
	
  Section
  12.16

  	
  Qualification
  of Indenture

  	
  110

  

 

EXHIBITS

 

	
  Exhibit A-1

  	
   

  	
  Form of Dollar Floating Rate Note

  
	
  Exhibit A-2

  	
   

  	
  Form of Euro Floating Rate Note

  
	
  Exhibit A-3

  	
   

  	
  Form of Fixed Rate Note

  
	
  Exhibit B

  	
   

  	
  Form of Certificate of Transfer

  
	
  Exhibit C

  	
   

  	
  Form of Certificate of Exchange

  
	
  Exhibit D

  	
   

  	
  Form of Supplemental Indenture to Be Delivered by Subsequent
  Guarantors

  

 

iv

 

INDENTURE, dated as of August 23, 2006, among TDS
Investor Corporation, a Delaware corporation (the “Issuer”) and the
Guarantors (as defined herein) listed on the signature pages hereto and The
Bank of Nova Scotia Trust Company of New York, a New York trust
corporation, as Trustee.

 

W I  T
N  E  S  S  E  T  H

 

WHEREAS, the Issuer has duly authorized the creation
of an issue of (i) $150,000,000 aggregate principal amount of the Issuer’s
Senior Dollar Floating Rate Notes due 2014 (the “Initial Dollar
Floating Rate Notes”), (ii) €235,000,000 aggregate principal amount of the
Issuer’s Senior Euro Floating Rate Notes due 2014 (the “Initial Euro Floating
Rate Notes” and, together with the Initial Dollar Floating Rate Notes, the
“Initial Floating Rate Notes”) and (iii) $450,000,000 aggregate
principal amount of the Issuer’s 97/8% Senior Dollar
Fixed Rate Notes due 2014 (the “Initial Fixed Rate Notes”);

 

WHEREAS, the Issuer and each of the Guarantors has
duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Guarantors and the
Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders of the Notes.

 

ARTICLE 1

 

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

Section 1.01             Definitions.

 

“144A Global Note” means a Global Note
substantially in the form of Exhibit A-1, Exhibit A-2 or Exhibit
A-3 hereto, as the case may be, bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in
the name of, the applicable Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the applicable series
of Notes sold in reliance on Rule 144A.

 

“Acquired Indebtedness” means, with respect
to any specified Person,

 

(1)           Indebtedness of
any other Person existing at the time such other Person is merged with or into
or became a Restricted Subsidiary of such specified Person, including
Indebtedness incurred in connection with, or in contemplation of, such other
Person merging with or into or becoming a Restricted Subsidiary of such
specified Person, and

 

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

 

“Acquisition” means
the transactions contemplated by the Transaction Agreement.

 

“Additional Fixed Rate Notes” means
additional Fixed Rate Notes (other than the Initial Fixed Rate Notes and other
than Exchange Notes issued for such Initial Fixed Rate Notes) issued from time
to time under this Indenture in accordance with Sections 2.01 and 4.09 hereof.

 

“Additional Dollar Floating Rate Notes” means
additional Dollar Floating Rate Notes (other than the Initial Dollar Floating
Rate Notes and other than Exchange Notes issued for such Initial Dollar
Floating Rate Notes) issued from time to time under this Indenture in
accordance with Sections 2.01 and 4.09 hereof.

 

 

1

 

“Additional Euro Floating Rate Notes” means
additional Euro Floating Rate Notes (other than the Initial Euro Floating Rate
Notes and other than Exchange Notes issued for such Initial Euro Floating Rate
Notes) issued from time to time under this Indenture in accordance with
Sections 2.01 and 4.09 hereof.

 

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

 

“Additional Notes” means Additional Fixed
Rate Notes, Additional Dollar Floating Rate Notes and Additional Euro Floating
Rate Notes.

 

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

 

“Agent” means any Registrar, Paying Agent or
Calculation Agent.

 

“Applicable Currency Equivalent” means, with
respect to any monetary amount in a currency other than U.S. dollars, in the
case of the Dollar Floating Rate Notes and the Fixed Rate Notes, or euros, in
the case of the Euro Floating Rate Notes, at any time for the determination
thereof, the amount of U.S. dollars or euros, as applicable, obtained by
converting such foreign currency involved in such computation into U.S. dollars
or euros, as applicable, at the spot rate for the purchase of U.S. dollars or
euros, as applicable, with the applicable foreign currency as quoted by Reuters
at approximately 10:00 A.M. (New York time) on the date not more than two
Business Days prior to such determination.

 

“Applicable
Premium” means, with respect to any Note on any Redemption Date, the
greater of:

 

(1)           1.0% of the
principal amount of such Note; and

 

(2)           the excess, if
any, of (a) the present value at such Redemption Date of (i) the redemption
price of such Dollar Floating Rate Note or Euro Floating Rate Note at September
1, 2008 or such Fixed Rate Note at September 1, 2010, as the case may be (each
such redemption price being set forth in the table set forth in Section 3.07(f)
or 3.07(g), as the case may be, plus (ii) all required interest payments due on
such Dollar Floating Rate Note or Euro Floating Rate Note through September 1,
2008 or such Fixed Rate Note through September 1, 2010 as the case may be
(assuming that the rate of interest on the Dollar Floating Rate Notes or Euro
Floating Rate Notes, as applicable, for the period from the Redemption Date
through September 1, 2008 will be equal to the rate of interest on Dollar
Floating Rate Notes or Euro Floating Rate Notes, as applicable, in effect on the
date on which the applicable notice of redemption is given) (excluding accrued
but unpaid interest to the Redemption Date), computed using a discount rate
equal to the Treasury Rate, in the case of the Dollar Floating Rate Notes or
the Fixed Rate Notes, and the Bund Rate, in the case of the Euro Floating Rate
Notes, as of such Redemption Date, in each case plus 50 basis points; over (b)
the principal amount of such Dollar Floating Rate Note, Euro Floating Rate Note
or Fixed Rate Note, as applicable.

 

2

 

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

 

“Asset Sale” means:

 

(1)           the sale,
conveyance, transfer or other disposition, whether in a single transaction or a
series of related transactions, of property or assets (including by way of a
Sale and Lease-Back Transaction) of Holdings or any of its Restricted
Subsidiaries (each referred to in this definition as a “disposition”); or

 

(2)           the issuance or
sale of Equity Interests of any Restricted Subsidiary (other than Preferred
Stock of Restricted Subsidiaries issued in compliance with Section 4.09),
whether in a single transaction or a series of related transactions;

 

in each case, other than:

 

(a)           any disposition
of Cash Equivalents or Investment Grade Securities or obsolete or worn out
equipment in the ordinary course of business or any disposition of inventory or
goods (or other assets) held for sale in the ordinary course of business;

 

(b)           the disposition
of all or substantially all of the assets of Holdings or the Issuer in a manner
permitted pursuant to the provisions described under Section 5.01 hereof or any
disposition that constitutes a Change of Control pursuant to this Indenture;

 

(c)           the making of
any Restricted Payment or Permitted Investment that is permitted to be made,
and is made, under Section 4.07 hereof;

 

(d)           any disposition
of assets or issuance or sale of Equity Interests of any Restricted Subsidiary
in any transaction or series of transactions with an aggregate fair market
value of less than $15.0 million;

 

(e)           any disposition
of property or assets or issuance of securities by a Restricted Subsidiary of
Holdings to Holdings or by Holdings or a Restricted Subsidiary of Holdings to
another Restricted Subsidiary of Holdings;

 

(f)            to the extent
allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange
of like property (excluding any boot thereon) for use in a Similar Business;

 

(g)           the lease,
assignment or sub-lease of any real or personal property in the ordinary course
of business;

 

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

 

(i)            foreclosures on
assets;

 

(j)            sales of
accounts receivable, or participations therein, in connection with any Receivables
Facility; and

 

3

 

(k)           any financing
transaction with respect to property built or acquired by Holdings or any
Restricted Subsidiary after the Issue Date, including Sale and Lease-Back
Transactions and asset securitizations permitted by this Indenture.

 

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

 

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

 

“Bund Rate” means, with
respect to any Redemption Date, the rate per annum equal to the quarterly
equivalent yield to maturity as of such date of the Comparable German Bund
Issue, assuming a price for the Comparable German Bund Issue (expressed as a
percentage of its principal amount) equal to the Comparable German Bund Price
for such Redemption Date, where:

 

(1)           “Comparable German Bund Issue” means the
German Bundesanleihe security selected by any Reference German Bund Dealer as
having a fixed maturity most nearly equal to the period from such Redemption
Date to September 1, 2008 and that would be utilized at the time of selection
and in accordance with customary financial practice, in pricing new issues of
euro-denominated corporate debt securities in a principal amount approximately
equal to the then outstanding principal amount of the Euro Floating Rate Notes
and of a maturity most nearly equal to September 1, 2008; provided, however, that,
if the period from such Redemption Date to September 1, 2008 is not equal to
the fixed maturity of the German Bundesanleihe security selected by such Reference
German Bund Dealer, the Bund Rate shall be determined by linear interpolation
(calculated to the nearest one-twelfth of a year) from the yields of German
Bundesanleihe securities for which such yields are given, except that if the
period from such Redemption Date to September 1, 2008 is less than one year, a
fixed maturity of one year shall be used;

 

(2)           “Comparable German Bund Price” means, with
respect to any Redemption Date, the average of all Reference German Bund Dealer
Quotations for such date (which, in any event, must include at least two such
quotations), after excluding the highest and lowest such Reference German Bund
Dealer Quotations, or if the Issuer obtains fewer than four
such Reference German Bund Dealer Quotations, the average of all such quotations;

 

(3)           “Reference German Bund Dealer” means any
dealer of German Bundesanleihe securities appointed by the Issuer in good faith; and

 

(4)           “Reference German Bund Dealer Quotations”
means, with respect to each Reference German Bund Dealer and any Redemption
Date, the average as determined by the Issuer
in good faith of the bid and offered prices for the Comparable German Bund
Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Issuer by such Reference German
Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day
preceding the Redemption Date.

 

“Business Day” means each day which is not a
Legal Holiday.

 

“Capital Stock” means:

 

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

 

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

 

4

 

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

 

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

 

“Capitalized
Lease Obligation” means, at the time any determination thereof is to
be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a
balance sheet (excluding the footnotes thereto) in accordance with GAAP.

 

“Capitalized Software Expenditures” shall
mean, for any period, the aggregate of all expenditures (whether paid in cash
or accrued as liabilities) by a Person and its Restricted Subsidiaries during
such period in respect of purchased software or internally developed software
and software enhancements that, in conformity with GAAP, are or are required to
be reflected as capitalized costs on the consolidated balance sheet of a Person
and its Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)           United States
dollars;

 

(2)           (a)           euro, or any
national currency of any participating member state of the EMU; or

 

(b)           in the case of
any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies
held by them from time to time in the ordinary course of business;

 

(3)           securities
issued or directly and fully and unconditionally guaranteed or insured by the
U.S. government or any agency or instrumentality thereof the securities of
which are unconditionally guaranteed as a full faith and credit obligation of
such government with maturities of 24 months or less from the date of
acquisition;

 

(4)           certificates of
deposit, time deposits and eurodollar time deposits with maturities of one year
or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any
commercial bank having capital and surplus of not less than $500.0 million
in the case of U.S. banks and $100.0 million (or the U.S. dollar equivalent as
of the date of determination) in the case of non-U.S. banks;

 

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

 

(6)           commercial
paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case
maturing within 24 months after the date of creation thereof;

 

(7)           marketable
short-term money market and similar securities having a rating of at least P-2
or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another Rating Agency) and in each case maturing within 24 months after
the date of creation thereof;

 

5

 

(8)           investment
funds investing 95% of their assets in securities of the types described in
clauses (1) through (7) above;

 

(9)           readily
marketable direct obligations issued by any state, commonwealth or territory of
the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody’s or S&P with
maturities of 24 months or less from the date of acquisition;

 

(10)         Indebtedness or
Preferred Stock issued by Persons with a rating of “A” or higher from S&P
or “A2” or higher from Moody’s with maturities of 24 months or less from
the date of acquisition; and

 

(11)         Investments
with average maturities of 12 months or less from the date of acquisition in
money market funds rated AAA- (or the equivalent thereof) or better by S&P
or Aaa3 (or the equivalent thereof) or better by Moody’s.

 

Notwithstanding the
foregoing, Cash Equivalents shall include amounts denominated in currencies
other than those set forth in clauses (1) and (2) above, provided that such amounts are
converted into any currency listed in clauses (1) and (2) as promptly as
practicable and in any event within ten Business Days following the receipt of
such amounts.

 

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

 

(1)           the sale, lease
or transfer, in one or a series of related transactions, of all or substantially
all of the assets of Holdings and its Subsidiaries, taken as a whole, to any
Person other than a Permitted Holder; or

 

(2)           Holdings
becomes aware of (by way of a report or any other filing pursuant to Section
13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the
acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including
any group acting for the purpose of acquiring, holding or disposing of securities
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other
than the Permitted Holders, in a single transaction or in a related series of
transactions, by way of merger, consolidation or other business combination or
purchase of beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act, or any successor provision) of 50% or more of the total voting
power of the Voting Stock of Holdings or any of its direct or indirect parent
companies holding directly or indirectly 100% of the total voting power of the
Voting Stock of Holdings.

 

“Clearstream” means Clearstream Banking,
Société Anonyme.

 

“Common Depositary” means The Bank of New
York, as common depositary for Euroclear and Clearstream and depositary for the
Euro Floating Rate Notes, together with its successors in such capacity.

 

“Consolidated
Depreciation and Amortization Expense” means with respect to any
Person for any period, the total amount of depreciation and amortization
expense, including the amortization of deferred financing fees and Capitalized
Software Expenditures of such Person and its Restricted Subsidiaries for such
period on a consolidated basis and otherwise determined in accordance with
GAAP.

 

6

 

“Consolidated
Interest Expense” means, with respect to any Person for any period,
without duplication, the sum of:

 

(1)           consolidated
interest expense of such Person and its Restricted Subsidiaries for such
period, to the extent such expense was deducted (and not added back) in
computing Consolidated Net Income (including (a) amortization of original issue
discount resulting from the issuance of Indebtedness at less than par, (b) all
commissions, discounts and other fees and charges owed with respect to letters
of credit or bankers acceptances, (c) non-cash interest payments (but excluding
any non-cash interest expense attributable to the movement in the mark to
market valuation of Hedging Obligations or other derivative instruments
pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations,
and (e) net payments, if any, pursuant to interest rate Hedging Obligations
with respect to Indebtedness, and excluding (v) any Additional Interest and any
“additional interest” with respect to the Senior Subordinated Notes, (w)
amortization of deferred financing fees, debt issuance costs, commissions, fees
and expenses, (x) any expensing of bridge, commitment and other financing fees,
(y) commissions, discounts, yield and other fees and charges (including any
interest expense) related to any Receivables Facility) and (z) any accretion or
accrued interest of discounted liabilities; plus

 

(2)           consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued; less

 

(3)           interest income
for such period.

 

For purposes of this definition, interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by such Person to be the rate of interest implicit in
such Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income” means, with respect
to any Person for any period, the aggregate of the Net Income, of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and
otherwise determined in accordance with GAAP; provided, however,
that, without duplication,

 

(1)           any after-tax
effect of extraordinary, non-recurring or unusual gains or losses (less all
fees and expenses relating thereto) or expenses (including relating to the
Transaction to the extent incurred on or prior to June 30, 2007), severance, relocation
costs and curtailments or modifications to pension and post-retirement employee
benefit plans shall be excluded,

 

(2)           the Net Income
for such period shall not include the cumulative effect of a change in
accounting principles during such period,

 

(3)           any after-tax
effect of income (loss) from disposed or discontinued operations and any net
after-tax gains or losses on disposal of disposed, abandoned or discontinued
operations (including the Travel 2 Travel 4 operations being disposed) shall be
excluded,

 

(4)           any after-tax
effect of gains or losses (less all fees and expenses relating thereto)
attributable to asset dispositions or abandonments other than in the ordinary
course of business shall be excluded,

 

(5)           the Net Income
for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; provided
that Consolidated Net Income of Holdings shall be increased by the amount of
dividends or distributions or other payments that are actually paid in cash (or
to the extent converted 

 

7

 

into cash) to the referent
Person or a Restricted Subsidiary thereof in respect of such period,

 

(6)           solely for the
purpose of determining the amount available for Restricted Payments under
clause (3)(a) of Section 4.07(a) hereof, the Net Income for such period of
any Restricted Subsidiary (other than any Guarantor) shall be excluded if the
declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of its Net Income is not at the date of determination wholly
permitted without any prior governmental approval (which has not been obtained)
or, directly or indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless
such restriction with respect to the payment of dividends or similar distributions
has been legally waived, provided
that Consolidated Net Income of Holdings will be increased by the amount of dividends
or other distributions or other payments actually paid in cash (or to the
extent converted into cash) to Holdings or a Restricted Subsidiary thereof in
respect of such period, to the extent not already included therein,

 

(7)           effects of
adjustments (including the effects of such adjustments pushed down to Holdings
and its Restricted Subsidiaries) in the property and equipment, software and
other intangible assets, deferred revenue and debt line items in such Person’s
consolidated financial statements pursuant to GAAP resulting from the
application of purchase accounting in relation to the Transaction or any
consummated acquisition or the amortization or write-off of any amounts
thereof, net of taxes (other than the impact of unfavorable contract
liabilities and commission agreements under purchase accounting), shall be
excluded,

 

(8)           any after-tax
effect of income (loss) from the early extinguishment of (i) Indebtedness, (ii)
Hedging Obligations or (iii) other derivative instruments shall be excluded,

 

(9)           any impairment
charge or asset write-off, including without limitation impairment charges or
asset write-offs related to intangible assets, long-lived assets or investments
in debt and equity securities, in each case, pursuant to GAAP, and the
amortization of intangibles arising pursuant to GAAP shall be excluded,

 

(10)         any non-cash
compensation expense recorded from grants of stock appreciation or similar
rights, stock options, restricted stock or other rights shall be excluded,

 

(11)         any fees and
expenses incurred during such period, or any amortization thereof for such
period, in connection with any acquisition, Investment, Asset Sale, issuance or
repayment of Indebtedness, issuance of Equity Interests, refinancing
transaction or amendment or modification of any debt instrument (in each case,
including any such transaction consummated prior to the Issue Date and any such
transaction undertaken but not completed) and any charges including bonuses
paid in connection with the GTA acquisition and any adjustments to liabilities
due to the former owners of Orbitz under the tax sharing arrangement or
integration and non-recurring merger costs incurred during such period as a
result of any such transaction shall be excluded,

 

(12)         accruals and
reserves that are established within twelve months after the Issue Date that
are so required to be established as a result of the Transaction in accordance
with GAAP shall be excluded; and

 

(13)         the following
items shall be excluded:

 

8

 

(a)           any net
unrealized gain or loss (after any offset) resulting in such period from
Hedging Obligations and the application of Statement of Financial Accounting
Standards No. 133; and

 

(b)           any net
unrealized gain or loss (after any offset) resulting in such period from
currency translation gains or losses related to currency remeasurements of
Indebtedness (including any net loss or gain resulting from hedge agreements
for currency exchange risk).

 

Notwithstanding the foregoing, for the purpose of
Section 4.07 hereof only (other than clause (3)(d) of Section 4.07(a) hereof),
there shall be excluded from Consolidated Net Income any income arising from
any sale or other disposition of Restricted Investments made by Holdings and
its Restricted Subsidiaries, any repurchases and redemptions of Restricted
Investments from Holdings and its Restricted Subsidiaries, any repayments of loans
and advances which constitute Restricted Investments by Holdings or any of its
Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or
any distribution or dividend from an Unrestricted Subsidiary, in each case only
to the extent such amounts increase the amount of Restricted Payments permitted
under clause (3)(d) of Section 4.07(a) hereof.

 

“Consolidated Secured Debt Ratio” as of any
date of determination means, the ratio of (1) Consolidated Total Indebtedness
of Holdings and its Restricted Subsidiaries that is secured by Liens as of the
end of the most recent fiscal period for which internal financial statements
are available immediately preceding the date on which such event for which such
calculation is being made shall occur to (2) Holdings’ EBITDA for the most
recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such event for
which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness and
EBITDA as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of Fixed Charge Coverage
Ratio.

 

“Consolidated Total Indebtedness” means, as
at any date of determination, an amount equal to the sum of (1) the aggregate
amount of all outstanding Indebtedness of Holdings and its Restricted
Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed
money, Obligations in respect of Capitalized Lease Obligations and debt
obligations evidenced by promissory notes and similar instruments (and
excluding, for the avoidance of doubt, all obligations relating to Receivables
Facilities) and (2) the aggregate amount of all outstanding Disqualified
Stock of Holdings and all Preferred Stock of its Restricted Subsidiaries on a
consolidated basis, with the amount of such Disqualified Stock and Preferred
Stock equal to the greater of their respective voluntary or involuntary
liquidation preferences and maximum fixed repurchase prices, in each case
determined on a consolidated basis in accordance with GAAP. For purposes
hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred
Stock that does not have a fixed repurchase price shall be calculated in
accordance with the terms of such Disqualified Stock or Preferred Stock as if
such Disqualified Stock or Preferred Stock were purchased on any date on which
Consolidated Total Indebtedness shall be required to be determined pursuant to
this Indenture, and if such price is based upon, or measured by, the fair
market value of such Disqualified Stock or Preferred Stock, such fair market
value shall be determined reasonably and in good faith by Holdings.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of
such Person guaranteeing any leases, dividends or other obligations that do not
constitute Indebtedness (“primary
obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not
contingent,

 

(1)           to purchase any
such primary obligation or any property constituting direct or indirect
security therefor,

 

9

 

(2)           to advance or
supply funds

 

(a)           for the
purchase or payment of any such primary obligation, or

 

(b)           to maintain
working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor, or

 

(3)           to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment
of such primary obligation against loss in respect thereof.

 

“Corporate Trust Office of the Trustee” shall
be at the address of the Trustee specified in Section 12.02 hereof or such
other address as to which the Trustee may give notice to the Holders and the Issuer.

 

“Credit Facilities” means, with respect to
Holdings or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Credit Facilities, or other financing arrangements (including,
without limitation, commercial paper facilities or indentures) providing for
revolving credit loans, term loans, letters of credit or other long-term
indebtedness, including any notes, mortgages, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any
amendments, supplements, modifications, extensions, renewals, restatements or
refundings thereof and any indentures or credit facilities or commercial paper
facilities that replace, refund or refinance any part of the loans, notes,
other credit facilities or commitments thereunder, including any such
replacement, refunding or refinancing facility or indenture that increases the
amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in
borrowings is permitted under Section 4.09 hereof) or adds Restricted
Subsidiaries as additional borrowers or guarantors thereunder and whether by
the same or any other agent, lender or group of lenders.

 

“Custodian” means the Trustee, as custodian
with respect to the Dollar Floating Rate Notes and the Fixed Rate Notes, each
in global form, or any successor entity thereto, and The Bank of New York, as
custodian with respect to the Euro Floating Rate Notes, in global form, or any
successor entity thereto.

 

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

 

“Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with
Section 2.06(c) hereof, substantially in the form of Exhibit A-1, A-2
or A-3 hereto, as the case may be, 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 the Dollar Depositary or
the Common Depositary, as the case may be.

 

“Designated
Non-cash Consideration” means the fair market value of non-cash
consideration received by Holdings or a Restricted Subsidiary in connection
with an Asset Sale that is so designated as Designated Non-cash Consideration
pursuant to an Officer’s Certificate, setting forth the basis of such
valuation, executed by the principal financial officer of the Issuer, less the
amount of cash or Cash Equivalents received in connection with a subsequent
sale of or collection on such Designated Non-cash Consideration.

 

10

 

“Designated
Preferred Stock” means Preferred Stock of Holdings or any parent
corporation thereof (in each case other than Disqualified Stock) that is issued
for cash (other than to a Restricted Subsidiary or an employee stock ownership
plan or trust established by Holdings or any of its Subsidiaries) and is so
designated as Designated Preferred Stock, pursuant to an Officer’s Certificate
executed by the principal financial officer of the Issuer or the applicable
parent corporation thereof, as the case may be, on the issuance date thereof,
the cash proceeds of which are excluded from the calculation set forth in
clause (3) of Section 4.07(a) hereof.

 

“Disqualified Stock” means, with respect to
any Person, any Capital Stock of such Person which, by its terms, or by the
terms of any security into which it is convertible or for which it is putable
or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than solely as a result of a change of control or asset sale)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the
option of the holder thereof (other than solely as a result of a change of
control or asset sale), in whole or in part, in each case prior to the date 91
days after the earlier of the maturity date of the Notes or the date the Notes
are no longer outstanding; provided, however, that if such
Capital Stock is issued to any plan for the benefit of employees of Holdings or
its Subsidiaries or by any such plan to such employees, such Capital Stock
shall not constitute Disqualified Stock solely because it may be required to be
repurchased by Holdings or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations.

 

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

 

“Dollar Floating Rate Notes” means the
Initial Dollar Floating Rate Notes and any Additional Dollar Floating Rate
Notes.

 

“EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income
of such Person for such period

 

(1)           increased
(without duplication) by:

 

(a)           provision for
taxes based on income or profits or capital, including, without limitation,
state, franchise and similar taxes (such as the Pennsylvania capital tax) and
foreign withholding taxes of such Person paid or accrued during such period
deducted (and not added back) in computing Consolidated Net Income; plus

 

(b)           Fixed Charges of such Person
for such period (including (x) net losses or Hedging Obligations or other
derivative instruments entered into for the purpose of hedging interest rate
risk and (y) costs of surety bonds in connection with financing activities,
in each case, to the extent included in Fixed Charges), together with items excluded
from the definition of “Consolidated Interest Expense” pursuant to clauses
(1)(w), (x) and (y) thereof to the extent the same was deducted (and not added
back) in calculating such Consolidated Net Income; plus

 

(c)           Consolidated Depreciation
and Amortization Expense of such Person for such period to the extent the same
were deducted (and not added back) in computing Consolidated Net Income; plus

 

11

 

(d)           any expenses or charges
(other than depreciation or amortization expense) related to any Equity
Offering, Permitted Investment, acquisition, disposition, recapitalization or
the incurrence of Indebtedness permitted to be incurred by this Indenture
(including a refinancing thereof) (whether or not successful), including (i)
such fees, expenses or charges related to the offering of the Notes and the
Credit Facilities and (ii) any amendment or other modification of the Notes,
and, in each case, deducted (and not added back) in computing Consolidated Net
Income; plus

 

(e)           the amount of any
restructuring charges, integration costs or other business optimization
expenses or reserves deducted (and not added back) in such period in computing
Consolidated Net Income, including any one-time costs incurred in connection
with acquisitions after the Issue Date, and costs related to the closure and/or
consolidation of facilities, the separation from Cendant and the business-to-consumer
platform; plus

 

(f)            any other non-cash charges,
including any write offs or write downs and the amortization of up-front
bonuses in connection with the supplier services business, reducing
Consolidated Net Income for such period (provided that if any such non-cash charges represent an
accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from
EBITDA to such extent, and excluding amortization of a prepaid cash item that
was paid in a prior period); plus

 

(g)           the amount of any minority
interest expense consisting of Subsidiary income attributable to minority
equity interests of third parties in any non-Wholly Owned Subsidiary deducted
(and not added back) in such period in calculating Consolidated Net Income; plus

 

(h)           the amount of management,
monitoring, consulting and advisory fees and related expenses paid in such
period to the Investors to the extent otherwise permitted under Section 4.11
hereof; plus

 

(i)            the amount of
net cost savings projected by the Issuer in good faith to be realized as a
result of specified actions taken during or prior to such period (calculated on
a pro forma basis as though such cost
savings had been realized on the first day of such period), net of the amount
of actual benefits realized during such period from such actions; provided
that (x) such cost savings are reasonably identifiable and factually supportable,
(y) such actions are taken no later than 36 months after the Issue Date
and (z) the aggregate amount of cost savings added pursuant to this
clause (i) shall not exceed $85.8 million for any four consecutive quarter
period (which adjustments may be incremental to pro forma
cost savings adjustments made pursuant to the definition of “Fixed Charge Coverage
Ratio”); plus

 

(j)            the amount of
loss on sale of receivables and related assets to the Receivables Subsidiary in
connection with a Receivables Facility; plus

 

(k)           any costs or expense incurred by Holdings or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement or any stock subscription or
shareholder agreement, to the extent that such cost or expenses are funded with
cash proceeds contributed to the capital of Holdings or net cash proceeds of an
issuance of Equity Interest of Holdings 

 

12

 

(other
than Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation set forth in clause (3) of Section 4.07(a) hereof; and

 

(2)           decreased by
(without duplication) (a) non-cash gains increasing Consolidated Net Income of
such Person for such period, excluding any non-cash gains to the extent they
represent the reversal of an accrual or reserve for a potential cash item that
reduced EBITDA in any prior period and (b) for the year ended December 31, 2005
an aggregate of (i) $12.5 million applicable to changes in estimates with
respect to the allowance for doubtful accounts; (ii) $11.1 million applicable
to changes in estimates of breakage revenues relating to vendor liabilities and
(iii) $2.7 million applicable to changes in estimates with respect to Orbitz’s
affinity credit-card liability, in each case recorded on a quarterly basis.

