Document:

Exhibit 4.1

 

 

 

 

Citizens Communications Company

 

And

 

JPMorgan Chase Bank,

 

As trustee

 

Third Supplemental Indenture

 

Dated as of November 12, 2004 to

 

Senior Indenture

 

Dated as of May 23, 2001

 

 

 

 

TABLE OF CONTENTS

 

	
  Section
  1.

  	
  Definitions.

  	
   

  
	
  Section
  2.

  	
  Terms
  and Conditions of the Securities.

  	
   

  
	
  Section
  3.

  	
  Form
  of Notes.

  	
   

  
	
  Section
  4.

  	
  Transfer
  and Exchange.

  	
   

  
	
  Section
  5.

  	
  Limitation
  on Mergers, Consolidations and Sales of Assets.

  	
   

  
	
  Section
  6.

  	
  Covenants.

  	
   

  
	
  Section
  7.

  	
  Redemption.

  	
   

  
	
  Section
  8.

  	
  Miscellaneous.

  	
   

  

 

i

 

THIRD SUPPLEMENTAL INDENTURE, dated as of November
12, 2004 (this “Supplemental Indenture”), between CITIZENS COMMUNICATIONS
COMPANY, a Delaware corporation (the “Issuer” or the “Company”), and JPMORGAN
CHASE BANK, a corporation duly organized and existing under the laws of the
State of New York, as trustee (the “Trustee”).

 

W
I T N E S S E T H :

 

WHEREAS, the
Issuer and the Trustee have duly executed and delivered an Indenture, dated as
of May 23, 2001 (the “Indenture”), providing for the authentication, issuance,
delivery and administration of unsecured debentures, notes or other evidences
of indebtedness to be issued in one or more series by the Issuer (the “Securities”);

 

WHEREAS,
pursuant to the terms of the Indenture, the Issuer desires to provide for the
establishment of a new series of Securities (the “Notes”) to be issued under
the Indenture in an aggregate principal amount of $700,000,000, which may be authenticated
and delivered as provided in the Indenture;

 

WHEREAS, the
Issuer desires to supplement and amend the provisions of the Indenture to issue
the Notes;

 

WHEREAS,
Section 8.1 of the Indenture expressly permits the Issuer and the Trustee to
enter into one or more supplemental indentures for the purposes, inter alia, of
establishing the forms and terms of Securities of any series as permitted by Sections
2.1 and 2.3 of the Indenture or making certain provisions in the Indenture
which the Issuer deems necessary or desirable, and permits the execution of
such supplemental indentures without the consent of the Holders of any
Securities then outstanding;

 

WHEREAS, for
the purposes hereinabove recited, and pursuant to due corporate action, the
Issuer has duly determined to execute and deliver to the Trustee this
Supplemental Indenture; and

 

WHEREAS, all
conditions and requirements necessary to make this Supplemental Indenture a
valid and legally binding instrument in accordance with its terms have been
done and performed, and the execution and delivery hereof has been in all
respects duly authorized;

 

NOW,
THEREFORE, in consideration of the premises, the Issuer and the Trustee
mutually covenant and agree as follows:

 

Section 1.
              Definitions.

 

1.1.          Unless
the context otherwise requires:

 

(a)           A term not defined
herein that is defined in the Indenture has the same meaning when used in this
Supplemental Indenture;

 

(b)           A term defined anywhere
in this Supplemental Indenture has the same meaning throughout;

 

 

(c)           A reference to a
Section or Article is to a Section or Article of this Supplemental Indenture.

 

1.2.          Unless
the context otherwise requires, the following terms shall have the following
meanings:

 

“Acquired
Indebtedness” means Indebtedness of a Person existing at the time
such Person becomes a Subsidiary of the Issuer or Indebtedness of a Subsidiary
of the Issuer assumed in connection with an Asset Acquisition by such
Subsidiary; provided such Indebtedness was not
Incurred in connection with or in contemplation of such Person becoming a
Subsidiary or such Asset Acquisition.

 

“Adjusted Treasury Rate”
means, with respect to any redemption date:

 

(1)           the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month); or

 

(2)           if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Adjusted Treasury Rate shall be
calculated on the third Business Day preceding the redemption date.

 

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

 

“Asset
Acquisition” means (1) an investment by the Issuer or any of its
Subsidiaries in any other Person pursuant to which such Person shall become a
Subsidiary or shall be merged into or consolidated with the Issuer or any of
its Subsidiaries; or (2) an acquisition by the Issuer or any of its
Subsidiaries of the property and assets of any Person other than the Issuer or
any of its Subsidiaries that constitute substantially all of a division,
operating unit or line of business of such Person.

 

2

 

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

 

“Capital Lease
Obligations” means Indebtedness represented by
obligations under a lease that is required to be capitalized for financial
reporting purposes in accordance with generally accepted accounting
principles.  The amount of Indebtedness
shall be the capitalized amount of the obligations determined in accordance
with generally accepted accounting principles consistently applied.

 

“Capital Stock”
means, with respect to any entity, any and all shares, interests,
participations or other equivalents (however designated) of or in such entity’s
Common Stock or other equity interests, and options, rights or warrants to
purchase such Common Stock or other equity interests, whether now outstanding
or issued after the Issue Date.

 

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

 

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

 

(2)           any
“person,” as such term is used in Section 13(d)(3) of the Exchange Act, becomes
the Beneficial Owner, directly or indirectly, of more than 50% of the voting
power of the Voting Stock of the Issuer; provided
that a transaction in which the Issuer becomes a Subsidiary of another Person
shall not constitute a Change of Control if (a) the stockholders of the Issuer
immediately prior to such transaction beneficially own, directly or indirectly
through one or more intermediaries, 50% or more of the voting power of the
outstanding Voting Stock of such other Person of whom the Issuer is then a
Subsidiary and (b) immediately following such transaction no person (as defined
above) other than such other Person, Beneficially Owns, directly or indirectly,
more than 50% of the voting power of the Voting Stock of the Issuer; or

 

(3)           the
first day on which a majority of the members of the Board of Directors of the
Issuer are not Continuing Directors.

 

“Commodity Agreement”
means any forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement.

 

“Common Stock” means:

 

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

 

3

 

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

 

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

 

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

 

“Comparable Treasury
Issue” means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes that would be utilized, at the time of
selection and in accordance with customary financial practice in pricing new
issues of corporate debt securities of comparable maturity to the remaining
term of the Notes (“Remaining Life”).

 

“Comparable Treasury
Price” means, for any redemption date, (1) the average
of four Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest Reference Treasury Dealer Quotations, or (2)
if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations the average of all such quotations.

 

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

 

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

 

(2)           was
nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board at the
time of such nomination or election.

 

 “Credit Facilities” means one or more debt
facilities or commercial paper facilities, in each case with banks or other lenders,
including the Rural Telephone Finance Cooperative, providing for revolving
credit loans, term loans, receivables financings, including through the sale of
receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables, letters of credit or other
borrowings, including capital markets debt, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from
time to time.

 

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

 

“Custodian”
means JPMorgan Chase Bank, as custodian of the Notes on behalf of the
Depositary.

 

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

 

4

 

“Definitive Note”
means a Note in certificated form, other than a Global Note, issued in
accordance with Section 3 hereof, substantially in the form of Exhibit A hereto,
except that such note shall not bear the Global Note Legend.

 

“Depositary”
means The Depository Trust Company or any other depositary from time to time
specified pursuant to the Indenture.

 

“Designated
Subsidiary” means any Subsidiary of the Issuer (a) the Capital
Stock of which the Issuer intends to distribute to its shareholders or
(b) the assets or Capital Stock of which the Issuer intends to sell or
otherwise dispose of to any Person other than the Issuer or any of its
Subsidiaries, in each case, as evidenced by a Board Resolution.

 

“Disqualified Stock”
means any class or series of Capital Stock of any Person that by its terms or
otherwise is (1) required to be redeemed prior to the Stated Maturity of the Notes,
(2) redeemable at the option of the holder of such class or series of Capital
Stock at any time prior to the Stated Maturity of the Notes or (3) convertible
into or exchangeable for Capital Stock referred to in clause (1) or (2) above
or Indebtedness having a scheduled maturity prior to the Stated Maturity of the
Notes.

 

“Fair
Market Value” means the price that would be paid in an arm’s length
transaction between an informed and willing seller under no compulsion to sell
and an informed and willing buyer under no compulsion to buy, as determined in
good faith by the Board of Directors, whose determination, unless otherwise
specified, shall be conclusive if evidenced by a Board Resolution.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and in the statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are in effect on the Issue Date.  All
ratios and computations contained or referred to in this Supplemental Indenture
and the Indenture shall be computed in conformity with GAAP applied on a consistent
basis, except that calculations made for purposes of determining compliance
with the terms of the covenants and with other provisions of this Supplemental
Indenture and the Indenture shall be made without giving effect to (1) the
amortization of any expenses incurred in connection with the offering of the Notes
and the application of the proceeds therefrom, including any costs or expenses
and the write-off of any debt issuance costs in connection therewith, and (2)
except as otherwise provided, the amortization of any amounts required or
permitted by Statement of Financial Accounting Standards Nos. 141 and 142.

 

“Global Note Legend”
means the
legend set forth in Section 4.3 that is required to be placed on all Global
Notes issued under this Supplemental Indenture.

 

“Global Notes”
means, individually and collectively, each of the Notes that is a Global
Security, issued in accordance with Section 3 hereof, substantially in the form
of Exhibit A hereto.

