Document:

Safeco Flexible Benefits Program as Amended and Restated

 Exhibit 10.29-1 
  
 SAFECO 
 FLEXIBLE
BENEFITS 
 PROGRAM 
  
 AS AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1,
2004 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Preamble -
	  	3
		
	 SECTION 1 - DEFINITIONS
	  	4
	 	  	 1.1 Affiliate
	  	4
	 	  	 1.2 Annual Enrollment Form
	  	4
	 	  	 1.3 Change in Status
	  	4
	 	  	 1.4 COBRA Continuation Coverage
	  	5
	 	  	 1.5 Code
	  	5
	 	  	 1.6 Company
	  	5
	 	  	 1.7 Compensation
	  	5
	 	  	 1.8 Component Plan
	  	5
	 	  	 1.9 Contract Administrator
	  	5
	 	  	 1.10 Coverage Period
	  	5
	 	  	 1.11 Dependent
	  	5
	 	  	 1.12 Domestic Partner
	  	6
	 	  	 1.13 Domestic Partnership
	  	6
	 	  	 1.14 Effective Date
	  	6
	 	  	 1.15 Election Period
	  	6
	 	  	 1.16 Eligible Employee
	  	6
	 	  	 1.17 Eligible Expense
	  	7
	 	  	 1.18 Employee
	  	7
	 	  	 1.19 Employer
	  	7
	 	  	 1.20 ERISA
	  	7
	 	  	 1.21 FMLA
	  	7
	 	  	 1.22 Participant
	  	7
	 	  	 1.23 Plan Administrator
	  	7
	 	  	 1.24 Plan Year
	  	7
	 	  	 1.25 Premium Expense
	  	7
	 	  	 1.26 Program
	  	7
	 	  	 1.27 Request for Reimbursement
	  	8
	 	  	 1.28 Salary Redirection
	  	8
	 	  	 1.29 Salary Redirection Agreement
	  	8
	 	  	 1.30 USERRA
	  	8
		
	 SECTION 2 - PARTICIPATION
	  	9
	 	  	 2.1 Annual Enrollment
	  	9
	 	  	 2.2 New Eligible Employees
	  	9
	 	  	 2.3 Special Enrollment
	  	9
	 	  	 2.4 Suspension or Termination of Employment
	  	10
	 	  	 2.5 Leased Employees
	  	15
		
	 SECTION 3 - CONTRIBUTIONS
	  	13
	 	  	 3.1 Salary Redirection
	  	13
	 	  	 3.2 Employer Contributions
	  	13
	 	  	 3.3 Application of Contributions
	  	13
	 	  	 3.4 Correction Procedures to Satisfy Discrimination Tests
	  	13

  

 1 

					
	 SECTION 4 - BENEFITS
	  	14
	 	  	 4.1 Benefit Options
	  	14
	 	  	 4.2 Benefits Election
	  	16
	 	  	 4.3 Change of Election
	  	16
	 	  	 4.4 Payment of Premiums
	  	20
	 	  	 4.5 Maximum Disbursement
	  	21
		
	 SECTION 5 - ADMINISTRATION
	  	22
	 	  	 5.1 Plan Administration
	  	22
	 	  	 5.2 Duties and Authority of Plan Administrator
	  	22
	 	  	 5.3 Forms
	  	22
	 	  	 5.4 Examination of Documents
	  	23
	 	  	 5.5 Participant Accounts
	  	23
	 	  	 5.6 No Assets
	  	23
	 	  	 5.7 Reports
	  	23
	 	  	 5.8 Expenses
	  	23
	 	  	 5.9 Claim Procedure
	  	23
	 	  	 5.10 Bonding and Insurance
	  	26
		
	 SECTION 6 - AMENDMENT OR TERMINATION
	  	27
	 	  	 6.1 Amendment or Termination
	  	27
	 	  	 6.2 Program for Exclusive Purpose of Providing Benefits to Participants
	  	27
		
	 SECTION 7 - GENERAL PROVISIONS
	  	28
	 	  	 7.1 Plan Interpretation
	  	28
	 	  	 7.2 No Additional Rights
	  	28
	 	  	 7.3 Other Salary–Related Plans
	  	28
	 	  	 7.4 Representations
	  	28
	 	  	 7.5 Notice
	  	28
	 	  	 7.6 Masculine and Feminine, Singular and Plural
	  	28
	 	  	 7.7 Severability
	  	28
	 	  	 7.8 Governing Law
	  	28
	 	  	 7.9 Disclosure to Participants
	  	28
	 	  	 7.10 Accounting Period
	  	29
	 	  	 7.11 Facility of Payment
	  	29
	 	  	 7.12 Correction of Errors
	  	29
	 	  	 7.13 Non-alienation of Benefits
	  	29
	 	  	 7.14 Counting of Days
	  	29

  

 2 

 PREAMBLE 
  
 THIS CAFETERIA PLAN (hereinafter referred to as the “Program” and known as the Safeco Flexible Benefits Program) is originally adopted effective
January 1, 1999, by Safeco Corporation (hereinafter the “Company”). 
  
 WHEREAS, the purpose of the Program is to enable Employees who become covered under the Program to elect payment of premiums for various coverages and reimbursement of certain expenses incurred by the Employee in lieu
of cash compensation, as provided herein; and 
  
 WHEREAS, with
respect to benefit coverages, the Program concerns only Premium Expenses and has no effect on benefits or claim payments made under each benefit coverage; and 
  

WHEREAS, the Program contains definitions and general administrative provisions that govern the Program and Component Plans under the Program, except
to the extent that a Component Plan provides otherwise; and 
  
 WHEREAS, the Program is maintained for the exclusive purpose of providing benefits to covered Employees and is intended to qualify as a “cafeteria plan” within the meaning of Section 125 of the Internal Revenue Code of 1986, as
amended (hereinafter the “Code”), and comply with any other applicable provisions of law, including, without limitation, Code sections 79, 105, 106, and 129, and the Employee Retirement Income Security Act of 1974; and 
  
 WHEREAS, the Company wishes to amend the Program to reflect certain
regulatory and administrative changes, 
  
 NOW, THEREFORE, the
Company hereby amends the Program as set forth in the following pages, effective January 1, 2004. 
  

 3 

 SECTION 1 
 DEFINITIONS 
  
 The following terms, when used
herein, shall have the following meanings, unless a different meaning is plainly required by the context. Capitalized terms are used throughout the Program text for terms defined by this and other sections. 
  

	1.1	Affiliate. “Affiliate” means a corporation or other business organization while it is controlled by or under common control with the Company, within the meaning of
Code sections 414 and 1563. The determination of control shall be made without reference to paragraph (a)(4) and (e)(3)(C) of Code section 1563. “Affiliate” also means any member of an affiliated service group (within the meaning of Code
section 414(m)) of which the Company or any Affiliate is a member and any leasing organization (as defined in Code section 414(n)) to the extent its employees constitute leased employees with respect to the Company or any Affiliate. Notwithstanding
the foregoing, “Affiliate” also means any entity that, pursuant to Code section 414(o) and the regulations thereunder, must be aggregated with the Company or any other Affiliate. 

  

	1.2	Annual Enrollment Election. “Annual Enrollment Election” means the election made by an Eligible Employee, at the commencement of each Plan Year or upon becoming an
Eligible Employee, to participate in the Program by electing Salary Redirection under Section 3 and benefits described in Section 4.1, including various benefit coverages and reimbursements under a Component Plan, subject to the limitations stated
herein. The Annual Enrollment Election (telephonic, written, and/or electronic versions) will be made by an Eligible Employee in the form and time prescribed by the Plan Administrator. 

  

	1.3	Change in Status. “Change in Status” means any of the events described below, as well as any other events included under subsequent changes to Code section 125 or
regulations issued under Code section 125 that the Plan Administrator (in its sole discretion) decides to recognize on a uniform and consistent basis: 

  

	 	•	Legal Marital Status: A change in a Participant’s legal marital status, including marriage, death of a spouse, divorce, legal separation, or annulment.

  

	 	•	Number of Dependents: Events that change a Participant’s number of tax Dependents, including birth, death, adoption, and placement for adoption.