 

“EMU”
means economic and monetary union as contemplated in the Treaty on European Union.

 

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

 

“Equity Offering” means any public or private
sale of common stock or Preferred Stock of Holdings or any of its direct or
indirect parent companies (excluding Disqualified Stock), other than:

 

(1)           public
offerings with respect to Holdings’ or any direct or indirect parent company’s
common stock registered on Form S-8;

 

(2)           issuances to
any Subsidiary of Holdings; and

 

(3)           any such public
or private sale that constitutes an Excluded Contribution.

 

“euro” means the single currency of
participating member states of the EMU.

 

“Euro Floating Rate Notes” means the Initial
Euro Floating Rate Notes and any Additional Euro Floating Rate Notes.

 

“Euroclear” means Euroclear S.A./N.V., as
operator of the Euroclear system.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Exchange Notes” means the Notes 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.

 

“Excluded
Contribution” means net cash proceeds, marketable securities or
Qualified Proceeds received by Holdings from

 

(1)           contributions
to its common equity capital, and

 

13

 

(2)           the sale (other
than to a Subsidiary of Holdings or to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement of
Holdings) of Capital Stock (other than Disqualified Stock and Designated
Preferred Stock) of Holdings,

 

in each case designated as
Excluded Contributions pursuant to an officer’s certificate executed by the
principal financial officer of the Issuer on the date such capital
contributions are made or the date such Equity Interests are sold, as the case
may be, which are excluded from the calculation set forth in clause (3) of
Section 4.07(a) hereof.

 

“fair
market value” means, with respect to any asset or liability, the
fair market value of such asset or liability as determined by the Issuer in
good faith; provided
that if the fair market value is equal to or exceeds $50.0 million, such
determination shall be made by the Board of Directors of the Issuer in good
faith.

 

“Fixed Charge Coverage Ratio” means, with
respect to any Person for any period, the ratio of EBITDA of such Person for
such period to the Fixed Charges of such Person for such period. In the event
that Holdings or any Restricted Subsidiary incurs, assumes, guarantees,
redeems, retires or extinguishes any Indebtedness (other than Indebtedness
incurred under any revolving credit facility unless such Indebtedness has been
permanently repaid and has not been replaced) or issues or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Fixed
Charge Coverage Ratio Calculation Date”), then the Fixed Charge
Coverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee, redemption,
retirement or extinguishment of Indebtedness, or such issuance or redemption of
Disqualified Stock or Preferred Stock, as if the same had occurred at the
beginning of the applicable four-quarter period.

 

For purposes of making the computation referred to
above, Investments, acquisitions, dispositions, mergers, consolidations and
disposed operations (as determined in accordance with GAAP) that have been made
by Holdings or any of its Restricted Subsidiaries during the four-quarter
reference period or subsequent to such reference period and on or prior to or
simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be
calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed operations (and the change in any associated fixed
charge obligations and the change in EBITDA resulting therefrom) had occurred
on the first day of the four-quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or
was merged with or into Holdings or any of its Restricted Subsidiaries since
the beginning of such period shall have made any Investment, acquisition,
disposition, merger, consolidation or disposed operation that would have
required adjustment pursuant to this definition, then the Fixed Charge Coverage
Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of
the applicable four-quarter period.

 

For purposes of this definition, whenever pro forma effect is to be given to a
transaction, the pro forma
calculations shall be made in good faith by a responsible financial or
accounting officer of the Issuer. If any Indebtedness bears a floating rate of
interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Fixed Charge Coverage Ratio Calculation Date had been the
applicable rate for the entire period (taking into account any Hedging Obligations
applicable to such Indebtedness). Interest on a Capitalized Lease Obligation
shall be deemed to accrue at an interest rate reasonably determined by a
responsible financial or accounting officer of the 

 

14

 

Issuer to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP.
For purposes of making the computation referred to above, interest on any
Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based
upon the average daily balance of such Indebtedness during the applicable
period except as set forth in the first paragraph of this definition. Interest
on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered
rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate chosen as the Issuer
may designate.

 

“Fixed Charges” means, with respect to any
Person for any period, the sum of:

 

(1)           Consolidated
Interest Expense of such Person for such period;

 

(2)           all cash
dividends or other distributions paid (excluding items eliminated in consolidation)
on any series of Preferred Stock during such period; and

 

(3)           all cash
dividends or other distributions paid (excluding items eliminated in consolidation)
on any series of Disqualified Stock during such period.

 

“Fixed Rate Notes” means the Initial Fixed
Rate Notes and any Additional Fixed Rate Notes.

 

“Foreign Holdco” means Waltonville Limited, a
Gibraltar corporation.

 

“Foreign
Subsidiary” means, with respect to any Person, any Restricted
Subsidiary of such Person that is not organized or existing under the laws of
the United States, any state thereof, the District of Columbia, or any
territory thereof and any Restricted Subsidiary of such Foreign Subsidiary.

 

“GAAP” means generally accepted accounting
principles in the United States which are in effect on the Issue Date.

 

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

 

“Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, substantially in the form of Exhibit A-1, A-2 or A-3
hereto, as the case may be, issued in accordance with Section 2.01, 2.06(b),
2.06(d) or 2.06(f) hereof.

 

“Government Securities” means securities that
are:

 

(1)           direct
obligations of the United States of America for the timely payment of which its
full faith and credit is pledged; or

 

(2)           obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America,

 

which, in either case, are
not callable or redeemable at the option of the issuers thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such Government
Securities or a specific payment of principal of or interest on any such
Government Securities held by such custodian for the account of the holder of
such depository 

 

15

 

receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by
the custodian in respect of the Government Securities or the specific payment
of principal of or interest on the Government Securities evidenced by such
depository receipt.

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any
manner (including letters of credit and reimbursement agreements in respect
thereof), of all or any part of any Indebtedness or other obligations.

 

“Guarantee” means the guarantee by any
Guarantor of the Issuer’s Obligations under this Indenture.

 

“Guarantor” means Holdings and each
Restricted Subsidiary that Guarantees the Notes in accordance with the terms of
this Indenture.

 

“Hedging Obligations” means, with respect to
any Person, the obligations of such Person under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, commodity
swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement or similar agreement providing for
the transfer or mitigation of interest rate or currency risks either generally
or under specific contingencies.

 

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

 

“Holdings” means TDS Investor (Bermuda) Ltd.,
a Bermuda corporation.

 

“Indebtedness” means, with respect to any
Person, without duplication:

 

(1)           any
indebtedness (including principal and premium) of such Person, whether or not
contingent:

 

(a)           in respect of
borrowed money;

 

(b)           evidenced by
bonds, notes, debentures or similar instruments or letters of credit or
bankers’ acceptances (or, without duplication, reimbursement agreements in
respect thereof);

 

(c)           representing
the balance deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations), except (i) any such balance that constitutes
a trade payable or similar obligation to a trade creditor, in each case accrued
in the ordinary course of business and (ii) any earn-out obligations until such
obligation becomes a liability on the balance sheet of such Person in accordance
with GAAP;

 

(d)           representing
any Hedging Obligations; or

 

(e)           during a
Suspension Period only, obligations in respect of Sale and Lease-back
Transactions in an amount equal to the present value of such obligations during
the remaining term of the lease using a discount rate equal to the rate of
interest implicit in such transaction determined in accordance with GAAP,

 

16

 

if
and to the extent that any of the foregoing Indebtedness (other than letters of
credit and Hedging Obligations) would appear as a liability upon a balance
sheet (excluding the footnotes thereto) of such Person prepared in accordance
with GAAP;

 

(2)           to the extent
not otherwise included, any obligation by such Person to be liable for, or to
pay, as obligor, guarantor or otherwise, on the obligations of the type
referred to in clause (1) of a third Person (whether or not such items would
appear upon the balance sheet of the such obligor or guarantor), other than by
endorsement of negotiable instruments for collection in the ordinary course of
business; and

 

(3)           to the extent
not otherwise included, the obligations of the type referred to in clause (1)
of a third Person secured by a Lien on any asset owned by such first Person,
whether or not such Indebtedness is assumed by such first Person;

 

provided, however, that notwithstanding the foregoing, Indebtedness
shall be deemed not to include (a) Contingent Obligations incurred in the
ordinary course of business or (b) obligations under or in respect of
Receivables Facilities.

 

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

 

“Independent
Financial Advisor” means an accounting, appraisal, investment
banking firm or consultant to Persons engaged in Similar Businesses of nationally
recognized standing that is, in the good faith judgment of the Issuer,
qualified to perform the task for which it has been engaged.

 

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

 

“Initial Fixed Rate Notes” as defined in the
recitals hereto.

 

“Initial Floating Rate Notes” as defined in
the recitals hereto.

 

“Initial Notes” means the Initial Fixed Rate
Notes and the Initial Floating Rate Notes.

 

“Initial
Purchasers” means Lehman Brothers Inc., Credit Suisse Securities
(USA) LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank
Securities Inc.

 

“Interest Payment Date” means (i) with
respect to the Dollar Floating Rate Notes and Euro Floating Rate Notes, March
1, June 1, September 1 and December 1 of each year to stated maturity and (ii)
with respect to the Fixed Rate Notes, March 1 and September 1 of each year to
stated maturity.

 

“Investment Grade Rating” means a rating equal
to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, or an equivalent rating by any other Rating Agency.

 

“Investment Grade Securities” means:

 

(1)           securities
issued or directly and fully guaranteed or insured by the United States government
or any agency or instrumentality thereof (other than Cash Equivalents);

 

17

 

(2)           debt securities
or debt instruments with an Investment Grade Rating, but excluding any debt
securities or instruments constituting loans or advances among Holdings and its
Subsidiaries;

 

(3)           investments in
any fund that invests exclusively in investments of the type described in
clauses (1) and (2) which fund may also hold immaterial amounts of cash pending
investment or distribution; and

 

(4)            corresponding instruments in
countries other than the United States customarily utilized for high quality investments.

 

“Investments” means, with respect to any
Person, all investments by such Person in other Persons (including Affiliates)
in the form of loans (including guarantees), advances or capital contributions
(excluding accounts receivable, trade credit, advances to customers, commission,
travel and similar advances to officers and employees, in each case made in the
ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities issued by any other
Person and investments that are required by GAAP to be classified on the
balance sheet (excluding the footnotes) of Holdings in the same manner as the
other investments included in this definition to the extent such transactions
involve the transfer of cash or other property. For purposes of the definition
of “Unrestricted Subsidiary” and Section 4.07 hereof:

 

(1)           “Investments”
shall include the portion (proportionate to Holdings’ equity interest in such
Subsidiary) of the fair market value of the net assets of a Subsidiary of
Holdings at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a
redesignation of such Subsidiary as a Restricted Subsidiary, Holdings shall be
deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to:

 

(a)           Holdings’
“Investment” in such Subsidiary at the time of such redesignation; less

 

(b)           the portion
(proportionate to Holdings’ Equity Interest in such Subsidiary) of the fair
market value of the net assets of such Subsidiary at the time of such redesignation;
and

 

(2)            any property transferred to
or from an Unrestricted Subsidiary shall be valued at its fair market value at
the time of such transfer.

 

“Investors”
means The Blackstone Group and each of its Affiliates but not including,
however, any portfolio companies of any of the foregoing.

 

“Issue Date” means August 23, 2006.

 

“Issuer” has the meaning set forth in the
first paragraph of the recitals hereto.

 

“Issuer Order” means a written request or
order signed on behalf of the Issuer by an Officer of the Issuer, who must be
the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of the Issuer, and delivered to the
Trustee.

 

“Legal Holiday” means a Saturday, a Sunday or
a day on which commercial banking institutions are not required to be open in
the State of New York or London, United Kingdom.

 

18

 

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

 

“Lien” means, with respect to any asset, any
mortgage, lien (statutory or otherwise), pledge, hypothecation, charge,
security interest, preference, priority or encumbrance of any kind in respect
of such asset, whether or not filed, recorded or otherwise perfected under
applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction; provided
that in no event shall an operating lease be deemed to constitute a Lien.

 

“Moody’s” means Moody’s Investors Service,
Inc. and any successor to its rating agency business.

 

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

 

“Net Proceeds” means the aggregate cash
proceeds received by Holdings or any of its Restricted Subsidiaries in respect
of any Asset Sale, including any cash received upon the sale or other
disposition of any Designated Non-cash Consideration received in any Asset
Sale, net of the direct costs relating to such Asset Sale and the sale or
disposition of such Designated Non-cash Consideration, including legal,
accounting and investment banking fees, and brokerage and sales commissions,
any relocation expenses incurred as a result thereof, taxes paid or payable as
a result thereof (after taking into account any available tax credits or deductions
and any tax sharing arrangements), amounts required to be applied to the
repayment of principal, premium, if any, and interest on Senior Indebtedness
required (other than required by clause (1) of Section 4.10(b) hereof) to be
paid as a result of such transaction and any deduction of appropriate amounts
to be provided by Holdings or any of its Restricted Subsidiaries as a reserve
in accordance with GAAP against any liabilities associated with the asset
disposed of in such transaction and retained by Holdings or any of its
Restricted Subsidiaries after such sale or other disposition thereof, including
pension and other post-employment benefit liabilities and liabilities related
to environmental matters or against any indemnification obligations associated
with such transaction.

 

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

 

“Notes” means the Initial Fixed Rate Notes,
Initial Dollar Floating Rate Notes and the Initial Euro Floating Rate Notes and
more particularly means any Note authenticated and delivered under this
Indenture. For all purposes of this Indenture, the term “Notes” shall also include
any Additional Fixed Rate Notes, Additional Dollar Floating Rate Notes and
Additional Euro Floating Rate Notes that may be issued under a supplemental
indenture. The Fixed Rate Notes, Dollar Floating Rate Notes, and the Euro Floating
Rate Notes (including, in each case, any Exchange Notes issued in exchange
therefor) are separate series of Notes, but shall be treated as a single class
for all purposes under this Indenture, except as set forth herein. For purposes
of this Indenture, all references to Notes to be issued or authenticated upon
transfer, replacement or exchange shall be deemed to refer to Notes of the
applicable series.

 

“Obligations” means any principal, interest
(including any interest accruing subsequent to the filing of a petition in bankruptcy,
reorganization or similar proceeding at the rate provided for in the documentation
with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), penalties, fees, indemnifications,
reimbursements (including reimbursement obligations with respect to letters of
credit and banker’s acceptances), damages and other liabilities, and guarantees
of payment of such principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities, payable under the documentation
governing any Indebtedness.

 

19

 

“Offering Memorandum” means the offering
memorandum, dated August 11, 2006, relating to the sale of the Initial
Notes.

 

“Officer” means the Chairman of the Board,
the Chief Executive Officer, the Chief Financial Officer, the President, any
Executive Vice President, Senior Vice President or Vice President, the
Treasurer or the Secretary of the Issuer.

 

“Officer’s Certificate” means a certificate
signed on behalf of the Issuer by an Officer of the Issuer, who must be the
principal executive officer, the principal financial officer, the treasurer or
the principal accounting officer of the Issuer, that meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means a written opinion
from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer 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 DTC,
shall include Euroclear and Clearstream).

 

“Permitted Asset Swap”
means the concurrent purchase and sale or exchange of Related Business Assets
or a combination of Related Business Assets and cash or Cash Equivalents
between Holdings or any of its Restricted Subsidiaries and another Person; provided,
that any cash or Cash Equivalents received must be applied in accordance with Section
4.10 hereof.

 

“Permitted Holders” means each of the
Investors and members of management of Holdings (or its direct parent) on the
Issue Date who are holders of Equity Interests of Holdings (or any of its
direct or indirect parent companies) and any group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor
provision) of which any of the foregoing are members; provided, that, in the case of such group and without giving effect to
the existence of such group or any other group, such Investors and members of
management, collectively, have beneficial ownership of more than 50% of the
total voting power of the Voting Stock of Holdings or any of its direct or
indirect parent companies.

 

“Permitted Investments” means:

 

(1)           any Investment
in Holdings or any of its Restricted Subsidiaries;

 

(2)           any Investment
in cash and Cash Equivalents or Investment Grade Securities;

 

(3)           any Investment
by Holdings or any of its Restricted Subsidiaries in a Person that is engaged in
a Similar Business if as a result of such Investment:

 

(a)           such Person
becomes a Restricted Subsidiary; or

 

(b)           such Person, in
one transaction or a series of related transactions, is merged or consolidated
with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, Holdings or a Restricted Subsidiary,

 

and, in each case, any Investment held by such Person; provided, that such Investment was not acquired by such Person in
contemplation of such acquisition, merger, consolidation or transfer;

 

20

 

(4)           any Investment
in securities or other assets not constituting cash, Cash Equivalents or
Investment Grade Securities and received in connection with an Asset Sale made
pursuant to the provisions described under Section 4.10 hereof or any other
disposition of assets not constituting an Asset Sale;

 

(5)           any Investment
existing on the Issue Date;

 

(6)           any Investment
acquired by Holdings or any of its Restricted Subsidiaries:

 

(a)           in exchange for
any other Investment or accounts receivable held by Holdings or any such Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the Issuer of such other Investment or
accounts receivable; or

 

(b)           as a result of
a foreclosure by Holdings or any of its Restricted Subsidiaries with respect to
any secured Investment or other transfer of title with respect to any secured Investment
in default;

 

(7)           Hedging
Obligations permitted under clause (10) of Section 4.09(b) hereof;

 

(8)           any Investment
in a Similar Business having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (8) that are at
that time outstanding, not to exceed 2.5% of Total Assets at the time of such
Investment (with the fair market value of each Investment being measured at the
time made and without giving effect to subsequent changes in value);

 

(9)           Investments the
payment for which consists of Equity Interests (exclusive of Disqualified
Stock) of Holdings, or any of its direct or indirect parent companies; provided, however, that such Equity Interests will not increase
the amount available for Restricted Payments under clause (3) of Section
4.07(a) hereof;

 

(10)         guarantees of
Indebtedness permitted under Section 4.09 hereof;

 

(11)         any transaction
to the extent it constitutes an Investment that is permitted and made in
accordance with the provisions of Section 4.11(b) hereof (except transactions
described in clauses (2), (5) and (9) of Section 4.11(b) hereof);

 

(12)         Investments
consisting of purchases and acquisitions of inventory, supplies, material or
equipment;

 

(13)         additional
Investments having an aggregate fair market value, taken together with all
other Investments made pursuant to this clause (13) that are at that time
outstanding (without giving effect to the sale of an Unrestricted Subsidiary to
the extent the proceeds of such sale do not consist of cash or marketable
securities), not to exceed 3.5% of Total Assets at the time of such Investment
(with the fair market value of each Investment being measured at the time made
and without giving effect to subsequent changes in value);

 

(14)         Investments
relating to a Receivables Subsidiary that, in the good faith determination of
the Issuer are necessary or advisable to effect any Receivables Facility;

 

21

 

(15)         advances to, or
guarantees of Indebtedness of, employees not in excess of $10.0 million
outstanding at any one time, in the aggregate; and

 

(16)         loans and
advances to officers, directors and employees for business-related travel
expenses, moving expenses and other similar expenses, in each case incurred in
the ordinary course of business or consistent with past practices or to fund
such Person’s purchase of Equity Interests of Holdings or any direct or
indirect parent company thereof.

 

“Permitted Liens” means, with respect to any
Person:

 

(1)           pledges or
deposits by such Person under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection
with bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or
statutory obligations of such Person or deposits of cash or U.S. government
bonds to secure surety or appeal bonds to which such Person is a party, or deposits
as security for contested taxes or import duties or for the payment of rent, in
each case incurred in the ordinary course of business;

 

(2)           Liens imposed
by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case
for sums not yet overdue for a period of more than 30 days or being contested
in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall
then be proceeding with an appeal or other proceedings for review if adequate
reserves with respect thereto are maintained on the books of such Person in
accordance with GAAP;

 

(3)           Liens for
taxes, assessments or other governmental charges not yet overdue for a period
of more than 30 days or payable or subject to penalties for nonpayment or which
are being contested in good faith by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the
books of such Person in accordance with GAAP;

 

(4)           Liens in favor
of issuers of performance and surety bonds or bid bonds or with respect to
other regulatory requirements or letters of credit issued pursuant to the
request of and for the account of such Person in the ordinary course of its
business;

 

(5)           minor survey
exceptions, minor encumbrances, easements or reservations of, or rights of
others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as
to the use of real properties or Liens incidental, to the conduct of the
business of such Person or to the ownership of its properties which were not
incurred in connection with Indebtedness and which do not in the aggregate
materially adversely affect the value of said properties or materially impair
their use in the operation of the business of such Person;

 

(6)           Liens securing
Indebtedness permitted to be incurred pursuant to clause (4) or (12)(b) of
Section 4.09(b) hereof;

 

(7)           Liens existing
on the Issue Date;

 

(8)           Liens on
property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming
such a Subsidiary; provided, further,
however, that 

 

22

 

such Liens may not extend to
any other property owned by Holdings or any of its Restricted Subsidiaries;

 

(9)           Liens on
property at the time Holdings or a Restricted Subsidiary acquired the property,
including any acquisition by means of a merger or consolidation with or into
Holdings or any of its Restricted Subsidiaries; provided, however,
that such Liens are not created or incurred in connection with, or in
contemplation of, such acquisition; provided, further, however,
that the Liens may not extend to any other property owned by Holdings or any of
its Restricted Subsidiaries;

 

(10)         Liens securing
Indebtedness or other obligations of a Restricted Subsidiary owing to Holdings
or another Restricted Subsidiary permitted to be incurred in accordance with
the Section 4.09;

 

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

 

(12)         Liens on
specific items of inventory of other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created
for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;

 

(13)         leases,
subleases, licenses or sublicenses granted to others in the ordinary course of
business which do not materially interfere with the ordinary conduct of the
business of Holdings or any of its Restricted Subsidiaries and do not secure
any Indebtedness;

 

(14)         Liens arising
from Uniform Commercial Code financing statement filings regarding operating
leases entered into by Holdings and its Restricted Subsidiaries in the ordinary
course of business;

 

(15)         Liens in favor
of the Issuer or any Guarantor;

 

(16)         Liens on
equipment of Holdings or any of its Restricted Subsidiaries granted in the
ordinary course of business to Holdings’ clients;

 

(17)         Liens on
accounts receivable and related assets incurred in connection with a
Receivables Facility;

 

(18)         Liens to secure
any refinancing, refunding, extension, renewal or replacement (or successive
refinancing, refunding, extensions, renewals or replacements) as a whole, or in
part, of any Indebtedness secured by any Lien referred to in the foregoing
clauses (6), (7), (8) and (9); provided, however, that (a) such new
Lien shall be limited to all or part of the same property that secured the
original Lien (plus improvements on such property), and (b) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than
the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (6), (7), (8) and (9) at the
time the original Lien became a Permitted Lien under this Indenture, and (ii)
an amount necessary to pay any fees and expenses, including premiums, related
to such refinancing, refunding, extension, renewal or replacement;

 

23

 

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

 

(20)         other Liens
securing obligations incurred in the ordinary course of business which
obligations do not exceed $40.0 million at any one time outstanding;

 

(21)         Liens securing
judgments for the payment of money not constituting an Event of Default under
clause (5) under Section 6.01 hereof so long as such Liens are adequately
bonded and any appropriate legal proceedings that may have been duly initiated
for the review of such judgment have not been finally terminated or the period
within which such proceedings may be initiated has not expired;

 

(22)         Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods in the ordinary
course of business;

 

(23)         Liens
(i) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code on items in the course of collection, (ii) attaching to
commodity trading accounts or other commodity brokerage accounts incurred in
the ordinary course of business, and (iii) in favor of banking institutions
arising as a matter of law encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking
industry;

 

(24)         Liens deemed to
exist in connection with Investments in repurchase agreements permitted under
Section 4.09 hereof; provided that such Liens do not extend to any
assets other than those that are the subject of such repurchase agreement;

 

(25)         Liens
encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business and not for speculative
purposes;

 

(26)         Liens that are
contractual rights of set-off (i) relating to the establishment of depository
relations with banks not given in connection with the issuance of Indebtedness,
(ii) relating to pooled deposit or sweep accounts of Holdings or any of its
Restricted Subsidiaries to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of Holdings and its Restricted
Subsidiaries or (iii) relating to purchase orders and other agreements entered
into with customers of Holdings or any of its Restricted Subsidiaries in the
ordinary course of business; and

 

(27)         during a
Suspension Period only, Liens securing Indebtedness, and Indebtedness
represented by Sale and Leaseback Transactions in an amount not to exceed 15%
of Total Assets at any one time outstanding.

 

For purposes of this definition, the term
“Indebtedness” shall be deemed to include interest on such Indebtedness.

 

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

 

“Preferred
Stock” means any Equity Interest with preferential rights of payment
of dividends or upon liquidation, dissolution, or winding up.

 

24

 

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

 

“Qualified
Proceeds” means the fair market value of assets that are used or
useful in, or Capital Stock of any Person engaged in, a Similar Business.

 

“Rating Agencies” means Moody’s and S&P
or if Moody’s or S&P or both 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 Issuer which shall be substituted for Moody’s
or S&P or both, as the case may be.