 

5

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness of such other Person
(whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services (unless such
purchase arrangements are on arm’s-length terms and are entered into in the
ordinary course of business), to take-or-pay, or to maintain financial
statement conditions or otherwise) or (2) entered into for purposes of assuring
in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall
not include endorsements for collection or deposit in the ordinary course of
business.  The term “Guarantee” used as a
verb has a corresponding meaning.

 

“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume,
Guarantee or otherwise become liable for or with respect to, or become
responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (1) any Indebtedness of
a Person existing at the time such Person becomes a Subsidiary shall be deemed
to be incurred by such Subsidiary at the time it becomes a Subsidiary and
(2) neither the accrual of interest nor the accretion or amortization of
original issue discount nor the payment of interest or dividend in the form of
additional Indebtedness shall be considered an Incurrence of Indebtedness.

 

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

 

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

 

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

 

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

 

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

 

(5)           all
Capitalized Lease Obligations of such Person;

 

6

 

(6)           all
Indebtedness of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided that the amount of such
Indebtedness shall be the lesser of (A) the Fair Market Value of such asset at
such date of determination and (B) the amount of such Indebtedness;

 

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

 

(8)           to
the extent not otherwise included in this definition, obligations under
Interest Rate Agreements, Commodity Agreements and Currency Agreements, except
for Interest Rate Agreements, Commodity Agreements and Currency Agreements
entered into for the purpose of fixing, hedging or swapping interest rate,
commodity price or foreign currency exchange rate risk; and

 

(9)           all
Disqualified Stock issued by such Person with the amount of Indebtedness
represented by such Disqualified Stock being equal to the greater of its
voluntary or involuntary liquidation preference and its maximum fixed repurchase
price, but excluding accrued dividends, if any.

 

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

 

(A)          that
the amount outstanding at any time of any Indebtedness issued with original
issue discount is the face amount of such Indebtedness less the remaining
unamortized portion of the original issue discount of such Indebtedness at such
time as determined in conformity with GAAP;

 

(B)           that
money borrowed and set aside at the time of the Incurrence of any Indebtedness
in order to prefund the payment of the interest on such Indebtedness shall not
be deemed to be “Indebtedness” so long as such money is held to secure the
payment of such interest; and

 

(C)           that
Indebtedness shall not include:

 

(I)       any
liability for federal, state, local or other taxes;

 

(II)       workers’
compensation claims, self-insurance obligations, performance, surety, appeal
and similar bonds and completion guarantees provided in the ordinary course of
business;

 

(III)      obligations
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;
or

 

7

 

(IV)     any
Indebtedness defeased or called for redemption.

 

“Independent
Investment Banker” means one of the Reference Treasury
Dealers appointed by the Issuer.

 

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

 

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

 

“Issue Date”
means the date on which the Notes offered hereby are originally issued under
this Supplemental Indenture.

 

“Lien”
means, with respect to any property or assets, including Capital Stock, any
mortgage or deed of trust, pledge, lien, hypothecation, assignment, deposit
arrangement, security interest, charge, easement or zoning restriction that
materially impairs usefulness or marketability, encumbrance, security
agreement, Capital Lease Obligation, conditional sale, any other agreement that
has the same economic effect as any of the above, or any sale and leaseback
transaction.

 

“Moody’s”
means Moody’s Investor Services, Inc. or any successor rating agency.

 

“Participant” means
a person who has an account with the Depositary.

 

“Permitted
Amount” means, at any time, the sum of (a) 10% of the value of the
consolidated total assets of the Issuer and (b) 20% of the sum of the total
consolidated current assets and net property, plant and equipment of the
Issuer, in each case, as shown on, or computed from, the most recent quarterly
or annual consolidated balance sheet filed by the Issuer with the SEC or
provided to the Trustee.

 

“Reference Treasury
Dealer” means any of the primary U.S. Government
securities dealers in New York City.

 

“Reference Treasury
Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined
by the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker at 5:00 p.m.,
New York City time, on the third Business Day preceding such redemption date.

 

8

 

“Registrar” means
the registrar specified from time to time pursuant to Section 3.2 of the Indenture.

 

“S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc., or any successor rating agency.

 

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

 

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

 

“Stated Maturity”
means, (1) with respect to any debt security, the date specified in such debt
security as the fixed date on which the final installment of principal of such
debt security is due and payable and (2) with respect to any scheduled installment
of principal of or interest on any debt security, the date specified in such
debt security as the fixed date on which such installment is due and payable.

 

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

 

“Trade Payables”
means, with respect to any Person, any accounts payable or any other
indebtedness or monetary obligation to trade creditors created, assumed or
Guaranteed by such Person or any of its Subsidiaries arising in the ordinary
course of business in connection with the acquisition of goods or services.

 

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

 

Section 2.                Terms
and Conditions of the Securities.

 

There is hereby authorized the following new
series of Notes:

 

2.1.          6
1/4% Senior Notes due January 15, 2013.

 

(a)           The Notes are hereby
authorized and designated as the “6 1/4% Senior Notes due 2013”.

 

(b)           The Notes shall be in
an aggregate principal amount of $700,000,000 and shall bear interest at a rate
of 6 1/4% per annum, shall mature on January 15, 2013 and are subject to
optional redemption, in whole or in part, at any time prior to the stated
maturity date thereof pursuant to the terms set forth in Section 7 hereof.

 

(c)           The date from which interest
shall accrue on the Notes, the interest payment dates of the Notes, the record
date with respect to each payment of interest on the Notes and all other terms
of the Notes are set forth in the form of Note attached hereto.

 

9

 

2.2.          Issuance
of Additional Securities.  The Issuer
shall be permitted to amend this Supplemental Indenture in order to increase
the aggregate principal amount of Notes of any series that may be issued
hereunder without the consent of the Holders of Notes of any series so
affected.

 

Section 3.                Form
of Notes.

 

The Notes
shall be issued in the form of Global Notes. 
Each Global Note shall represent such of the outstanding Notes as shall
be specified therein and each shall provide that it shall represent the
aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby shall be made by the Trustee, as
custodian of the Global Notes, in accordance with instructions given by the
Holder thereof as required by Section 4 hereof.

 

Section 4.                Transfer
and Exchange.

 

Notwithstanding
any provisions to the contrary set forth in Article Two of the Indenture, the
following terms and conditions shall govern the transfer and exchange of the
Notes.

 

4.1.          Transfer
and Exchange of Global Notes.  A
Global Note may not be transferred as a whole except by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.  All Global Notes shall be exchanged by the
Issuer for Definitive Notes if (i) the Issuer delivers to the Trustee notice
from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by
the Issuer within 90 days after the date of such notice from the Depositary or
(ii) a Default or Event of Default shall have occurred and be continuing with respect
to the Notes.  Upon the occurrence of any
of the preceding events in (i) or (ii) above, Definitive Notes shall be issued
in such names as the Depositary shall instruct the Trustee.  Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to
this Section 4, shall be authenticated and delivered in the form of, and shall
be, a Global Note.  A Global Note may not
be exchanged for another Note other than as provided in this Section 4; however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 4.2.

 

4.2.          Transfer
and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests
in the Global Notes shall be effected through the Depositary, in accordance
with the provisions of the Indenture, as supplemented by this Supplemental
Indenture, and the Applicable Procedures.  Transfers of beneficial interests in the
Global Notes also shall require compliance with either Section 4.2(a) or (b)
below, as applicable:

 

(a)           Transfer of Beneficial
Interests in the Same Global Note.  Beneficial
interests in any Global Note may be transferred to persons who take delivery
thereof in the

 

10

 

form of a beneficial interest in a Global
Note.  No written orders or instructions
shall be required to be delivered to the Registrar to register the transfers described
in this Section 4.2(a).

 

(b)           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 4.2(a) above, the
transferor of such beneficial interest must deliver to the Depositary either
(1) (A) a written order from a Participant or an Indirect Participant given to
the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in the
Global Note, or in another Global Note in the case of an exchange, in an amount
equal to the beneficial interest to be transferred or exchanged and (B)
instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase
or (2) (A) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged and (B) instructions given
by the Depositary to the Registrar containing information regarding the person
in whose name such Definitive Note shall be registered to effect the transfer
or exchange referred to in (2)(A) above.  Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in
the Indenture, as supplemented by this Supplemental Indenture, and the Notes or
otherwise applicable under the Securities Act, the Custodian shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 4.4 hereof.

 

4.3.          Legend.
 Each Global Note issued under this
Supplemental Indenture shall bear a legend on the face of the Global Note in
substantially the following form:

 

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

 

THIS GLOBAL
NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE CUSTODIAN MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 4.4 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT

 

11

 

NOT IN PART
PURSUANT TO SECTION 4.1 OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF
THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.”

 

4.4.          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 Custodian in accordance with Section 2.10 of
the Indenture.  At any time prior to such
cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by the
Custodian or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such increase.

 

Section 5.                Limitation
on Mergers, Consolidations and Sales of Assets.

 

5.1.          In
connection with the Notes (and for the avoidance of doubt, not in connection
with any other series of notes issued under the Indenture, unless set forth by
the supplemental indenture related thereto), Section 9.1 of the Indenture is
hereby amended by deleting such section in its entirety and replacing it with
the following:

 

                                “Limitation
on Mergers, Consolidations and Sales of Assets.  The Issuer may not consolidate or merge with
or into, or sell, lease or convey all or substantially all of its assets in any
one transaction or series of transactions to any other corporation, unless:

 

(1)           the
resulting, surviving or transferee corporation (the “successor”) is either the
Issuer or is a corporation organized under the laws of the United States, any
state or the District of Columbia and expressly assumes by supplemental
indenture all of the Issuer’s obligations under the Indenture, this
Supplemental Indenture and the Notes; and

 

(2)           immediately
after giving effect to the transaction no Event of Default or event which with
notice or lapse of time would be an Event of Default has occurred and is
continuing.”