  

	 	•	Change in Employment Status: Any change in employment status of the Participant or the Participant’s Dependents that affects the benefit eligibility under a cafeteria
plan (including the Program) or other employee benefit plan (including the benefit plan(s) or policy(ies)) of the employer of the Participant or Dependents, including termination or commencement of employment, a strike or lockout, a commencement of
or return from an unpaid leave of absence, a change in work site, switching from salaried to hourly paid, union to nonunion or vice versa, incurring a reduction or increase in hours of employment (e.g., going from part-time to full-time) or any
other similar change that makes the individual become (or cease to be) eligible for a particular employee benefit. 

  

 4 

	 	•	Dependent Eligibility Requirements: An event that causes a Participant’s Dependent to satisfy or cease to satisfy the Dependent eligibility requirements for a particular
benefit, such as attaining a specified age, getting married, or ceasing to be a student. 

  

	 	•	Change in Residence: A change in the place of residence of the Participant or the Participant’s Dependent that affects the benefit eligibility under a cafeteria plan
(including the Program) or other employee benefit plan (including the benefit plan(s) or policy(ies)) of the employer of the Participant or Dependents. 

  
 See Section 4 for requirements that must be met for a Participant to change his or her election during the Plan Year on
account of a Change in Status. 
  

	1.4	COBRA Continuation Coverage. “COBRA Continuation Coverage” means continued medical, dental, vision, and/or medical reimbursement account coverage, which is
available in certain situations where such coverage would otherwise cease, in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985. For purposes of Section 4.3, “COBRA Continuation Coverage” includes coverage under a
similar state law. 

  

	1.5	Code. “Code” means the Internal Revenue Code of 1986, as amended, and including all regulations promulgated pursuant thereto. 

  

	1.6	Company. “Company” means Safeco Corporation, a corporation organized under the laws of the state of Washington. 

  

	1.7	Compensation. “Compensation” means the total cash remuneration received by the Participant from an Employer during a Coverage Period (as reported in Box 1 of Form
W-2) prior to any reductions pursuant to a Salary Redirection Agreement authorized under the Program. 

  

	1.8	Component Plan. “Component Plan” means the Safeco Dependent Care Reimbursement Plan, the Safeco Medical Expense Reimbursement Plan, and any other plan designated as
a “Component Plan” that may be established from time to time by the Company as part of the Program. 

  

	1.9	Contract Administrator. “Contract Administrator” means a person or entity with which the Company has contracted to provide administrative services with respect to
the Program or any Component Plan. 

  

	1.10	Coverage Period. “Coverage Period” means the Plan Year; provided that, (a) for any Employee who first becomes an Eligible Employee after the start of a Plan Year,
the initial Coverage Period shall mean the period commencing on the date such Eligible 

  

 5 

	    	Employee’s participation in the Program is first effective and extending through the remainder of the Plan Year, and (b) for any Employee who ceases to be an Eligible Employee
before the end of the Plan Year, the final Coverage Period shall mean the period beginning on the first day of the Plan Year (or, if later, the Effective Date of the Eligible Employee’s participation in the Program) and extending through the
date(s) participation terminates pursuant to Section 2.4. 

  

	1.11	Dependent. “Dependent” means the spouse or Domestic Partner and unmarried children of an Eligible Employee, as defined in each benefit contract. Unmarried children
must be under the maximum eligibility age as defined in each contract or be incapable of self-support because of a mental or physical incapacity. 

  

	1.12	Domestic Partner. “Domestic Partner” means a same-sex or opposite-sex individual, age 18 or older, who, for a period of 12 months or more prior to enrolling in the
Program, meets the following criteria: The individual is neither married nor related by blood or marriage to a Participant; is the Participant’s sole spousal equivalent and intends to remain so indefinitely; lives together with a Participant in
the same principal residence and intends to do so indefinitely; is emotionally committed to the Participant and shares joint responsibilities for common welfare and financial obligations; and is not related to the Participant by blood closer than
would prohibit marriage in the state in which the Participant resides. 

  

	1.13	Domestic Partnership. “Domestic Partnership” means a relationship between an Eligible Employee and a Domestic Partner. 

  

	1.14	Effective Date. “Effective Date” of the Program means January 1, 1999. 

  

	1.15	Election Period. “Election Period” means the period immediately preceding each Coverage Period that is designated by the Plan Administrator for the election of
benefits described in Section 4.1; provided, however, that the Election Period for an Eligible Employee who first becomes eligible to participate during a Coverage Period shall be as described in Section 2.2. 

  

	1.16	Eligible Employee. “Eligible Employee” means a salaried Employee who is eligible to receive benefits pursuant to a group benefits plan sponsored by the Company that
is a benefit described in Section 4.1, except those individuals indicated below. For the first Plan Year, “Eligible Employee” means salaried Employees who are regularly scheduled to work at least 20 hours per week and 5 months or more per
period of 12 consecutive months. Employees on an approved paid leave of absence or unpaid FMLA leave of absence who were Eligible Employees when such leave commenced remain Eligible Employees during the period of leave. 

  
 The term “Eligible Employee” does not include nonresident aliens,
leased Employees, Employees covered by a collective bargaining agreement where welfare benefits were the subject of good faith bargaining that does not provide for participation in the Program, or individuals determined by the Company (in its sole
discretion) to be contract Employees, independent contractors, or any other nonregular Employee. 
  

 6 

	    	Notwithstanding the foregoing, an individual who is not treated by the Employer as an employee for payroll tax purposes, but who is subsequently determined by a government agency,
by the conclusion or settlement of threatened or pending litigation, or otherwise, to be (or to have been) a common law employee of the Employer shall not be an Eligible Employee, unless and until (and only to the extent) the Plan Administrator
provides otherwise. 

  

	1.17	Eligible Expense. “Eligible Expense” means an expense that is incurred during a Coverage Period (but not prior to the date benefits commence under the Program),
which is eligible for reimbursement under the terms of the Program and any Component Plan and not otherwise reimbursed to the Participant by any means whatsoever. 

  

	1.18	Employee. “Employee” means any person who is employed by an Employer as a common law employee and any leased employee within the meaning of Code section 414(n)(2).
The term “Employee” shall not mean an independent contractor. 

  

	1.19	Employer. “Employer” means the Company and any Affiliate that by resolution of the Company’s Board of Directors and with the approval of such Affiliate has
elected or elects to adopt the Program. Each Employer agrees to be bound by such terms and conditions relating to the Program as the Board may reasonably require. 

  

	1.20	ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and all regulations promulgated pursuant thereto. 

  

	1.21	FMLA. “FMLA” means the Family and Medical Leave Act of 1993, as amended, and all regulations promulgated pursuant thereto. 

  

	1.22	Participant. “Participant” means any Eligible Employee who becomes enrolled in the Program pursuant to Section 2. 

  

	1.23	Plan Administrator. “Plan Administrator” means the person or entity authorized to administer the Program pursuant to Section 5.1. 

  

	1.24	Plan Year. “Plan Year” means the calendar year. 

  

	1.25	Premium Expense. “Premium Expense” means the Participant’s cost for benefits described in Section 4.1, as determined from time to time by the Company. The
Premium Expense for a particular benefit is normally set for a Plan Year. However, the Premium Expense for health coverage provided by an independent third party shall be automatically adjusted to reflect a mid-Plan Year benefit cost increase or
decrease. 

  

	1.26	Program. “Program” means the SAFECO Flexible Benefits Program as amended from time to time. 

  

 7 

	1.27	Request for Reimbursement. “Request for Reimbursement” means the form provided by the Plan Administrator for Participants to claim reimbursement under a Component
Plan. 

  

	1.28	Salary Redirection. “Salary Redirection” means the amount by which a Participant’s Compensation shall be reduced pursuant to Section 3.1 and an Annual
Enrollment Election, with the understanding that the Employer will contribute such amount to the Program on behalf of the Participant for the purchase of benefits. 