 

“Receivables
Facility” means any of one or more receivables financing facilities
as amended, supplemented, modified, extended, renewed, restated or refunded
from time to time, the Obligations of which are non-recourse (except for
customary representations, warranties, covenants and indemnities made in
connection with such facilities) to Holdings or any of its Restricted Subsidiaries
(other than a Receivables Subsidiary) pursuant to which Holdings or any of its
Restricted Subsidiaries sells its accounts receivable to either (a) a Person
that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in
turn sells its accounts receivable to a Person that is not a Restricted
Subsidiary.

 

“Receivables Fees” means
distributions or payments made directly or by means of discounts with respect
to any accounts receivable or participation interest therein issued or sold in
connection with, and other fees paid to a Person that is not a Restricted
Subsidiary in connection with, any Receivables Facility.

 

“Receivables Subsidiary” means any Subsidiary
formed for the purpose of, and that solely engages only in one or more
Receivables Facilities and other activities reasonably related thereto.

 

“Record Date” for the interest or Additional
Interest, if any, payable on any applicable Interest Payment Date means (i)
with respect to the Dollar Floating Rate Notes and the Euro Floating Rate
Notes, February 15, May 15, August 15 and November 15 (whether or not a
Business Day) immediately preceding such Interest Payment Date and (ii) with
respect to the Fixed Rate Notes, February 15 and August 15 (whether or not a
Business Day) immediately preceding such Interest Payment Date.

 

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

 

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

 

“Regulation S Global Note” means a Regulation
S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 

“Regulation S Permanent Global Note” means a
permanent Global Note in the form of Exhibit A-1, Exhibit A-2
or Exhibit A-3 hereto, as the case may be, bearing the Global Note
Legend and 

 

25

 

the Private Placement Legend
and deposited with or on behalf of and registered in the name of the applicable
Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Regulation S Temporary Global Note of the applicable
series upon expiration of the Restricted Period.

 

“Regulation S Temporary Global Note” means a
temporary Global Note in the form of Exhibit A-1, Exhibit A-2
or Exhibit A-3 hereto, as the case may be, bearing the Global Note
Legend, the Private Placement Legend and the Regulation S Temporary Global Note
Legend and deposited with or on behalf of and registered in the name of the
applicable Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes of the applicable series initially
sold in reliance on Rule 903.

 

“Regulation S Temporary Global Note Legend”
means the legend set forth in Section 2.06(g)(iii) hereof.

 

“Related
Business Assets” means assets (other than cash or Cash Equivalents)
used or useful in a Similar Business, provided
that any assets received by Holdings or a Restricted Subsidiary in exchange for
assets transferred by Holdings or a Restricted Subsidiary shall not be deemed
to be Related Business Assets if they consist of securities of a Person, unless
upon receipt of the securities of such Person, such Person would become a Restricted
Subsidiary.

 

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

 

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

 

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

 

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

 

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

 

“Restricted Subsidiary” means, at any time,
any direct or indirect Subsidiary of Holdings (including any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon an Unrestricted Subsidiary ceasing
to be an Unrestricted Subsidiary, such Subsidiary shall be included in the
definition of “Restricted Subsidiary.”

 

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

 

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

 

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

 

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

 

26

 

“S&P” means Standard & Poor’s, a
division of The McGraw-Hill Companies, Inc., and any successor to its rating
agency business.

 

“Sale
and Lease-Back Transaction” means any arrangement providing for the
leasing by Holdings or any of its Restricted Subsidiaries of any real or
tangible personal property, which property has been or is to be sold or
transferred by Holdings or such Restricted Subsidiary to a third Person in contemplation
of such leasing.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured
Indebtedness” means any Indebtedness of Holdings or any of its
Restricted Subsidiaries secured by a Lien.

 

“Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Senior
Credit Facilities” means the Credit Facility under the Credit
Agreement to be entered into as of the Issue Date by and among the Issuer,
Foreign Holdco, Holdings, the lenders party thereto in their capacities as
lenders thereunder and UBS AG, Stamford Branch, as Administrative Agent,
including any guarantees, collateral documents, instruments and agreements
executed in connection therewith, and any amendments, supplements,
modifications, extensions, renewals, restatements, refundings or refinancings
thereof and any indentures or credit facilities or commercial paper facilities
with banks or other institutional lenders or investors that replace, refund or
refinance any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount borrowable thereunder or alters the
maturity thereof (provided
that such increase in borrowings is permitted under Section 4.09 hereof).

 

“Senior Indebtedness” means:

 

(1)           all
Indebtedness of the Issuer or any Guarantor outstanding under the Senior Credit
Facilities or Notes and related Guarantees (including interest accruing on or
after the filing of any petition in bankruptcy or similar proceeding or for
reorganization of the Issuer or any Guarantor (at the rate provided for in the
documentation with respect thereto, regardless of whether or not a claim for
post-filing interest is allowed in such proceedings)), and any and all other
fees, expense reimbursement obligations, indemnification amounts, penalties,
and other amounts (whether existing on the Issue Date or thereafter created or
incurred) and all obligations of the Issuer or any Guarantor to reimburse any
bank or other Person in respect of amounts paid under letters of credit,
acceptances or other similar instruments;

 

(2)           all Hedging
Obligations (and guarantees thereof) owing to a Lender (as defined in the
Senior Credit Facilities) or any Affiliate of such Lender (or any Person that
was a Lender or an Affiliate of such Lender at the time the applicable
agreement giving rise to such Hedging Obligation was entered into), provided
that such Hedging Obligations are permitted to be incurred under the terms of
this Indenture;

 

(3)           any other
Indebtedness of the Issuer or any Guarantor permitted to be incurred under the
terms of this Indenture, unless the instrument under which such Indebtedness is
incurred expressly provides that it is on a parity with or subordinated in
right of payment to the Senior Subordinated Notes or any related Guarantee; and

 

27

 

(4)           all Obligations
with respect to the items listed in the preceding clauses (1), (2) and (3);

 

provided, however, that Senior Indebtedness shall not include:

 

(a)           any obligation
of such Person to the Issuer or any of its Subsidiaries;

 

(b)           any liability
for federal, state, local or other taxes owed or owing by such Person;

 

(c)           any accounts
payable or other liability to trade creditors arising in the ordinary course of
business;

 

(d)           any
Indebtedness or other Obligation of such Person which is subordinate or junior
in any respect to any other Indebtedness or other Obligation of such Person; or

 

(e)           that portion of
any Indebtedness which at the time of incurrence is incurred in violation of
this Indenture.

 

“Senior Subordinated Notes” means (i) the
$300,000,000 aggregate principal amount of the Issuer’s 11 7/8% Dollar
Senior Subordinated Notes due 2016 and (ii) €160,000,000 aggregate principal
amount of the Issuer’s 10 7/8% Euro Senior Subordinated Notes due 2016, in
each case issued on the Issue Date.

 

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

 

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

 

“Similar
Business” means any business conducted or proposed to be conducted
by Holdings and its Restricted Subsidiaries on the Issue Date or any business
that is similar, reasonably related, incidental or ancillary thereto.

 

“Sponsor Management Agreement” means the
management agreement between certain of the management companies associated
with the Investor and the Issuer, as amended from time to time.

 

“Subordinated
Indebtedness” means, with respect to the Notes,

 

(1)           any
Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the Notes, and

 

(2)           any Indebtedness of any
Guarantor which is by its terms subordinated in right of payment to the
Guarantee of such entity of the Notes.

 

“Subsidiary” means, with respect to any
Person:

 

(1)           any
corporation, association, or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than
50% of the total voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination 

 

28

 

owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof or is consolidated under GAAP with such
Person at such time; and

 

(2)           any
partnership, joint venture, limited liability company or similar entity of
which

 

(x)            more than 50%
of the capital accounts, distribution rights, total equity and voting interests
or general or limited partnership interests, as applicable, are owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof whether in the form of membership,
general, special or limited partnership or otherwise, and

 

(y)           such Person or
any Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity.

 

“Total
Assets” means the total assets of Holdings and its Restricted
Subsidiaries on a consolidated basis, as shown on the most recent balance sheet
of Holdings or such other Person as may be expressly stated.

 

“Transaction”
means the transactions contemplated by the Transaction Agreement, the issuance
of the Notes and the Senior Subordinated Notes and borrowings under the Senior
Credit Facilities as in effect on the Issue Date.

 

“Transaction
Agreement” means the Purchase Agreement, dated as of June 30, 2006
by and among Cendant Corporation, Travelport Inc. and TDS Investor LLC, as the
same may be amended on or prior to the Issue Date.

 

“Treasury
Rate” means, as of any Redemption Date, the yield to maturity as of
such Redemption Date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve
Statistical Release H.15 (519) that has become publicly available at least two
Business Days prior to the Redemption Date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data))
most nearly equal to the period from the Redemption Date to September 1, 2008,
in the case of the Dollar Floating Rate Notes, and September 1, 2010 in the
case of the Fixed Rate Notes; provided, however, that if the period
from the Redemption Date to such date is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S.C §§ 77aaa-777bbbb).

 

“Trustee” means The Bank of Nova Scotia Trust
Company of New York, as trustee, until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

 

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

 

“Unrestricted Global Note” means a permanent
Global Note, substantially in the form of Exhibit A-1, A-2
or A-3 attached hereto, as the case may be, 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 

 

29

 

with or on behalf of and
registered in the name of the applicable Depositary, representing Notes that do
not bear the Private Placement Legend.

 

“Unrestricted Subsidiary” means:

 

(1)           any Subsidiary
of Holdings which at the time of determination is an Unrestricted Subsidiary
(as designated by Holdings, as provided below); and

 

(2)           any Subsidiary
of an Unrestricted Subsidiary.

 

Holdings may designate any Subsidiary of Holdings
(including any existing Subsidiary and any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of
its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds
any Lien on, any property of, Holdings or any Subsidiary of Holdings (other than
solely any Subsidiary of the Subsidiary to be so designated); provided that

 

(1)           any
Unrestricted Subsidiary must be an entity of which the Equity Interests
entitled to cast at least a majority of the votes that may be cast by all
Equity Interests having ordinary voting power for the election of directors or
Persons performing a similar function are owned, directly or indirectly, by
Holdings;

 

(2)           such
designation complies with Section 4.07 hereof; and

 

(3)           each of:

 

(a)           the Subsidiary
to be so designated; and

 

(b)           its
Subsidiaries

 

has not at the time of
designation, and does not thereafter, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable with respect to any
Indebtedness pursuant to which the lender has recourse to any of the assets of
Holdings or any Restricted Subsidiary.

 

Holdings may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided
that, immediately after giving effect to such designation, no Default shall
have occurred and be continuing and either:

 

(1)           Holdings could
incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test described in Section 4.09(a) hereof; or

 

(2)           the Fixed
Charge Coverage Ratio for Holdings and its Restricted Subsidiaries would be
greater than such ratio for Holdings and its Restricted Subsidiaries
immediately prior to such designation,

 

in each case on a pro forma basis taking into account such
designation.

 

Any such designation by Holdings shall be notified
by the Issuer to the Trustee by promptly filing with the Trustee a copy of the
resolution of the board of directors of Holdings or any committee thereof
giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the foregoing provisions.

 

30

 

“U.S. Dollar Equivalent” means, with respect
to any monetary amount in a currency other than U.S. dollars, at any time for
the determination thereof, the amount of U.S. dollars obtained by converting
such foreign currency involved in such computation into U.S. dollars at the
spot rate for the purchase of U.S. dollars with the applicable foreign currency
as quoted by Reuters at approximately 10:00 A.M. (New York City time) on such
date of determination (or if no such quote is available on such date, on the
immediately preceding Business Day for which such a quote is available).

 

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

 

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

 

“Weighted Average Life to Maturity” means,
when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing:

 

(1)           the sum of the
products of the number of years from the date of determination to the date of
each successive scheduled principal payment of such Indebtedness or redemption
or similar payment with respect to such Disqualified Stock or Preferred Stock
multiplied by the amount of such payment; by

 

(2)           the sum of all
such payments.

 

“Wholly-Owned Subsidiary” of any Person means
a Subsidiary of such Person, 100% of the outstanding Equity Interests of which
(other than directors’ qualifying shares) shall at the time be owned by such
Person or by one or more Wholly-Owned Subsidiaries of such Person.

 

Section 1.02           Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in 

  Section

  	
   

  
	
  “Acceptable
  Commitment”

  	
   

  	
  4.10

  	
   

  
	
  “Affiliate
  Transaction”

  	
   

  	
  4.11

  	
   

  
	
  “Asset
  Sale Offer”

  	
   

  	
  4.10

  	
   

  
	
  “Authentication
  Order”

  	
   

  	
  2.02

  	
   

  
	
  “Calculation
  Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Change
  of Control Offer”

  	
   

  	
  4.14

  	
   

  
	
  “Change
  of Control Payment”

  	
   

  	
  4.14

  	
   

  
	
  “Change
  of Control Payment Date”

  	
   

  	
  4.14

  	
   

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.03

  	
   

  
	
  “Covenant
  Suspension Event”

  	
   

  	
  4.16

  	
   

  
	
  “DTC”

  	
   

  	
  2.03

  	
   

  
	
  “Dollar
  Paying Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Euro
  Paying Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Event
  of Default”

  	
   

  	
  6.01

  	
   

  
	
  “Excess
  Proceeds”

  	
   

  	
  4.10

  	
   

  
	
  “incur”

  	
   

  	
  4.09

  	
   

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.02

  	
   

  
	
  “Note
  Register”

  	
   

  	
  2.03

  	
   

  
	
  “Offer
  Amount”

  	
   

  	
  3.09

  	
   

  
	
  “Offer
  Period”

  	
   

  	
  3.09

  	
   

  

 

31

 

	
  Term

  	
   

  	
  Defined in 

  Section

  	
   

  
	
  “Pari
  Passu Indebtedness”

  	
   

  	
  4.10

  	
   

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  	
   

  
	
  “Purchase
  Date”

  	
   

  	
  3.09

  	
   

  
	
  “Redemption
  Date”

  	
   

  	
  3.07

  	
   

  
	
  “Refinancing Indebtedness”

  	
   

  	
  4.09

  	
   

  
	
  “Refunding
  Capital Stock”

  	
   

  	
  4.07

  	
   

  
	
  “Registrar”

  	
   

  	
  2.03

  	
   

  
	
  “Restricted
  Payments”

  	
   

  	
  4.07

  	
   

  
	
  “Reversion
  Date”

  	
   

  	
  4.16

  	
   

  
	
  “Second
  Commitment”

  	
   

  	
  4.10

  	
   

  
	
  “Successor
  Company”

  	
   

  	
  5.01

  	
   

  
	
  “Successor Person”

  	
   

  	
  5.01

  	
   

  
	
  “Suspended
  Covenants”

  	
   

  	
  4.16

  	
   

  
	
  “Treasury
  Capital Stock”

  	
   

  	
  4.07

  	
   

  

 

Section 1.03           Incorporation
by Reference of Trust Indenture Act.

 

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

 

The following Trust Indenture Act terms used in this
Indenture have the following meanings:

 

“indenture securities” means the Notes;

 

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

 

“indenture to be qualified” means this Indenture;

 

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

 

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

 

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

 

Section 1.04           Rules of
Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)           “or” is not
exclusive;

 

32

 

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

 

(e)           “will” shall be
interpreted to express a command;

 

(f)            provisions
apply to successive events and transactions;

 

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

 

(h)           unless the
context otherwise requires, any reference to an “Article,” “Section” or
“clause” refers to an Article, Section or clause, as the case may be, of this
Indenture; and

 

(i)            the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or
other subdivision.

 

Section 1.05           Acts of Holders.

 

(a)           Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. Except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustee
and, where it is hereby expressly required, to the Issuer. Proof of execution
of any such instrument or of a writing appointing any such agent, or the
holding by any Person of a Note, shall be sufficient for any purpose of this
Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and
the Issuer, if made in the manner provided in this Section 1.05.

 

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

 

(c)           The ownership
of Notes shall be proved by the Note Register.

 

(d)           Any request,
demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Note shall bind every future Holder of the same Note and the
Holder of every Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, in respect of any action taken, suffered
or omitted by the Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

 

(e)           The Issuer may,
in the circumstances permitted by the Trust Indenture Act, set a record date
for purposes of determining the identity of Holders entitled to give any
request, demand, authorization, direction, notice, consent, waiver or take any
other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not
set by the Issuer prior to the first solicitation of a Holder made by any
Person in respect of any such action, or in the case of any such vote, prior to
such vote, any such record date shall be the later of 30 

 

33

 

days prior to the first solicitation of such consent or the date of the
most recent list of Holders furnished to the Trustee prior to such solicitation.

 

(f)            Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard
to any particular Note may do so with regard to all or any part of the
principal amount of such Note or by one or more duly appointed agents, each of
which may do so pursuant to such appointment with regard to all or any part of
such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this
paragraph shall have the same effect as if given or taken by separate Holders
of each such different part.

 

(g)           Without
limiting the generality of the foregoing, a Holder, including DTC and the
Common Depositary that is the Holder of a Global Note, may make, give or take,
by a proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders, and DTC and the Common Depositary that
is the Holder of a Global Note may provide its proxy or proxies to the
beneficial owners of interests in any such Global Note through such
depositary’s standing instructions and customary practices.

 

(h)           The Issuer may
fix a record date for the purpose of determining the Persons who are beneficial
owners of interests in any Global Note held by DTC and the Common Depositary
entitled under the procedures of such depositary to make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders. If such a record date is fixed, the
Holders on such record date or their duly appointed proxy or proxies, and only
such Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or
not such Holders remain Holders after such record date. No such request,
demand, authorization, direction, notice, consent, waiver or other action shall
be valid or effective if made, given or taken more than 90 days after such record
date.

 

ARTICLE 2

 

THE NOTES

 

Section 2.01           Form and
Dating; Terms.

 

(a)           General. The Notes and
the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A-1 (in the case of the Dollar Floating Rate Notes), Exhibit
A-2 (in the case of the Euro Floating Rate Notes) and Exhibit A-3
(in the case of the Fixed Rate Notes) hereto. The Notes may have notations,
legends or endorsements required by law, stock exchange rules or usage. Each
Note shall be dated the date of its authentication. The Dollar Floating Rate
Notes and the Fixed Rate Notes shall be in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. The Euro Floating Rate Notes shall
be in minimum denominations of €50,000 and integral multiples of €1,000 in excess
thereof.

 

(b)           Global Notes. Notes issued
in global form shall be substantially in the form of Exhibit A-1 (in the
case of the Dollar Floating Rate Notes), Exhibit A-2 (in the case of the
Euro Floating Rate Notes) and Exhibit A-3 (in the case of the Fixed Rate
Notes) 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-1 (in the case of the Dollar Floating Rate Notes), Exhibit A-2 (in
the case of the Euro Floating Rate Notes) and Exhibit A-3 (in the case
of the Fixed Rate Notes) attached hereto (but without the Global Note Legend
thereon and without 

 

34

 

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 in the “Schedule of Exchanges of Interests in the Global
Note” attached thereto and each shall provide that it shall represent up to the
aggregate principal amount of 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 applicable, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder
thereof as required by Section 2.06 hereof.

 

(c)           Temporary
Global Notes. Notes offered and sold in reliance on Regulation S
shall be issued initially in the form of the Regulation S Temporary Global
Note, which shall be deposited on behalf of the purchasers of the Notes
represented thereby with the Custodian and registered in the name of the
applicable Depositary or the nominee of the Depositary for the accounts of
designated agents holding on behalf of Euroclear or Clearstream, duly executed
by the Issuer and authenticated by the Trustee as hereinafter provided. The
Restricted Period shall be terminated upon the receipt by the Trustee of:

 

(i)            a written
certificate from the applicable Depositary, together with copies of
certificates from Euroclear and Clearstream certifying that they have received
certification of non-United States beneficial ownership of 100% of the aggregate
principal amount of each Regulation S Temporary Global Note (except to the
extent of any beneficial owners thereof who acquired an interest therein during
the Restricted Period pursuant to another exemption from registration under the
Securities Act and who shall take delivery of a beneficial ownership interest
in a 144A Global Note bearing a Private Placement Legend, all as contemplated
by Section 2.06(b) hereof); and

 

(ii)           an Officer’s
Certificate from the Issuer.

 

Following the termination of the Restricted Period,
beneficial interests in each Regulation S Temporary Global Note shall be
exchanged for beneficial interests in a Regulation S Permanent Global Note of
the same series pursuant to the Applicable Procedures. Simultaneously with the
authentication of the corresponding Regulation S Permanent Global Note, the
Trustee shall cancel the corresponding Regulation S Temporary Global Note. The
aggregate principal amount of a Regulation S Temporary Global Note and a Regulation
S Permanent Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the applicable Depositary or its
nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

 

(d)           Terms. The aggregate
principal amount of Notes that may be authenticated and delivered under this
Indenture is unlimited.

 

The terms and provisions contained in the Notes
shall constitute, and are hereby expressly made, a part of this Indenture and
the Issuer, the Guarantors 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.

 

The Notes shall be subject to repurchase by the
Issuer pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a
Change of Control Offer as provided in Section 4.14 hereof. The Notes shall not
be redeemable, other than as provided in Article 3.

 

35

 

Additional Notes ranking pari
passu with the Initial Notes may be
created and issued from time to time by the Issuer without notice to or consent
of the Holders and shall be consolidated with and form a single class with the
Initial Notes and shall have the same terms as to status, redemption or
otherwise as the Initial Notes; provided that the Issuer’s ability to
issue Additional Notes shall be subject to the Issuer’s compliance with Section
4.09 hereof. Any Additional Notes shall be issued with the benefit of an indenture
supplemental to this Indenture.

 

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

 

Section 2.02           Execution and
Authentication.

 

At least one Officer shall execute the Notes on
behalf of the Issuer by manual or facsimile signature.

 

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

 

A Note shall not be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A-1, Exhibit A-2 or Exhibit
A-3 attached hereto, as the case may be, by the manual or facsimile signature
of the Trustee. The signature shall be conclusive evidence that the Note has
been duly authenticated and delivered under this Indenture.

 

On the Issue Date, the Trustee shall, upon receipt
of an Issuer Order (an “Authentication Order”), authenticate and deliver
(i) the Initial Fixed Rate Notes, (ii) the Initial Dollar Floating
Rate Notes and (iii) the Initial Euro Floating Rate Notes. In addition, at any
time, from time to time, the Trustee shall upon an Authentication Order authenticate
and deliver any Additional Notes and Exchange Notes for an aggregate principal amount
specified in such Authentication Order for such Additional Notes or Exchange
Notes issued hereunder.

 

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

 

Section 2.03           Registrar,
Paying Agent and Calculation Agent.

 

The Issuer shall maintain (i) an office or agency
where Notes may be presented for registration of transfer or for exchange (“Registrar”),
(ii) an office or agency in the Borough of Manhattan, the City of New York, the
State of New York where Dollar Floating Rate Notes and Fixed Rate Notes may be
presented for payment (“Dollar Paying Agent”) (iii) an office or agency
in the Borough of Manhattan, the City of New York, the State of New York and
London, England where Euro Floating Rate Notes may be presented for payment (“Euro
Paying Agent”) and (iv) to the extent practicable, an office or agency in a
European Union member state that will not be obliged to withhold or deduct tax
pursuant to the European Union Directive 2003/48/EC regarding the taxation of
savings income (the “Directive”). In addition, there shall be a
Calculation Agent for purposes of the Floating Rate Notes (the “Calculation
Agent”). The Registrar shall keep a register of the Notes (“Note Register”)
and of their transfer and exchange. The Issuer may appoint one or more
co-registrars and one or more additional paying agents. The term “Registrar” 

 

36

 

includes any co-registrar
and the term “Paying Agent” includes the Dollar Paying Agent, the Euro Paying
Agent and any additional paying agent. The Issuer initially appoints the
Trustee as Dollar Paying Agent and The Bank of New York as Euro Paying Agent. The
Issuer may change any Paying Agent, Registrar or Calculation Agent without
prior notice to any Holder. The Issuer shall notify the Trustee in writing of
the name and address of any Agent not a party to this Indenture. If the Issuer
fails to appoint or maintain another entity as Registrar, Paying Agent or
Calculation Agent, the Trustee shall, to the extent that it is capable, act as
such. The Issuer or any of its Subsidiaries may act as Paying Agent or
Registrar.

 

The Issuer initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes
representing the Dollar Floating Rate Notes and the Fixed Rate Notes. The
Issuer initially appoints The Bank of New York to act as Common Depositary with
respect to the Global Notes representing the Euro Floating Rate Notes.

 

The Issuer initially appoints the Trustee to act as
the Registrar and Calculation Agent for the Notes and the Common Depositary to
act as Custodian with respect to the Global Notes representing the Euro
Floating Rate Notes.

 

Section 2.04           Paying Agent to
Hold Money in Trust.

 

The Issuer shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or Additional Interest, if any,
or interest on the Notes, and will notify the Trustee of any default by the
Issuer in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The
Issuer at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Issuer or a Subsidiary) shall have no further liability for the money. If the
Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer,
the Trustee shall serve as Paying Agent for the Dollar Floating Rate Notes and
the Fixed Rate Notes and The Bank of New York shall serve as Paying Agent for
the Euro Floating Rate 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 Trust Indenture Act
Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish
to the Trustee at least five Business Days before each Interest Payment Date
and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and
addresses of the Holders of Notes and the Issuer shall otherwise comply with Trust
Indenture Act Section 312(a).

 

Section 2.06           Transfer and
Exchange.

 

(a)           Transfer and
Exchange of Global Notes. Except as otherwise set forth in this
Section 2.06, a Global Note may be transferred, in whole and not in part, only
to another nominee of the applicable Depositary or to a successor thereto or a
nominee of such successor thereto. A beneficial interest in a Global Note may
not be exchanged for a Definitive Note of the same series unless(A) in the case
of a Global Note representing Dollar Floating Rate Notes or Fixed Rate Notes,
the Dollar Depositary (x) notifies the Issuer that it is unwilling or unable to
continue as Depositary for such Global Note or (y) has ceased to be a clearing
agency registered under the Exchange Act, and, in either case, a successor Depositary

 

37

 

is not appointed by the Issuer within 120 days, (B) in the case of a
Global Note representing Euro Floating Rate Notes, (x) Euroclear or Clearstream
notifies the Issuer that it is unwilling or unable to continue as clearing
agency or (y) the Common Depositary notifies the Issuer that it is unwilling or
unable to continue as common depositary for such Global Note, and, in either
case, a successor Depositary is not appointed by the Issuer within 120 days or
(C) in the case of any Global Note, there shall have
occurred and be continuing a Default with respect to the Notes. Upon the
occurrence of any of the preceding events in (A) or (B) above, Definitive Notes
delivered in exchange for any Global Note of the same series or beneficial
interests therein will be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depositary (in accordance with its customary
procedures). Global Notes also may be exchanged or replaced, in whole or in
part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note of the same series
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, except for Definitive Notes issued subsequent to any of the
preceding events in (i) or (ii) above and pursuant to Section 2.06(c) hereof. A
Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); provided, however, beneficial interests in
a Global Note may be transferred and exchanged as provided in Section 2.06(b),
(c) or (f) hereof.