 

Section 6.                Covenants.

 

In addition to
the covenants set forth in Article Three of the Indenture, the following
additional covenants shall apply to the Issuer in connection with the Notes:

 

12

 

6.1.          Limitation on
Subsidiary Indebtedness.  The Issuer
shall not permit any of its Subsidiaries to Incur any Indebtedness, other than

 

(A)          Indebtedness
of any Subsidiary of the Issuer consisting of (i) Guarantees by such Subsidiary
of Indebtedness of the Issuer under Credit Facilities or (ii) Liens granted by
such Subsidiary to secure such Guarantee or such Indebtedness of the Issuer, in
an aggregate principal amount (without duplication), when taken together with
the aggregate principal amount of Indebtedness secured by Liens on the property
or assets (which includes capital stock) of the Issuer and its Subsidiaries
Incurred pursuant to the second sentence and clause (1) of the first paragraph
of Section 6.2, not to exceed the Permitted Amount at the time of Incurrence of
such Guarantee or Lien;

 

(B)           Indebtedness
of any Designated Subsidiary or any Subsidiary of such Designated Subsidiary; provided that, with respect to this clause
(B) only, no portion of such Indebtedness is recourse to the Issuer or any of
its other Subsidiaries;

 

(C)           Acquired
Indebtedness;

 

(D)          Indebtedness
existing on the Issue Date of any Subsidiary of the Issuer;

 

(E)           Indebtedness
of any Subsidiary of the Issuer issued in exchange for, or the net proceeds of
which are used or will be used to extend, refinance, renew, replace, defease or
refund, other Indebtedness that was permitted by this Supplemental Indenture to
be Incurred under clause (C) or (D) of this paragraph; or

 

(F)           Indebtedness
in an aggregate principal amount, at any time outstanding, not to exceed $100
million.

 

The maximum amount of Indebtedness that may
be Incurred pursuant to this Section 6.1 shall not be deemed to be exceeded
with respect to any outstanding Indebtedness due solely to the result of
fluctuations in the exchange rates of currencies.

 

6.2.          Limitations on Liens.  The Issuer shall not, and shall not permit
any of its Subsidiaries to, allow any Lien on any of the Issuer’s or its
Subsidiaries’ property or assets (which includes capital stock) securing
Indebtedness, unless the Lien secures the Notes equally and ratably with, or
prior to, any other Indebtedness secured by such Lien, so long as such other
indebtedness is so secured, subject to certain exceptions described in this
Section 6.2.  Section 6.2 shall not apply
to secured debt which the Issuer or its Subsidiaries may issue, assume,
guarantee or permit to exist up to 10% of the value of the consolidated total assets
of the Issuer as shown on, or computed from, the most recent quarterly or
annual balance sheet filed by the Issuer with the SEC or provided to the Trustee.  In addition, this Section 6.2 shall not apply
to:

 

13

 

(1)           Liens
securing indebtedness and other obligations under any senior bank financing of
the Issuer or any of its Subsidiaries, including guarantees of indebtedness and
other obligations under such senior bank financings, in an amount of up to 20%
of the sum of the total consolidated current assets and net property, plant and
equipment of the Issuer as shown on, or computed from, the most recent
quarterly or annual balance sheet filed by the Issuer with the SEC or provided
to the Trustee;

 

(2)           Liens
existing on the Issue Date;

 

(3)           Liens
on property that exist when the Issuer acquires the property that secure
payment of the purchase price of the property;

 

(4)           Liens
securing debt that any Subsidiary of the Issuer owes to the Issuer or to any
other Subsidiary of the Issuer;

 

(5)           Liens
on property, shares of stock or indebtedness of any entity that exists when (a)
it becomes a Subsidiary of the Issuer, (b) it is merged into or consolidated
with the Issuer or any of its Subsidiaries, or (c) the Issuer or any of its
Subsidiaries acquires all or substantially all of the assets of the entity, provided that no such Lien extends to any
other property of the Issuer or any of its Subsidiaries;

 

(6)           Liens
on property to secure debt incurred for development or improvement of the property;

 

(7)           Liens
securing (a) nondelinquent performance of bids or contracts (other than for
borrowed money, obtaining of advances or credit or the securing of debt), (b)
contingent obligations on surety and appeal bonds and (c) other similar
nondelinquent obligations, in each case incurred in the ordinary course of
business;

 

(8)           Liens
securing purchase money Indebtedness or Capital Lease Obligations, provided that (a) any such Lien attaches to the property
within 270 days after the acquisition thereof and (b) such Lien attaches solely
to the property so acquired;

 

(9)           Liens
arising solely by virtue of any statutory or common law provision relating to
banker’s Liens, rights of set-off or similar rights and remedies as to deposit
account or other funds, provided that
such deposit account is not a dedicated cash collateral account and is not
subject to restrictions against the Issuer’s access in excess of those set
forth by regulations promulgated by the Federal Reserve Board and such deposit
account is not intended by the Issuer to provide collateral to the depository
institution;

 

(10)         pledges
or deposits under worker’s compensation laws, unemployment insurance laws or
similar legislation;

 

14

 

(11)         statutory
and tax Liens for sums not yet due or delinquent or which are being contested
or appealed in good faith by appropriate proceedings;

 

(12)         Liens
arising solely by operation of law and in the ordinary course of business, such
as mechanics’, materialmen’s, warehousemen’s and carriers’ Liens and Liens of
landlords or of mortgages of landlords on fixtures and movable property located
on premises leased in the ordinary course of business;

 

(13)         Liens
on personal property (other than shares or debt of the Issuer’s Subsidiaries)
securing loans maturing in not more than one year or on accounts receivables in
connection with a receivables financing program;

 

(14)         Liens
securing financings in amounts up to the value of assets, businesses and
properties acquired after the Issue Date; or any Lien upon any property to
secure all or part of the cost of construction thereof or to secure debt
incurred prior to, at the time of, or within twelve months after completion of
such construction or the commencement of full operations thereof (whichever is
later), to provide funds for such purpose; or

 

(15)         extensions,
renewals or replacement of any of the Liens described above, if limited to all
or any part of the same property securing the original Lien.

 

Notwithstanding the foregoing, the Issuer
shall not, and shall not permit any of its Subsidiaries to, Incur Liens securing
Indebtedness or other obligations pursuant to the second sentence or clause (1)
of the first paragraph of this Section 6.2, unless, after giving effect to the
Incurrence of such Liens, the aggregate amount (without duplication) of (a) the
Indebtedness and other obligations secured by Liens on the property or assets
(which includes capital stock) of the Issuer and its Subsidiaries Incurred
pursuant to the second sentence and clause (1) of the first paragraph of this
Section 6.2  plus (b) the Indebtedness of the Issuer’s Subsidiaries Incurred
pursuant to clause (A) of the first paragraph of Section 6.1 shall not exceed
the Permitted Amount at the time of the Incurrence of such Liens.

 

6.3.          Repurchase of Notes
upon a Change of Control.  Upon the
occurrence of a Change of Control, each Holder of Notes shall have the right to
require the Issuer to repurchase all or any part, equal to $1,000 or an integral
multiple thereof, of that Holder’s Notes pursuant to a Change of Control Offer
on the terms set forth in this Supplemental Indenture at an offer price in cash
equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest on the Notes to the applicable date of repurchase
(the “Change of Control Payment”). 
Within 30 days following any Change of Control, if the Issuer had not,
prior to the Change of Control, sent a redemption notice for all the Notes in
connection with an optional redemption permitted by Section 7 hereof, the
Issuer shall mail a notice to each registered Holder briefly describing the
transaction or transactions that constitute a Change of Control and offering to
repurchase Notes on the date specified in such notice (the “Change of Control
Payment Date”), pursuant to the procedures required by the Indenture and
Supplemental Indenture and described in such notice.

 

15

 

The Issuer shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent such laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of
Control.  To the extent that the
provisions of any securities laws or regulations conflict with the provisions
of this Section 6.3, the Issuer shall comply with the applicable securities
laws and regulations and shall not be deemed to have breached its obligations
under the provisions of this Section 6.3 by virtue of such conflict.

 

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

 

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

 

(2)           deposit
with the paying agent an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof properly tendered; and

 

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

 

The paying agent shall promptly mail to each
registered Holder of Notes so tendered the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail, or cause to be
transferred by book entry, to each Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be
in a principal amount of $1,000 or an integral multiple thereof.  Any Note so accepted for payment shall cease
to accrue interest on and after the Change of Control Payment Date.

 

This Section 6.3 shall be applicable, except
as described in Section 6.3, following a Change of Control notwithstanding
Section 7 hereof.

 

Notwithstanding the foregoing, the Issuer
shall not be required to make a Change of Control Offer upon a Change of Control
if a third party makes the Change of Control Offer in the manner, at the times
and otherwise in compliance with the requirements set forth in this Section 6.3
applicable to a Change of Control Offer made by the Issuer and purchases all Notes
properly tendered and not withdrawn under the Change of Control Offer.

 

The Issuer may make a Change of Control Offer
in advance of a Change of Control, and conditional upon the occurrence of such
Change of Control, if a definitive agreement is in place for the Change of
Control at the time of making the Change of Control Offer.

 

6.4.          Termination of
Certain Covenants.  In the event that
the Notes receive a rating equal to or greater than BBB- by S&P and Baa3 by
Moody’s (with a stable or better outlook in the case of a rating equal to BBB-
by S&P and Baa3 by Moody’s) (each such rating, an “Investment Grade Rating”),
and notwithstanding that the Notes may later

 

16

 

cease to have an Investment Grade Rating from
either S&P or Moody’s or both, the Issuer and its Subsidiaries shall not be
subject to Sections 6.1 and 6.3.