  

	1.29	Salary Redirection Agreement. “Salary Redirection Agreement” means an agreement between a Participant and an Employer under which the Participant agrees to reduce
his or her Compensation or to forgo increases in such Compensation and to have such amounts contributed by the Employer to the Program on the Participant’s behalf. The agreement shall apply only to Compensation that has not been actually or
constructively received by the Participant as of the date of the agreement (after taking the Program and Code section 125 into account) and subsequently does not become currently available to the Participant. 

  

	1.30	USERRA. “USERRA” means the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, and all regulations promulgated pursuant thereto.

  

 8 

 SECTION 2 
 PARTICIPATION 
  

	2.1	Annual Enrollment. Each Eligible Employee may enroll in the Program by completing an Annual Enrollment Election provided by the Plan Administrator during the Election Period,
effective for the next Coverage Period commencing after the Election Period. An Eligible Employee must complete a new Annual Enrollment Election during the Election Period preceding each Plan Year during which he or she wishes to participate in the
Program. 

  
 The Annual Enrollment Election shall
include a Salary Redirection Agreement and shall designate the benefits elected. The election made shall be irrevocable until the end of the applicable Coverage Period unless the Participant is entitled to change his or her election pursuant to
Section 4.3, the Participant is entitled to a special enrollment period under Section 2.3, or all or part of the election is automatically terminated due to a change of employment status under Section 2.4. 
  
 Except with respect to coverage under a Component Plan, after the expiration
of the first Coverage Period of participation, a Participant shall be deemed to have completed a new Annual Enrollment Election and entered into a new Salary Redirection Agreement containing the same terms as the Participant’s most recently
executed Annual Enrollment Election for each succeeding Coverage Period, unless the Participant completes a new Annual Enrollment Election during an Election Period that changes the benefits elected. Coverage under a Component Plan shall be only
available if the Participant completes an Annual Enrollment Election and affirmatively elects such coverage. 
  

	2.2	Newly Eligible Employees. An individual who becomes an Eligible Employee during a Plan Year may elect to participate in the Program. 

  
 The Annual Enrollment Election must be completed within 30 days of the date
on which the individual becomes an Eligible Employee. Such an Employee shall commence participation on the first day of the month following the date he or she becomes an Eligible Employee for all group benefits coverage described in Section 4.1.

  

	2.3	Special Enrollment. 

  

	 	(a)	Loss of Other Coverage. An Eligible Employee who declined to participate or to enroll an eligible Dependent in a health coverage option described in Section 4.1(a) during the
Election Period due to other health insurance coverage may elect to enroll in a health coverage option described in Section 4.1(a) upon loss of the other health coverage. If the other coverage was COBRA Continuation Coverage, the loss must result
from exhaustion of that COBRA coverage, or if the other coverage was not COBRA Continuation Coverage, either the coverage must be terminated as a result of loss of eligibility for the coverage or employer contributions toward the coverage must be
terminated. The term “loss of eligibility” includes a loss of coverage as a result of legal separation, divorce, termination of employment, or reduction in hours of employment, but does not include any loss due to failure to pay premiums
in a timely basis or termination of coverage for cause. Application for enrollment must be made within 30 days after loss of the other coverage. 

  

 9 

 Enrollment is effective as of the date of the loss of coverage. 
  

	 	(b)	New Dependents. An Eligible Employee who declined to enroll in a health coverage group benefit option described in Section 4.1(a) during a previous enrollment period may
enroll in a health coverage option described in Section 4.1(a) if he or she acquires a Dependent, as defined in the applicable plan, through marriage, birth, adoption, or placement for adoption and submits a completed Annual Enrollment Form to the
Plan Administrator within (30) days of the (i) the Participant’s marriage to the enrolling spouse or (ii) the birth, adoption, or placement of a child. 

  
 A Participant may enroll an eligible Dependent in a health coverage option described in Section 4.1(a) by submitting an
Annual Enrollment Election within 30 days of acquiring the Dependent through marriage, birth, adoption, or placement for adoption. 
  
 In the case of marriage, birth, adoption, or placement for adoption, health coverage enrollment is effective the date of such marriage, birth, adoption,
or placement for adoption. 
  

	2.4	Suspension or Termination of Employment. 

  

	 	(a)	Termination of Employment. With the exception of retirement, in the event a Participant terminates employment during a Plan Year, participation in the Program shall terminate
on the date on which the Participant terminates employment. All contributions shall cease upon termination of employment. If the Participant meets retirement eligibility, participation in the Program shall terminate on the date on which the
Participant terminates employment; however, benefits under a particular coverage available under Section 4.1(a), (b) or (c) may continue until the last day of the month in which the Participant terminates as provided in the plan documents applicable
to that coverage. 

  
 A Participant who is rehired
within 30 days of termination and becomes an Eligible Employee during the same Plan Year will have his or her participation in the Program resume on the first day of the month following the date he or she becomes an Eligible Employee. The elections
that were in place on the Participant’s employment termination date shall be automatically reinstated. A reinstated Participant shall not be permitted to change benefit elections until the next Election Period, unless he or she experiences a
qualified status change under Section 4.3. A Participant who is rehired later than 30 days following termination or who becomes an Eligible Employee in a different Plan Year shall be treated as a newly Eligible Employee and Section 2.2 shall apply.

  

	 	(b)	Suspension of Participation. In the event a Participant ceases to be an Eligible Employee, or ceases to have enough Compensation to cover the agreed-upon Salary Redirection,
but does not terminate employment or take a leave of absence, 

  

 10 

	 	    	his or her participation in the Program shall be suspended and shall terminate at the end of the Plan Year, if active participation is not reinstated earlier. If the Employee again
becomes an Eligible Employee, or has adequate Compensation before the end of the Plan Year, his or her active participation in the Program shall be reinstated and the most recent Annual Enrollment Election shall again become effective, subject to
any changes permitted pursuant to Section 4.3. 

  
 If such an Employee again becomes an Eligible Employee, or has adequate Compensation, after the end of the Plan Year, he or she may enroll in the Program pursuant to Section 2.2. 
  
 During periods of suspended participation, no Salary Redirection
contributions shall be made pursuant to Section 3.1, and no benefits elected pursuant to Section 4 shall be provided through the Program; however, benefits under a particular coverage available under Section 4.1(a), (b) or (c) may continue for a
period of time as provided in the plan documents applicable to that coverage. 
  

	 	(c)	Leave of Absence. 

  

	 	(1)	Paid Leave. In the event a Participant takes a paid leave of absence, including paid leave pursuant to FMLA or USERRA, but does not terminate employment with an Employer,
participation in the Program, including, without limitation, Participant and Employer contributions pursuant to Sections 3.1 and 3.2 and benefits elected pursuant to Section 4, shall continue during such leave of absence. 

 

	 	(2)	Unpaid Leave 

  

	 	•	Other Than FMLA or USERRA Leave. In the event a Participant takes an approved, unpaid leave of absence that is not FMLA or USERRA leave, each elected benefit shall continue
during the unpaid leave and the Employer shall continue to contribute to the Program in accordance with Section 3.2, provided the Premium Expense (if any) for such benefits is paid by the Participant on an post-tax basis on the same schedule as
payments would be made if the Participant were not on leave. 

  

	 	•	FMLA Leave. In the event a Participant takes an unpaid FMLA leave of absence, each elected benefit shall continue during the unpaid leave to the extent required by FMLA, and
the Employer shall continue to contribute to the Program in accordance with Section 3.2, provided the Premium Expense (if any) for such benefits is paid by the Participant on an post-tax basis (or on a pre-tax basis to the extent that payments are
made from taxable Compensation such as vacation days) on the same schedule as payments would be made if the Participant were not on leave or under any other payment schedule permitted by Labor Regulations 29 C.F.R. 825.210(c).

  

 11 

	 	•	USERRA Leave. In the event a Participant takes an unpaid USERRA leave, elected benefit shall continue during the unpaid leave to the full extent required by USERRA, and the
Employer shall continue to contribute to the Program in accordance with Section 3.2, provided the Premium Expense (if any) for such benefits is paid by the Participant in a timely manner. The Participant on unpaid USERRA leave shall pay the Premium
Expense (if any) on the same schedule as payments would be made if the Participant were not on leave. The Premium Expense shall be paid on an after-tax basis during the unpaid USERRA leave. Notwithstanding the foregoing, in the event the Participant
takes USERRA leave but does not terminate employment with the Employer, the Employer will pay all Premium Expenses associated with elected health benefits outlined in sections 4.1(a)(1), (a)(2) and (a)(3) during the first six months of such leave
provided, however, that the Employer will not pay any amounts which represent Employee contributions to the Medical Expense Reimbursement Plan outlined in section 4.1(b). 