 

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

 

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

 

(ii)           All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection
with all transfers and exchanges of beneficial interests that are not subject
to Section 2.06(b)(i) hereof,
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 applicable Depositary in accordance with the Applicable Procedures
directing such Depositary to credit or cause to be credited a beneficial
interest in another Global Note in an amount equal to the beneficial interest
to be transferred or exchanged and (2) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase or (B) (1) a written order
from a Participant or an Indirect Participant given to the applicable Depositary
in accordance with the Applicable Procedures directing such Depositary to cause
to be issued a Definitive Note of the same series in an amount equal to the
beneficial interest to 

 

38

 

be transferred or exchanged
and (2) instructions given by the applicable Depositary to the Registrar
containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the
transfer or exchange of beneficial interests in a Regulation S Temporary Global
Note prior to (A) the expiration of the Restricted Period and (B) the receipt
by the Registrar of any certificates required pursuant to Rule 903. Upon
consummation of an Exchange Offer by the Issuer in accordance with Section
2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to
have been satisfied upon receipt by the Registrar of the instructions contained
in the Letter of Transmittal delivered by the Holder of such beneficial interests
in the Restricted Global Notes. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 2.06(h) hereof.

 

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

 

(A)          if the
transferee will take delivery in the form of a beneficial interest in a 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

 

(B)           if the
transferee will take delivery in the form of a beneficial interest in a
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.

 

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

 

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

 

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

 

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

 

(D)          the Registrar
receives the following:

 

(1)           if the holder of such
beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an 

 

39

 

Unrestricted
Global Note of the same series, a certificate from such Holder substantially 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 of the same series, a certificate
from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and, in each such case set forth in this
subparagraph (D), if the 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 is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

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

 

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

 

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

 

(i)            Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder
of a beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon the occurrence of any of the events in paragraph
(i) or (ii) of Section 2.06(a) hereof
and 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 substantially 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 substantially in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(C)           if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904, a certificate
substantially in the form of Exhibit B hereto, including the certifications
in item (2) thereof;

 

(D)          if such
beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a

 

40

 

certificate substantially in
the form of Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

(E)           if such
beneficial interest is being transferred to the Issuer or any of its Restricted
Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

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

 

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

 

(ii)           Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding
Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation
S Temporary Global Note may not be exchanged for a Definitive Note or
transferred to a Person who takes delivery thereof in the form of a Definitive
Note prior to (A) the expiration of the Restricted Period and (B) the receipt
by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B)
of the Securities Act, except in the case of a transfer pursuant to an
exemption from the registration requirements of the Securities Act other than
Rule 903 or Rule 904.

 

(iii)          Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial
interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note only upon the occurrence of any of the events in subsection (i)
or (ii) of Section 2.06(a) hereof
and if:

 

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

 

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

 

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

 

(D)          the Registrar
receives the following:

 

41

 

(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 substantially in the form of Exhibit C hereto,
including the certifications in item (1)(b) thereof; or

 

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

 

and,
in each such case set forth in this subparagraph (D), if the 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 is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

(iv)          Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder
of a beneficial interest in an Unrestricted Global Note proposes to exchange
such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive
Note, then, upon the occurrence of any of the events in subsection (i) or (ii)
of Section 2.06(a) hereof and satisfaction
of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall
execute and the Trustee shall authenticate and mail to the Person designated in
the instructions a Definitive Note in the applicable principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(iv) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from or through the applicable
Depositary and the Participant or Indirect Participant. The Trustee shall mail
such Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest pursuant to
this Section 2.06(c)(iv) shall not bear the Private Placement Legend.

 

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

 

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

 

(A)          if the Holder
of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder
substantially 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 substantially in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

42

 

(C)           if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate
substantially in the form of 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 substantially in the form of Exhibit B hereto, including
the certifications in item (3)(a) thereof;

 

(E)           if such
Restricted Definitive Note is being transferred to the Issuer or any of its
Restricted Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

(F)           if such Restricted
Definitive Note is being transferred pursuant to an effective registration statement
under the Securities Act, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(c) thereof,

 

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

 

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

 

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

 

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

 

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

 

(D)          the Registrar
receives the following:

 

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

 

(2)           if the Holder of such
Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder substantially 

 

43

 

in
the form of Exhibit B hereto, including the certifications in item
(4) thereof;

 

and, in each such case set forth in this
subparagraph (D), if the 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 is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(C)           if the transfer
will be made pursuant to any other exemption from the registration requirements
of the Securities Act, then the transferor must deliver a certificate 

 

44

 

in the form of Exhibit B
hereto, including the certifications required by item (3) thereof, if applicable.

 

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

 

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

 

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

 

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

 

(D)          the Registrar
receives the following:

 

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

 

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

 

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

 

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

 

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

 

45

 

Letters of Transmittal that (x) they are not Broker-Dealers, (y) they
are not participating in a distribution of the Exchange Notes and (z) they are
not affiliates (as defined in Rule 144) of the Issuer, and accepted for exchange
in the Exchange Offer and (ii) Unrestricted Definitive Notes in an
aggregate principal amount equal to the principal amount of the Restricted Definitive
Notes of the same series tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not
Broker-Dealers, (y) they are not participating in a distribution of the
Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the
Issuer, and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount
of the applicable Restricted Global Notes to be reduced accordingly, and the
Issuer shall execute and the Trustee shall authenticate and mail to the Persons
designated by the Holders of Definitive Notes so accepted Unrestricted Definitive
Notes in the applicable principal amount. Any Notes that remain outstanding
after the consummation of the Exchange Offer, and Exchange Notes issued in
connection with the Exchange Offer, shall be treated as a single class of securities
under this Indenture.

 

(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:

 

“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT, (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE
OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE
ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE
904 UNDER THE SECURITIES ACT (IF AVAILABLE), (D) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E)
IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS),
OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 

 

46

 

AS
USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON”
HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”

 

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

 

(ii)           Global Note Legend. (a)  Each Global Note representing Dollar Floating
Rate Notes or Fixed Rate Notes shall bear a legend in substantially the
following form:

 

“THIS
GLOBAL NOTE IS HELD BY THE DOLLAR 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(h) 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 DOLLAR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 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 DOLLAR DEPOSITARY TO
A NOMINEE OF THE DOLLAR DEPOSITARY OR BY A NOMINEE OF THE DOLLAR DEPOSITARY TO
THE DOLLAR DEPOSITARY OR ANOTHER NOMINEE OF THE DOLLAR DEPOSITARY OR BY THE
DOLLAR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DOLLAR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DOLLAR 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 ISSUER 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.”

 

(iii)          (b)           Each Global
Note representing Euro Floating Rate Notes shall bear a legend in substantially
the following form:

 

47

 

“THIS
GLOBAL NOTE IS HELD BY THE COMMON 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(h) 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 COMMON DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE ISSUER. 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 COMMON DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF
THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON
DEPOSITARY OR BY THE COMMON DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR COMMON
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW
YORK DEPOSITORY (NOMINEES) LIMITED OR SUCH OTHER NAME AS MAY
BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY
PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW
YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.”

 

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

 

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

 

(h)           Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes
or a particular Global Note has been redeemed, repurchased or canceled in whole
and not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for 

 

48

 

Definitive Notes, the principal amount of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on
such Global Note by the Trustee or by the applicable Depositary at the direction
of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the applicable Depositary at the direction of
the Trustee to reflect such increase.

 

(i)            General
Provisions Relating to Transfers and Exchanges.

 

(i)            To permit registrations of
transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon receipt of an Authentication Order in
accordance with Section 2.02 hereof or at the Registrar’s request.

 

(ii)           No service charge shall be
made to a holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).

 

(iii)          Neither the Registrar nor the
Issuer shall be required to register the transfer of or exchange any Note selected
for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

 

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

 

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

 

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

 

(vii)         Upon surrender for
registration of transfer of any Note at the office or agency of the Issuer
designated pursuant to Section 4.02
hereof, the Issuer shall execute, and the Trustee shall authenticate and
mail, in the name of the designated transferee or transferees, one or more replacement
Notes of any authorized denomination or denominations of a like aggregate
principal amount.

 

(viii)        At the option of the Holder,
Notes may be exchanged for other Notes of any authorized denomination or denominations
of a like aggregate principal amount upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Global Notes or Definitive Notes are so
surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and mail, the replacement 

 

49

 

Global
Notes and Definitive Notes which the Holder making the exchange is entitled to
in accordance with the provisions of Section 2.02 hereof.

 

(ix)           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.

 

Section 2.07           Replacement
Notes.

 

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

 

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

 

Section 2.08           Outstanding
Notes.

 

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in Section
2.09 hereof, a Note does not cease to be outstanding because the Issuer or an
Affiliate of the Issuer holds the Note.

 

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

 

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

 

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

 

Section 2.09           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 Issuer, or by any Affiliate of the Issuer, shall be considered
as though not outstanding, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Responsible Officer of the Trustee knows are so
owned shall be so disregarded. Notes so owned which have been pledged in good
faith shall not be disregarded if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to the Notes and that the pledgee is not the Issuer or any
obligor upon the Notes or any Affiliate of the Issuer or of such other obligor.

 

50

 

Section 2.10           Temporary Notes.

 

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

 

Holders and beneficial holders, as the case may be,
of temporary Notes shall be entitled to all of the benefits accorded to
Holders, or beneficial holders, respectively, of Notes under this Indenture.

 

Section 2.11           Cancellation.

 

The Issuer at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee or, at the direction of the Trustee, the Registrar or the
Paying Agent 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 requirement of the Exchange
Act). Certification of the destruction of all cancelled Notes shall be
delivered to the Issuer. The Issuer 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 Issuer defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to
the extent lawful, interest payable on the defaulted interest to the Persons
who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Issuer shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment, and at the same time the Issuer
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such defaulted interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such defaulted interest as provided in this
Section 2.12. The Trustee shall fix or cause to be fixed each such special
record date and payment date; provided that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. The Trustee shall promptly notify the Issuer of such special record
date. At least 15 days before the special record date, the Issuer (or, upon the
written request of the Issuer, the Trustee in the name and at the expense of the
Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each
Holder, with a copy to the Trustee, a notice at his or her address as it
appears in the Note Register that states the special record date, the related
payment date and the amount of such interest to be paid.

 

Subject to the foregoing provisions of this Section
2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note
shall carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Note.

 

51

 

Section 2.13              CUSIP/COMMON
CODE/ISIN Numbers

 

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

 

Section
2.14           Calculation of
Principal Amount of Securities.

 

The aggregate principal amount of the Notes, at any
date of determination, shall be the sum of (1) the principal amount of the
Dollar Floating Rate Notes at such date of determination plus (2) the principal
amount of the Fixed Rate Notes at such date of determination plus (3) the U.S.
Dollar Equivalent, at such date of determination, of the principal amount of
the Euro Floating Rate Notes at such date of determination. With respect to any
matter requiring consent, waiver, approval or other action of the Holders of a
specified percentage of the principal amount of all the Notes (and not solely
the Dollar Floating Rate Notes, Fixed Rate Notes or the Euro Floating Rate Notes
as provided for in the proviso to the first sentence of Section 9.02), such percentage
shall be calculated, on the relevant date of determination, by dividing (a) the
principal amount, as of such date of determination, of Notes, the Holders of
which have so consented by (b) the aggregate principal amount, as of such date
of determination, of the Notes then outstanding, in each case, as determined in
accordance with the preceding sentence, Section 2.08 and Section 2.09 of this
Indenture. Any such calculation made pursuant to this Section 2.14 shall be
made by the Issuer and delivered to the Trustee pursuant to an Officers’ Certificate.

 

ARTICLE 3

 

REDEMPTION

 

Section
3.01           Notices to
Trustee.

 

If the Issuer elects to redeem Euro Floating Rate
Notes, Dollar Floating Rate Notes or Fixed Rate Notes pursuant to Section 3.07
hereof, it shall furnish to the Trustee,, at least 2 Business Days before
notice of redemption is required to be mailed or caused to be mailed to Holders
pursuant to Section 3.03 hereof but not more than 60 days before a Redemption
Date, an Officer’s Certificate setting forth (i) the paragraph or subparagraph
of such Note and/or Section of this Indenture pursuant to which the redemption
shall occur, (ii) the Redemption Date, (iii) the principal amount of the Dollar
Floating Rate Notes, Euro Floating Rate Notes or Fixed Rate Notes, as the case
may be, to be redeemed and (iv) the redemption price.

 

Section
3.02           Selection of
Notes to Be Redeemed or Purchased.

 

If less than all of the Dollar Floating Rate Notes, Euro
Floating Rate Notes or Fixed Rate Notes as the case may be, 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 (a) if the Notes are listed on any
national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Notes are listed or
(b) on a pro rata basis or, to the extent
that selection on a pro rata basis
is not practicable, by lot or by such other method the Trustee considers fair
and appropriate. In the event of partial redemption or purchase by lot, the
particular Notes to be redeemed or purchased shall be selected, unless 

 

52

 

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 or purchase.

 

The Trustee shall promptly notify the Issuer 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 or purchased. Notes and portions of Notes selected shall
be in amounts of $2,000 or whole multiples of $1,000 in excess thereof, in the
case of the Dollar Floating Rate Notes or Fixed Rate Notes or €50,000, or whole
multiples of €1,000 in excess thereof, in the case of the Euro Floating Rate
Notes; no Dollar Floating Rate Notes or Fixed Rate Notes of less than $2,000 or
Euro Floating Rate Notes of less than €50,000 can be redeemed in part, 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 or €1,000, as the case may be, shall be redeemed or purchased. Except
as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase.

 

Section
3.03           Notice of
Redemption.

 

Subject to Section 3.09 hereof, the Issuer shall
mail or cause to be mailed by first-class mail notices of redemption at least 30
days but not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed at such Holder’s registered address or otherwise in
accordance with Applicable Procedures, except that redemption notices may be
mailed more than 60 days prior to a Redemption Date if the notice is issued in
connection with Article 8 or Article 11 hereof. Except as set forth in Section
3.07(c) and Section 3.07(d) hereof, notices of redemption may not be conditional.

 

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
to be redeemed in part only, the portion of the principal amount of that Note
that is to be redeemed and that, after the Redemption Date upon surrender of
such Note, a new Note or Notes in principal amount equal to the unredeemed
portion of the original Note representing the same indebtedness to the extent
not redeemed will be issued in the name of the Holder of the Notes 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
Issuer defaults in making such redemption payment, interest on Notes called for
redemption ceases to accrue on and after the Redemption Date;

 

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

 

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

 

53

 

(i)            if in
connection with a redemption pursuant to Section 3.07(c) or 3.07(d) hereof, any
condition to such redemption.

 

At the Issuer’s request, the Trustee shall give the
notice of redemption in the Issuer’s name and at its expense; provided
that the Issuer shall have delivered to the Trustee, at least 2 Business Days
before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed
to by the Trustee), an Officer’s Certificate requesting that the Trustee give
such notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph.

 

Section
3.04           Effect of
Notice of Redemption.

 

Once notice of redemption is mailed in accordance
with Section 3.03 hereof, Notes called for redemption become irrevocably due
and payable on the Redemption Date at the redemption price (except as provided
for in Section 3.07(c) and 3.07(d) hereof). The notice, if mailed in a manner
herein provided, shall be conclusively presumed to have been given, whether or
not the Holder receives such notice. In any case, failure to give such notice
by mail or any defect in the notice to the Holder of any Note designated for
redemption in whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note. Subject to Section 3.05 hereof, on and
after the Redemption Date, interest ceases to accrue on Notes or portions of
Notes called for redemption.

 

Section
3.05           Deposit of
Redemption or Purchase Price.

 

(a)           With respect to
the Dollar Floating Rate Notes or the Fixed Rate Notes, prior to 10:00 a.m.
(New York City time) on the redemption or purchase date, the Issuer shall
deposit with the Trustee or with the Dollar Paying Agent money sufficient to
pay the redemption or purchase price of and accrued and unpaid interest
(including Additional Interest, if any) on all Dollar Floating Rate Notes and/or
Fixed Rate Notes to be redeemed or purchased on that date. The Trustee or the Dollar
Paying Agent shall promptly return to the Issuer any money deposited with the
Trustee or the Dollar Paying Agent by the Issuer in excess of the amounts necessary
to pay the redemption price of, and accrued and unpaid interest on, all Dollar
Floating Rate Notes and/or Fixed Rate Notes to be redeemed or purchased.

 

(b)           With respect to
the Euro Floating Rate Notes, prior to 10:00 a.m. (London time) on the
redemption or purchase date, the Issuer shall deposit with the Euro Paying
Agent money sufficient to pay the redemption or purchase price of and accrued
and unpaid interest (including Additional Interest, if any) on all Euro Floating
Rate Notes to be redeemed or purchased on that date. The Euro Paying Agent
shall promptly return to the Issuer any money deposited with the Euro Paying
Agent by the Issuer in excess of the amounts necessary to pay the redemption
price of, and accrued and unpaid interest on, all Euro Floating Rate Notes to
be redeemed or purchased.

 

(c)           If the Issuer
complies with the provisions of the preceding paragraphs (a) or (b), as
applicable, on and after the redemption or purchase date, interest shall cease
to accrue on the applicable series of Notes or the portions of Notes called for
redemption or purchase. If a Note is redeemed or purchased on or after a Record
Date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest to the redemption or purchase date 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 purchase shall not be so paid upon
surrender for redemption or purchase because of the failure of the Issuer to
comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest accrued to the redemption or purchase date
not paid on such unpaid principal, in each case at the rate provided in the Notes
and in Section 4.01 hereof.

 

54

 

Section
3.06           Notes Redeemed or
Purchased in Part.

 

Upon surrender of a Note that is redeemed or
purchased in part, the Issuer shall issue and the Trustee shall authenticate
for the Holder at the expense of the Issuer a new Note equal in principal
amount to the unredeemed or unpurchased portion of the Note surrendered
representing the same indebtedness to the extent not redeemed or purchased; provided
that (i) each new Dollar Floating Rate Note or Fixed Rate Note will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof
and (ii) each new Euro Floating Rate Note will be in a principal amount of
€50,000 or €1,000 in excess thereof. It is understood that, notwithstanding
anything in this Indenture to the contrary, only an Authentication Order and
not an Opinion of Counsel or Officer’s Certificate is required for the Trustee
to authenticate such new Note.

 

Section
3.07           Optional
Redemption.

 

(a)           At any time
prior to September 1, 2008, the Issuer may redeem all or a part of the Dollar Floating
Rate Notes and/or Euro Floating Rate Notes upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to the registered address of
each Holder or otherwise delivered in accordance with Applicable Procedures, at
a redemption price equal to 100% of the principal amount of such Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and
Additional Interest, if any, to the date of redemption (the “Redemption Date”), subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant
interest payment date.

 

(b)           At any time
prior to September 1, 2010, the Issuer may redeem all or a part of each
series of Fixed Rate Notes, upon not less than 30 nor more than 60 days’ prior
notice mailed by first-class mail to the registered address of each Holder or
otherwise delivered in accordance with the procedures of DTC, at a redemption
price equal to 100% of the principal amount of Fixed Rate Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest and Additional
Interest, if any, to the Redemption
Date, subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date.

 

(c)           Until September
1, 2008, the Issuer may, at its option, redeem up to 35% of the aggregate
principal amount of Dollar Floating Rate Notes issued by it at a redemption
price equal to 100% of the aggregate principal amount thereof, plus a premium
equal to the rate per annum on the Dollar Floating Rate Notes applicable on the
date on which notice of redemption is given, plus accrued and unpaid interest
and Additional Interest, if any, and up to 35% of the aggregate principal amount
of Euro Floating Rate Notes issued by it at a redemption price equal to 100% of
the aggregate principal amount thereof, plus a premium equal to the rate per
annum on the Euro Floating Rate Notes applicable on the date on which notice of
redemption is given, plus accrued and unpaid interest and Additional Interest,
if any, to the Redemption Date, subject in each case to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date, with the net cash proceeds received by it from one or
more Equity Offerings; provided
that (i) at least 50% of the sum of the aggregate principal amount of Dollar
Floating Rate Notes originally issued under this Indenture and any Additional
Notes that are Dollar Floating Rate Notes issued under this Indenture after the
Issue Date and at least 50% of the sum of the aggregate principal amount of Euro
Floating Rate Notes originally issued under this Indenture and any Additional
Notes that are Euro Floating Rate Notes issued under this Indenture after the
Issue Date remains outstanding immediately after the occurrence of each such
redemption; and (ii) each such redemption occurs within 90 days of the date of
closing of each such Equity Offering.

 

(d)           Until September
1, 2009, the Issuer may, at its option, redeem up to 35% of the aggregate
principal amount of Fixed Rate Notes issued by it at a redemption price equal
to 109.875% of the aggregate principal amount thereof, plus a premium equal to
the rate per annum on the Fixed Rate 

 

55

 

Notes applicable on the date on which notice of redemption is given,
plus accrued and unpaid interest and Additional Interest, if any, subject to
the right of Holders of Fixed Rate Notes of record on the relevant record date
to receive interest due on the relevant interest payment date, with the net
cash proceeds received by it from one or more Equity Offerings; provided that (i) at least 50% of
the aggregate principal amount of Fixed Rate Notes originally issued under this
Indenture and any Additional Notes that are Fixed Rate Notes issued under this
Indenture after the Issue Date remain outstanding immediately after the
occurrence of each such redemption; and (ii) each such redemption occurs within
90 days of the date of closing of each such Equity Offering.

 

(e)           Except pursuant
to clause (a) or (c) of this Section 3.07, the Dollar Floating Rate Notes and
the Euro Floating Rate Notes will not be redeemable at the Issuer’s option
prior to September 1, 2008. Except pursuant to clause (b) or (d) of this Section
3.07, the Fixed Rate Notes will not be redeemable at the Issuer’s option prior
to September 1, 2010.

 

(f)            On and after
September 1, 2008, the Issuer may redeem the Dollar Floating Rate Notes and/or
Euro Floating Rate Notes, in whole or in part, upon notice in accordance with
Section 3.03 at the redemption prices (expressed as percentages of principal
amount of the Dollar Floating Rate Notes and/or Euro Floating Rate Notes to be
redeemed) set forth below, plus accrued and unpaid interest and Additional Interest,
if any, to the Redemption Date, subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest
payment date, if redeemed during the twelve-month period beginning on September
1 of each of the years indicated below:

 

	
  Year

  	
   

  	
  Dollar Floating 

  Rate Notes 

  Percentage

  	
   

  	
  Euro 

  Floating Rate 

  Notes Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2008

  	
   

  	
  102.000

  	
  %

  	
  102.000

  	
  %

  
	
  2009

  	
   

  	
  101.000

  	
  %

  	
  101.000

  	
  %

  
	
  2010 and thereafter

  	
   

  	
  100.000

  	
  %

  	
  100.000

  	
  %

  

 

(g)           On and after
September 1, 2010, the Issuer may redeem Fixed Rate Notes, in whole or in part,
upon notice in accordance with Section 3.03 at the redemption prices (expressed
as percentages of principal amount of the Senior Fixed Rate Notes to be
redeemed) set forth below, plus accrued and unpaid interest and Additional
Interest, if any, to the Redemption Date, subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date, if redeemed during the twelve-month period beginning on
September 1 of each of the years indicated below:

 

	
  Year

  	
   

  	
   

  	
   

  	
  Dollar

  Fixed Rate

  Notes Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2010

  	
   

  	
   

  	
   

  	
  104.938

  	
  %

  
	
  2011

  	
   

  	
   

  	
   

  	
  102.469

  	
  %

  
	
  2012 and thereafter

  	
   

  	
   

  	
   

  	
  100.000

  	
  %

  

 

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

 

56

 

Section 3.08           Mandatory
Redemption.

 

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

 

Section 3.09           Offers to
Repurchase by Application of Excess Proceeds.

 

(a)           In the event
that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence
an Asset Sale Offer, it shall follow the procedures specified below.

 

(b)           The Asset Sale
Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is
required by applicable law (the “Offer Period”). No later than five
Business Days after the termination of the Offer Period (the “Purchase Date”),
the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the
purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer
Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in
response to the Asset Sale Offer. Payment for any Notes so purchased shall be
made in the same manner as interest payments are made.

 

(c)           If the Purchase
Date is on or after a Record Date and on or before the related Interest Payment
Date, any accrued and unpaid interest and Additional Interest, if any, up to
but excluding the Purchase Date, shall be paid to the Person in whose name a
Note is registered at the close of business on such Record Date, and no
additional interest shall be payable to Holders who tender Notes pursuant to
the Asset Sale Offer.

 

(d)           Upon the
commencement of an Asset Sale Offer, the Issuer shall send, by first-class
mail, a notice to each of the Holders, with a copy to the Trustee. The notice
shall contain all instructions and materials necessary to enable such Holders
to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be
made to all Holders and holders of Pari Passu Indebtedness. The notice, which
shall govern the terms of the Asset Sale Offer, shall state:

 

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

 

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

 

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

 

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

 

(v)     that Holders
electing to have a Note purchased pursuant to an Asset Sale Offer may elect to
have Notes purchased in denominations of $2,000 or whole multiples of $1,000 in
excess thereof, in the case of the Dollar Floating Rate Notes or Fixed Rate
Notes, or denominations of €50,000 in excess thereof, or whole multiples of
€1,000, in the case of the Euro Floating Rate Notes;

 

(vi)    that Holders
electing to have a Note purchased pursuant to any Asset Sale Offer shall be
required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase” attached to the Note completed, or transfer by book-entry
transfer, to the Issuer, the applicable 

 

57

 

Depositary, if appointed by
the Issuer, or a Paying Agent at the address specified in the notice at least
three days before the Purchase Date;

 

(vii)         that Holders
shall be entitled to withdraw their election if the Issuer, the applicable
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
the Holder delivered for purchase and a statement that such Holder is
withdrawing his election to have such Note purchased;

 

(viii)        that, if the
aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by
the holders thereof exceeds the Offer Amount, the Trustee shall select the Notes
and such Pari Passu Indebtedness to be purchased on a pro rata
basis based on the accreted value or principal amount of the Notes or such Pari
Passu Indebtedness tendered (with such adjustments as may be deemed appropriate
by the Trustee so that only Notes in denominations of $2,000 or whole multiples
of $1,000 in excess thereof, in the case of the Dollar Floating Rate Notes or
Fixed Rate Notes or denominations of €50,000, or whole multiples of €1,000 in
excess thereof, in the case of the Euro Floating Rate Notes, shall be
purchased); and

 

(ix)           that Holders
whose Notes were purchased only in part shall be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer) representing the same indebtedness to the
extent not repurchased.

 

(e)           On or before
the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for
payment, on a pro rata basis to the extent
necessary, the Offer Amount of Notes or portions thereof validly tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes tendered and (2) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officer’s Certificate
stating the aggregate principal amount of Notes or portions thereof so tendered.

 

(f)            The Issuer, the
applicable Depositary or the Paying Agent, as the case may be, shall promptly
mail or deliver to each tendering Holder an amount equal to the purchase price
of the Notes properly tendered by such Holder and accepted by the Issuer for
purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon
receipt of an Authentication Order, shall authenticate and mail or deliver (or
cause to be transferred by book-entry) such new Note to such Holder (it being understood
that, notwithstanding anything in this Indenture to the contrary, no Opinion of
Counsel or Officer’s Certificate is required for the Trustee to authenticate
and mail or deliver such new Note) in a principal amount equal to any
unpurchased portion of the Note surrendered representing the same indebtedness
to the extent not repurchased; provided, that each such new Note shall
be in a principal amount of $2,000 or €50,000 and integral multiples of $1,000
or €1,000 in excess thereof, as the case may be. Any Note not so accepted shall
be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer
shall publicly announce the results of the Asset Sale Offer on or as soon as
practicable after the Purchase Date.