 

Section 7.                Redemption.

 

7.1           The Notes may be
redeemed at the Issuer’s election, in whole or in part, at any time at a
redemption price equal to the greater of:

 

(1)           100%
of the principal amount of the Notes to be redeemed then outstanding; and

 

(2)           as
determined by an Independent Investment Banker, the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (not including any portion of such payments of interest accrued to
the date of redemption) discounted to the redemption date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate, plus 50 basis points;

 

plus, in either of the above cases, accrued and unpaid interest to the
date of redemption on the Notes to be redeemed.

 

If the Issuer selects a redemption date that
is on or after a Record Date and on or before the related interest payment date,
the accrued and unpaid interest, if any, shall be paid to the person in whose
name the Note is registered at the close of business on such Record Date.

 

The Issuer shall mail a notice of redemption
at least 30 days but not more than 60 days before the redemption date to each Holder
of the Notes to be redeemed.

 

Unless the Issuer defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue
on the Notes or portions thereof called for redemption.

 

7.2           In connection with the
Securities (and for the avoidance of doubt, not in connection with any other
series of Securities issued under the Indenture, unless set forth by
supplemental indenture related thereto), the first sentence of the last paragraph
of Section 12.2 of the Indenture is hereby amended by deleting such sentence
and replacing it with the following:

 

“If less than all of the Securities are to be
redeemed, selection of the Securities for redemption shall be made by the Trustee
as follows:

 

(a)           if
the Securities are listed on any principal national securities exchange, in
compliance with the requirements of such principal national securities exchange;
or

 

(b)           if
the Securities are not so listed, on a pro rata basis (subject to the procedures
of The Depository Trust Company) or, to the extent a pro rata basis is not permitted,
in such manner as the Trustee shall deem to be fair and appropriate.

 

17

 

However, no
Security of $1,000 in principal amount or less shall be redeemed in part.  A new Security in principal amount equal to
the unredeemed portion shall be issued upon cancellation of the original
Security.”

 

Section 8.                Miscellaneous.

 

8.1.          Ratification
of Indenture.  The Indenture, as supplemented
by this Supplemental Indenture, is in all respects ratified and confirmed, and
this Supplemental Indenture shall be deemed a part of the Indenture in the
manner and to the extent herein and therein provided.

 

8.2.          GOVERNING
LAW.  THIS SUPPLEMENTAL INDENTURE AND
EACH NOTE SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW
YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.

 

8.3.          Counterparts.
 This Supplemental Indenture may be
executed in several counterparts, each of which shall be an original, and all
collectively but one instrument.

 

8.4.          The
Trustee.  The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Issuer.

 

18

 

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

 

	
   

  	
  CITIZENS COMMUNICATIONS COMPANY,

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

19

 

	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT A

FORM OF NOTE

 

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

 

THIS GLOBAL NOTE IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
CUSTODIAN MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
4.4 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.1 OF THE SUPPLEMENTAL INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

 

Citizens Communications Company

6 1/4 %  SENIOR NOTE DUE 2013

No.     

 

ORIGINAL ISSUE DATE:  November 12, 2004

 

	
  $[     ],000,000

  	
  CUSIP: 17453BAP6

  

 

Citizens Communications
Company, a corporation duly organized and existing under the laws of the State
of Delaware (the “ISSUER”), for value received, hereby promises to pay CEDE
& CO., or registered assigns, the principal sum of $ [    ],000,000 ([       ] HUNDRED MILLION DOLLARS) on
January 15, 2013, at the Corporate Trust Office of JPMorgan Chase Bank, in
such coin or currency of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts, and to pay
semi-annually in arrears on January 15 and July 15 of each year
(each, an “INTEREST PAYMENT DATE”), commencing July 15, 2005, and at
maturity (or on any redemption or repayment date) the amount of interest on
said principal sum at said office or agency, in like coin or currency, at the
rate per annum specified in the title of this Note, from November 12, 2004
or from the most recent Interest Payment

 

 

Date to which interest has been
paid or duly provided for until said principal sum has been paid or duly provided
for.  Interest shall be computed on the basis
of a 360-day year consisting of twelve 30-day months.

 

The interest payable on any
Interest Payment Date which is punctually paid or duly provided for on such
Interest Payment Date will be paid to the person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on
January 1 or July 1 (in each case, whether or not a business day), as the case
may be (each, a “REGULAR RECORD DATE”), immediately preceding such Interest
Payment Date.  Interest payable on this
Note which is not punctually paid or duly provided for on any Interest Payment
Date therefor shall forthwith cease to be payable to the Person in whose name
this Note is registered at the close of business on the Regular Record Date immediately
preceding such Interest Payment Date, and such interest may either (i) be paid
to the Person in whose name this Note is registered at the close of business on
a special record date to be established for such payment by the Trustee or (ii)
be paid in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, all as more fully
provided in the Indenture referred to on the reverse hereof.

 

Payment of the principal of
this Note, any premium and the interest due at maturity (or on any redemption
or repayment date) will be made in immediately available funds upon surrender
of this Note at the office or agency of the Paying Agent, as defined on the
reverse hereof, maintained for that purpose in the Borough of Manhattan, The
City of New York, or at such other paying agency as the Issuer may
determine.  At the option of the Issuer,
interest on the Notes may be paid by (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the register of Holders
of the Notes or (ii) at the expense of the Issuer, by wire transfer to an
account maintained by the Person entitled thereto as specified in writing to
JPMorgan Chase Bank, as trustee, by such Person by the applicable record date
of the Notes.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Note shall not be valid or
become obligatory for any purpose until the certificate of authentication
hereon shall have been signed by the Trustee under the Indenture referred to on
the reverse hereof.

 

 

IN WITNESS WHEREOF, CITIZENS COMMUNICATIONS COMPANY has caused this
instrument to be signed by its duly authorized officers.

 

	
  Dated: November 12, 2004

  	
   

  
	
   

  	
  CITIZENS COMMUNICATIONS COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (SEAL)

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

 

This is one of the debt securities of the
series designated herein referred to in the within-mentioned Indenture.

 

	
  Dated: November 12, 2004

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK,

  	
   

  
	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  
				

 

 

[REVERSE OF NOTE]

 

NOTE DUE

 

1.       INDENTURE.  (a) 
This Note is one of a duly authorized issue of senior debt securities of
the Issuer (hereinafter called the “NOTES”) of a series designated as the 6 1⁄4 %
Senior Notes Due 2013 of the Issuer, in an aggregate principal amount of
$700,000,000, all issued or to be issued under and pursuant to the Indenture,
dated as of May 23, 2001, as supplemented by the Third Supplemental Indenture,
dated as of November 12, 2004 (as so amended and supplemented, the “INDENTURE”),
between the Issuer and JPMorgan Chase Bank (the “TRUSTEE”, which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities
thereunder of the Issuer, the Trustee and the Holders of the Notes, and the
terms upon which the Notes are, and are to be, authenticated and delivered.  The Issuer has appointed JPMorgan Chase Bank
at its principal corporate trust office in The City of New York as the paying
agent (the “PAYING AGENT”, which term includes any additional or successor
Paying Agent appointed by the Issuer) with respect to the Notes.  To the extent not inconsistent herewith, the
terms of the Indenture are hereby incorporated by reference herein.

 

(b)  Other debentures, notes,
bonds or other evidences of indebtedness (together with the Notes, hereinafter
called the “SECURITIES”) may be issued under the Indenture in one or more
series, which different series may vary from the Notes and each other, as in
the Indenture provided.

 

(c)  All capitalized terms used
in this Note which are defined in the Indenture and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

 

2.       AMENDMENTS
AND WAIVERS.  The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the
Holders of the Securities of each series to be affected under the Indenture at
any time by the Issuer and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding of each
series to be affected.  The Indenture
also contains provisions permitting the Holders of a majority in principal
amount of the Securities of each series at the time Outstanding, on behalf of
the Holder of all Securities of such series, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences.  Any
such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

 

3.       OBLIGATION
TO PAY PRINCIPAL, PREMIUM, IF ANY, AND INTEREST.  No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation
of the Issuer or any other obligor on the Notes, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest on this
Note in the manner, at the respective times, at the rate, at the place and in
the coin or currency herein prescribed.

 

 

4.       OPTIONAL
REDEMPTION.  This Note is redeemable at the Issuer’s election, in whole or in part, at any
time at a redemption price equal to the greater of:

 

(1)           100%
of the principal amount of the Notes to be redeemed then outstanding; and

 

(2)           as
determined by an Independent Investment Banker, the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (not including any portion of such payments of interest accrued to
the date of redemption) discounted to the redemption date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate, plus 50-basis points

 

plus, in either of the above cases, accrued and unpaid interest to the
date of redemption on the Notes to be redeemed.

 

If the redemption date that is on or after a regular record date and on
or before the related interest payment date, the accrued and unpaid interest, if
any, shall be paid to the person in whose name the Note is registered at the
close of business on such Record Date.

 

The Issuer will mail a notice of redemption at least 30 days but not
more than 60 days before the redemption date to each Holder of the Notes to be
redeemed.

 

Unless the Issuer defaults in payment of the redemption price, on and
after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption.

 

For purposes of the foregoing, the following terms shall have the
following meanings:

 

“Adjusted Treasury Rate”
means, with respect to any redemption date:

 

(1)           the yield, under the
heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated
“H.15(519)” or any successor publication which is published weekly by the Board
of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue (as defined below) (if no
maturity is within three months before or after the Remaining Life (as defined
below), yields for the two published maturities most closely corresponding to
the Comparable Treasury Issue shall be determined and the Adjusted Treasury
Rate shall be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month); or

 

(2)           if such release (or any
successor release) is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price (as
defined below) for such redemption date.