  

	 	(3)	Return From Leave. Upon return from an unpaid leave of absence before the end of the Plan Year in which the leave commenced, active participation in the Program shall be
reinstated and Salary Redirection contributions and benefits shall resume according to the Participant’s most recent Annual Enrollment Election, including any changes pursuant to Section 4.3. If a Participant returns from an unpaid leave of
absence after the end of the Plan Year in which the leave began, the Participant shall be treated as a newly Eligible Employee and Section 2.2 shall apply. 

  
 If the Participant does not immediately resume active employment at the conclusion of a paid or unpaid leave of absence,
the Participant shall no longer be considered an Eligible Employee and the provisions of Section 2.4(a) shall apply. 
  

	2.5	Leased Employees. A leased employee shall not be eligible to participate in the Program. 

  

 12 

 SECTION 3 
 CONTRIBUTIONS 
  

	3.1	Salary Redirection. If a Participant elects a benefit described in Section 4.1 pursuant to the applicable election procedure in Section 2, his or her Compensation shall be
reduced in an amount equal to his or her Salary Redirection. Such amount shall be deducted ratably each pay period from the Participant’s Compensation and applied to the Premium Expense and the Participant’s cost for Component Plan
benefits elected. 

  
 In the event the Premium
Expense for health coverage provided by an independent third party changes during a Plan Year, the Salary Redirection amount shall be automatically adjusted to reflect the change in the Premium Expense. 
  
 A Participant’s Salary Redirection amount for any Plan Year shall not
exceed the maximum cost to the Participant for all benefits that may be elected under the Program. 
  

	3.2	Employer Contributions. Prior to commencement of the Plan Year, the Company shall determine the monthly amount, if any, to be contributed to the Program by an Employer on
behalf of each Participant, in addition to the Salary Redirection amounts, during such Plan Year. 

  
 Employer contributions shall be made on behalf of all active Participants and Participants on a paid leave of absence. No Employer contribution shall be
made on behalf of a Participant on an unpaid leave of absence unless the unpaid leave of absence is a USERRA leave of less than six months. If the Participant is on FMLA leave or another unpaid leave and pays his/her Premium Expense for their
coverage, then Employer contributions shall also be made for such benefits. 
  

	3.3	Application of Contributions. The Company shall credit Salary Redirection amounts and Employer contributions, if any, to a bookkeeping account on behalf of each Participant
to pay for benefits elected under the Program. Salary Redirection amounts shall be credited as soon as reasonably practical after each payroll period. 

  

	3.4	Correction Procedures to Satisfy Discrimination Tests. If at any time during a Plan Year the Plan Administrator determines that it is necessary to prospectively reduce a
Participant’s Salary Redirection or Employer contribution or to treat an otherwise nontaxable benefit under the Program as a taxable benefit to satisfy any nondiscrimination requirement or limitation on contributions or benefits imposed by the
Code, it shall have the authority to reduce such contributions in such amounts and for the remainder of the Plan Year or any lesser period of time, or report benefits as taxable benefits, to the extent it deems necessary under the circumstances. In
the event contributions are reduced, the Plan Administrator shall reduce the Salary Redirection amounts for each affected Participant in the order of the Salary Redirection amounts elected beginning with the highest, and then shall reduce the
Employer contribution on behalf of each affected Participant in an equal amount. If necessary to correct discrimination under a Component Plan, the Company may first prospectively cease all contributions on behalf of affected Participants to the
Component Plan as of a specified date. 

  

 13 

 SECTION 4 
 BENEFITS 
  

	4.1	Benefit Options. Each Participant shall elect to have the amount of his or her Salary Redirection applied to coverage of the Participant and Participant’s Dependents, if
any, under the Company-sponsored group benefits plans set forth below. 

  
 Amounts designated for a particular coverage shall be available only for that coverage, and, if not paid for such coverage during the Plan Year, shall be forfeited on the last day of the Plan Year. 
  
 The terms and conditions of the coverages offered are set forth in separate
documents. The insurer, contract number, or funding method of providing the following group coverages may change from time to time. The group coverage and contract as modified from time to time shall be incorporated herein by this reference.
However, the terms and conditions of any such group coverage shall be determined solely from the plan documents applicable to the coverage and are not affected by the terms of the Program. Such group coverages are affected by the terms of the
Program only to the extent of electing the coverages provided to a Participant. 
  
 Cash pursuant to Section 4.1(d), group term life insurance coverage in excess of $50,000 pursuant to Section 4.1(a)(4), optional and Dependent group term life coverage, and coverage elected for a Domestic Partner who
is not a Code Section 152 dependent of the Participant shall be reported as a taxable benefit. All other benefits shall be reported as nontaxable benefits, subject to the provisions of any Component Plan and any adjustment made pursuant to Section
3.4. 
  

	 	(a)	Group Benefits Plans. Each Participant may elect to have his or her Salary Redirection Agreement applied to pay Premium Expenses for coverage of the Participant and
Participant’s Dependents, if any, under the Company-sponsored group plans set forth below: 

  

	 	(1)	Medical Coverage. Each Participant may choose Employee only, Employee plus spouse, Employee plus child(ren) or Employee plus family medical coverage under one of the
following options on a pre-tax basis, or may waive medical coverage altogether: 

  

	 	(A)	the HMO plan(s) currently available through Safeco at the Participant’s location; or 

  

	 	(B)	the self-insured PPO plan(s) currently available through Safeco at the Participant’s location. 

  

	 	(2)	Dental Coverage. Each Participant may choose Employee only, Employee plus spouse, Employee plus child(ren) or Employee plus family dental coverage under the self-insured
plan(s) currently available through Safeco at the Participant’s location on a pre-tax basis, or may waive coverage altogether. 

  

 14 

	 	(3)	Vision Coverage. Each Participant may choose Employee only, Employee plus spouse, Employee plus child(ren) or Employee plus family vision coverage under the self-insured
plan(s) currently available through Safeco at the Participant’s location on a pre-tax basis, or may waive coverage altogether. 

  

	 	(4)	Group Term Life Insurance. Each Participant will automatically receive employee group term life insurance coverage equal to the amount set forth in the plan documents
applicable to the coverage, without Premium Expense. Each Participant may choose additional optional Employee group term life insurance coverage on a post-tax basis. Each Participant may also choose optional Dependent group term life coverage on a
post-tax basis. 

  

	 	(5)	Accidental Death and Dismemberment. Each Participant may choose optional accidental death and dismemberment coverage on a post-tax basis for either themselves or themselves
and their Dependents. 

  

	 	(6)	Long-Term Disability. Each Participant may choose optional long-term disability coverage equal to the amount set forth in the plan documents applicable to the coverage on a
post-tax basis. 

  

	 	(b)	Medical Expense Reimbursement Plan. Each Participant may choose reimbursement of eligible medical expenses as provided under a Component Plan. 

  

	 	(c)	Dependent Care Reimbursement Plan. Each Participant may choose reimbursement of dependent care expenses as provided under a Component Plan. 

  

	 	(d)	Cash Benefit. If a Participant chooses to waive coverage altogether under (a)(1) or (a)(2) above, he or she will receive cash each pay period in approximately equal
installments throughout the Coverage Period equal to the amount determined by the Plan Administrator prior to the beginning of each Plan Year. 

  

	 	(e)	Vacation Benefit. Each Participant with less than 20 years of service as of December 31, 2004 may choose to purchase additional vacation hours in units equal to 7.75 hours on
a pre-tax basis. The maximum annual purchase is 2 units or 15.5 hours. The price of each Vacation Benefit unit is based on the Participant’s base annual salary at the time of his or her Annual Enrollment Election. Vacation Benefits may not be
paid from the Plan until all regular vacation accruals outside of the Plan have been used. Requests for Vacation Benefits must be made through the Employer’s FOCUS system. 