 

Other than as specifically provided in this Section
3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09 shall
be made pursuant to the applicable provisions of Sections 3.01 through 3.06
hereof.

 

58

 

ARTICLE 4

 

COVENANTS

 

Section 4.01           Payment of
Notes.

 

The Issuer 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 Issuer or a Subsidiary,
holds as of noon Eastern Time in the case of the Dollar Floating Rate Notes or
the Fixed Rate Notes and noon London Time with respect to the Euro Floating
Rate Notes on the due date money deposited by the Issuer in immediately available
funds and designated for and sufficient to pay all principal, premium, if any,
and interest then due.

 

The Issuer shall pay all Additional Interest, if
any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement.

 

The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at the rate equal to 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.

 

The Issuer shall maintain the offices or agencies
(which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) required under Section 2.03 where Notes may be
surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the
Issuer shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.

 

The Issuer may also from time to time designate one
or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided that no such designation or rescission shall in
any manner relieve the Issuer of its obligation to maintain such offices or
agencies as required by Section 2.03 for such purposes. The Issuer shall give
prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

 

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

 

Section 4.03           Reports and
Other Information.

 

(a)           Notwithstanding
that Holdings may not be subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act or otherwise report on an annual and quarterly basis
on forms provided for such annual and quarterly reporting pursuant to rules and
regulations promulgated by the SEC, Holdings shall file with the SEC (and make
available to the Trustee and Holders of the Notes (without 

 

59

 

exhibits), without cost to any Holder, within 15 days after
Holdings files them with the SEC) from and after the Issue Date,

 

(1)           within
90 days (or any other time period then in effect under the rules and
regulations of the Exchange Act with respect to the filing of a Form 10-K
by a non-accelerated filer) after the end of each fiscal year, annual reports
on Form 10-K, or any successor or comparable form, containing the information
required to be contained therein, or required in such successor or comparable
form;

 

(2)           within 45 days
after the end of each of the first three fiscal quarters of each fiscal year,
reports on Form 10-Q containing all quarterly information that would be
required to be contained in Form 10-Q, or any successor or comparable form;

 

(3)           promptly from
time to time after the occurrence of an event required to be therein reported,
such other reports on Form 8-K, or any successor or comparable form; and

 

(4)           any other
information, documents and other reports which Holdings would be required to
file with the SEC if it were subject to Section 13 or 15(d) of the Exchange
Act;

 

in
each case, in a manner that complies in all material respects with the requirements specified in such form; provided
that Holdings shall not be so obligated to file such reports with
the SEC if the SEC does not permit such filing, in which event Holdings shall make
available such information to prospective purchasers of Notes, in addition to
providing such information to the Trustee and the Holders of the Notes, in each
case within 15 days after the time Holdings would be required to file such
information with the SEC, if it were subject to Sections 13 or 15(d) of the
Exchange Act. Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall
not constitute constructive notice of any information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officers’ Certificates).
In addition, to the extent not satisfied by the foregoing, Holdings shall furnish
to 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.

 

(b)           In the event
that any direct or indirect parent company of Holdings becomes a guarantor of
the Notes, Holdings may to satisfy its obligations under this Section 4.03 with
respect to financial information relating to Holdings by furnishing financial
information relating to such parent; provided
that the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to such parent, on the
one hand, and the information relating to Holdings and its Restricted
Subsidiaries on a standalone basis, on the other hand.

 

(c)           Notwithstanding
the foregoing, the requirements of this Section 4.03 shall be deemed satisfied
prior to the commencement of the Exchange Offer or the effectiveness of the
Shelf Registration Statement by (1) the filing with the SEC of the Exchange
Offer Registration Statement or Shelf Registration Statement (or any other
similar registration statement), and any amendments thereto, with such
financial information that satisfies Regulation S-X of the Securities Act or
(2) by posting on its website or providing to the Trustee within 15 days of the
time periods after Holdings would have been required to file annual and interim
reports with the SEC, the financial information (including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”
section) that would be required to be included in such reports, subject to
exceptions consistent with the presentation of financial information in the
Offering Memorandum.

 

60

 

Section 4.04           Compliance
Certificate.

 

(a)           The Issuer and
each Guarantor (to the extent that such Guarantor is so required under the
Trust Indenture Act) shall deliver to the Trustee, within 90 days after the end
of each fiscal year ending after the Issue Date, a certificate from the
principal executive officer, principal financial officer or principal
accounting officer stating that a review of the activities of the Issuer and
its Restricted Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officer with a view to determining whether
the Issuer has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to such Officer signing such
certificate, that to the best of his or her knowledge the Issuer has kept,
observed, performed and fulfilled each and every condition and covenant contained
in this Indenture and is not in default in the performance or observance of any
of the terms, provisions, covenants and conditions of this Indenture (or, if a
Default shall have occurred, describing all such Defaults of which he or she
may have knowledge and what action the Issuer is taking or proposes to take
with respect thereto).

 

(b)           When any
Default has occurred and is continuing under this Indenture, or if the Trustee
or the holder of any other evidence of Indebtedness of the Issuer or any
Subsidiary gives any notice or takes any other action with respect to a claimed
Default, the Issuer shall promptly (which shall be no more than five (5)
Business Days) deliver to the Trustee by registered or certified mail or by
facsimile transmission an Officer’s Certificate specifying such event and what
action the Issuer proposes to take with respect thereto.

 

Section 4.05           Taxes.

 

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

 

Section 4.06           Stay, Extension
and Usury Laws.

 

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

 

Section 4.07           Limitation on
Restricted Payments.

 

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

 

(I)            declare or pay any dividend
or make any payment or distribution on account of Holdings’, or any of its Restricted
Subsidiaries’ Equity Interests, including any dividend or distribution payable
in connection with any merger or consolidation other than:

 

(a)           dividends or distributions
by Holdings payable solely in Equity Interests (other than Disqualified Stock)
of Holdings; or

 

61

 

(b)           dividends or distributions
by a Restricted Subsidiary so long as, in the case of any dividend or distribution
payable on or in respect of any class or series of securities issued by a
Restricted Subsidiary other than a Wholly-Owned Subsidiary, Holdings or a
Restricted Subsidiary receives at least its pro rata share of such dividend or
distribution in accordance with its Equity Interests in such class or series of
securities;

 

(II)           purchase, redeem, defease or
otherwise acquire or retire for value any Equity Interests of Holdings or any
direct or indirect parent of Holdings, including in connection with any merger
or consolidation;

 

(III)         make any principal payment
on, or redeem, repurchase, defease or otherwise acquire or retire for value in
each case, prior to any scheduled repayment, sinking fund payment or maturity,
any Subordinated Indebtedness, other than:

 

(a)           Indebtedness permitted under
clauses (7) and (8) of Section 4.09(b) hereof; or

 

(b)           the purchase, repurchase or
other acquisition of Subordinated Indebtedness purchased in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of purchase, repurchase or
acquisition; or

 

(IV)         make any Restricted Investment

 

(all such payments and other
actions set forth in clauses (I) through (IV) above being collectively referred
to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

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

 

(2)           immediately
after giving effect to such transaction on a pro forma
basis, Holdings could incur $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof (the
“Fixed Charge Coverage Test”); and

 

(3)           such Restricted
Payment, together with the aggregate amount of all other Restricted Payments
made by Holdings and its Restricted Subsidiaries after the Issue Date
(including Restricted Payments permitted by clauses (1), (2) (with respect to
the payment of dividends on Refunding Capital Stock (as defined below) pursuant
to clause (b) thereof only), (6)(c), (9) and (14) of Section 4.07(b)
hereof, but excluding all other Restricted Payments permitted by Section 4.07(b)
hereof, is less than the sum of (without duplication):

 

(a)           50% of the
Consolidated Net Income of Holdings for the period (taken as one accounting
period) beginning July 1, 2006, to the end of Holdings’ recently ended fiscal
quarter for which internal financial statements are available at the time of
such Restricted Payment, or, in the case such Consolidated Net Income for such
period is a deficit, minus 100% of such deficit; plus

 

(b)           100% of the aggregate net
cash proceeds and the fair market value of marketable securities or other
property received by Holdings since immediately after the Issue Date (other
than net cash proceeds to the extent such net cash proceeds have been 

 

62

 

used to incur Indebtedness,
Disqualified Stock or Preferred Stock pursuant to clause (12)(a) of
Section 4.09(a) hereof from the issue or sale of:

 

(i)            (A) Equity
Interests of Holdings, including Treasury Capital Stock (as defined below), but
excluding cash proceeds and the fair market value of marketable securities or
other property received from the sale of:

 

(x)            Equity
Interests to members of management, directors or consultants of Holdings, any
direct or indirect parent company of Holdings and Holdings’ Subsidiaries after
the Issue Date to the extent such amounts have been applied to Restricted
Payments made in accordance with clause (4) Section 4.07(b) hereof; and

 

(y)           Designated
Preferred Stock;

 

and (B) to the extent such net cash proceeds are actually contributed
to Holdings, Equity Interests of Holdings’ direct or indirect parent companies
(excluding contributions of the proceeds from the sale of Designated Preferred
Stock of such companies or contributions to the extent such amounts have been
applied to Restricted Payments made in accordance with clause (4) of
Section 4.07(b) hereof; or

 

(ii)           debt securities
of Holdings that have been converted into or exchanged for such Equity
Interests of Holdings;

 

provided, however, that this
clause (b) shall not include the proceeds from (W) Refunding Capital Stock (as
defined below), (X) Equity Interests or convertible debt securities of Holdings
sold to a Restricted Subsidiary, as the case may be, (Y) Disqualified Stock or
debt securities that have been converted into Disqualified Stock or (Z)
Excluded Contributions; plus

 

(c)           100% of the
aggregate amount of cash and the fair market value of marketable securities or
other property contributed to the capital of Holdings following the Issue Date
(other than net cash proceeds to the extent such net cash proceeds have been
used to incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to
clause (12)(a) of Section 4.09(b) hereof) (other than by a Restricted
Subsidiary and other than by any Excluded Contributions); plus

 

(d)           100% of the aggregate amount
received in cash and the fair market value of marketable securities or other
property received by means of:

 

(i)            the sale or
other disposition (other than to Holdings or a Restricted Subsidiary) of Restricted
Investments made by Holdings or its Restricted Subsidiaries and repurchases and
redemptions of such Restricted Investments from Holdings or its Restricted
Subsidiaries and repayments of loans or advances, and releases of guarantees,
which constitute Restricted Investments by Holdings or its Restricted Subsidiaries,
in each case after the Issue Date; or

 

(ii)           the sale (other
than to Holdings or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary or a distribution from an Unrestricted Subsidiary (other than in
each case to the extent the Investment in such Unrestricted 

 

63

 

Subsidiary was made by
Holdings or a Restricted Subsidiary pursuant to clause (7) of
Section 4.07(b) hereof or to the extent such Investment constituted a
Permitted Investment) or a dividend from an Unrestricted Subsidiary after the Issue
Date; plus

 

(e)           in the case of
the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary
after the Issue Date, the fair market value of the Investment in such
Unrestricted Subsidiary (which, if the fair market value of such Investment
shall exceed $50.0 million, shall be set forth in writing by an
Independent Financial Advisor), at the time of the redesignation of such
Unrestricted Subsidiary as a Restricted Subsidiary other than an Unrestricted
Subsidiary to the extent the Investment in such Unrestricted Subsidiary was
made by Holdings or a Restricted Subsidiary pursuant to clause (7) of
Section 4.07(b) hereof or to the extent such Investment constituted a
Permitted Investment.

 

(b)           The foregoing
provisions of Section 4.07(a) hereof will not prohibit:

 

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

 

(2)           (a) the
redemption, repurchase, retirement or other acquisition of any Equity Interests
(“Treasury Capital Stock”)
or Subordinated Indebtedness of Holdings or any Equity Interests of any direct
or indirect parent company of Holdings, in exchange for, or out of the proceeds
of the substantially concurrent sale (other than to a Restricted Subsidiary)
of, Equity Interests of Holdings or any direct or indirect parent company of
Holdings to the extent contributed to Holdings (in each case, other than any
Disqualified Stock) (“Refunding
Capital Stock”) and (b) if immediately prior to the retirement of
Treasury Capital Stock, the declaration and payment of dividends thereon was
permitted under clause (6) of this Section 4.07(b), the declaration and
payment of dividends on the Refunding Capital Stock (other than Refunding
Capital Stock the proceeds of which were used to redeem, repurchase, retire or
otherwise acquire any Equity Interests of any direct or indirect parent company
of Holdings) in an aggregate amount per year no greater than the aggregate
amount of dividends per annum that were declarable and payable on such Treasury
Capital Stock immediately prior to such retirement;

 

(3)           the redemption,
repurchase or other acquisition or retirement of Subordinated Indebtedness of
the Issuer or a Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Issuer or a
Guarantor, as the case may be, which is incurred in compliance with
Section 4.09(a) hereof so long as:

 

(a)           the principal amount of such
new Indebtedness does not exceed the principal amount of (or accreted value, if
applicable), plus any accrued and unpaid interest on, the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired for value,
plus the amount of any reasonable premium required to be paid under the terms
of the instrument governing the Subordinated Indebtedness being so redeemed,
repurchased, acquired or retired and any reasonable fees and expenses incurred
in connection with the issuance of such new Indebtedness;

 

(b)           such new Indebtedness is
subordinated to the Notes or the applicable Guarantee at least to the same
extent as such Subordinated Indebtedness so purchased, exchanged, redeemed,
repurchased, acquired or retired for value;

 

64

 

(c)           such new Indebtedness has a
final scheduled maturity date equal to or later than the final scheduled
maturity date of the Subordinated Indebtedness being so redeemed, repurchased,
acquired or retired; and

 

(d)           such new Indebtedness has a
Weighted Average Life to Maturity equal to or greater than the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired;

 

(4)           a Restricted
Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of Equity Interests (other than Disqualified Stock) of
Holdings or any of its direct or indirect parent companies held by any future,
present or former employee, director or consultant of Holdings, any of its
Subsidiaries or any of its direct or indirect parent companies pursuant to any
management equity plan or stock option plan or any other management or employee
benefit plan or agreement; provided, however, that the aggregate
Restricted Payments made under this clause (4) do not exceed in any calendar
year $20.0 million (which shall increase to $25.0 million subsequent to
the consummation of an underwritten public Equity Offering by Holdings or any
direct or indirect parent entity of Holdings) (with unused amounts in any
calendar year being carried over to succeeding calendar years subject to a
maximum (without giving effect to the following proviso) of $25.0 million
in any calendar year (which shall increase to $50.0 million subsequent to the
consummation of an underwritten public Equity Offering by Holdings or any
direct or indirect parent corporation of Holdings)); provided further
that such amount in any calendar year may be increased by an amount not to exceed:

 

(a)           the cash proceeds from the
sale of Equity Interests (other than Disqualified Stock) of Holdings and, to
the extent contributed to Holdings, Equity Interests of any of Holdings’ direct
or indirect parent companies, in each case to members of management, directors
or consultants of Holdings, any of its Subsidiaries or any of its direct or
indirect parent companies that occurs after the Issue Date, to the extent the
cash proceeds from the sale of such Equity Interests have not otherwise been
applied to the payment of Restricted Payments by virtue of clause (3) of
Section 4.07(a) hereof; plus

 

(b)           the cash proceeds of key man
life insurance policies received by Holdings or its Restricted Subsidiaries
after the Issue Date; less

 

(c)           the amount of any Restricted
Payments previously made with the cash proceeds described in clauses (a) and
(b) of this clause (4);

 

and provided further that cancellation of Indebtedness owing to
Holdings from members of management of Holdings, any of Holdings’ direct or
indirect parent companies or any of Holdings’ Restricted Subsidiaries in
connection with a repurchase of Equity Interests of Holdings or any of its
direct or indirect parent companies will not be deemed to constitute a
Restricted Payment for purposes of this Section 4.07 or any other provision of
this Indenture;

 

(5)           the declaration
and payment of dividends to holders of any class or series of Disqualified
Stock of Holdings or any of its Restricted Subsidiaries issued in accordance
with Section 4.09 hereof to the extent such dividends are included in the
definition of “Fixed Charges”;

 

(6)           (a) the
declaration and payment of dividends to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) issued by Holdings after the
Issue Date;

 

65

 

(b)           the declaration
and payment of dividends to a direct or indirect parent company of Holdings,
the proceeds of which will be used to fund the payment of dividends to holders
of any class or series of Designated Preferred Stock (other than Disqualified
Stock) of such parent corporation issued after the Issue Date, provided
that the amount of dividends paid pursuant to this clause (b) shall not exceed
the aggregate amount of cash actually contributed to Holdings from the sale of
such Designated Preferred Stock; or

 

(c)           the declaration
and payment of dividends on Refunding Capital Stock that is Preferred Stock in
excess of the dividends declarable and payable thereon pursuant to clause (2)
of this Section 4.07(b);

 

provided, however,
in the case of each of (a), (b) and (c) of this clause (6), that for the most recently
ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock
that is Preferred Stock, after giving effect to such issuance or declaration on
a pro forma basis, Holdings and its Restricted
Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage
Ratio of at least 2.00 to 1.00;

 

(7)           Investments in
Unrestricted Subsidiaries having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (7) that are at the
time outstanding, without giving effect to the sale of an Unrestricted
Subsidiary to the extent the proceeds of such sale do not consist of cash or
marketable securities, not to exceed the greater of $75.0 million and 1.5% of
Total Assets at the time of such Investment (with the fair market value of each
Investment being measured at the time made and without giving effect to
subsequent changes in value);

 

(8)           repurchases of
Equity Interests deemed to occur upon exercise of stock options or warrants if
such Equity Interests represent a portion of the exercise price of such options
or warrants;

 

(9)           the declaration
and payment of dividends on Holdings’ common stock (or the payment of dividends
to any direct or indirect parent entity to fund a payment of dividends on such
entity’s common stock), following the first public offering of Holdings’ common
stock or the common stock of any of its direct or indirect parent companies
after the Issue Date, of up to 6% per annum of the net cash proceeds received
by or contributed to Holdings in or from any such public offering, other than
public offerings with respect to Holdings’ common stock registered on Form S-8
and other than any public sale constituting an Excluded Contribution;

 

(10)         Restricted
Payments that are made with Excluded Contributions;

 

(11)         other
Restricted Payments in an aggregate amount taken together with all other Restricted
Payments made pursuant to this clause (11) not to exceed 1.875% of Total
Assets at the time made;

 

(12)         distributions
or payments of Receivables Fees;

 

(13)         any Restricted
Payment used to fund the Transaction and the fees and expenses related thereto
or owed to Affiliates, in each case to the extent permitted by
Section 4.11 hereof;

 

(14)         the repurchase,
redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under
Section 

 

66

 

4.10 and Section 4.14
hereof; provided that
all Notes validly tendered by Holders in connection with a Change of Control Offer
or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired
for value;

 

(15)         the declaration
and payment of dividends by Holdings to, or the making of loans to, any direct
or indirect parent in amounts required for any direct or indirect parent
companies to pay, in each case without duplication,

 

(a)           franchise taxes and other
fees, taxes and expenses required to maintain their corporate existence;

 

(b)           federal, state and local
income taxes, to the extent such income taxes are attributable to the income of
Holdings and its Restricted Subsidiaries and, to the extent of the amount
actually received from its Unrestricted Subsidiaries, in amounts required to
pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries;
provided that in each case the amount of such payments in any fiscal
year does not exceed the amount that Holdings and its Restricted Subsidiaries
would be required to pay in respect of federal, state and local taxes for such
fiscal year were Holdings, its Restricted Subsidiaries and its Unrestricted
Subsidiaries (to the extent described above) to pay such taxes separately from
any such parent entity;

 

(c)           customary salary, bonus and
other benefits payable to officers and employees of any direct or indirect
parent company of Holdings to the extent such salaries, bonuses and other
benefits are attributable to the ownership or operation of Holdings and its
Restricted Subsidiaries;

 

(d)           general corporate operating
and overhead costs and expenses of any direct or indirect parent company of
Holdings to the extent such costs and expenses are attributable to the
ownership or operation of Holdings and its Restricted Subsidiaries; and

 

(e)           fees and expenses other than
to Affiliates of Holdings related to any unsuccessful equity or debt offering
of such parent entity; and

 

(16)         the
distribution, by dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to Holdings or a Restricted Subsidiary by Unrestricted
Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which
are cash and/or Cash Equivalents);

 

provided, however, that at the time of, and after giving effect to,
any Restricted Payment permitted under clauses (11) and (16) of this
Section 4.07(b), no Default shall have occurred and be continuing or would
occur as a consequence thereof.

 

(c)           Holdings will
not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except
pursuant to the last sentence of the definition of “Unrestricted
Subsidiary.”  For purposes of designating
any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding
Investments by Holdings and its Restricted Subsidiaries (except to the extent repaid)
in the Subsidiary so designated will be deemed to be Restricted Payments in an
amount determined as set forth in the last sentence of the definition of
“Investment.”  Such designation will be
permitted only if a Restricted Payment in such amount would be permitted at
such time, whether pursuant to Section 4.07(a) hereof or under clause (7),
(10), (11) or (16) of Section 4.07(b) hereof, or pursuant to the
definition of “Permitted Investments,” and if such Subsidiary otherwise meets
the definition of an Unrestricted Subsidiary.

 

67

 

Section 4.08           Dividend and
Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)           Holdings shall
not, and shall not permit any of its Restricted Subsidiaries that are not
Guarantors to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any consensual encumbrance or consensual restriction
on the ability of any such Restricted Subsidiary to:

 

(1)           (A)  pay dividends or make any other distributions
to Holdings or any of its Restricted Subsidiaries on its Capital Stock or with
respect to any other interest or participation in, or measured by, its profits,
or

 

(B)           pay any
Indebtedness owed to Holdings or any of its Restricted Subsidiaries;

 

(2)           make loans or
advances to Holdings or any of its Restricted Subsidiaries; or

 

(3)           sell, lease or
transfer any of its properties or assets to Holdings or any of its Restricted
Subsidiaries.

 

(b)           The
restrictions in Section 4.08(a) hereof shall not apply to encumbrances or
restrictions existing under or by reason of:

 

(1)           contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to
the Senior Credit Facilities and the related documentation and the indenture
governing the Senior Subordinated Notes and the related documentation;

 

(2)           this Indenture
and the Notes;

 

(3)           purchase money
obligations for property acquired in the ordinary course of business that
impose restrictions of the nature discussed in clause (3) of Section 4.08(a)
hereof on the property so acquired;

 

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

 

(5)           any agreement
or other instrument of a Person acquired by Holdings or any of its Restricted
Subsidiaries in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person
and its Subsidiaries, or the property or assets of the Person and its Subsidiaries,
so acquired;

 

(6)           contracts for
the sale of assets, including customary restrictions with respect to a
Subsidiary of Holdings pursuant to an agreement that has been entered into for
the sale or disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary;

 

(7)           Secured
Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 hereof
and Section 4.12 hereof that limit the right of the debtor to dispose of the
assets securing such Indebtedness;

 

(8)           restrictions on
cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business;

 

68

 

(9)           other
Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries
permitted to be incurred subsequent to the Issue Date pursuant to the provisions
of Section 4.09 hereof;

 

(10)         customary
provisions in joint venture agreements and other similar agreements relating
solely to such joint venture;

 

(11)         customary
provisions contained in leases or licenses of intellectual property and other
agreements, in each case, entered into in the ordinary course of business;

 

(12)         any
encumbrances or restrictions of the type referred to in clauses (1), (2) and
(3) of Section 4.08(a) hereof imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (1) through
(11) of this Section 4.08(b); provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of Holdings, no
more restrictive with respect to such encumbrance and other restrictions taken
as a whole than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing; and

 

(13)         restrictions
created in connection with any Receivables Facility that, in the good faith determination
of the Issuer, are necessary or advisable to effect such Receivables Facility.

 

Section 4.09           Limitation on
Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock.

 

(a)           Holdings shall
not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any
Indebtedness (including Acquired Indebtedness) and Holdings will not issue any
shares of Disqualified Stock and will not permit any Restricted Subsidiary to
issue any shares of Disqualified Stock or Preferred Stock; provided, however, that Holdings may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and
any Restricted Subsidiary may incur Indebtedness (including Acquired
Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred
Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for Holdings
and its Restricted Subsidiaries’ most recently ended four fiscal quarters for
which internal financial statements are available immediately preceding the
date on which such additional Indebtedness is incurred or such Disqualified
Stock or Preferred Stock is issued would have been at least 2.00 to 1.00,
determined on a pro forma basis
(including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred, or the Disqualified Stock or Preferred Stock had been
issued, as the case may be, and the application of proceeds therefrom had
occurred at the beginning of such four-quarter period; provided
that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness
or Disqualified Stock or Preferred Stock if, after giving pro forma
effect to such incurrence or issuance (including a pro forma
application of the net proceeds therefrom), more than an aggregate of $100.0
million of Indebtedness or Disqualified Stock or Preferred Stock of Restricted
Subsidiaries that are not Guarantors is outstanding pursuant to this paragraph
at such time.