 

 

The Adjusted Treasury Rate shall be
calculated on the third Business Day preceding the redemption date.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker (as defined
below) as having a maturity comparable to the remaining term of the Notes that
would be utilized, at the time of selection and in accordance with customary
financial practice in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes (“Remaining Life”).

 

“Comparable Treasury Price” means, for any
redemption date, (1) the average of four Reference Treasury Dealer Quotations
(as defined below) for such redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations the average of all such quotations.

 

“Independent Investment Banker” means one of
the Reference Treasury Dealers appointed by the Issuer.

 

“Reference Treasury Dealer” means any of the
primary U.S. Government securities dealers in New York City.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m., New York City time, on the third Business Day preceding such redemption
date.

 

5.        REPURCHASE
AT OPTION OF HOLDER.  Upon the occurrence
of a Change of Control, and subject to certain conditions set forth in the
Indenture, the Issuer will be required to offer to purchase all of the
outstanding Notes at a purchase price equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, thereon to the date of repurchase.

 

6.        CERTAIN
COVENANTS.  The Indenture restricts the
ability of the Issuer and its Subsidiaries to incur indebtedness at the Issuer’s
Subsidiaries, create certain liens and merge or consolidate with other
companies.  These covenants are subject
to the covenant defeasance procedures outlined in the Indenture.

 

7.        EFFECT
OF EVENT OF DEFAULT.  If an Event of
Default shall have occurred and be continuing under the Indenture, the
principal hereof may be declared, and upon such declaration shall become, due
and payable in the manner, with the effect and subject to the conditions provided
in the Indenture.

 

8.        DEFEASANCE.  The Indenture contains provisions for
defeasance and covenant defeasance at any time of the indebtedness on this Note
upon compliance by the Issuer with certain conditions set forth therein.

 

 

9.        DENOMINATIONS;
EXCHANGES.  (a)  The Notes are issuable in registered form
without coupons in denominations of $1,000 and any multiple of $1,000 at the
office or agency of the Issuer in the Borough of Manhattan, The City of New
York, and in the manner and subject to the limitations provided in the
Indenture, Notes may be exchanged for a like aggregate principal amount of
Notes of other authorized denomination.

 

10.      HOLDER
AS OWNER.  Prior to the due presentment
of this Note for registration of transfer, the Issuer, the Trustee and any
agent of the Issuer or the Trustee may deem and treat the registered holder
hereof as the absolute owner of this Note (whether or not this Note shall be
overdue and notwithstanding any notation of ownership or other writing hereon),
for the purpose of receiving payment of, or on account of, the principal hereof
and, subject to the provisions on the face hereof, interest hereon, and for all
other purposes, and none of the Issuer or the Trustee or any agent of the
Issuer or the Trustee shall be affected by any notice to the contrary.

 

11.      NO
LIABILITY OF CERTAIN PERSONS.  No
recourse under or upon any obligation, covenant or agreement of the Issuer in
the Indenture or any indenture supplemental thereto or in any Note, or because
of the creation of any indebtedness represented thereby, shall be had against
any past, present or future incorporator, shareholder, officer or director, as
such, of the Issuer or of any successor, either directly or through the Issuer,
or any successor corporation, under any constitution, statute or rule of law or
by the enforcement of any assessment or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the consideration
for the issue hereof.

 

12.      LOST,THEFT
OR DESTRUCTION.  In case any Note shall
at any time become mutilated, defaced or be destroyed, lost or stolen and such
Note or evidence of the loss, theft or destruction thereof (together with the
indemnity hereinafter referred to and such other documents or proof as maybe
required in the premises) shall be delivered to the Trustee, a new Note or like
tenor will be issued by the Issuer in exchange for the Note so mutilated or defaced,
or in lieu of the Note so destroyed or lost or stolen, but, in case of any destroyed
or lost or stolen Note, only upon receipt of evidence satisfactory to the
Trustee and the Issuer that such Note was destroyed or lost or stolen and, if
required, upon receipt also of indemnity satisfactory to each of them.  All expenses and reasonable charges associated
with procuring such indemnity and with the preparation, authentication and
delivery of a new Note shall be born by the owner of the Note mutilated, defaced,
destroyed, lost or stolen.

 

13.      GOVERNING LAW.  This Note shall be governed by, and construed
in accordance with, the laws of the State of New York without regard to
conflict of law provisions thereof.

 

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR TAXPAYER IDENTIFICATION NUMBER
OF ASSIGNEE

 

PLEASE PRINT OR TYPE NAME AND ADDRESS,

INCLUDING ZIP CODE, OF ASSIGNEE

 

the within
Note of Citizens Communications Company and all rights thereunder and hereby
irrevocably constitutes and appoints such person attorney to transfer such Note
on the books of Citizens Communication Company, with full power of substitution
in the premises.

 

Dated:

 

Signature

 

NOTICE:               THE SIGNATURE TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME AS WRITTEN UPON
THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.  THE
SIGNATURE SHOULD BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY, A MEMBER
ORGANIZATION OF A NATIONAL STOCK EXCHANGE OR BY SUCH OTHER ENTITY WHOSE
SIGNATURE IS ON FILE WITH AND ACCEPTABLE TO THE TRANSFER AGENT.

 

Tax Identification No.:

 

Signature
Guarantee:Exhibit 10.1

Execution
Copy

 

THE FIRST MARBLEHEAD CORPORATION

 

REGISTRATION RIGHTS
AGREEMENT

 

This
Registration Rights Agreement dated as of November 3, 2004 (the “Agreement”) is
entered into by and among The First Marblehead Corporation, a Delaware corporation
(the “Company”), and the individuals and entities listed on Exhibit A
attached hereto (the “Holders”).

RECITALS

A.            The Company,
the Holders and certain other shareholders of the Company are parties to the
Shareholders Agreement dated as of December 21, 1995 (the “Shareholders
Agreement”) setting forth various agreements with respect to the ownership and
transfer of shares of Common Stock (as defined below) and other related maters.

B.            The Company
completed an initial public offering of shares of Common Stock on November 5,
2003, making certain of the agreements in the Shareholders Agreement
unnecessary, burdensome or inappropriate for stockholders of a public company.

C.            Except for
affiliates of the Company, including the Holders, the parties to the Shareholders
Agreement are eligible to sell their shares of Common Stock in reliance on Rule
144(k) or Rule 701 under the Securities Act (as defined below).

D.            Upon
termination of the Shareholders Agreement, the Company has agreed to provide
the Holders with certain rights with respect to the registration of their
shares of Common Stock under the Securities Act.

E.             The Majority
Shareholders (as defined in the Shareholders Agreement) and each Significant
Holder (as defined in the Shareholders Agreement) have agreed and voted to
terminate the Shareholders Agreement.

F.             The Company and
the Holders deem it in their respective best interests to enter into this
Agreement.

AGREEMENT

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in
this Agreement, the parties hereto agree as follows:

1.             Certain
Definitions.

 

As
used in this Agreement, the following terms shall have the following respective
meanings:

“Affiliated Party” means, with respect to any Holder, any person
or entity which, directly or indirectly, controls, is controlled by or is under
common control with such Holder, including, without limitation, any general
partner, officer or director of such Holder and any entity now or hereafter
existing which is controlled by one or more general partners of, or shares the
same management company as, such Holder.

“Commission” means the Securities and Exchange Commission, or
any other federal agency at the time administering the Securities Act.

“Common Stock” means the common stock, $.01 par value per share,
of the Company.

 

1

“Company” has the meaning ascribed to it in the introductory
paragraph hereto.

“Company Sale” means: (a) a merger or consolidation in which (i)
the Company is a constituent party or (ii) a Company Subsidiary is a
constituent party and the Company issues shares of its capital stock pursuant
to such merger or consolidation, except in the case of either clause (i) or
(ii) any such merger or consolidation involving the Company or a Company
Subsidiary in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are
converted into or exchanged for shares of capital stock which represent,
immediately following such merger or consolidation, more than 50 percent by
voting power of the capital stock of (A) the surviving or resulting corporation
or (B) if the surviving or resulting corporation is a wholly owned subsidiary
of another corporation immediately following such merger or consolidation, the
parent corporation of such surviving or resulting corporation; (b) the sale,
lease, transfer, exclusive license or other disposition, in a single
transaction or series of related transactions, by the Company or a Company
Subsidiary of all or substantially all the assets of the Company and the
Company Subsidiaries taken as a whole (except where such sale, lease, transfer,
exclusive license or other disposition is to a wholly owned Company
Subsidiary); or (c) the sale or transfer, in a single transaction or series of
related transactions, by the stockholders of the Company of more than 50
percent by voting power of the then-outstanding capital stock of the Company to
any person or entity or group of affiliated persons or entities.

“Company Subsidiary” means any corporation, partnership,
securitization trust, limited liability company or other non-corporate business
enterprise in which the Company (or another Company Subsidiary) holds stock or
other ownership interests representing (a) more than 50 percent of the voting
power of all outstanding stock or ownership interests of such entity or (b) the
right to receive more than 50 percent of the net assets of such entity
available for distribution to the holders of outstanding stock or ownership
interests upon a liquidation or dissolution of such entity.

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in
effect.

“Holder” has the meaning ascribed to it in the introductory
paragraph hereto.

“Indemnified Party” means a party entitled to indemnification
pursuant to Section 2.3.

“Indemnifying Party” means a party obligated to provide
indemnification pursuant to Section 2.3.