  

 15 

	4.2	Benefits Election. Subject to the conditions and limitations of the Program and any Component Plan, a Participant shall make an Annual Enrollment Election that consists of a
combination of options having a value equal to the total Salary Redirection made on his or her behalf during the Plan Year. Options specified in Section 4.1 shall be assigned individual premiums. The reimbursement plan options pursuant to Section
4.1(b) and (c) shall have a value equal to the dollar amount elected by a Participant. 

  
 A Participant shall specify the portion of his or her account for a Plan Year that shall be designated for each option, subject to any mandatory
coverages. Amounts designated for a particular option shall be available only for that option and if not spent for such option during the Plan Year shall be forfeited. Any forfeited amount shall be used to pay administrative expenses, and any
balance remaining thereafter shall be used in any manner permitted by Code section 125. Notwithstanding the provisions of this paragraph to the contrary, in the event of a Participant’s termination of employment, any credited but unused
Vacation Benefits must be cashed out and paid to the Participant to the extent required by applicable law. 
  
 Reimbursement of an Eligible Expense pursuant to a Component Plan shall be deemed a benefit for a particular Coverage Period if the Eligible Expense is
incurred during such Coverage Period and a Request for Reimbursement of the Eligible Expense is submitted within the required time. 
  

	4.3	Change of Election. 

  

	 	(a)	A Participant may change his or her actual or deemed election under the Program upon the occurrence of a Change in Status, but only if such change or termination is made on account
of and corresponds with a Change in Status that affects eligibility for coverage under a plan of the Employer or a plan of the spouse’s or Dependent’s employer (referred to as the general consistency requirement). A Change in Status that
affects eligibility for coverage under a plan of the Employer or a plan of the spouse’s or Dependent’s employer includes a Change in Status that results in an increase or decrease in the number of an Employee’s family members (i.e., a
spouse and/or Dependents) who may benefit from the coverage. 

  
 The Plan Administrator (in its sole discretion), on a uniform and nondiscriminatory basis, shall determine, based on prevailing IRS guidance, whether a requested change is on account of and corresponds with a Change
in Status. Assuming that the general consistency requirement is satisfied, a requested change must also satisfy one of the following specific consistency requirements for a Participant to be able to alter his or her election based on the specified
Change in Status: 
  

	 	(1)	 Loss of Dependent Eligibility. For a Change in Status involving a Participant’s divorce, annulment, or legal separation from a spouse, the death of a
Dependent, or a Dependent ceasing to satisfy the eligibility requirements for coverage, a Participant may only elect to cancel health 

  

 16 

	 	 
insurance coverage for the spouse involved in the divorce, annulment, or legal separation, the deceased Dependent, or the Dependent that ceased to satisfy
the eligibility requirements. Canceling coverage for any other individual under these circumstances would fail to correspond with that Change in Status. Notwithstanding the foregoing, if the Participant or the Participant’s Dependent (but not
ex-spouse) becomes eligible for COBRA (or similar health plan continuation coverage under state law) under the Program, the Participant may increase his or her election to pay for such coverage. 

  

	 	(2)	Gain of Coverage Eligibility Under Another Employer’s Plan. For a Change in Status in which a Participant or a Participant’s Dependent gains eligibility for
coverage under another employer’s cafeteria plan (or another employer’s qualified benefit plan) as a result of a change in marital status or a change in employment status, a Participant may elect to cease or decrease coverage for that
individual only if coverage for that individual becomes effective or is increased under the other employer’s plan. 

  

	 	(3)	Dependent Care Expense Reimbursement Benefits. With respect to the Dependent Care Reimbursement Plan, a Participant may change or terminate his or her election if such change
or termination is made on account of and corresponds with a Change in Status that affects eligibility for coverage under an employer’s plan or when due to a change in the cost of dependent care or change in the provider of dependent care
services. 

  

	 	(4)	Group Term Life, Disability and Accidental Death and Dismemberment. For a Change in Status involving a Participant’s legal marital status or the employment status of a
Participant’s Dependent (disregarding the requirement that the event cause a loss or gain of eligibility), a Participant may elect either to increase or to decrease group term life insurance, disability income and accidental death and
dismemberment coverage offered under the Program. 

  

	 	(b)	HIPAA Special Enrollment Rights (Applies Only to Medical Coverage). If a Participant or a Participant’s Dependent is entitled to special enrollment rights under a
group health plan, as required by Code section 9801(f), then the Participant may revoke a prior election for health or accident coverage and make a new election (including salary redirection election), provided that the election corresponds with
such special enrollment right. A special enrollment right may arise if medical coverage was declined for the Employee or Dependent under the group health plan because of outside medical coverage and eligibility for such coverage is subsequently lost
due to legal separation, divorce, death, termination of employment, reduction in hours, or exhaustion of the maximum COBRA period, or if a new Dependent is acquired as a result of marriage, birth, adoption, or placement for adoption. For purposes of
this provision, (1) an election to add previously eligible Dependents as a result of the acquisition of a new spouse or dependent child shall be considered to be consistent with the special enrollment right; and (2) a HIPAA special enrollment
election attributable to the birth or adoption of a new dependent child may, subject to the provisions of the underlying group health plan, be effective retroactively (up to thirty (30) days). 

  

 17 

	 	(c)	Certain Judgments, Decrees, and Orders (Applies Only to Premium Expense Benefits That Provide Accident or Health Coverage and to Medical Expense Reimbursement Plan
Benefits). A Participant may change an election to provide or cancel health coverage for the Participant’s child in accordance with a judgment, decree, court order, or change in legal custody (“Order”) resulting from a
divorce, annulment, or legal separation from a spouse. If so, the Participant may: (1) change his or her election to provide coverage for the dependent child (provided that the Order requires the Participant to provide coverage); or (2) change his
or her election to revoke coverage for the dependent child if the Order requires that another individual (including the Participant’s spouse or former spouse) provide coverage under that individual’s plan. A Participant may cancel coverage
only to the extent the Participant’s child is actually enrolled in a benefit plan or policy(ies) elsewhere. 

  

	 	(d)	Medicare and Medicaid (Applied Only to Premium Expense Benefits That Provide Accident or Health Coverage and to medical Expense Reimbursement Plan Benefits). A
Participant may elect to prospectively reduce or cancel health coverage for the Participant or Dependent who becomes entitled to coverage under Medicare or under Medicaid although coverage under the Medical Expense Reimbursement Plan may only be
canceled. A Participant may elect to enroll in health coverage, and/or enroll his or her Dependent in health coverage, due to a loss of eligibility for Medicare or Medicaid by such individual or individuals. 

  

	 	(e)	Change in Cost (Applies Only to Premium Expense Benefits That Provide Accident or Health Coverage and to Dependent Care Reimbursement Plan Benefits, as Limited
Below). 

  

	 	(1)	Automatic Increase or Decrease for Insignificant Cost Changes. If the cost of a benefit plan or policy increases or decreases during a Plan Year by an insignificant amount,
then the Premium Expense under each affected Participant’s election shall be prospectively increased or decreased to reflect such change. The Plan Administrator, on a reasonable and consistent basis, will automatically effectuate this
prospective increase or decrease in affected employees’ elective contributions in accordance with such cost changes. 

  

	 	(2)	Significant Cost Increase or Decrease. If a Participant elects Premium Expenses for a health coverage and the Plan Administrator determines that the insurer significantly
increased or decreased the cost of coverage during the Coverage Period, or that the premiums charged to a Participant are significantly increased or decreased, the Participant may make a corresponding prospective increase or decrease in his or her
contributions, or revoke his or her election, and, in lieu thereof, receive coverage under another Program option that provides similar coverage. 

  

 18 

	 	(3)	Limitation on Change in Cost Provisions for Dependent Care Reimbursement Plan. The above “Change in Cost” provisions apply to the Dependent Care Reimbursement Plan
only if the cost change is imposed by a dependent care provider who is not a “relative” of the employee by blood or marriage (as that term is defined in IRS Reg. Section 1.125-4(f)(2)(iii) or other IRS guidance). 