 

(b)           The provisions
of Section 4.09(a) hereof shall not apply to:

 

(1)           the incurrence
of Indebtedness under Credit Facilities by Holdings or any of its Restricted
Subsidiaries and the issuance and creation of letters of credit and bankers’
acceptances 

 

69

 

thereunder (with letters of
credit and bankers’ acceptances being deemed to have a principal amount equal
to the face amount thereof), up to an aggregate principal amount of
$3,100 million outstanding at any one time, less the aggregate of
mandatory principal payments actually made by the borrower thereunder in respect
of Indebtedness thereunder with Net Proceeds from an Asset Sale or series of
related Asset Sales;

 

(2)           the incurrence
by the Issuer and any Guarantor of Indebtedness represented by (a) the Notes
(including any Guarantee) (other than any Additional Notes) and (b) the Senior
Subordinated Notes (including any guarantee thereof);

 

(3)           Indebtedness of
Holdings and its Restricted Subsidiaries in existence on the Issue Date (other
than Indebtedness described in clauses (1) and (2) of this Section 4.09(b));

 

(4)           Indebtedness
(including Capitalized Lease Obligations), Disqualified Stock and Preferred
Stock incurred by Holdings or any of its Restricted Subsidiaries, to finance
the purchase, lease or improvement of property (real or personal) or equipment
that is used or useful in a Similar Business, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets in an
aggregate principal amount, together with any Refinancing Indebtedness in
respect thereof and all other Indebtedness, Disqualified Stock and/or Preferred
Stock issued and outstanding under this clause (4) not to exceed 4.0% of Total
Assets at any time outstanding; so long as such Indebtedness exists at the date
of such purchase, lease or improvement, or is created within 270 days
thereafter;

 

(5)           Indebtedness
incurred by Holdings or any of its Restricted Subsidiaries constituting
reimbursement obligations with respect to letters of credit issued in the
ordinary course of business, including letters of credit in respect of workers’
compensation claims, or other Indebtedness with respect to reimbursement type
obligations regarding workers’ compensation claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 30 days following such
drawing or incurrence;

 

(6)           Indebtedness
arising from agreements of Holdings or its Restricted Subsidiaries providing
for indemnification, adjustment of purchase price or similar obligations, in
each case, incurred or assumed in connection with the disposition of any
business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or
a Subsidiary for the purpose of financing such acquisition; provided, however, that

 

(a)           such Indebtedness is not
reflected on the balance sheet of Holdings, or any of its Restricted Subsidiaries
(contingent obligations referred to in a footnote to financial statements and
not otherwise reflected on the balance sheet will not be deemed to be reflected
on such balance sheet for purposes of this clause (6)(a)); and

 

(b)           the maximum assumable
liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds including non-cash proceeds (the fair market value of such non-cash
proceeds being measured at the time received and without giving effect to any
subsequent changes in value) actually received by Holdings and its Restricted
Subsidiaries in connection with such disposition;

 

(7)           Indebtedness of
Holdings to a Restricted Subsidiary; provided
that any such Indebtedness owing to a Restricted Subsidiary that is not a
Guarantor is expressly subordinated in 

 

70

 

right of payment to the
Notes; provided further that any subsequent
issuance or transfer of any Capital Stock or any other event which results in
any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other
subsequent transfer of any such Indebtedness (except to Holdings or another
Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of
such Indebtedness;

 

(8)           Indebtedness of
a Restricted Subsidiary to Holdings or another Restricted Subsidiary; provided that if a Guarantor
incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor,
such Indebtedness is expressly subordinated in right of payment to the
Guarantee of the Notes of such Guarantor; provided further
that any subsequent transfer of any such Indebtedness (except to Holdings or
another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence
of such Indebtedness;

 

(9)           shares of
Preferred Stock of a Restricted Subsidiary issued to Holdings or another
Restricted Subsidiary; provided
that any subsequent issuance or transfer of any Capital Stock or any other
event which results in any such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such shares of
Preferred Stock (except to Holdings or another of its Restricted Subsidiaries)
shall be deemed in each case to be an issuance of such shares of Preferred
Stock;

 

(10)         Hedging
Obligations (excluding Hedging Obligations entered into for speculative purposes)
for the purpose of limiting interest rate risk with respect to any Indebtedness
permitted to be incurred pursuant to this Section 4.09, exchange rate risk
or commodity pricing risk;

 

(11)         obligations in
respect of performance, bid, appeal and surety bonds and completion guarantees
provided by Holdings or any of its Restricted Subsidiaries in the ordinary
course of business;

 

(12)         (a)
Indebtedness or Disqualified Stock of Holdings and Indebtedness, Disqualified
Stock or Preferred Stock of Holdings or any Restricted Subsidiary equal to 200.0% of the net
cash proceeds received by Holdings since immediately after the Issue Date from
the issue or sale of Equity Interests of Holdings or cash contributed to the
capital of Holdings (in each case, other than proceeds of Disqualified Stock or
sales of Equity Interests to Holdings or any of its Subsidiaries) as determined
in accordance with clauses (3)(b) and (3)(c) of Section 4.07(a)
hereof to the extent such net cash proceeds or cash have not been applied
pursuant to such clauses to make Restricted Payments or to make other
Investments, payments or exchanges pursuant to Section 4.07(b) hereof or
to make Permitted Investments (other than Permitted Investments specified in
clauses (1) and (3) of the definition thereof) and
(b) Indebtedness or Disqualified Stock of Holdings and Indebtedness, Disqualified
Stock or Preferred Stock of Holdings or any Restricted Subsidiary not otherwise
permitted hereunder in an aggregate principal amount or liquidation preference,
which when aggregated with the principal amount and liquidation preference of
all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding
and incurred pursuant to this clause (12)(b), does not at any one time
outstanding exceed $300.0 million; provided, however
that no more than $100.0 million of Indebtedness, Disqualified Stock or
Preferred Stock at any one time outstanding and incurred pursuant to this
clause (12)(b) shall be incurred by Restricted Subsidiaries that are not
Guarantors (it being understood that any Indebtedness, Disqualified Stock or Preferred
Stock incurred pursuant to this clause (12)(b) shall cease to be deemed
incurred or outstanding for purposes of this clause (12)(b) but shall be
deemed incurred for the purposes of Section 4.09(a) hereof from and after
the first date on which Holdings or such Restricted 

 

71

 

Subsidiary could have
incurred such Indebtedness, Disqualified Stock or Preferred Stock under
Section 4.09(a) hereof without reliance on this clause (12)(b));

 

(13)         the incurrence
by Holdings or any Restricted Subsidiary, of Holdings of Indebtedness,
Disqualified Stock or Preferred Stock which serves to refund or refinance any
Indebtedness, Disqualified Stock or Preferred Stock incurred as permitted under
Section 4.09(a) hereof and clauses (2), (3), (4) and (12)(a) of this
Section 4.09(b), this clause (13) and clause (14) of this
Section 4.09(b) or any Indebtedness, Disqualified Stock or Preferred Stock
issued to so refund or refinance such Indebtedness, Disqualified Stock or
Preferred Stock including additional Indebtedness, Disqualified Stock or
Preferred Stock incurred to pay premiums (including reasonable tender
premiums), defeasance costs and fees in connection therewith (the “Refinancing Indebtedness”) prior
to its respective maturity; provided, however, that such
Refinancing Indebtedness:

 

(a)           has a final maturity date
later than the final maturity date of, and has a Weighted Average Life to
Maturity at the time such Refinancing Indebtedness is incurred which is not
less than the remaining Weighted Average Life to Maturity of, the Indebtedness,
Disqualified Stock or Preferred Stock being refunded or refinanced,

 

(b)           to the extent such
Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Notes or any Guarantee
thereof, such Refinancing Indebtedness is subordinated or pari passu to the Notes or the Guarantee
at least to the same extent as the Indebtedness being refinanced or refunded or
(ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must
be Disqualified Stock or Preferred Stock, respectively, and

 

(c)           shall not include:

 

(i)            Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of Holdings that is not a
Guarantor (other than the Issuer) that refinances Indebtedness, Disqualified
Stock or Preferred Stock of Holdings;

 

(ii)           Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of Holdings that is not a
Guarantor (other than the Issuer) that refinances Indebtedness, Disqualified
Stock or Preferred Stock of a Guarantor; or

 

(iii)          Indebtedness,
Disqualified Stock or Preferred Stock of Holdings or a Restricted Subsidiary
that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted
Subsidiary;

 

and provided further that subclause (a) of this clause (13) will
not apply to any refunding or refinancing of any Indebtedness outstanding under
a Credit Facility;

 

(14)         Indebtedness,
Disqualified Stock or Preferred Stock of (x) the Issuer or a Guarantor incurred
to finance an acquisition or (y) Persons that are acquired by the Issuer
or any Guarantor or merged into the Issuer or a Guarantor in accordance with
the terms of this Indenture; provided
that after giving effect to such acquisition or merger, either

 

(a)           Holdings would be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Test set forth in Section 4.09(a) hereof, or

 

72

 

(b)           the Fixed Charge Coverage
Ratio of Holdings and the Restricted Subsidiaries is greater than immediately
prior to such acquisition or merger;

 

(15)         Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary
course of business, provided
that such Indebtedness is extinguished within two Business Days of its incurrence;

 

(16)         Indebtedness of
Holdings or any of its Restricted Subsidiaries supported by a letter of credit
issued pursuant to the Credit Facilities, in a principal amount not in excess
of the stated amount of such letter of credit;

 

(17)   (a) any
guarantee by Holdings or a Restricted Subsidiary of Indebtedness or other
obligations of any Restricted Subsidiary so long as the incurrence of such
Indebtedness incurred by such Restricted Subsidiary is permitted under the
terms of this Indenture, or

 

(b)           any guarantee
by a Restricted Subsidiary of Indebtedness of Holdings; provided that
such guarantee is incurred in accordance with Section 4.15 hereof;

 

(18)         Indebtedness of
Holdings or any of its Restricted Subsidiaries consisting of (i) the financing
of insurance premiums or (ii) take-or-pay obligations contained in supply
arrangements in each case, incurred in the ordinary course of business; and

 

(19)         Indebtedness
consisting of Indebtedness issued by Holdings or any of its Restricted
Subsidiaries to current or former officers, directors and employees thereof,
their respective estates, spouses or former spouses, in each case to finance
the purchase or redemption of Equity Interests of Holdings or any direct or
indirect parent company of Holdings to the extent described in clause (4)
of Section 4.07(b) hereof.

 

(c)           For purposes of
determining compliance with this Section 4.09:

 

(1)           in the event
that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any
portion thereof) meets the criteria of more than one of the categories of
permitted Indebtedness, Disqualified Stock or Preferred Stock described in
clauses (1) through (19) of Section 4.09(b) hereof or is entitled to be
incurred pursuant to Section 4.09(a) hereof, the Issuer, in its sole
discretion, will classify or reclassify such item of Indebtedness, Disqualified
Stock or Preferred Stock (or any portion thereof) and will only be required to
include the amount and type of such Indebtedness, Disqualified Stock or
Preferred Stock in one of the above clauses; provided that all
Indebtedness outstanding under the Credit Facilities on the Issue Date will be
treated as incurred on the Issue Date under clause (1) of Section 4.09(b)
hereof; and

 

(2)           at the time of
incurrence, the Issuer will be entitled to divide and classify an item of
Indebtedness in more than one of the types of Indebtedness described in
Section 4.09(a) and Section 4.09(b) hereof.

 

Accrual of interest, the
accretion of accreted value and the payment of interest in the form of
additional Indebtedness, Disqualified Stock or Preferred Stock will not be
deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred
Stock for purposes of this Section 4.09.

 

For purposes of determining compliance with any U.S.
dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated 

 

73

 

in a foreign currency shall
be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was incurred, in the case of term debt, or first
committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance
other Indebtedness denominated in a foreign currency, and such refinancing
would cause the applicable U.S. dollar denominated restriction to be exceeded
if calculated at the relevant currency exchange rate in effect on the date of
such refinancing, such U.S. dollar-denominated restriction shall be deemed not
to have been exceeded so long as the principal amount of such refinancing
Indebtedness does not exceed the principal amount of such Indebtedness being
refinanced.

 

The principal amount of any Indebtedness incurred to
refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange
rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

 

Notwithstanding anything to the contrary, the Issuer
shall not, and shall not permit any Guarantor to, directly or indirectly, incur any
Indebtedness (including Acquired Indebtedness) that is subordinated or junior
in right of payment to any Indebtedness of the Issuer or such Guarantor, as the
case may be, unless such Indebtedness is expressly subordinated in right of
payment to the Notes or such Guarantor’s Guarantee to the extent and in the
same manner as such Indebtedness is subordinated to other Indebtedness of the
Issuer or such Guarantor, as the case may be. For the purposes of this
Indenture, Indebtedness that is unsecured is not deemed to be subordinated or
junior to Secured Indebtedness merely because it is unsecured, and Senior
Indebtedness is not deemed to be subordinated or junior to any other Senior
Indebtedness merely because it has a junior priority with respect to the same
collateral.

 

Section 4.10           Asset Sales.

 

(a)           Holdings shall
not, and shall not permit any of its Restricted Subsidiaries to, cause, make or
suffer to exist an Asset Sale, unless:

 

(1)           Holdings or
such Restricted Subsidiary, as the case may be, receives consideration at the
time of such Asset Sale at least equal to the fair market value of the assets
sold or otherwise disposed of; and

 

(2)           except in the
case of a Permitted Asset Swap, at least 75% of the consideration therefor
received by Holdings or such Restricted Subsidiary, as the case may be, is in
the form of cash or Cash Equivalents; provided
that the amount of:

 

(a)           any liabilities (as shown on
Holdings’ or such Restricted Subsidiary’s most recent balance sheet or in the
footnotes thereto) of Holdings or such Restricted Subsidiary, other than
liabilities that are by their terms subordinated to the Notes, that are assumed
by the transferee of any such assets and for which Holdings and all of its
Restricted Subsidiaries have been validly released by all creditors in writing,

 

(b)           any securities received by
Holdings or such Restricted Subsidiary from such transferee that are converted
by Holdings or such Restricted Subsidiary into cash (to the extent of the cash
received) within 180 days following the closing of such Asset Sale, and

 

(c)           any Designated Non-cash
Consideration received by Holdings or such Restricted Subsidiary in such Asset
Sale having an aggregate fair market value, taken together with all other
Designated Non-cash Consideration received pursuant to this 

 

74

 

clause (c)
that is at that time outstanding, not to exceed 2.5% of Total Assets at the
time of the receipt of such Designated Non-cash Consideration, with the fair
market value of each item of Designated Non-cash Consideration being measured
at the time received and without giving effect to subsequent changes in value,

 

shall be deemed to be cash
for purposes of this provision and for no other purpose.

 

(b)           Within 450 days
after the receipt of any Net Proceeds of any Asset Sale, Holdings or such
Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset
Sale,

 

(1)           to permanently
reduce:

 

(a)           Obligations under the Senior
Credit Facilities; and to correspondingly reduce commitments with respect thereto;

 

(b)           Obligations under Senior
Indebtedness that is secured by a Lien, which Lien is permitted by this
Indenture, and to correspondingly reduce commitments with respect thereto;

 

(c)           Obligations under other
Senior Indebtedness (and to correspondingly reduce commitments with respect
thereto), provided that the Issuer shall equally and ratably reduce
Obligations under the Notes as provided under Section 3.07 hereof through
open-market purchases (to the extent such purchases are at or above 100% of the
principal amount thereof) or by making an offer (in accordance with the
procedures set forth below under Section 4.10(c) hereof) to all Holders to
purchase their Notes at 100% of the principal amount thereof, plus the amount
of accrued but unpaid interest, if any, on the amount of Notes that would
otherwise be prepaid; or

 

(d)           Indebtedness of a Restricted
Subsidiary that is not a Guarantor, other than Indebtedness owed to Holdings or
another Restricted Subsidiary;

 

(2)           to make
(a) an Investment in any one or more businesses, provided that such Investment in
any business is in the form of the acquisition of Capital Stock and results in
Holdings or another of its Restricted Subsidiaries, as the case may be, owning
an amount of the Capital Stock of such business such that it constitutes a
Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other
assets, in each of (a), (b) and (c), used or useful in a Similar Business, or

 

(3)           to make an
investment in (a) any one or more businesses, provided that such Investment in any business is in the form
of the acquisition of Capital Stock and results in Holdings or another of its
Restricted Subsidiaries, as the case may be, owning an amount of the Capital
Stock of such business such that it constitutes a Restricted Subsidiary,
(b) properties or (c) acquisitions of other assets that, in each of
(a), (b) and (c), replace the businesses, properties and/or assets that are the
subject of such Asset Sale;

 

provided that, in the case of clauses (2) and (3) above, a binding commitment
shall be treated as a permitted application of the Net Proceeds from the date
of such commitment so long as Holdings, or such other Restricted Subsidiary
enters into such commitment with the good faith expectation that such Net
Proceeds will be applied to satisfy such commitment within 180 days of such
commitment (an “Acceptable
Commitment”) and, in the event any Acceptable Commitment is later
cancelled or terminated for any reason before the Net Proceeds are applied in
connection therewith, Holdings or such Restricted Subsidiary enters into
another Acceptable Commitment (a “Second Commitment”) within
180 days of such cancellation 

 

75

 

or termination; provided  further
that if any Second Commitment is later cancelled or terminated for any reason
before such Net Proceeds are applied, then such Net Proceeds shall constitute
Excess Proceeds.

 

(c)           Any
Net Proceeds from the Asset Sale that are not invested or applied as provided
and within the time period set forth in the first sentence of the preceding
paragraph will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess
Proceeds exceeds $35.0 million, the Issuer shall make an offer to all
Holders of the Notes and, if required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the
holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate
principal amount of the Notes and such Pari Passu Indebtedness that is at least
$2,000 or an integral multiple of $1,000 thereafter, in the case of the Dollar
Floating Rate Notes and Fixed Rate Notes and €50,000 or an integral multiple of
€1,000 thereafter, in the case of the Euro Floating Rate Notes, that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof, plus accrued and unpaid interest
and Additional Interest, if any, to the date fixed for the closing of such
offer, in accordance with the procedures set forth in this Indenture.  The Issuer will commence an Asset Sale Offer
with respect to Excess Proceeds within ten Business Days after the date that Excess
Proceeds exceed $35.0 million by mailing the notice required pursuant to
the terms of this Indenture, with a copy to the Trustee.

 

To the extent that the aggregate amount of Notes and such Pari Passu
Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuer may use any remaining Excess Proceeds for general
corporate purposes, subject to other covenants contained in this Indenture.  If the aggregate principal amount of Notes or
the Pari Passu Indebtedness surrendered by such holders thereof exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes and such Pari
Passu Indebtedness to be purchased on a pro rata basis based on the accreted
value or principal amount of the Notes or such Pari Passu Indebtedness tendered.  Upon completion of any such Asset Sale Offer,
the amount of Excess Proceeds shall be reset to zero.

 

(d)           Pending
the final application of any Net Proceeds pursuant to this Section 4.10,
the holder of such Net Proceeds may apply such Net Proceeds temporarily to
reduce Indebtedness outstanding under a revolving credit facility or otherwise
invest such Net Proceeds in any manner not prohibited by this Indenture.

 

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

 

Section 4.11              Transactions
with Affiliates.

 

Holdings will not, and will not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate of Holdings (each of the foregoing, an “Affiliate Transaction”) involving
aggregate payments or consideration in excess of $10.0 million, unless:

 

(1)           such
Affiliate Transaction is on terms that are not materially less favorable to
Holdings or its relevant Restricted Subsidiary than those that would have been
obtained in a comparable

 

76

 

transaction by Holdings or such
Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and

 

(2)           the
Issuer delivers to the Trustee with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate payments or consideration
in excess of $20.0 million, a resolution adopted by the majority of the board
of directors of the Issuer approving such Affiliate Transaction and set forth
in an Officer’s Certificate certifying that such Affiliate Transaction complies
with clause (1) of this Section 4.11(a).

 

The provisions of Section 4.11(a) will not apply to the following:

 

(1)           transactions between or
among Holdings or any of its Restricted Subsidiaries;

 

(2)           Restricted Payments
permitted by Section 4.07 hereof and the definition of “Permitted Investments”;

 

(3)           the payment of
management, consulting, monitoring and advisory fees and related expenses to
the Investors pursuant to the Sponsor Management Agreement (plus any unpaid
management, consulting, monitoring and advisory fees and related expenses
accrued in any prior year) and the termination fees pursuant to the Sponsor
Management Agreement, in each case as in effect on the Issue Date;

 

(4)           the payment of
reasonable and customary fees paid to, and indemnities provided for the benefit
of, officers, directors, employees or consultants of Holdings, any of its
direct or indirect parent companies or any of its Restricted Subsidiaries;

 

(5)           transactions in which
Holdings or any of its Restricted Subsidiaries, as the case may be, delivers to
the Trustee a letter from an Independent Financial Advisor stating that such
transaction is fair to Holdings or such Restricted Subsidiary from a financial
point of view or stating that the terms are not materially less favorable to
Holdings or its relevant Restricted Subsidiary than those that would have been
obtained in a comparable transaction by Holdings or such Restricted Subsidiary
with an unrelated Person on an arm’s-length basis;

 

(6)           any agreement as in
effect as of the Issue Date, or any amendment thereto (so long as any such
amendment is not disadvantageous to the Holders when taken as a whole as
compared to the applicable agreement as in effect on the Issue Date);

 

(7)           the existence of, or
the performance by Holdings or any of its Restricted Subsidiaries of its
obligations under the terms of, any stockholders agreement (including any registration
rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date and any similar agreements which it may enter into
thereafter; provided, however, that the existence
of, or the performance by Holdings or any of its Restricted Subsidiaries of obligations
under any future amendment to any such existing agreement or under any similar
agreement entered into after the Issue Date shall only be permitted by this
clause (7) to the extent that the terms of any such amendment or new agreement
are not otherwise disadvantageous to the Holders when taken as a whole;

 

(8)           the Transaction and the
payment of all fees and expenses related to the Transaction, in each case as disclosed
in the Offering Memorandum;

 

77

 

(9)           transactions with
customers, clients, suppliers, or purchasers or sellers of goods or services,
in each case in the ordinary course of business and otherwise in compliance
with the terms of this Indenture which are fair to Holdings and its Restricted
Subsidiaries, in the reasonable determination of the board of directors of
Holdings or the senior management thereof, or are on terms at least as
favorable as might reasonably have been obtained at such time from an unaffiliated
party;

 

(10)         the issuance of Equity
Interests (other than Disqualified Stock) of Holdings to any Permitted Holder
or to any director, officer, employee or consultant;

 

(11)         sales of accounts
receivable, or participations therein, in connection with any Receivables
Facility;

 

(12)         payments by Holdings or
any of its Restricted Subsidiaries to any of the Investors made for any
financial advisory, financing, underwriting or placement services or in respect
of other investment banking activities, including, without limitation, in
connection with acquisitions or divestitures which payments are approved by a
majority of the board of directors of Holdings in good faith;

 

(13)         payments or loans (or
cancellation of loans) to employees or consultants of Holdings, any of its
direct or indirect parent companies or any of its Restricted Subsidiaries and employment
agreements, stock option plans and other similar arrangements with such
employees or consultants which, in each case, are approved by a majority of the
board of directors of Holdings in good faith; and

 

(14)         investments by the
Investors in securities of Holdings or any of its Restricted Subsidiaries so
long as (i) the investment is being offered generally to other investors on the
same or more favorable terms and (ii) the investment constitutes less than 5%
of the proposed or outstanding issue amount of such class of securities.

 

Section 4.12                                Liens.

 

The Issuer shall not, and shall not permit any Guarantor to, directly
or indirectly, create, incur, assume or suffer to exist any Lien (except
Permitted Liens) that secures obligations under any Indebtedness or any related
Guarantee, on any asset or property of the Issuer or any Guarantor, or any
income or profits therefrom, or assign or convey any right to receive income
therefrom, unless:

 

(1)           in the case of Liens
securing Subordinated Indebtedness, the Notes and related Guarantees are
secured by a Lien on such property, assets or proceeds that is senior in priority
to such Liens; or

 

(2)           in all other cases, the
Notes or the Guarantees are equally and ratably secured, except that the
foregoing shall not apply to (A) Liens securing the Notes and the related
Guarantees, (B) Liens securing Indebtedness permitted to be incurred under
Credit Facilities, including any letter of credit facility relating thereto,
that was permitted by the terms of this Indenture to be incurred pursuant to
clause (1) of Section 4.09(b) hereof and (C) Liens securing Indebtedness under
Credit Facilities permitted to be incurred pursuant to Section 4.09 hereof; provided
that, with respect to Liens securing Indebtedness permitted under this subclause
(C), at the time of incurrence and after giving pro forma
effect thereto, the Consolidated Secured Debt Ratio would be no greater than
4.0 to 1.0.

 

78

 

Section 4.13           Corporate
Existence.

 

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

 

Section 4.14           Offer
to Repurchase Upon Change of Control.

 

If a Change of Control occurs, unless the Issuer has previously or
concurrently mailed a redemption notice with respect to all the outstanding
Notes as described under Section 3.07 hereof, the Issuer shall make an offer to
purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of
Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest and Additional Interest, if any, to
the date of purchase, subject to the right of Holders of the Notes of record on
the relevant Record Date to receive interest due on the relevant Interest
Payment Date.  Within 30 days following
any Change of Control, the Issuer shall send notice of such Change of Control
Offer by first-class mail, with a copy to the Trustee, to each Holder of Notes to
the address of such Holder appearing in the security register or otherwise in
accordance with Applicable Procedures, with a copy to the Trustee, with the following
information:

 

(1)           that a Change of
Control Offer is being made pursuant to this Section 4.14 and that all Notes
properly tendered pursuant to such Change of Control Offer will be accepted for
payment by the Issuer;

 

(2)           the purchase price and
the purchase date, which will be no earlier than 30 days nor later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”);

 

(3)           that any Note not
properly tendered will remain outstanding and continue to accrue interest;

 

(4)           that unless the Issuer
defaults in the payment of the Change of Control Payment, all Notes accepted
for payment pursuant to the Change of Control Offer will cease to accrue
interest on the Change of Control Payment Date;

 

(5)           that Holders electing
to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of such Notes completed, to the paying agent
specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control
Payment Date;

 

(6)           that Holders will be
entitled to withdraw their tendered Notes and their election to require the
Issuer to purchase such Notes, provided
that the paying agent receives, not later than the close of business on the 30
day following the date of the Change of Control notice, a telegram, facsimile
transmission or letter setting forth the name of the Holder of the Notes, the

 

79

 

principal
amount of Notes tendered for purchase, and a statement that such Holder is
withdrawing its tendered Notes and its election to have such Notes purchased;

 

(7)           that if the Issuer is
redeeming less than all of the Notes, the Holders of the remaining Notes will
be issued new Notes and such new Notes will be equal in principal amount to the
unpurchased portion of the Notes surrendered. 
The unpurchased portion of the Notes must be equal to at least $2,000 or
an integral multiple of $1,000 thereafter, in the case of the Dollar Floating
Rate Notes and the Fixed Rate Notes and €50,000 or an integral multiple of
€1,000 thereafter, in the case of the Euro Floating Rate Notes; and

 

(8)           the other instructions,
as determined by the Issuer, consistent with this Section 4.14 described
hereunder, that a Holder must follow.

 

The notice, if mailed in a manner herein provided, shall be
conclusively presumed to have been given, whether or not the Holder receives
such notice.  If (a) the notice is mailed
in a manner herein provided and (b) any Holder fails to receive such notice or
a Holder receives such notice but it is defective, such Holder’s failure to
receive such notice or such defect shall not affect the validity of the proceedings
for the purchase of the Notes as to all other Holders that properly received
such notice without defect.  The Issuer shall
comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or
regulations are applicable in connection with the repurchase of Notes pursuant
to a Change of Control Offer.  To the
extent that the provisions of any securities laws or regulations conflict with
the provisions of this Section 4.14, the Issuer shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.14 by virtue thereof.

 

(b)           On
the Change of Control Payment Date, the Issuer shall, to the extent permitted
by law,

 

(1)           accept for payment all
Notes issued by it or portions thereof properly tendered pursuant to the Change
of Control Offer,

 

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

 

(3)           deliver, or cause to be
delivered, to the Trustee for cancellation the Notes so accepted together with
an Officer’s Certificate to the Trustee stating that such Notes or portions
thereof have been tendered to and purchased by the Issuer.

 

(c)           The
Issuer shall not be required to make a Change of Control Offer following a
Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set
forth in this Section 4.14 applicable to a Change of Control Offer made by the
Issuer and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer.  Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in
advance of a Change of Control, conditional upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of
making of the Change of Control Offer.

 

(d)           Other than as specifically provided in this
Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant
to the provisions of Sections 3.02, 3.05 and 3.06 hereof.

 

80

 

Section 4.15           Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries.