“Initiating Holders” means the Holders initiating a request for
registration pursuant to Section 2.1(a).

“Other Holders” means holders of securities of the Company
(other than the Holders) who are entitled, by contract with the Company, to
have securities included in a Registration Statement.

“Prospectus” means the prospectus included in any Registration
Statement, as amended or supplemented by an amendment or prospectus supplement,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.

“Registrable Shares” means (a) the shares of Common Stock
held as of the date hereof or subsequently acquired by the Holders and
(b) any other shares of Common Stock issued in respect of such shares
(because of stock splits, stock dividends, reclassifications, recapitalizations
or similar events); provided, however,
that shares of Common Stock which are Registrable Shares shall cease to be
Registrable Shares (i) upon any sale pursuant to a Registration Statement
or Rule 144 under the Securities Act, (ii) upon any transfer in any manner
to a person or entity which is not entitled, pursuant to Section 3, to the
rights under this 

2

Agreement or (iii) at such time as they become eligible for sale
pursuant to Rule 144(k) under the Securities Act.

“Registration Expenses” means all expenses incurred by the
Company in complying with the provisions of Section 2, including, without
limitation, all registration and filing fees, exchange listing fees, printing
expenses, fees and expenses of counsel and accountants for the Company, state
Blue Sky fees and expenses, and the expense of any special audits incident to
or required by any such registration, but excluding underwriting discounts,
selling commissions and other expenses of any Selling Stockholder (and also
excluding the fees and expenses of any counsel retained by any Selling
Stockholder).

“Registration Statement” means a registration statement filed by
the Company with the Commission for a public offering and sale of securities of
the Company (other than a registration statement on Form S-8 or Form S-4,
or their successors, or any other form for a similar limited purpose, or any
registration statement covering only securities proposed to be issued in
exchange for securities or assets of another corporation).

“Securities Act” means the Securities Act of 1933, as amended,
or any successor federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in
effect.

“Selling Stockholder” means any Holder owning Registrable Shares
included in a Registration Statement.

“Shareholders Agreement” has the meaning ascribed to it in the
recitals hereto.

2.             Registration
Rights.

 

2.1           Required Registrations.

(a)           At any time after the Company becomes
eligible to file a Registration Statement on Form S-3 (or any successor form
relating to secondary offerings), a Holder or Holders holding Registrable
Shares  may request, in writing, that the
Company effect the registration on Form S-3 (or such successor form), of
Registrable Shares having an aggregate value of at least $100,000,000 (based on
the public market price on the date of such request).

(b)           Upon receipt of any request for
registration pursuant to this Section 2, the Company shall promptly give
written notice of such proposed registration to all other Holders.  Such Holders shall have the right, by giving
written notice to the Company within 10 days after the Company provides its
notice, to elect to have included in such registration such of their
Registrable Shares as such Holders may request in such notice of election,
subject in the case of an underwritten offering to the terms of Section
2.1(c).  In the event that the Company
does not receive a written notice of election from a Holder within such 10-day
period, such Holder will have waived its right to have any Registrable Shares
included in such registration. 
Thereupon, the Company shall, as expeditiously as possible, use its best
efforts to effect the registration on an appropriate registration form of all
Registrable Shares which the Company has been requested to so register;
provided, however, the Company will only be obligated to effect such
registration on Form S-3 (or any successor form).

(c)           If the Initiating Holders intend to
distribute the Registrable Shares covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made
pursuant to Section 2.1(a), and the Company shall include such information in
its written notice referred to in Section 2.1(b).  In such event, (i) the right of any Holder to
include its Registrable Shares in such registration shall be conditioned upon
such Holder’s participation in such underwriting on the terms set forth herein,
and (ii) all Holders including Registrable Shares in such registration shall
enter into an underwriting agreement 

3

upon customary terms with
the underwriter or underwriters managing the offering; provided that such
underwriting agreement shall not provide for indemnification or contribution
obligations on the part of the Holders materially greater than the obligations
of the Holders pursuant to Section 2.3. The Company shall have the right to
select the managing underwriter(s) for any underwritten offering requested
pursuant to Section 2.1(a), provided that the Holders of a majority of the
Registrable Shares participating in such underwritten offering consent to the
managing underwriter(s) selected by the Company.  If any Holder who has requested inclusion of
its Registrable Shares in such registration as provided above disapproves of
the terms of the underwriting, such Holder may elect, by written notice to the
Company, to withdraw its Registrable Shares from such Registration Statement
and underwriting.  If the managing
underwriter advises the Company in writing that marketing factors require a
limitation on the number of shares to be underwritten, the number of
Registrable Shares to be included in the Registration Statement and
underwriting shall be allocated among all Holders requesting registration in
proportion, as nearly as practicable, to the respective number of Registrable
Shares held by them on the date of the request for registration made by the
Initiating Holders pursuant to Section 2.1(a). If any Holder would thus be
entitled to include more Registrable Shares than such Holder requested to be
registered, the excess shall be allocated among other requesting Holders pro rata in the manner described in the
preceding sentence.

If
the Company desires that any other officers or directors of the Company holding
securities of the Company be included in any registration for an underwritten
offering requested pursuant to Section 2.1 or if Other Holders request such
inclusion, the Company may include the securities of such officers, directors
and Other Holders in such registration and underwriting on the terms set forth
herein applicable to the Holders.  If the
managing underwriter advises the Company in writing that marketing factors
require a limitation on the number of shares to be underwritten, the shares
held by officers or directors of the Company and by Other Holders (other than
Registrable Shares) shall be excluded from such Registration Statement and
underwriting to the extent deemed advisable by the managing underwriter, and if
a further reduction of the number of shares is required, the number of shares
that may be included in such Registration Statement and underwriting shall be
allocated among all Holders requesting registration in proportion, as nearly as
practicable, to the respective number of Registrable Shares held by them on the
date of the request for registration made by the Initiating Holders pursuant to
Section 2.1(a).  If any such stockholder
would thus be entitled to include more shares than such stockholder requested
to be registered, the excess shall be allocated among other participating
stockholders pro rata in the
manner described in the preceding sentence. 
If the managing underwriter has not limited the number of Registrable
Shares or other securities to be underwritten, the Company may include
securities for its own account in such registration if the managing underwriter
so agrees and if the number of Registrable Shares and other securities which
would otherwise have been included in such registration and underwriting will
not thereby be limited.

(d)           The Company shall not be required to
effect more than four registrations pursuant to Section 2.1(a).  For purposes of this Section 2.1(d), a
Registration Statement shall not be counted until such time as such
Registration Statement has been declared effective by the Commission (unless
the Initiating Holders withdraw their request for such registration (other than
as a result of information concerning the business or financial condition of
the Company which is made known to the Holders after the date on which such
registration was requested) and elect not to pay the Registration Expenses
therefor pursuant to Section 2.4).  For
purposes of this Section 2.1(d), a Registration Statement shall not be counted
if, as a result of an exercise of the underwriter’s cut-back provisions, less
than 50 percent of the total number of Registrable Shares that Holders have
requested to be included in such Registration Statement are so included.

(e)           If at the time of any request to
register Registrable Shares by Initiating Holders pursuant to this Section 2.1,
the Company is engaged or has plans to engage in a registered public offering
or is engaged in any other activity which, in the good faith determination of
the Company’s Board of Directors, would be adversely affected by the requested
registration, then the Company may at its option direct that such request be
delayed for a period not in excess of 120 days from the date of such request.

4

2.2           Registration Procedures.

(a)           If and whenever the Company is required
by the provisions of this Agreement to use its best efforts to effect the
registration of any Registrable Shares under the Securities Act, the Company
shall:

(i)            file with the Commission a
Registration Statement with respect to such Registrable Shares and use its best
efforts to cause that Registration Statement to become effective as soon as
possible;

(ii)           as expeditiously as possible prepare
and file with the Commission any amendments and supplements to the Registration
Statement and the prospectus included in the Registration Statement as may be
necessary to comply with the provisions of the Securities Act (including the
anti-fraud provisions thereof) and to keep the Registration Statement effective
for 12 months from the effective date or such lesser period until all such
Registrable Shares are sold;

(iii)          as expeditiously as possible furnish
to each Selling Stockholder such reasonable numbers of copies of the
Prospectus, including any preliminary Prospectus, in conformity with the
requirements of the Securities Act, and such other documents as such Selling
Stockholder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Shares owned by such Selling Stockholder;

(iv)          as expeditiously as possible use its
best efforts to register or qualify the Registrable Shares covered by the
Registration Statement under the securities or Blue Sky laws of such states as
the Selling Stockholders shall reasonably request, and do any and all other
acts and things that may be necessary or desirable to enable the Selling
Stockholders to consummate the public sale or other disposition in such states
of the Registrable Shares owned by the Selling Stockholders; provided, however, that the Company shall
not be required in connection with this paragraph (iv) to qualify as a foreign
corporation or to execute a general consent to service of process in any
jurisdiction or to amend its certificate of incorporation or by-laws in a
manner that the Board of Directors of the Company determines is inadvisable;

(v)           as expeditiously as possible, cause
all such Registrable Shares to be listed on each securities exchange or
automated quotation system on which similar securities issued by the Company
are then listed;

(vi)          promptly provide a transfer agent and
registrar for all such Registrable Shares not later than the effective date of
such Registration Statement;

(vii)         promptly make available for inspection
by the Selling Stockholders, any managing underwriter participating in any
disposition pursuant to such Registration Statement, and any attorney or
accountant or other agent retained by any such underwriter or selected by the
Selling Stockholders, all financial and other records, pertinent corporate
documents and properties of the Company and cause the Company’s officers,
directors, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such Registration Statement;

(viii)        notify each Selling Stockholder,
promptly after it shall receive notice thereof, of the time when such
Registration Statement has become effective or a supplement to any Prospectus
forming a part of such Registration Statement has been filed; and

(ix)           as expeditiously as possible
following the effectiveness of such Registration Statement, notify each seller
of such Registrable Shares of any request by the Commission for the amending or
supplementing of such Registration Statement or Prospectus.