 

	 	(f)	Change in Coverage (Applies Only to Premium Expense Benefits That Provide Accident or Health Coverage and to Dependent Care Reimbursement Plan Benefits).

  

	 	(1)	Significant Curtailment. If the Plan Administrator determines that a Participant’s Company-sponsored coverage under the Program is significantly curtailed, the
Participant may revoke his or her election under the Program. In that case, each affected Participant may prospectively elect coverage under another benefit plan or policy option that provides similar coverage. Coverage under a health plan is deemed
“significantly curtailed” only if there is an overall reduction in coverage provided to Participants under the Program so as to constitute a loss in coverage. A “loss in coverage” means a complete loss of coverage under the
benefits package option or other coverage option. If there is a significant curtailment that is not a loss of coverage, the Participant may elect similar coverage under another benefit option but cannot cancel coverage even if no similar coverage
option is available. 

  

	 	(2)	Significant Addition or Elimination of Benefits Package Option Providing Similar Coverage. If during a Plan Year the Program adds or eliminates a benefit plan or policy, an
affected Participant may elect a newly added option or elect another benefit plan or policy (where a Program option has been eliminated), and may do so prospectively on a pre-tax basis by making corresponding election changes with respect to
coverage under another benefit plan or policy option that provides “similar coverage.” Any additional option must constitute a “significant improvement” in coverage under prevailing IRS guidance. 

  

	 	(3)	Change in Coverage of Dependent Under Plan of Dependent’s or Former Spouse’s Employer. A Participant may make a prospective election change that is on account of
and corresponds with a change made under a plan (including the Program, a different employer’s plan, or an educational or governmental plan) of the Dependent’s or former spouse’s employer, so long as (a) the cafeteria plan or
qualified benefits plan of the Dependent’s or former spouse’s employer permits its participants to make an election change that would be permitted under the proposed or final IRS regulations (as reflected in this Section 4.3); or (b) the
Program permits Participants to make an election for a Plan Year period of coverage that is different from the plan year period of coverage under the other cafeteria plan or qualified benefits plan. The Plan Administrator shall determine, based on
prevailing IRS guidance, whether a requested change is on account of and corresponds with a change made under the plan of the Dependent’s or former spouse’s employer. 

  

 19 

	 	(g)	FMLA. A participant may change his or her election under the Program upon an FMLA leave in accordance with Section 2.4(c)(2) 

  

	 	(h)	Election Period. For election changes other than changes in health coverage, the election change shall become effective for the first of the month following receipt and
processing of the election change request by the Plan Administrator. An election change request must be submitted to the Plan Administrator within (30) days after the applicable event allowing the change occurs. 

  
 For changes in health coverage, the change shall be effective as of the
date described in the plan documents applicable to the elected health coverage. An election change request must be submitted to the Plan Administrator within 30 days after the applicable event allowing the change occurs. 
  
 Notwithstanding the foregoing, in the event a Participant acquires a
Dependent child due to birth, adoption, or placement for adoption pursuant to a HIPAA special enrollment right, and the Participant is covered under either: (1) an insured medical coverage available through Section 4.1(a)(1) where the contract has
been written for delivery in Washington State or (2) one of the self-insured medical coverages currently available through Safeco, and the Participant desires to add the newborn, newly adopted, or newly placed for adoption child to such coverage, an
election change may be submitted within 30 days of the birth, adoption, or placement for adoption. Coverage shall be retroactive to the date of birth, adoption, or placement for adoption. 
  

	4.4	Payment of Premiums. The Company shall forward premiums as soon as administratively feasible to the appropriate Plan Administrator, insurance carrier, health maintenance
organization, or funding vehicle for elected coverages. 

  
 Eligible Expenses shall be reimbursed as soon as practical following receipt of a Request for Reimbursement, subject to the terms of the Component Plan. An Eligible Expense shall be reimbursable pursuant to the terms of the Program and a
Component Plan only during the Coverage Period in which it is incurred; provided that an Eligible Expense incurred during a Coverage Period may be reimbursed if a Request for Reimbursement of the expense is submitted within the following time
periods: 
  

	 	(a)	for reimbursements from the Dependent Care Reimbursement Plan, on or before the March 31 following the end of the Plan Year; and 

  

	 	(b)	for reimbursements from the Medical Expense Reimbursement Plan, on or before the March 31 following the end of the Coverage Period. 

  
 If the Plan Administrator denies (in whole or in part) a Participant’s
Request for Reimbursement, the Participant may appeal such denial as provided in Section 5.9. 
  

 20 

	4.5	Maximum Disbursement. Except as otherwise provided in a Component Plan, disbursements for an option under Section 4.1 shall never exceed the portion of the Participant’s
account balance that is designated for such option. 

  

 21 

 SECTION 5 
 ADMINISTRATION 
  

	5.1	Plan Administration. The Company shall be the Plan Administrator of the Program. The Company can delegate plan administration to an outside service provider. The Corporate
Compensation and Benefits Department of the Company shall supervise the operation of the Program. It is intended that the Plan satisfy all applicable requirements of the Code and ERISA (ERISA applies to the Medical Expense Reimbursement Plan
component only). The Program shall be construed and administered accordingly. 

  

	5.2	Duties and Authority of Plan Administrator. 

  

	 	(a)	Administrative Duties. The Plan Administrator shall administer the Program in a nondiscriminatory manner for the exclusive benefit of Participants and their beneficiaries.
The Plan Administrator shall perform all such duties as are necessary to supervise the administration of the Program and to control its operation in accordance with the terms thereof, including, but not limited to, the following:

  

	 	(1)	make and enforce such rules and regulations as the Plan Administrator deems necessary or proper for the efficient administration of the Program; 

  

	 	(2)	interpret the provisions of the Program and determine any question arising under the Program, or in connection with the administration or operation thereof;

  

	 	(3)	determine all considerations affecting the eligibility of any Employee to be or become a Participant; 

  

	 	(4)	determine eligibility for and amount of benefits for any Participant; 

  

	 	(5)	authorize and direct all disbursements of benefits under the Program; 

  

	 	(6)	employ and engage such persons, counsel, and agents and obtain such administrative, clerical, medical, legal, audit, and actuarial services as it may deem necessary in carrying out
the provisions of the Program; and 

  

	 	(7)	delegate and allocate specific responsibilities, obligations, and duties imposed by the Program, to one or more Employees, officers, or such other persons as the Plan Administrator
deems appropriate. 

  

	 	(b)	General Authority. The Plan Administrator shall have all powers necessary or appropriate to carry out its duties, including the discretionary authority to interpret the
provisions of the Program and the facts and circumstances of claims for benefits. Any interpretation or construction of or action by the Plan Administrator with respect to the Program and its administration shall be conclusive and binding on any and
all parties and persons affected hereby. 

  

	5.3	Forms. All elections and other communications (including telephonic, written, and/or electronic versions) from any Participant or other person to the Plan Administrator
required or permitted under the Program shall be in the form prescribed from time to time by the Plan Administrator, shall be mailed by first-class mail or delivered (including delivery by facsimile transmission, telex, telegram, inter-office mail,
or online) to the location specified by the Plan Administrator, and shall be deemed to have been given and delivered only upon actual receipt thereof. Each Participant shall file via an Annual Enrollment Election such pertinent information as the
Plan Administrator may specify. 

  

 22 

	5.4	Examination of Documents. The Plan Administrator shall make available to each Participant such documents and records as pertain to the Participant, for examination at
reasonable times during normal business hours. 

  

	5.5	Participant Accounts. The Plan Administrator shall maintain a Company bookkeeping account or accounts on behalf of each Participant showing the fiscal transactions of the
Program, with respect to each Participant. 

  

	5.6	No Assets. Except as specifically required to the contrary pursuant to the terms and conditions of one or more Company-sponsored trusts, no assets shall be segregated for the
purpose of providing benefits under the Program, and all benefits shall be payable solely from the Company’s general assets. A Participant has only an unsecured contract right to receive payments under the terms of the Program.