 

Holdings shall not permit any of its Wholly-Owned Subsidiaries that are
Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such
non-Wholly-Owned Subsidiaries guarantee other capital markets debt securities),
other than a Guarantor or a Foreign Subsidiary, to guarantee the payment of any
Indebtedness of the Issuer or any other Guarantor unless:

 

(1)           such Restricted
Subsidiary within 30 days executes and delivers a supplemental indenture to this
Indenture, the form of which is attached as Exhibit D hereto, providing
for a Guarantee by such Restricted Subsidiary, except that with respect to a
guarantee of Indebtedness of the Issuer or any Guarantor:

 

(a)           if
the Notes or such Guarantor’s Guarantee are subordinated in right of payment to
such Indebtedness, the Guarantee under the supplemental indenture shall be
subordinated to such Restricted Subsidiary’s guarantee with respect to such
Indebtedness substantially to the same extent as the Notes are subordinated to
such Indebtedness; and

 

(b)           if
such Indebtedness is by its express terms subordinated in right of payment to
the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of
payment to such Guarantee substantially to the same extent as such Indebtedness
is subordinated to the Notes;

 

(2)           such Restricted
Subsidiary waives and shall 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 Holdings or any other Restricted Subsidiary as a
result of any payment by such Restricted Subsidiary under its Guarantee; and

 

(3)           such Restricted
Subsidiary shall deliver to the Trustee an Opinion of Counsel to the effect
that:

 

(a)           such
Guarantee has been duly executed and authorized; and

 

(b)           such
Guarantee constitutes a valid, binding and enforceable obligation of such
Restricted Subsidiary, except insofar as enforcement thereof may be limited by
bankruptcy, insolvency or similar laws (including, without limitation, all laws
relating to fraudulent transfers) and except insofar as enforcement thereof is
subject to general principles of equity;

 

provided that this Section 4.15
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.

 

Section 4.16           Discharge
and Suspension of Covenants.

 

(a)           If after the Issue Date (i) the Notes have
Investment Grade Ratings from both Rating Agencies and (ii) no Default has
occurred and is continuing under this Indenture then, beginning on that day and
continuing at all times thereafter regardless of any subsequent changes in the
rating of the Notes (the occurrence of the events described in the foregoing
clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”),
Section 4.07 hereof, Section 4.08 hereof, Section 4.09

 

81

 

hereof, Section 4.10 hereof, Section 4.11 hereof, Section 4.15 hereof
and clause (4) of Section 5.01 hereof shall not be applicable to the Notes
(collectively, the “Suspended
Covenants”).

 

(b)           During any period that the foregoing
covenants have been suspended, Holdings may not designate any of its
Subsidiaries as Unrestricted Subsidiaries pursuant to the second sentence of
the definition of “Unrestricted Subsidiary.”

 

(c)           In
the event that
Holdings and its Restricted Subsidiaries are not subject to the Suspended
Covenants under this Indenture for any period of time as a result of the
foregoing, and on any subsequent date (the “Suspension Date”) one or both of the Rating Agencies
withdraw their Investment Grade Rating or downgrade the rating assigned to the
Notes below an Investment Grade Rating, then Holdings and its Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants under
this Indenture with respect to future events. 
The period of time between the Suspension Date and the Reversion Date is
referred to in this Section 4.16 as the “Suspension Period.” The
Guarantees of the Guarantors will be suspended during the Suspension Period.
Additionally, upon the occurrence of a Covenant Suspension Event, the amount of
Excess Proceeds from Net Proceeds shall be reset to zero.

 

(d)           During any Suspension Period, Holdings will not, and will not permit any Restricted
Subsidiary to, enter into any Sale and Lease-Back Transaction; provided, however, that Holdings or any Restricted
Subsidiary may enter into a Sale and Lease-Back Transaction if (i) Holdings or
such Restricted Subsidiary could have incurred a Lien to secure the
Indebtedness attributable to such Sale and Leaseback Transaction pursuant to ‘‘—Liens’’
below without equally and ratably securing the Senior Notes pursuant to the
covenant described under such covenant; and (ii) the consideration received by
Holdings or such Restricted Subsidiary in that Sale and Lease-Back Transaction
is at least equal to the fair market value of the property sold and otherwise
complies with Section 4.10; provided, further, that the foregoing provisions shall cease to apply
on and subsequent to the Reversion Date following such Suspension Period.

 

(e)           Notwithstanding
the foregoing, in the event of any such reinstatement, no action taken or
omitted to be taken by Holdings or any of its Restricted Subsidiaries prior to
such reinstatement will give rise to a Default or Event of Default under this
Indenture with respect to the Notes; provided that
(1) with respect to Restricted Payments made after such reinstatement, the
amount of Restricted Payments made will be calculated as though Section 4.07 had
been in effect prior to, but not during, the Suspension Period; and (2) all Indebtedness
incurred, or Disqualified Stock issued, during the Suspension Period will be
classified to have been incurred or issued pursuant to Section 4.09(b)(3).

 

(f)            The Issuer shall deliver promptly to the
Trustee an Officer’s Certificate notifying it of any such occurrence under this
Section 4.16.

 

ARTICLE 5

SUCCESSORS

 

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

 

(a)           Neither
Holdings nor the Issuer may consolidate or merge with or into or wind up into
(whether or not Holdings or the Issuer, as applicable, is the surviving
corporation), or sell, assign, transfer, lease, convey or otherwise dispose of
all or substantially all of its properties or assets, in one or more related
transactions, to any Person unless:

 

82

 

(1)           Holdings or the Issuer,
as applicable, is the surviving corporation or the Person formed by or
surviving any such consolidation or merger (if other than Holdings or the
Issuer) or to which such sale, assignment, transfer, lease, conveyance or other
disposition will have been made is a corporation organized or existing under
the laws of the jurisdiction of organization of Holdings or the Issuer or the
laws of the United States, any state thereof, the District of Columbia, or any
territory thereof (such Person, as the case may be, being herein called the “Successor
Company”);

 

(2)           the Successor Company,
if other than Holdings or the Issuer, expressly assumes all the obligations of
Holdings or the Issuer, as applicable, under the Notes pursuant to supplemental
indentures or other documents or instruments;

 

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

 

(4)           immediately after
giving pro forma effect to such transaction and
any related financing transactions, as if such transactions had occurred at the
beginning of the applicable four-quarter period,

 

(a)           the
Successor Company or Holdings would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Test set forth in
Section 4.09(a) hereof, or

 

(b)           the
Fixed Charge Coverage Ratio for the Successor Company, Holdings or the Issuer,
as applicable, and the Restricted Subsidiaries would be greater than the Fixed
Charge Coverage Ratio for Holdings and its Restricted Subsidiaries immediately
prior to such transaction;

 

(5)           each Guarantor, unless
it is the other party to the transactions described above, in which case Section 5.01(c)(1)(B)
hereof shall apply, shall have by supplemental indenture confirmed that its
Guarantee shall apply to such Person’s obligations under this Indenture, the
Notes and the Registration Rights Agreement; and

 

(6)           the Issuer shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that such consolidation, merger or transfer and such supplemental
indentures, if any, comply with this Indenture.

 

(b)           The
Successor Company will succeed to, and be substituted for Holdings or the
Issuer, as the case may be, under this Indenture, the Guarantees and the Notes,
as applicable.  Notwithstanding the
clauses (3) and (4) of Section 5.01(a) hereof,

 

(1)           any Restricted
Subsidiary may consolidate with or merge into or transfer all or part of its
properties and assets to Holdings or the Issuer, and

 

(2)           Holdings or the Issuer
may merge with an Affiliate of Holdings or the Issuer, as the case may be,
solely for the purpose of reincorporating Holdings or the Issuer in a State of
the United States so long as the amount of Indebtedness of Holdings and its
Restricted Subsidiaries is not increased thereby.

 

(c)           Subject
to certain limitations described in this Indenture governing release of a
Guarantee upon the sale, disposition or transfer of a guarantor, no Guarantor
will, and the Issuer will not permit any Guarantor to, consolidate or merge
with or into or wind up into (whether or not the Issuer or

 

83

 

Guarantor is the surviving corporation), or
sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets, in one or more related transactions,
to any Person unless:

 

(1)           (a) such Guarantor
is the surviving corporation or the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, lease, conveyance or other disposition will have been
made is a corporation organized or existing under the laws of the jurisdiction
of organization of such Guarantor, as the case may be, or the laws of the
United States, any state thereof, the District of Columbia, or any territory
thereof (such Guarantor or such Person, as the case may be, being herein called
the “Successor Person”);

 

(b)           the
Successor Person, if other than such Guarantor, expressly assumes all the obligations
of such Guarantor under this Indenture and such Guarantor’s related Guarantee
pursuant to supplemental indentures or other documents or instruments;

 

(c)           immediately
after such transaction, no Default exists; and

 

(d)           the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indentures, if any, comply with this Indenture; or

 

(2)           the transaction is made
in compliance with Section 4.10 hereof.

 

(d)           Subject
to certain limitations described in this Indenture, the Successor Person will
succeed to, and be substituted for, such Guarantor under this Indenture and
such Guarantor’s Guarantee. 
Notwithstanding the foregoing, any Guarantor may merge into or transfer
all or part of its properties and assets to another Guarantor or the Issuer.

 

(e)           Notwithstanding anything to the contrary, the
mergers contemplated by the Transaction Agreement shall be permitted without
compliance with this Section 5.01.

 

Section 5.02           Successor
Corporation Substituted.

 

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

 

84

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01           Events
of Default.

 

(a)           An “Event of Default” wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

 

(1)           default in payment when
due and payable, upon redemption, acceleration or otherwise, of principal of,
or premium, if any, on the Notes;

 

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

 

(3)           failure by the Issuer
or any Guarantor for 60 days after receipt of written notice given by the
Trustee or the Holders of not less than 25% in principal amount of the Notes to
comply with any of its obligations, covenants or agreements (other than a
default referred to in clauses (1) and (2) above) contained in this
Indenture or the Notes;

 

(4)           default under any
mortgage, indenture or instrument under which there is issued or by which there
is secured or evidenced any Indebtedness for money borrowed by Holdings or any
of its Restricted Subsidiaries or the payment of which is guaranteed by Holdings
or any of its Restricted Subsidiaries, other than Indebtedness owed to Holdings
or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists
or is created after the issuance of the Notes, if both:

 

(a)           such
default either results from the failure to pay any principal of such Indebtedness
at its stated final maturity (after giving effect to any applicable grace periods)
or relates to an obligation other than the obligation to pay principal of any
such Indebtedness at its stated final maturity and results in the holder or
holders of such Indebtedness causing such Indebtedness to become due prior to
its stated maturity; and

 

(b)           the
principal amount of such Indebtedness, together with the principal amount of
any other such Indebtedness in default for failure to pay principal at stated final
maturity (after giving effect to any applicable grace periods), or the maturity
of which has been so accelerated, aggregate $50.0 million or more at any one
time outstanding;

 

(5)           failure by Holdings or
any Significant Subsidiary to pay final judgments aggregating in excess of $50.0 million,
which final judgments remain unpaid, undischarged and unstayed for a period of
more than 60 days after such judgment becomes final, and in the event such
judgment is covered by insurance, an enforcement proceeding has been commenced
by any creditor upon such judgment or decree which is not promptly stayed;

 

(6)           Holdings or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences proceedings to be adjudicated
bankrupt or insolvent;

 

85

 

(ii)           consents to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy law;

 

(iii)          consents to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator or other similar official of it or for all or substantially all of
its property;

 

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

 

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

 

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

 

(i)            is for relief against Holdings or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary,
in a proceeding in which Holdings or any such Restricted Subsidiaries, that is
a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, is to be adjudicated
bankrupt or insolvent;

 

(ii)           appoints a receiver, liquidator, assignee, trustee, sequestrator or
other similar official of Holdings or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, or for all or
substantially all of the property of Holdings or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;
or

 

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

 

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

 

(8)           the Guarantee of any
Significant Subsidiary shall for any reason cease to be in full force and
effect or be declared null and void or any responsible officer of any Guarantor
that is a Significant Subsidiary, as the case may be, denies that it has any
further liability under its Guarantee or gives notice to such effect, other
than by reason of the termination of this Indenture or the release of any such
Guarantee in accordance with this Indenture.

 

(b)           In
the event of any Event of Default specified in clause (4) of Section 6.01(a)
hereof, such Event of Default and all consequences thereof (excluding any
resulting payment default, other than as a result of acceleration of the Notes)
shall be annulled, waived and rescinded, automatically and without any action
by the Trustee or the Holders, if within 20 days after such Event of Default
arose:

 

(1)           the Indebtedness or
guarantee that is the basis for such Event of Default has been discharged; or

 

(2)           holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be)
giving rise to such Event of Default; or

 

86

 

(3)           the default that is the
basis for such Event of Default has been cured.

 

Section 6.02           Acceleration.

 

If any Event of Default (other than an Event of Default specified in
clause (6) or (7) of Section 6.01(a) hereof) occurs and is continuing
under this Indenture, the Trustee or the Holders of at least 25% in principal
amount of the then total outstanding Notes may declare the principal, premium,
if any, interest and any other monetary obligations on all the then outstanding
Notes to be due and payable immediately. 
Upon the effectiveness of such declaration, such principal and interest shall
be due and payable immediately.

 

Notwithstanding the foregoing, in the case of an Event of Default
arising under clause (6) or (7) of Section 6.01(a) hereof, all outstanding
Notes shall be due and payable immediately without further action or notice.

 

The Holders of a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of all of the
Holders rescind an acceleration and its consequences if the rescission would
not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest, Additional Interest, if any, or premium
that has become due solely because of the acceleration) have been cured or
waived.

 

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, if any, and interest
on the Notes or to enforce the performance of any provision of the Notes or
this Indenture.

 

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

 

Section 6.04           Waiver
of Past Defaults.

 

Holders of not less than a majority in aggregate principal amount of
the then outstanding Notes by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default and its consequences
hereunder, except a continuing Default in the payment of the principal of,
premium, if any, Additional Interest, if any, or interest on, any Note held by
a non-consenting Holder (including in connection with an Asset Sale Offer or a
Change of Control Offer); provided, subject to Section 6.02 hereof, that
the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration.  Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon.

 

Section 6.05           Control
by Majority.

 

Holders of a majority in principal amount of the then total outstanding
Notes may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee.  The Trustee,
however, may refuse to follow any

 

87

 

direction that conflicts with law or this Indenture
or that the Trustee determines is unduly prejudicial to the rights of any other
Holder of a Note or that would involve the Trustee in personal liability.

 

Section 6.06           Limitation
on Suits.

 

Subject to Section 6.07 hereof,
no Holder of a Note may pursue any remedy with respect to this Indenture or the
Notes unless:

 

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

 

(2)     Holders of at least 25% in
principal amount of the total outstanding Notes have requested the Trustee to
pursue the remedy;

 

(3)     Holders of the Notes have
offered the Trustee reasonable security or indemnity against any loss,
liability or expense;

 

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

 

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

 

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

 

Section 6.07           Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium, if any, and
Additional Interest, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an
Asset Sale Offer or a Change of Control Offer), 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)(1) or (2) hereof occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Issuer for the whole amount of principal of, premium,
if any, and Additional Interest, if any, and interest remaining unpaid on the
Notes and interest on overdue principal and, to the extent lawful, interest and
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

Section 6.09           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 proceedings, the Issuer, the Trustee and the Holders shall be restored severally
and respectively

 

88

 

to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding has been instituted.

 

Section 6.10           Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, 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 6.11           Delay
or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder of any Note 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 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.

 

Section 6.12           Trustee
May File Proofs of Claim.

 

The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders of the
Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor
upon the Notes including the Guarantors), its creditors or its property and
shall be entitled and empowered to participate as a member in any official
committee of creditors appointed in such matter and 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 6.13           Priorities.

 

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

 

89

 

(i)            to the Trustee, such Agent, their agents and
attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the
Trustee or such Agent and the costs and expenses of collection;

 

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

 

(iii)          to the Issuer or to such party as a court of competent
jurisdiction shall direct including a Guarantor, if applicable.

 

The Trustee may fix a record date and payment date for any payment to Holders
of Notes pursuant to this Section 6.13.

 

Section 6.14           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 6.14 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.

 

ARTICLE 7

TRUSTEE

 

Section 7.01           Duties
of Trustee.

 

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

 

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

 

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

 

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

 

90

 

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

 

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

 

(ii)           the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer, unless it is proved in
a court of competent jurisdiction 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 6.02, 6.04 or 6.05 hereof.

 

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

 

(e)           The Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request or
direction of any of the Holders of the Notes unless the Holders have offered to
the Trustee reasonable indemnity or security 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
Issuer.  Money held in trust by the
Trustee need not be segregated from other funds except to the extent required
by law.

 

Section 7.02           Rights
of Trustee.

 

(a)           The Trustee may conclusively rely upon any document
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, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and
premises of the Issuer, personally or by agent or attorney at the sole cost of the
Issuer and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation.

 

(b)           Before the Trustee acts or refrains from
acting, it may require an Officer’s Certificate or an Opinion of Counsel or
both.  The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel.  The
Trustee may consult with counsel of its selection 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 or attorney appointed with due care.

 

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

 

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

 

91

 

(f)            None of the provisions of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise to incur
any liability, financial or otherwise, in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not assured to it.

 

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

 

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

 

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

 

(j)            In the event the Issuer is required to pay
Additional Interest, the Issuer will provide written notice to the Trustee of
the Issuer’s obligation to pay Additional Interest no later than 15 days prior
to the next Interest Payment Date, which notice shall set forth the amount of
the Additional Interest to be paid by the Issuer.  The Trustee shall not at any time be under
any duty or responsibility to any Holders to determine whether the Additional
Interest is payable and the amount thereof.

 

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 Issuer or any
Affiliate of the Issuer 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 SEC 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 Issuer’s use of the proceeds from the Notes or any money paid to the
Issuer or upon the Issuer’s direction under any provision of this Indenture, it
shall not be responsible for the use or application of any money received by
any Paying Agent other than the Trustee, and it shall not be responsible for
any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication.

 

Section 7.05           Notice
of Defaults.

 

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

 

92

 

withhold from the Holders notice of any continuing
Default if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of the Holders of
the Notes.  The Trustee shall not be
deemed to know of any Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is such a
Default is received by the Trustee in accordance with Section 12.02 hereof at
the Corporate Trust Office of the Trustee and such notice references the Notes.

 

Section 7.06           Reports
by Trustee to Holders of the Notes.

 

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

 

A copy of each report at the time of its mailing to the Holders of
Notes shall be mailed to the Issuer and filed with the SEC and each stock exchange
on which the Notes are listed in accordance with Trust Indenture Act Section
313(d).  The Issuer shall promptly notify
the Trustee when the Notes are listed on any stock exchange.

 

Section 7.07           Compensation
and Indemnity.

 

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

 

The Issuer and the Guarantors, jointly and severally, shall indemnify
the Trustee and its officers, directors, employees, agents and any predecessor
trustee and its officers, directors, employees and agents for, and hold the
Trustee harmless against, any and all loss, damage, claims, liability or expense
(including attorneys’ fees) incurred by it in connection with the acceptance or
administration of this trust and the performance of its duties hereunder
(including the costs and expenses of enforcing this Indenture against the
Issuer or any of the Guarantors (including this Section 7.07) or defending
itself against any claim whether asserted by any Holder, the Issuer or any
Guarantor, or liability in connective with the acceptance, exercise or
performance of any of its powers or duties hereunder).  The Trustee shall notify the Issuer promptly
of any claim for which it may seek indemnity. 
Failure by the Trustee to so notify the Issuer shall not relieve the
Issuer of its obligations hereunder.  The
Issuer shall defend the claim and the Trustee may have separate counsel and the
Issuer shall pay the fees and expenses of such counsel.  The Issuer 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 Issuer under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the earlier resignation or removal
of the Trustee.

 

To secure the payment obligations of the Issuer and the Guarantors in
this Section 7.07, the Trustee shall have a Lien prior to the Notes on all
money or property held or collected by the Trustee,

 

93

 

except that held in trust to pay principal and
interest on particular Notes.  Such Lien
shall survive the satisfaction and discharge of this Indenture.

 

When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(a)(6) or (7) 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 Trust Indenture Act
Section 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 7.08.  The Trustee
may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Issuer.  The
Holders of a majority in principal amount of the then outstanding Notes may
remove the Trustee by so notifying the Trustee and the Issuer in writing.  The Issuer may remove the Trustee if:

 

(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 Issuer shall promptly appoint a successor
Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount
of the then outstanding Notes may appoint a successor Trustee to replace the
successor Trustee appointed by the Issuer.

 

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

 

If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10 hereof, such
Holder 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 Issuer.  Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of
its succession to Holders.  The retiring
Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee; provided all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 7.07 hereof.  Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07
hereof shall continue for the benefit of the retiring Trustee.

 

94

 

Section 7.09           Successor
Trustee by Merger, etc.

 

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

 

Section 7.10           Eligibility;
Disqualification.

 

There shall at all times be a Trustee hereunder that is a corporation organized
and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision or examination by federal or state authorities
and that has, together with its parent, a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition.

 

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

 

Section 7.11           Preferential
Collection of Claims Against Issuer.

 

The Trustee is subject to Trust Indenture Act Section 311(a), excluding
any creditor relationship listed in Trust Indenture Act Section 311(b).  A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act Section 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 Issuer may, at its option and at any time, elect to have either Section
8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article 8.

 

Section 8.02           Legal
Defeasance and Discharge.

 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, the Issuer and the Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to
have been discharged from their obligations with respect to all outstanding
Notes and Guarantees on the date the conditions set forth below are satisfied (“Legal
Defeasance”).  For this purpose,
Legal Defeasance means that the Issuer shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, which
shall thereafter be deemed to be “outstanding” only for the purposes of Section
8.05 hereof and the other Sections of this Indenture referred to in (a) and (b)
below, and to have satisfied all its other obligations under such Notes and
this Indenture including that of the Guarantors (and the Trustee, on demand of
and at the expense of the Issuer, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder:

 

(a)           the
rights of Holders of Notes to receive payments in respect of the principal of,
premium, if any, and interest on the Notes when such payments are due solely
out of the trust created pursuant to this Indenture referred to in Section 8.04
hereof;

 

95

 

(b)           the Issuer’s
obligations with respect to Notes concerning issuing temporary Notes,
registration of such Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust;

 

(c)           the rights,
powers, trusts, duties and immunities of the Trustee, and the Issuer’s
obligations in connection therewith; and

 

(d)           this Section
8.02.

 

Subject to compliance with this Article 8, the
Issuer 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 Issuer’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.03, the Issuer and the Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from their obligations under the covenants contained in
Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 and 4.15
hereof and clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d)
hereof with respect to the outstanding Notes on and after the date the conditions
set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue
to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For
this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes, the Issuer 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 Issuer’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(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to
Restricted Subsidiaries that are Significant Subsidiaries), 6.01(a)(7) (solely
with respect to Restricted Subsidiaries that are Significant Subsidiaries) and
6.01(a)(8) hereof shall not constitute Events of Default.

 

Section 8.04           Conditions to
Legal or Covenant Defeasance.

 

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

 

In order to exercise either Legal Defeasance or
Covenant Defeasance with respect to the Notes:

 

(1)           the Issuer must
irrevocably deposit with the Trustee, in trust, for the benefit of the Holders
of the Notes, cash in U.S. dollars, U.S. dollar-denominated Government
Securities, or a combination thereof, in the case of Dollar Floating Rate Notes
and/or Fixed Rate Notes and cash in euro, euro-denominated Government
Securities, or a combination thereof, in the case of Euro Floating Rate Notes,
in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest due on the Notes on the stated maturity date or
on the Redemption Date, as the case may 

 

96

 

be, of such principal,
premium, if any, or interest on such Notes and the Issuer must specify whether
such Notes are being defeased to maturity or to a particular Redemption Date;

 

(2)           in the case of
Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions,

 

(a)           the Issuer has received
from, or there has been published by, the United States Internal Revenue
Service a ruling, or

 

(b)           since the issuance of the
Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, subject to
customary assumptions and exclusions, the Holders of the Notes will not
recognize income, gain or loss for U.S. federal income tax purposes, as applicable,
as a result of such Legal Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have
been the case if such Legal Defeasance had not occurred;

 

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

 

(4)           no Default
(other than that resulting from borrowing funds to be applied to make such
deposit and any similar and simultaneous deposit relating to other Indebtedness
and, in each case, the granting of Liens in connection therewith) shall have
occurred and be continuing on the date of such deposit;

 

(5)           such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under the Senior Credit Facilities, the Senior
Subordinated Notes or this Indenture pursuant to which the Senior Subordinated
Notes were issued or any other material agreement or instrument (other than this
Indenture) to which, the Issuer or any Guarantor is a party or by which the
Issuer or any Guarantor is bound (other than that resulting from any borrowing
of funds to be applied to make the deposit required to effect such Legal
Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating
to other Indebtedness, and the granting of Liens in connection therewith);

 

(6)           the Issuer
shall have delivered to the Trustee an Opinion of Counsel to the effect that,
as of the date of such opinion and subject to customary assumptions and
exclusions following the deposit, the trust funds will not be subject to the effect
of Section 547 of Title 11 of the United States Code;

 

(7)           the Issuer
shall have delivered to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Issuer with the intent of defeating, hindering,
delaying or defrauding any creditors of the Issuer or any Guarantor or others;
and

 

97

 

(8)           the Issuer
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel (which Opinion of Counsel may be subject to customary assumptions and
exclusions) each stating that all conditions precedent provided for or relating
to the Legal Defeasance or the Covenant Defeasance, as the case may be, have
been complied with.

 

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

 

Subject to Section 8.06 hereof, all money and
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 Issuer or a
Guarantor 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 and Additional Interest, if any, and interest, but such
money need not be segregated from other funds except to the extent required by
law.

 

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

 

Anything in this Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or 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 Issuer.

 

Subject to any applicable abandoned property law, any
money deposited with the Trustee or any Paying Agent, or then held by the
Issuer, in trust for the payment of the principal of, premium and Additional
Interest, if any, or interest on any Note and remaining unclaimed for two years
after such principal, and premium and Additional Interest, if any, or interest
has become due and payable shall be paid to the Issuer on its request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of
such Note shall thereafter look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Issuer as trustee thereof, shall thereupon cease.

 

Section 8.07           Reinstatement.

 

If the Trustee or Paying Agent is unable to apply
any United States dollars or 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 Issuer’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided that, if the
Issuer makes any payment of principal of, premium and Additional Interest, if
any, or interest on any Note following the reinstatement of its obligations, the
Issuer 

 

98

 

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 of Notes.

 

Notwithstanding Section 9.02 hereof, the Issuer, any
Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may
amend or supplement this Indenture and any Guarantee or Notes without the consent
of any Holder:

 

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

 

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

 

(3)           to comply with
Section 5.01 hereof;

 

(4)           to provide the
assumption of the Issuer’s or any Guarantor’s obligations to the Holders;

 

(5)           to make any
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
such Holder;

 

(6)           to add
covenants for the benefit of the Holders or to surrender any right or power conferred
upon the Issuer or any Guarantor;

 

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

 

(8)           to evidence and
provide for the acceptance and appointment under this Indenture of a successor
Trustee thereunder pursuant to the requirements thereof;

 

(9)           to provide for
the issuance of exchange notes or private exchange notes, which are identical
to exchange notes except that they are not freely transferable;

 

(10)         to add a
Guarantor under this Indenture;

 

(11)         to conform the
text of this Indenture, Guarantees or the Notes to any provision of the “Description
of Senior Notes” section of the Offering Memorandum to the extent that such
provision in such “Description of Senior Notes” section was intended to be a
verbatim recitation of a provision of this Indenture, Guarantee or Notes; or

 

(12)         making any
amendment to the provisions of this Indenture relating to the transfer and
legending of Notes as permitted by this Indenture, including, without limitation
to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with
this Indenture as so amended would not result in Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such
amendment does not materially and adversely affect the rights of Holders to
transfer Notes.