5

(b)           If the Company has delivered a
Prospectus to the Selling Stockholders and after having done so the Prospectus
is amended to comply with the requirements of the Securities Act, the Company
shall promptly notify the Selling Stockholders and, if requested, the Selling
Stockholders shall immediately cease making offers of Registrable Shares and
return all Prospectuses to the Company. 
The Company shall promptly provide the Selling Stockholders with revised
Prospectuses and, following receipt of the revised Prospectuses, the Selling
Stockholders shall be free to resume making offers of the Registrable Shares.

(c)           In the event that, in the judgment of
the Company, it is advisable to suspend use of a Prospectus included in a
Registration Statement due to pending material developments or other events
that have not yet been publicly disclosed and as to which the Company believes
public disclosure would be detrimental to the Company, the Company shall notify
all Selling Stockholders to such effect, and, upon receipt of such notice, each
such Selling Stockholder shall immediately discontinue any sales of Registrable
Shares pursuant to such Registration Statement until such Selling Stockholder
has received copies of a supplemented or amended Prospectus or until such
Selling Stockholder is advised in writing by the Company that the then current
Prospectus may be used and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference in
such Prospectus.  Notwithstanding
anything to the contrary herein, the Company shall not exercise its rights
under this Section 2.2(c) to suspend sales of Registrable Shares for a period
in excess of 30 days consecutively or 60 days in any 365-day period.

2.3           Indemnification and Contribution.

(a)           In the event of any registration of
any of the Registrable Shares under the Securities Act pursuant to this
Agreement, the Company will indemnify and hold harmless each Selling
Stockholder, each underwriter of such Registrable Shares, and each other
person, if any, who controls such Selling Stockholder or underwriter within the
meaning of the Securities Act or the Exchange Act against any losses, claims,
damages or liabilities, joint or several, to which such Selling Stockholder,
underwriter or controlling person may become subject under the Securities Act,
the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement under
which such Registrable Shares were registered under the Securities Act, any
preliminary prospectus or final prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, (ii)
the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, or (iii)
any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law in
connection with the Registration Statement or the offering contemplated
thereby; and the Company will reimburse such Selling Stockholder, underwriter
and each such controlling person for any legal or any other expenses reasonably
incurred by such Selling Stockholder, underwriter or controlling person in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however,
that the Company will not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any untrue
statement or omission made in such Registration Statement, preliminary
prospectus or prospectus, or any such amendment or supplement, in reliance upon
and in conformity with information furnished to the Company, in writing, by or
on behalf of such Selling Stockholder, underwriter or controlling person
specifically for use in the preparation thereof.

(b)           In the event of any registration of
any of the Registrable Shares under the Securities Act pursuant to this
Agreement, each Selling Stockholder, severally and not jointly, will indemnify
and hold harmless the Company, each of its directors and officers and each
underwriter (if any) and each person, if any, who controls the Company or any
such underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages or liabilities, joint or several, to which
the Company, such directors and officers, underwriter or controlling person may
become subject under the Securities Act, Exchange Act, state securities or Blue
Sky laws or otherwise, insofar as such losses, claims, damages or 

6

liabilities (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement under which such Registrable Shares were registered under the
Securities Act, any preliminary prospectus or final prospectus contained in the
Registration Statement, or any amendment or supplement to the Registration
Statement, or (ii) any omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, if and to the extent (and only to the extent) that the statement or
omission was made in reliance upon and in conformity with information relating
to such Selling Stockholder furnished in writing to the Company by such Selling
Stockholder specifically for use in connection with the preparation of such
Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of
a Selling Stockholder hereunder shall be limited to an amount equal to the net
proceeds to such Selling Stockholder of Registrable Shares sold in connection
with such registration.

(c)           Each Indemnified Party shall give
notice to the Indemnifying Party promptly after such Indemnified Party has
actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided,
that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or litigation, shall be approved by the Indemnified Party (whose approval
shall not be unreasonably withheld, conditioned or delayed); and, provided, further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 2.3 except to the
extent that the Indemnifying Party is adversely affected by such failure. The
Indemnified Party may participate in such defense at such party’s expense; provided, however, that the Indemnifying
Party shall pay such expense if the Indemnified Party reasonably concludes that
representation of such Indemnified Party by the counsel retained by the
Indemnifying Party would be inappropriate due to actual or potential differing
interests between the Indemnified Party and any other party represented by such
counsel in such proceeding; provided further
that in no event shall the Indemnifying Party be required to pay the
expenses of more than one law firm per jurisdiction as counsel for the
Indemnified Party.  The Indemnifying
Party also shall be responsible for the expenses of such defense if the
Indemnifying Party does not elect to assume such defense.  No Indemnifying Party, in the defense of any
such claim or litigation shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
of such claim or litigation, and no Indemnified Party shall consent to entry of
any judgment or settle such claim or litigation without the prior written
consent of the Indemnifying Party, which consent shall not be unreasonably
withheld, conditioned or delayed.

(d)           In order to provide for just and
equitable contribution in circumstances in which the indemnification provided
for in this Section 2.3 is due in accordance with its terms but for any reason
is held to be unavailable to an Indemnified Party in respect to any losses,
claims, damages and liabilities referred to herein, then the Indemnifying Party
shall, in lieu of indemnifying such Indemnified Party, contribute to the amount
paid or payable by such Indemnified Party as a result of such losses, claims,
damages or liabilities to which such party may be subject in such proportion as
is appropriate to reflect the relative fault of the Company on the one hand and
the Selling Stockholders on the other in connection with the statements or
omissions which resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations.  The relative fault of the Company and the
Selling Stockholders shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of material fact related to
information supplied by the Company or the Selling Stockholders and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.  The
Company and the Selling Stockholders agree that it would not be just and equitable
if contribution pursuant to this Section 2.3(d) were determined by pro rata allocation or by any other method
of allocation which does not take account of the equitable considerations
referred to above.  Notwithstanding the
provisions of this Section 2.3(d), (i) in no case shall any one Selling
Stockholder be liable or responsible for any amount in excess of the net
proceeds received by such Selling Stockholder from the offering of Registrable
Shares and (ii) the Company shall be liable and responsible for any amount in
excess of such proceeds; provided, however,
that no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to 

7

contribution from any person
who was not guilty of such fraudulent misrepresentation.  Any party entitled to contribution will,
promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may
be made against another party or parties under this Section 2.3(d), notify such
party or parties from whom contribution may be sought, but the omission so to
notify such party or parties from whom contribution may be sought shall not relieve
such party from any other obligation it or they may have thereunder or
otherwise under this Section 2.3(d).  No
party shall be liable for contribution with respect to any action, suit,
proceeding or claim settled without its prior written consent, which consent
shall not be unreasonably withheld, conditioned or delayed.

(e)           The rights and obligations of the
Company and the Selling Stockholders under this Section 2.3 shall survive the
termination of this Agreement.

2.4           Allocation of Expenses.  The Company will pay all Registration
Expenses for all registrations under this Agreement; provided, however, that if a registration under Section 2.1
is withdrawn at the request of the Initiating Holders (other than as a result
of information concerning the business or financial condition of the Company
which is made known to the Selling Stockholders after the date on which such
registration was requested) and if the Initiating Holders elect not to have
such registration counted as a registration requested under Section 2.1, the
Selling Stockholders shall pay the Registration Expenses of such registration pro rata in accordance with the number of
their Registrable Shares included in such registration.

2.5           Other Matters with Respect to
Underwritten Offerings.  In the event
that Registrable Shares are sold pursuant to a Registration Statement in an
underwritten offering pursuant to Section 2.1, the Company agrees to (i)
enter into an underwriting agreement containing customary representations and
warranties with respect to the business and operations of the Company and
customary covenants and agreements to be performed by the Company, including
without limitation customary provisions with respect to indemnification by the
Company of the underwriters of such offering, (ii) use its best efforts to
cause its legal counsel to render customary opinions to the underwriters with
respect to the Registration Statement and (iii) use its best efforts to cause
its independent public accounting firm to issue customary “cold comfort letters”
to the underwriters with respect to the Registration Statement.

2.6           Information by Holder.  Each holder of Registrable Shares included in
any registration shall (i) furnish to the Company such information
regarding such holder and the distribution proposed by such holder and
(ii) execute such documents as are customarily executed by selling
stockholders in similar transactions, in each case as the Company may
reasonably request in writing.

2.7           “Lock-Up” Agreement;
Confidentiality of Notices.  Each Holder,
if requested in writing by the Company and managing underwriter of any
underwritten offering pursuant to this Agreement or otherwise conducted by the
Company, shall not sell or otherwise transfer or dispose of any Registrable
Shares or other securities of the Company held by such Holder for a period of
90 days following the effective date of the Registration Statement for
such offering.  The Company may impose
stop-transfer instructions with respect to the Registrable Shares or other
securities subject to the foregoing restriction until the end of such 90-day
period.

Any
Holder receiving any written notice from the Company regarding the Company’s
plans to file a Registration Statement shall treat such notice confidentially
and shall not disclose such information to any person other than as necessary
to exercise its rights under this Agreement.