  
 Any contributions pursuant to Section 3 are
held by the Company and remain available to the Company’s general creditors. Participant accounts are a recordkeeping device, and any funds in such accounts are general assets of the Company. No interest shall be credited to any
Participant’s account. 
  

	5.7	Reports. The Plan Administrator shall file or cause to be filed all annual reports, returns, and financial or other statements required by any federal or state statute,
agency, or authority within the time prescribed by law or regulation for filing said documents; and to furnish such reports, statements, or other documents to such Participants and beneficiaries as required by federal or state statute or regulation,
within the time prescribed for furnishing such documents. 

  

	5.8	Expenses. All expenses incurred in connection with administration of the Program shall be paid by the Company, except to the extent provided otherwise by any applicable trust
agreement. 

  

	5.9	Claim Procedure. 

  

	 	(a)	Claim Submission and Review. Claims for benefits under Component Plans must be made in writing to the Contract Administrator. The Contract Administrator may prescribe a form
or forms for filing claims under a Component Plan, and if it does so, a claim will not be deemed properly filed unless such form is used, but the Contract Administrator shall provide a copy of such form to any person whose claim for benefits is
improper solely for this reason. Claims that are properly filed will be reviewed by the Contract Administrator, which will make its decision with respect to such claim and notify the claimant (the “Claimant”) in writing of the decision
within 90 days (30 days in the case of a claim related to medical expense reimbursement benefits) after the Contract Administrator’s receipt of the claim, provided that the 90-day period (30-day period in the case of a claim related to medical
expense reimbursement benefits) can be extended for up to an additional 90 days (15 days in the case of a claim related to medical expense reimbursement benefits) if the Contract Administrator (1) determines that the extension is

  

 23 

 necessary due to matters beyond the control of the Program or Component Plan, and (2) notifies the
Claimant in writing, prior to the expiration of the original 90-day period (30-day period in the case of a claim related to medical expense reimbursement benefits), of the extension, the reasons therefor, and the date by which the Contract
Administrator expects to make a decision. If an extension is necessary due to a failure by the Claimant to submit the information necessary to decide the claim, the notice of extension shall specifically describe the required information, and the
Claimant shall be afforded at least 45 days from receipt of the notice within which to provide the specified information. Claims related to medical expense reimbursement benefits shall be subject to such additional procedures as are specified in 29
C.F.R. 2560.503-1 for post-service claims under group health plans. 
  

	 	(b)	Notice of Denial. Anytime a claim for benefits is wholly or partially denied, the written response to the Claimant shall include: 

  

	 	•	The specific reasons for the denial; 

  

	 	•	Reference to the specific Program or Component Plan provisions on which the denial is based; 

  

	 	•	A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or information is necessary;

  

	 	•	A description of the Program’s claim appeal procedure (and the time limits applicable thereto), as set forth in subsection (c) immediately below, including, in the case of a
claim for medical reimbursement benefits, a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination (i.e., a denial) on appeal; and 

  

	 	•	In the case of a denial related to medical expense reimbursement benefits: 

  

	 	(1)	if an internal rule, guideline, protocol or other similar criterion was relied upon in deciding to deny the claim, either the specific rule, guideline, protocol or other similar
criterion; or a statement that such a rule, guideline, protocol or similar criterion was relied upon in deciding to deny the claim and that a copy of such rule, guideline, protocol or other criterion will be provided free of charge to the Claimant
upon request; or 

  

	 	(2)	if the denial is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment supporting the
denial, applying the terms of the Program or Component Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request. 

  

	 	(c)	Appealing Denied Claims. If a claim related to medical expense reimbursement benefits or dependent care expense reimbursement benefits is denied in whole or in part, the
Claimant may appeal such denial by filing a written appeal with the Senior Vice President, Corporate Human Resources (the “Vice President”) within 60 days (180 days in the case of a claim related to medical expense reimbursement benefits)
of receiving written notice that the claim has been denied. Such written request for appeal should include: 

  

 25 

	 	•	A statement of the grounds on which the appeal is based; 

  

	 	•	Reference to the specific provisions in the Program or Component Plan document which support the claim; 

  

	 	•	The reason or argument why the Claimant believes the claim should be granted and evidence supporting each reason or argument; and 

  

	 	•	Any other relevant documents, comments, records or other information that the Claimant wishes to include. 

  
 The Claimant will be provided, upon request and free of charge, reasonable
access to, and copies of documents, records and other information relevant (within the meaning of 20 C.F.R. 2560.503-1(m)(8)) to his or her claim. 
  

	 	(d)	Review of Appealed Claim. Any appeal will be considered by the Vice President, who will make his or her decision with respect thereto, and notify the Claimant in writing of
the decision, within 60 days after the Vice President’s receipt of the written appeal; provided that with respect to appeals related to dependent care expense reimbursement benefits, the 60-day period can be extended for up to an additional 60
days if the Vice President determines that special circumstances require an extension of time to process the appeal and the Claimant is notified in writing of the extension, and the reasons therefore, prior to the commencement of the extension.
Appeals related to medical expense reimbursement benefits shall be subject to such additional procedures as are specified in 29 C.F.R. 2560.503-1 for the review of post-service claim denials under group health plans. 

  
 In considering any appeal, the Vice President (1) will take into account
all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial determination, and (2) will not afford deference to the
Contract Administrator’s initial denial. 
  

	 	(e)	Denial of Appeal. In the event the claim is denied on appeal, the written denial will include: 

  

	 	•	The specific reason or reasons for the denial; 

  

	 	•	Reference to the specific Program or Component Plan provisions on which the denial is based; 

  

	 	•	In the case of a denial related to medical expense reimbursement benefits, a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant (within the meaning of 29 C.F.R. 2560.503-1(m)(8)) to his or her claim; 

  

	 	•	In the case of a denial related to medical expense reimbursement benefits, a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA; and

  

	 	•	In the case of a denial related to medical expense reimbursement benefits: 

  

 26 

	 	(1)	if an internal rule, guideline, protocol or other similar criterion was relied upon in deciding to deny the claim, either the specific rule, guideline, protocol or other similar
criterion; or a statement that such a rule, guideline, protocol or similar criterion was relied upon in deciding to deny the claim and that a copy of such rule, guideline, protocol or other criterion will be provided free of charge to the Claimant
upon request; 

  

	 	(2)	if the denial is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment supporting the
denial, applying the terms of the Program or Component Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request; and 

  

	 	(3)	the following statement: “You and your Plan may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is to
contact your local U.S. Department of Labor Office or your State insurance regulatory agency.” 

  

	 	(f)	Statute of Limitation and Standard of Review. A Claimant may not bring an action under Section 502(a) of ERISA or otherwise with respect to his or her claim until he or she
has exhausted the foregoing procedure. Any such action must be filed in a court of competent jurisdiction within 180 days after the date on which the Claimant receives the Vice President’s written denial of the Claimant’s claim on appeal
or it shall be forever barred. Any further review, judicial or otherwise, of the Vice President’s decision on the Claimant’s claim will be limited to whether, in the particular instance, the Vice President abused his or her discretion. In
no event will such further review, judicial or otherwise, be on a de novo basis, as the Vice President has discretionary authority to determine eligibility for benefits and to construe and interpret the terms of the Program and any Component Plan to
the extent necessary to make benefit determinations. 

  

	 	(g)	Claim Procedures for Group Benefits. Claims and reimbursements for benefits described in Section 4.1(a) shall be administered in accordance with the claims procedures for
such benefits as set forth in the plan documents or summary plan description for such benefits. 

  

	5.10	Bonding and Insurance. To the extent required by law with respect to benefits subject to ERISA, every fiduciary of the Program or Component Plan and every person handling
funds of the Program or Component Plan shall be bonded. The Plan Administrator shall take such steps as are necessary to ensure compliance with applicable bonding requirements. The Plan Administrator may apply for and obtain fiduciary liability
insurance insuring the Program and Component Plans against damages by reason of breach of fiduciary responsibility at the Program’s expense and insuring each fiduciary against liability to the extent permissible by law at the Company’s
expense. 