 

99

 

Upon the request of the Issuer 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
Issuer and the Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein contained,
but the Trustee shall not be obligated to enter into such amended or supplemental
indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel
shall be required in connection with the addition of a Guarantor under this
Indenture upon execution and delivery by such Guarantor and the Trustee of a
supplemental indenture to this Indenture, the form of which is attached as Exhibit
D hereto, and delivery of an Officer’s Certificate.

 

Section 9.02           With Consent of
Holders of Notes.

 

Except as provided below in this Section 9.02, the
Issuer and the Trustee may amend or supplement this Indenture, the Notes and
the Guarantees 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, without limitation, 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 and Additional Interest, if any, or
interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture,
the Guarantees or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (including Additional
Notes, if any) voting as a single class (including consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the
Notes). Section 2.08 hereof and Section 2.09 hereof shall determine which Notes
are considered to be “outstanding” for the purposes of this Section 9.02; provided,
however that that if any amendment, waiver or other modification will
only affect the Dollar Floating Rate Notes, the Euro Floating Rate Notes or
Fixed Rate Notes only the consent of the holders of at least a majority in
principal amount of the then outstanding Dollar Floating Rate Notes, Euro
Floating Rate Notes or Fixed Rate Notes (and not the consent of at least a
majority of all Notes), as the case may be, shall be required.

 

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

 

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

 

After an amendment, supplement or waiver under this
Section 9.02 becomes effective, the Issuer shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Issuer to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amended or supplemental indenture or waiver.

 

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

 

100

 

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

 

(2)           reduce the
principal of or change the fixed final maturity of any such Note or alter or
waive the provisions with respect to the redemption of such Notes (other than
provisions relating to Section 3.09, Section 4.10 and Section 4.14 hereof to
the extent that any such amendment or waiver does not have the effect of
reducing the principal of or changing the fixed final maturity of any such Note
or altering or waiving the provisions with respect to the redemption of such
Notes);

 

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

 

(4)           waive a Default
in the payment of principal of or premium, if any, or interest on the Notes,
except a rescission of acceleration of the Notes by the Holders of at least a
majority in aggregate principal amount of the Notes and a waiver of the payment
default that resulted from such acceleration, or in respect of a covenant or
provision contained in this Indenture or any Guarantee which cannot be amended
or modified without the consent of all Holders;

 

(5)           make any Note
payable in money other than that stated therein;

 

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

 

(7)           make any change
in these amendment and waiver provisions;

 

(8)           impair the
right of any Holder to receive payment of principal of, or interest on such
Holder’s Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

 

(9)           make any change
to or modify the ranking of the Notes that would adversely affect the Holders;
or

 

(10)         except as
expressly permitted by this Indenture, modify the Guarantees of any Significant
Subsidiary in any manner adverse to the Holders of the Notes.

 

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 Trust Indenture Act 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.

 

101

 

The Issuer may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to
any amendment, supplement, or waiver. If a record date is fixed, then,
notwithstanding the preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only such Persons, shall be
entitled to consent to such amendment, supplement, or waiver or to revoke any
consent previously given, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more
than 120 days after such record date unless the consent of the requisite number
of Holders has been obtained.

 

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
Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt
of an Authentication Order, authenticate new Notes that reflect the amendment, supplement
or waiver.

 

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

 

Section 9.06           Trustee to Sign
Amendments, etc.

 

The Trustee shall sign any amendment, supplement or
waiver authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Issuer may not sign an amendment, supplement or waiver until the board
of directors approves it. In executing any amendment, supplement or waiver, 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 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Indenture and that such amendment, supplement or waiver is
the legal, valid and binding obligation of the Issuer and any Guarantors party
thereto, enforceable against them in accordance with its terms, subject to customary
exceptions, and complies with the provisions hereof (including Section 9.03). Notwithstanding
the foregoing, no Opinion of Counsel will be required for the Trustee to execute
any amendment or supplement adding a new Guarantor under this Indenture.

 

Section 9.07           Payment for
Consent.

 

Neither the Issuer nor any Affiliate of the Issuer
shall, directly or indirectly, pay or cause to be paid any consideration,
whether by way of interest, fee or otherwise, to any Holder for or as an inducement
to any consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Notes unless such consideration is offered to all Holders and
is paid to all Holders that so consent, waive or agree to amend in the time
frame set forth in solicitation documents relating to such consent, waiver or
agreement.

 

Section 9.08           Additional
Voting Terms; Calculation of Principal Amount.

 

Except as provided in the proviso to the first
sentence of Section 9.02, all Notes issued under this Indenture shall vote and
consent together on all matters (as to which any of such Notes may vote) as one
class and no series of Notes will have the right to vote or consent as a
separate series on any matter. Determinations as to whether Holders of the
requisite aggregate principal amount of Notes have concurred in any direction,
waiver or consent shall be made in accordance with this Article Nine and Section
2.14.

 

102

 

ARTICLE 10

 

GUARANTEES

 

Section 10.01         Guarantee.

 

Subject to this Article 10, from and after the
consummation of the Acquisition, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that: (a) the principal of, interest,
premium and Additional Interest, if any, on the Notes shall be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Issuer to the Holders or the Trustee
hereunder or thereunder shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (b) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations,
that same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors shall be jointly and
severally obligated to pay the same immediately. Each Guarantor agrees that
this is a guarantee of payment and not a guarantee of collection.

 

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

 

Each Guarantor also agrees to pay any and all costs
and expenses (including reasonable attorneys’ fees) incurred by the Trustee or
any Holder in enforcing any rights under this Section 10.01.

 

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

 

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

 

103

 

Each Guarantee shall remain in full force and effect
and continue to be effective should any petition be filed by or against the
Issuer for liquidation, reorganization, should the Issuer become insolvent or
make an assignment for the benefit of creditors or should a receiver or trustee
be appointed for all or any significant part of the Issuer’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be
reinstated, as the case may be, if at any time payment and performance of the
Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes or Guarantees, whether
as a “voidable preference,” “fraudulent transfer” or otherwise, all as though
such payment or performance had not been made. In the event that any payment or
any part thereof, is rescinded, reduced, restored or returned, the Notes shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only
by such amount paid and not so rescinded, reduced, restored or returned.

 

In case any provision of any Guarantee 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.

 

The Guarantee issued by any Guarantor shall be a
general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all
existing and future Senior Indebtedness of such Guarantor, if any.

 

Each payment to be made by a Guarantor in respect of
its Guarantee shall be made without set-off, counterclaim, reduction or
diminution of any kind or nature.

 

Section 10.02         Limitation on
Guarantor Liability.

 

Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the Trustee,
the Holders and the Guarantors hereby irrevocably agree that the obligations of
each Guarantor shall be limited to the maximum amount as will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of
such Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other Guarantor
under this Article 10, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
applicable law. Each Guarantor that makes a payment under its Guarantee shall be
entitled upon payment in full of all guaranteed obligations under this Indenture
to a contribution from each other Guarantor in an amount equal to such other
Guarantor’s pro rata portion of such payment based
on the respective net assets of all the Guarantors at the time of such payment
determined in accordance with GAAP.

 

Section 10.03         Execution and
Delivery.

 

To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that this Indenture shall be executed on behalf of such Guarantor by its President,
one of its Vice Presidents or one of its Assistant Vice Presidents.

 

Each Guarantor hereby agrees that its Guarantee set
forth in Section 10.01 hereof shall
remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Guarantee on the Notes.

 

104

 

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

 

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

 

If required by Section 4.15 hereof, the Issuer shall
cause any newly created or acquired Restricted Subsidiary to comply with the
provisions of Section 4.15 hereof
and this Article 10, to the extent applicable.

 

Section 10.04         Subrogation.

 

Each Guarantor shall be subrogated to all rights of
Holders of Notes against the Issuer in respect of any amounts paid by any
Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of Default has occurred
and is continuing, no Guarantor shall be entitled to enforce or receive any payments
arising out of, or based upon, such right of subrogation until all amounts then
due and payable by the Issuer under this Indenture or the Notes shall have been
paid in full.

 

Section 10.05         Benefits
Acknowledged.

 

Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated by
this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee
are knowingly made in contemplation of such benefits.

 

Section 10.06         Release of
Guarantees.

 

A Guarantee by a Guarantor shall be automatically
and unconditionally released and discharged, and no further action by such
Guarantor, the Issuer or the Trustee is required for the release of such
Guarantor’s Guarantee, upon:

 

(1)           (A)  any sale, exchange or transfer (by merger or
otherwise) of the Capital Stock of such Guarantor (including any sale, exchange
or transfer), after which the applicable Guarantor is no longer a Restricted
Subsidiary or all or substantially all the assets of such Guarantor which sale,
exchange or transfer is made in compliance with the applicable provisions of
this Indenture;

 

(B)           the release or
discharge of the guarantee by such Guarantor of the Senior Credit Facilities or
such other guarantee that resulted in the creation of such Guarantee, except a
discharge or release by or as a result of payment under such guarantee;

 

(C)           the designation
of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary
in compliance with the applicable provisions of this Indenture; or

 

(D)          the exercise by
the Issuer of its Legal Defeasance option or Covenant Defeasance option in
accordance with Article 8 hereof or the discharge of the Issuer’s obligations
under this Indenture in accordance with the terms of this Indenture; and

 

(2)           such Guarantor
delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for in this Indenture
relating to such transaction have been complied with.

 

105

 

ARTICLE 11

 

SATISFACTION AND DISCHARGE

 

Section 11.01         Satisfaction
and Discharge.

 

This Indenture shall be discharged and shall cease
to be of further effect as to all Notes, when either:

 

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

 

(2)           (A)  all Notes not theretofore delivered to the
Trustee for cancellation have become due and payable by reason of the making of
a notice of redemption or otherwise, will become due and payable within one
year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Issuer and the Issuer or any
Guarantor have irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders of the Notes,
cash in U.S. dollars, U.S. dollar-denominated Government Securities, or a
combination thereof, in the case of Dollar Floating Rate Notes and/or Fixed
Rate Notes and euro, euro-denominated Government Securities or a combination
thereof, in the case of Euro Floating Rate Notes, in such amounts as will be
sufficient without consideration of any reinvestment of interest to pay and
discharge the entire indebtedness on the Notes not theretofore delivered to the
Trustee for cancellation for principal, premium, if any, and accrued interest
to the date of maturity or redemption;

 

(B)           no Default
(other than that resulting from borrowing funds to be applied to make such
deposit or any similar and simultaneous deposit relating to other Indebtedness)
with respect to this Indenture or the Notes shall have occurred and be continuing
on the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default
under the Senior Credit Facilities, Senior Subordinated Notes (or this
Indenture governing the Senior Subordinated Notes) or any other material
agreement or instrument (other than this Indenture) to which the Issuer or any
Guarantor is a party or by which the Issuer or any Guarantor is bound (other
than resulting from any borrowing of funds to be applied to make such deposit
and any similar and simultaneous deposit relating to other Indebtedness);

 

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

 

(D)          the Issuer has
delivered irrevocable instructions to the Trustee to apply the deposited money
toward the payment of the Notes at maturity or the Redemption Date, as the case
may be.

 

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

 

Notwithstanding the satisfaction and discharge of
this Indenture, if money shall have been deposited with the Trustee pursuant to
subclause (A) of clause (2) of this Section 11.01, the provisions of Section
11.02 and Section 8.06 hereof shall survive.

 

106

 

Section 11.02         Application of
Trust Money.

 

Subject to the provisions of Section 8.06 hereof,
all money deposited with the Trustee pursuant to Section 11.01 hereof shall be
held in trust and applied by it, in accordance with the provisions of the Notes
and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium and Additional
Interest, if any) and interest for whose payment such money has been deposited
with the Trustee; but such money need not be segregated from other funds except
to the extent required by law.

 

If the Trustee or Paying Agent is unable to apply
any money or Government Securities in accordance with Section 11.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 11.01 hereof; provided that if the
Issuer has made any payment of principal of, premium and Additional Interest,
if any, or interest on any Notes because of the reinstatement of its obligations,
the Issuer shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Securities held by the
Trustee or Paying Agent.

 

ARTICLE 12

 

MISCELLANEOUS

 

Section 12.01               Trust Indenture Act Controls.

 

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

 

Section 12.02               Notices.

 

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

 

If to the Issuer and/or any Guarantor:

 

TDS
Investor Corporation

c/o The Blackstone Group

345 Park Avenue

New York, New York 10154

Fax No.: 212-583-5712

Attention:  Paul C. Schorr, IV

 

If to the Trustee:

 

The
Bank of Nova Scotia Trust Company of New York

One Liberty Plaza, 23rd Floor

New York, New York 10006

Fax No.: (212) 225-5436

Attn:
Warren Goshine

 

107

 

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

 

All notices and communications (other than those
sent to Holders) shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five calendar days after being deposited in
the mail, postage prepaid, if mailed by first-class mail; when receipt
acknowledged, if faxed; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery; provided
that any notice or communication delivered to the Trustee shall be deemed effective
upon actual receipt thereof.

 

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 Trust Indenture Act Section 313(c), to
the extent required by the Trust Indenture Act. 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.

 

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

 

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

 

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

 

Section 12.04         Certificate and
Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer or any
of the Guarantors to the Trustee to take any action under this Indenture, the
Issuer or such Guarantor, as the case may be, shall furnish to the Trustee:

 

(a)           An Officer’s Certificate
in form and substance reasonably satisfactory to the Trustee (which shall
include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(b)           An Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.

 

Section 12.05         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 Section 4.04 hereof or Trust Indenture
Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act
Section 314(e) and shall include:

 

108

 

(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 complied with (and, in
the case of an Opinion of Counsel, may be limited to reliance on an Officer’s
Certificate as to matters of fact); and

 

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

 

Section 12.06         Rules by
Trustee and Agents.

 

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

 

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

 

No director, officer, employee, incorporator or
stockholder of the Issuer or any Guarantor or any of their parent companies
shall have any liability for any obligations of the Issuer or the Guarantors
under the Notes, the Guarantees or this Indenture or for any claim based on, in
respect of, or by reason of such obligations or their creation. Each Holder by
accepting Notes waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

Section 12.08         Governing Law.

 

THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.09         Waiver of Jury
Trial.

 

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

 

Section 12.10         Force Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations under
this Indenture arising out of or caused by, directly or indirectly, forces
beyond its reasonable control, including without limitation strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software or hardware)
services.

 

109

 

Section 12.11         No Adverse
Interpretation of Other Agreements.

 

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

 

Section 12.12         Successors.

 

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

 

Section 12.13         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 12.14         Counterpart
Originals.

 

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

 

Section 12.15         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.

 

Section 12.16         Qualification
of Indenture.

 

The Issuer and the Guarantors shall qualify this
Indenture under the Trust Indenture Act in accordance with the terms and conditions
of the Registration Rights Agreement and shall pay all reasonable costs and
expenses (including attorneys’ fees and expenses for the Issuer, the Guarantors
and the Trustee) incurred in connection therewith, including, but not limited
to, costs and expenses of qualification of this Indenture and the Notes and
printing this Indenture and the Notes. The Trustee shall be entitled to receive
from the Issuer and the Guarantors any such Officer’s Certificates, Opinions of
Counsel or other documentation as it may reasonably request in connection with
any such qualification of this Indenture under the Trust Indenture Act.

 

Section 12.17         Currency of
Account; Conversion of Currency; Foreign Exchange Restrictions.

 

(a)           U.S. dollars are the sole currency of account and payment for all sums
payable by the Issuers and the Guarantors under or in connection with the
Dollar Floating Rate Notes, Fixed Rate Notes, the Guarantees of the Dollar Floating
Rate Notes, the Guarantees of the Fixed Rate Notes or this Indenture to the
extent it relates to the Dollar Floating Rate Notes or the Fixed Rate Notes,
including damages related thereto, and euros are the sole currency of account
and payment for all sums payable by the Issuers and the Guarantors under or in
connection with the Euro Floating Rate Notes, the Guarantees of the Euro
Floating Rate Notes or this Indenture to the extent it relates to the Euro
Floating Rate Notes, including damages related thereto. Any amount received or
recovered in a currency other than U.S. dollars 

 

110

 

by a Holder of Dollar Floating
Rate Notes or Fixed Rate Notes or euros by a Holder of Euro Floating Rate Notes
(whether as a result of, or of the enforcement of, a judgment or order of a
court of any jurisdiction, in the winding-up or dissolution of the Issuer or
otherwise) in respect of any sum expressed to be due to it from the Issuer
shall only constitute a discharge to the Issuers to the extent of the U.S.
dollar or euro amount, as the case may be, which the recipient is able to
purchase with the amount so received or recovered in that other currency on the
date of that receipt or recovery (or, if it is not practicable to make that
purchase on that date, on the first date on which it is practicable to do so). If
that U.S. dollar or euro amount is less than the U.S. dollar or euro amount
expressed to be due to the recipient under the applicable Notes, the Issuer
shall indemnify it against any loss sustained by it as a result as set forth in
Section 12.17(b). In any event, the Issuer and the Guarantors shall
indemnify the recipient against the cost of making any such purchase. For the
purposes of this Section 12.17, it will be sufficient for the Holder of a
Note to certify in a satisfactory manner (indicating sources of information
used) that it would have suffered a loss had an actual purchase of U.S. dollars
or euros, as the case may be, been made with the amount so received in that
other currency on the date of receipt or recovery (or, if a purchase of U.S. dollars
or euros, as applicable, on such date had not been practicable, on the first
date on which it would have been practicable, it being required that the need
for a change of date be certified in the manner mentioned above). The
indemnities set forth in this Section 12.17 constitute separate and
independent obligations from other obligations of the Issuer and the
Guarantors, shall give rise to a separate and independent cause of action,
shall apply irrespective of any indulgence granted by any Holder of the Notes
and shall continue in full force and effect despite any other judgment, order,
claim or proof for a liquidated amount in respect of any sum due under the
Notes.

 

(b)           The Issuer and
the Guarantors, jointly and severally, covenant and agree that the following
provisions shall apply to conversion of currency in the case of the Notes, the
Guarantees and this Indenture:

 

(A)          (A)          If for the
purpose of obtaining judgment in, or enforcing the judgment of, any court in
any country, it becomes necessary to convert into a currency (the “Judgment
Currency”) an amount due in any other currency (the “Base Currency”),
then the conversion shall be made at the rate of exchange prevailing on the
Business Day before the day on which the judgment is given or the order of
enforcement is made, as the case may be (unless a court shall otherwise determine).

 

(B)         If there is a
change in the rate of exchange prevailing between the Business Day before the
day on which the judgment is given or an order of enforcement is made, as the
case may be (or such other date as a court shall determine), and the date of
receipt of the amount due, the Issuer and the Guarantors will pay such
additional (or, as the case may be, such lesser) amount, if any, as may be
necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount
in the Base Currency originally due.

 

(B)           In the event of
the winding-up of the Issuer or any Guarantor at any time while any amount or
damages owing under the Notes, the Guarantees and this Indenture, or any
judgment or order rendered in respect thereof, shall remain outstanding, the Issuer
and the Guarantors shall indemnify and hold the Holders and the Trustee
harmless against any deficiency arising or resulting from any variation in
rates of exchange between (i) the date as of which the Applicable Currency
Equivalent of the amount due or contingently due under the Notes, the
Guarantees and this Indenture (other than under this subsection (b)(2)) is
calculated for the purposes of such winding-up and (ii) the final date for
the filing of proofs of claim in such winding-up. For the purpose of this
subsection (b)(2), the final date for the filing of proofs of claim in the winding-up

 

111

 

of the Issuer or any
Guarantor shall be the date fixed by the liquidator or otherwise in accordance
with the relevant provisions of applicable law as being the latest practicable
date as at which liabilities of the Issuer or such Guarantor may be ascertained
for such winding-up prior to payment by the liquidator or otherwise in respect
thereto.

 

(c)           The obligations
contained in subsections (a), (b)(1)(B) and (b)(2) of this Section 12.17 shall constitute
separate and independent obligations from the other obligations of the Issuer
and the Guarantors under this Indenture, shall give rise to separate and
independent causes of action against the Issuer and the Guarantors, shall apply
irrespective of any waiver or extension granted by any Holder or the Trustee or
either of them from time to time and shall continue in full force and effect
notwithstanding any judgment or order or the filing of any proof of claim in
the winding-up of the Issuer or any Guarantor for a liquidated sum in respect
of amounts due hereunder (other than under subsection (b)(2) above) or under
any such judgment or order. Any such deficiency as aforesaid shall be deemed to
constitute a loss suffered by the Holders or the Trustee, as the case may be,
and no proof or evidence of any actual loss shall be required by the Issuer or
any Guarantor or the liquidator or otherwise or any of them. In the case of
subsection (b)(2) above, the amount of such deficiency shall not be deemed to
be reduced by any variation in rates of exchange occurring between the said
final date and the date of any liquidating distribution.

 

(d)           The term “rate(s)
of exchange” shall mean the rate of exchange quoted by Reuters at 10:00 a.m.
(New York time) for spot purchases of the Base Currency with the Judgment Currency
other than the Base Currency referred to in subsections (b)(1) and (b)(2) above
and includes any premiums and costs of exchange payable.

 

112

 

	
   

  	
  TDS
  INVESTOR CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
						

 

 

	
   

  	
  TDS
  INVESTOR (BERMUDA) LTD.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:
    Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General
  Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
						

 

 

	
   

  	
  WALTONVILLE
  LIMITED,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President,
  General Counsel and

  
	
   

  	
   

  	
   

  	
  Corporate
  Secretary

  
						

 

 

	
   

  	
  EACH
  OF THE SUBSIDIARIES

  
	
   

  	
  LISTED ON SCHEDULE I
  HERETO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Authorized Signatory

  
					

 

 

 

 

	
   

  	
  APOLLO
  GALILEO USA PARTNERSHIP,

  
	
   

  	
  By: APOLLO GALILEO USA
  SUB I, INC., 

  its General Partner

  

 

	
   

  	
  By:
  

  	
    /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President,
  General Counsel and

  
	
   

  	
   

  	
   

  	
  Corporate
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL INTERNET TRAVEL
  

  AGENCY,

  
	
   

  	
  By: INTERNETWORK
  PUBLISHING 

  CORPORATION, its General Partner

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President,
  General Counsel and

  
	
   

  	
   

  	
   

  	
  Corporate
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ORBITZ
  AWAY LLC

  
	
   

  	
  By:
  ORBITZ, LLC, as Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President,
  General Counsel and

  
	
   

  	
   

  	
   

  	
  Corporate
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TDS
  DEVELOPMENT, LLC

  
	
   

  	
  By:
  TRAVELPORT INC., as Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Eric J. Bock

  	
   

  
	
   

  	
   

  	
  Name:
  Eric J. Bock

  
	
   

  	
   

  	
  Title:   Director, Executive Vice

  
	
   

  	
   

  	
   

  	
  President,
  General Counsel and

  
	
   

  	
   

  	
   

  	
  Corporate
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NOVA SCOTIA
  TRUST

  COMPANY OF NEW YORK, 

  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Warren A. Goshine

  	
   

  
	
   

  	
   

  	
  Name:
  Warren A. Goshine

  
	
   

  	
   

  	
  Title:   Vice President

  
					

 

 

SCHEDULE
1

 

	
  Apollo Galileo USA Sub I, Inc.

  
	
  Apollo Galileo USA Sub II, Inc.

  
	
  Cendant Technology Holding, LLC

  
	
  Cendant Travel, Inc.

  
	
  Cendant UK Acquisition Corporation

  
	
  Distribution Systems, Inc.

  
	
  Galileo Ba, Inc.

  
	
  Galileo Brasil Limited

  
	
  Galileo International, Inc.

  
	
  Galileo International, L.L.C.

  
	
  Galileo International Services, Inc.

  
	
  Galileo Operations, LLC

  
	
  Galileo Technologies LLC

  
	
  Gta North America, Inc.

  
	
  HotelPORT, Inc.

  
	
  HotelPORT International, Inc.

  
	
  Internetwork Publishing Corporation

  
	
  Landmark Holding Company, Inc.

  
	
  Magellen Technologies, Inc.

  
	
  Neat Group Corporation

  
	
  O Holdings Inc.

  
	
  OctopusTravel.com (USA) Limited

  
	
  Orbitz, Inc.

  
	
  Orbitz, LLC

  
	
  Quantitude Services, Inc.

  
	
  Quantitude, Inc.

  
	
  Raccoon Acquisition I, LLC

  
	
  S.D. Shepherd Systems, Inc.

  

 

113

 

	
  Travel Industries, Inc.

  
	
  Travelport China Holdings, Inc.

  
	
  Travelport for Business, Inc.

  
	
  Travelport Inc.

  
	
  Travelport Operations, Inc.

  
	
  Trip Network, Inc.

  
	
  Trip.com, Inc.

  
	
  Trust International Hotel Reservation Services, Inc.

  
	
  Wizcom, Inc.

  

 

114

 

	
   

  	
  LEHMAN
  BROTHERS COMMERCIAL

  PAPER,
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Laurie Perper

  	
   

  
	
   

  	
   

  	
  Name:
  Laurie Perper

  
	
   

  	
   

  	
  Title:  Senior Vice President

  
					

 

 

	
   

  	
  CREDIT
  SUISSE SECURITIES (USA)

  LLC, as Co-Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  John C. Potrino

  	
   

  
	
   

  	
   

  	
  Name:
  John C. Potrino

  
	
   

  	
   

  	
  Title:  Managing Director

  
	
   

  	
   

  	
   

  
					

 

 

	
   

  	
  CREDIT
  SUISSE, CAYMAN ISLANDS

  BRANCH, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Brian T. Caldwell

  	
   

  
	
   

  	
   

  	
  Name:
  Brian T. Caldwell

  
	
   

  	
   

  	
  Title:   Director

  
					

 

	
   

  	
  By:
  

  	
   /s/
  Laurence Lapeyre

  	
   

  
	
   

  	
   

  	
  Name:
  Laurence Lapeyre

  
	
   

  	
   

  	
  Title:   Associate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE SECURITIES (USA),

  LLC, as Syndication Agent,

  
					

 

 

	
   

  	
  By:
  

  	
   /s/
  John C. Potrino

  	
   

  
	
   

  	
   

  	
  Name:
  John C. Potrino

  
	
   

  	
   

  	
  Title:  Managing Director

  
					

 

 

 

	
   

  	
  CITICORP
  NORTH AMERICA, INC., as

  
	
   

  	
  Co-Documentation
  and as a Lender,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Julie Persily

  	
   

  
	
   

  	
   

  	
  Name:
  Julie Persily

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG NEW YORK

  
	
   

  	
  BRANCH,
  as Co-Documentation Agent,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   /s/
  Paul O’Leary

  	
   

  
	
   

  	
   

  	
  Name:
  Paul O’Leary

  
	
   

  	
   

  	
  Title:   Vice President

  
					

 

	
   

  	
  By:
  

  	
   /s/
  Scottye Lindsey

  	
   

  
	
   

  	
   

  	
  Name:
  Scottye Lindsey

  
	
   

  	
   

  	
  Title:   Director

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