2.8           Rule 144 Requirements.  The Company agrees to:

(a)           make and keep current public
information about the Company available, as those terms are understood and defined
in Rule 144 under the Securities Act;

8

(b)           use its best efforts to file with the
Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act (at any time after it has
become subject to such reporting requirements); and

(c)           furnish to any holder of Registrable
Shares upon request a written statement by the Company as to its compliance
with the reporting requirements of Rule 144 and of the Securities Act and the
Exchange Act.

2.9           Termination.  All of the Company’s obligations to register
Registrable Shares under Section 2.1 shall terminate upon the earliest of (a)
November 3, 2009, (b) the date on which no Holder holds any Registrable Shares
or (c) a Company Sale.

2.10         Subsequent Registration Rights.  The Company agrees that it will not grant to
any person any right to require the Company to register securities under the
Securities Act, or to participate as a selling stockholder in any such
registration without the prior written consent of (i) any Holder whose
Registrable Shares represent at least 10 percent of the voting power of all
shares of Common Stock then outstanding and (ii) Holders holding Registrable
Shares representing at least 50 percent of the voting power of all Registrable
Shares then held by Holders.

3.          Transfers of Rights; Calculation of Share
Numbers.

 

3.1           Upon notice to the Company, a Holder
may transfer Registrable Shares voluntarily or by operation of law at any time
prior to the receipt of written notice of a proposed registration pursuant to
Section 2.1(b), and the transferee of such Registrable Shares shall have no
rights or obligations pursuant to this Agreement.  Notwithstanding the foregoing, a Holder may
not transfer Registrable Shares voluntarily or by operation of law at any time
during the period commencing on the date of receipt of written notice of a
proposed registration pursuant to Section 2.1(b) through the earlier of the
date of (i) expiration of the lock-up agreement referred to in Section 2.7
relating to such registration or (ii) receipt of written notice from the
Company of the withdrawal by the Initiating Holders of their request for such
registration, unless any person or entity to which Registrable Shares are to be
transferred agrees in writing to be bound by the obligations under Section 2.7
to the same extent as if such transferee were a Holder hereunder.

3.2           Calculation of Share Numbers.  In determining the number of Registrable
Shares owned by a Holder for purposes of exercising rights under this
Agreement, a Holder shall be deemed to own all Registrable Shares beneficially
held by such Holder as reported by such Holder under Section 16 of the Exchange
Act from time to time; provided, however,
that if a Holder is not a reporting person under Section 16 of the Exchange Act
at the time of such determination, the number of Registrable Shares held by
such Holder shall be determined as if such Holder were required to report under
Section 16 of the Exchange Act.

4.             General.

 

4.1           Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement.

4.2           Specific Performance.  In addition to any and all other remedies
that may be available at law in the event of any breach of this Agreement, each
Holder shall be entitled to specific performance of the agreements and
obligations of the Company hereunder and to such other injunctive or other
equitable relief as may be granted by a court of competent jurisdiction.

4.3           Governing Law.  This Agreement shall be governed by and
construed in accordance with the General Corporation Law of the State of
Delaware, as to matters within the scope thereof, and the internal laws of the
Commonwealth of Massachusetts (without reference to the conflicts of law
provisions thereof), as to all other matters.

9

4.4           Notices.  All notices, requests, consents and other
communications under this Agreement shall be in writing and shall be deemed
delivered (i) three business days after being sent by registered or certified
mail, return receipt requested, postage prepaid or (ii) one business day after
being sent via a reputable nationwide overnight courier service guaranteeing
next business day delivery, in each case to the intended recipient as set forth
below:

If
to the Company, at The First Marblehead Corporation, The Prudential Tower, 800
Boylston Street, 34th Floor, Boston, MA  02199, Attention: Chief Executive Officer, or
at such other address as may have been furnished in writing by the Company to
the other parties hereto, with a copy to Wilmer Cutler Pickering Hale and Dorr
LLP, 60 State Street, Boston, MA  02109,
Attention: Peter B. Tarr, Esq.; or

If
to a Holder, at its address set forth on Exhibit A, or at such
other address as may have been furnished in writing by such Purchaser to the
other parties hereto.

Any
party may give any notice, request, consent or other communication under this
Agreement using any other means (including, without limitation, personal
delivery, messenger service, telecopy, first class mail or electronic mail),
but no such notice, request, consent or other communication shall be deemed to
have been duly given unless and until it is actually received by the party for
whom it is intended.  Any party may
change the address to which notices, requests, consents or other communications
hereunder are to be delivered by giving the other parties notice in the manner
set forth in this Section 4.4.

4.5           Complete Agreement.  This Agreement constitutes the entire
agreement and understanding of the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings relating
to such subject matter.

4.6           Amendments, Termination and
Waivers.  This Agreement may be
amended or terminated and the observance of any term of this Agreement may be
waived with respect to all parties to this Agreement (either generally or in a
particular instance and either retroactively or prospectively), with the
written consent of the Company and Holders holding Registrable Shares
representing at least 50 percent of the voting power of all Registrable
Shares then held by all Holders. 
Notwithstanding the foregoing, this Agreement may not be amended or
terminated and the observance of any term hereunder may not be waived with
respect to any Holder without the written consent of such Holder unless such
amendment, termination or waiver applies to all Holders in the same
fashion.  The Company shall give prompt
written notice of any amendment or termination hereof or waiver hereunder to
any party hereto that did not consent in writing to such amendment, termination
or waiver.  Any amendment, termination or
waiver effected in accordance with this Section 4.6 shall be binding on all
parties hereto, even if they do not execute such consent.  No waivers of or exceptions to any term,
condition or provision of this Agreement, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such
term, condition or provision.

4.7           Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

4.8           Counterparts; Facsimile Signatures.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
which together shall constitute one and the same document.  This Agreement may be executed by facsimile
signatures.

4.9           Section Headings and References.  The section headings are for the convenience
of the parties and in no way alter, modify, amend, limit or restrict the contractual
obligations of the parties.  Any
reference in this agreement to a particular section or subsection shall refer
to a section or subsection of this Agreement, unless specified otherwise.

10

IN
WITNESS WHEREOF, the undersigned have executed this Registration Rights
Agreement as of the date set forth above.

	
   

  	
   

  
	
   

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Donald R. Peck

  
	
   

  	
  Donald
  R. Peck

  
	
   

  	
  Executive
  Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  HOLDERS:

  
	
   

  	
   

  
	
   

  	
  THE
  ALEXANDER 2003 INVESTMENT TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael Goldberg, Trustee

  
	
   

  	
  Michael
  Goldberg, Trustee

  
	
   

  	
   

  
	
   

  	
  INTERLAKEN
  INVESTMENT PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Interlaken
  Management Partners, L.P., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Lake
  Management, Inc., its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William R. Berkley

  
	
   

  	
  William
  R. Berkley

  
	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  THE
  ROXBURY MANAGEMENT COMPANY, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stephen E. Anbinder

  
	
   

  	
  Stephen
  E. Anbinder, Manager

  
	
   

  	
   

  
	
   

  	
  THE
  DANIEL M. MEYERS 2003 QUALIFIED ANNUITY TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Daniel Maxwell Meyers

  
	
   

  	
  Daniel
  Maxwell Meyers, Trustee

  
	
   

  	
   

  
	
   

  	
  RALPH
  M. AND JANICE A. JAMES FAMILY IRREVOCABLE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Catherine J. Paglia

  
	
   

  	
  Catherine
  J. Paglia, Trustee

  

 

11

 

 

 

	
   

  	
  /s/
  Leslie L. Alexander

  
	
   

  	
  Leslie
  L. Alexander

  
	
   

  	
   

  
	
   

  	
  /s/
  Stephen E. Anbinder

  
	
   

  	
  Stephen
  E. Anbinder

  
	
   

  	
   

  
	
   

  	
  /s/
  William R. Berkley

  
	
   

  	
  William
  R. Berkley

  
	
   

  	
   

  
	
   

  	
  /s/
  Dort A. Cameron III

  
	
   

  	
  Dort
  A. Cameron III

  
	
   

  	
   

  
	
   

  	
  /s/
  Ralph M. James

  
	
   

  	
  Ralph
  M. James

  
	
   

  	
   

  
	
   

  	
  /s/
  Daniel Maxwell Meyers

  
	
   

  	
  Daniel
  Maxwell Meyers

  
	
   

  	
   

  
	
   

  	
  /s/
  John C. Niles

  
	
   

  	
  John
  C. Niles

  

 

 

12

 

Exhibit A

LIST OF HOLDERS

Name and Address

The Alexander 2003
Investment Trust

1200 N. Federal Highway, Suite 307

Boca Raton, FL  33437

Interlaken Investment
Partners, L.P.

475 Steamboat Road

Greenwich, CT 
06830

The Roxbury Management
Company, LLC

c/o The First Marblehead Corporation

230 Park Avenue, 10th Floor

New York, NY 
10169

The Daniel M. Meyers 2003
Qualified Annuity Trust

c/o The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, MA 
02199

Ralph M. James and Janice A.
James Family Irrevocable Trust

c/o The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, MA 
02199

Leslie L. Alexander

1200 N. Federal Highway, Suite 307

Boca Raton, FL  33437

Stephen E. Anbinder

c/o The First Marblehead Corporation

230 Park Avenue, 10th Floor

New York, NY 
10169

William R. Berkley

c/o Interlaken Investment Partners, L.P.

475 Steamboat Road

Greenwich, CT 
06830

Dort A. Cameron III

c/o The Airlie Group

115 East Putnam Avenue

Greenwich, CT 
06830-5643

 

A-1

 

Ralph M. James

c/o The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, MA 
02199

Daniel Maxwell Meyers

c/o The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, MA 
02199

John C. Niles

c/o The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, MA 
02199

 

 

A-2

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