  

 26 

 SECTION 6 
 AMENDMENT OR TERMINATION 
  

	6.1	Amendment or Termination. The Company establishes the Program with the intention that it will be maintained indefinitely. However, the Company reserves the right at any time
and from time to time to amend any or all provisions of the Program and Component Plans or terminate the Program or any Component Plan and/or any contributions thereunder, in whole or in part, for any reason and without the consent of any person and
without any liability to any person for such amendment or termination of the Program, provided that the payment of claims that are incurred prior to the time of such amendment or termination of the Program shall not be adversely affected. Any
amendment or termination shall be made in writing, adopted by (a) the Compensation Committee of the Board, if it finds that the amendment will not significantly increase or decrease costs or benefits, or (b) the Board at any time. Adoption of any
amendment will be evidenced by a certified copy of the Compensation Committee or Board resolution authorizing such action. Nothing in the Program or any Component Plan shall be construed to require continuation of the Program or any Component Plan
with respect to existing or future Participants or beneficiaries. 

  
 In the event the Program or a Component Plan is terminated, no further Employer contributions or Salary Redirection with respect to the Program or the Component Plan, whichever applies, shall be made. 
  
 Amounts designated for Premium Expenses shall be applied to pay Premium
Expenses for the remainder of the Plan Year in which termination of the Program occurs, or until such amount is reduced to zero if earlier. 
  
 Amounts designated for the Dependent Care Reimbursement Plan shall be used to reimburse Eligible Expenses under that plan that are incurred during the
remainder of the Plan Year in which termination of the Program occurs or until the balance is reduced to zero if earlier. Eligible Expenses shall be reimbursed under the Dependent Care Reimbursement Plan following termination of the Program,
provided the claim was incurred while the Participant was actively participating in the Dependent Care Reimbursement Plan and that a Request for Reimbursement is submitted on or before the March 31 after the end of the Plan Year in which termination
of the Program occurs. 
  
 Medical Expense Reimbursement Plan
coverage shall provide reimbursement of Eligible Expenses that are incurred prior to the date of termination of the Program. Eligible Expenses shall be reimbursed under the Medical Expense Reimbursement Plan following termination of the Program,
provided the claim was incurred while the Participant was actively participating in the Medical Expense Reimbursement Plan and that a Request for Reimbursement is submitted on or before the March 31 after the end of the Plan Year in which
termination of the Program occurs. 
  
 Amounts credited as
Vacation Benefits shall be applied to pay a Participant for vacation hours in accordance with Section 4.1(e) and for the remainder of the Plan Year in which termination of the Program occurs, or until such amount is reduced to zero if earlier.

  

	6.2	Program for Exclusive Purpose of Providing Benefits to Participants. The Program has been established and shall be administered solely in the interests of Participants and
for the exclusive purpose of providing benefits to Participants and other covered individuals and defraying the reasonable expense of administering the Program. 

  

 27 

 SECTION 7 
 GENERAL PROVISIONS 
  

	7.1	Plan Interpretation. This document and all appendices and amendments, including the Component Plan documents, set forth the provisions of the Program. The Program shall be
read in its entirety and not severed except as provided in Section 7.7. 

  

	7.2	No Additional Rights. No person shall have any rights under the Program, except as and only to the extent expressly provided for in the Program. Neither the establishment nor
amendment of the Program, nor the creation of any fund or account, nor the payment of benefits, nor any action of an Employer or the Plan Administrator shall be held or construed to confer on any person any right to be continued as an Employee, nor,
upon dismissal, any right or interest in any account or fund other than as herein provided. Each Employer expressly reserves the right to discharge any Employee at any time. 

  

	7.3	Other Salary-Related Plans. It is intended that any other salary-related Employee benefit plans that are maintained or sponsored by the Employer shall not be affected by the
Program. Any contributions or benefits under such other plans with respect to a Participant shall, to the extent permitted by law and applicable plan documents, be based on his or her Compensation from the Employer. 

  

	7.4	Representations. The Employer does not represent or guarantee that any particular federal or state income, payroll, personal property, Social Security, or other tax
consequences will result from participation in the Program. A Participant should consult with professional tax advisors to determine the tax consequences of his or her participation. 

  

	7.5	Notice. All notices, statements, reports, and other communications from the Company to any Employee or other person required or permitted under the Program and Component
Plans shall be deemed to have been duly given when delivered to (including delivery by facsimile transmission, telex, telegram, inter-office mail, or online), or when mailed by first-class mail, postage prepaid, and addressed to, such Employee or
other person at his or her address last appearing on the Employer’s records. 

  

	7.6	Masculine and Feminine, Singular and Plural. Whenever used herein, a pronoun shall include the opposite gender, the singular shall include the plural, and the plural shall
include the singular, whenever the context shall plainly so require. 

  

	7.7	Severability. If any provision of the Program is held illegal or invalid for any reason, such determination shall not affect the remaining provisions of the Program, which
shall be construed as if the illegal or invalid provisions had never been included. 

  

	7.8	Governing Law. The Program shall be construed in accordance with applicable federal law and the laws of the State of Washington. 

  

	7.9	Disclosure to Participants. Each Participant shall be advised of the general provisions of the Program and, upon written request addressed to the Plan Administrator, shall be
furnished any information requested regarding the Participant’s status, rights, and privileges under the Program as may be required by law. 

  

 28 

	7.10	Accounting Period. The accounting period for the Program shall be the Plan Year. 

  

	7.11	Facility of Payment. In the event any benefit under the Program shall be payable to a person who is under legal disability or is in any way incapacitated so as to be unable
to manage his or her financial affairs, the Plan Administrator may direct payment of such benefit to a duly appointed guardian or other legal representative of such person, or in the absence of a guardian or legal representative, to a custodian for
such person under the Uniform Gifts to Minors Act or to any relative of such person by blood or marriage, for such person’s benefit. Any payment made in good faith pursuant to this provision shall fully discharge the Employer and the Program of
any liability to the extent of such payment. 

  

	7.12	Correction of Errors. In the event an incorrect amount is paid to or on behalf of a Participant or beneficiary, any remaining payments may be adjusted to correct the error.
The Plan Administrator may take such other action it deems necessary and equitable to correct any such error. 

  

	7.13	Non-alienation of Benefits. No benefit, right, or interest of any person hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance charge, seizure, or attachment by legal, equitable, or other process, or be liable for or subject to the debts, liabilities, or other obligations of such person, except as otherwise required by law. 

  

	7.14	Counting of Days. Any period of time described in the Program as a number of days shall mean the corresponding number of consecutive days, unless the context specifically
indicates otherwise. 

  

 29 

 Exhibit 10.29-2 
  
 SAFECO 
 DEPENDENT
CARE 
 REIMBURSEMENT PLAN 
 (A
Component Plan of the 
 Safeco 
 Flexible Benefits Program) 
  
 AS AMENDED AND RESTATED

 EFFECTIVE JANUARY 1, 2004 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 PREAMBLE
	  	1
		
	 SECTION 1 - DEFINITIONS
	  	2
	 1.1 Dependent
	  	2
	 1.2 Dependent Care Expense
	  	2
	 1.3 Earned Income
	  	2
	 1.4 Household Services
	  	3
	 1.5 Plan
	  	3
	 1.6 Program
	  	3
		
	 SECTION 2 - BENEFITS
	  	4
	 2.1 Reimbursement Options
	  	4
	 2.2 Election of Reimbursement
	  	4
	 2.3 Payment of Reimbursements
	  	4
	 2.4 Maximum Reimbursements
	  	5
	 2.5 Annual Statement of Benefits
	  	5
		
	 SECTION 3 - DEPENDENT CARE EXPENSES
	  	6
	 3.1 In General
	  	6
	 3.2 Exclusions
	  	6

  

 i 

 PREAMBLE 
  
 THIS DEPENDENT CARE REIMBURSEMENT PLAN (hereinafter the “Plan” and known as the Safeco Dependent Care Reimbursement Plan) was originally adopted
effective January 1, 1999 by Safeco Corporation (hereinafter the “Company”). 
  
 WHEREAS, the purpose of the Plan is to allow Employees who become covered under the Plan to elect to receive reimbursement of dependent care expenses which are excluded from gross income under Section 129 of the
Internal Revenue Code of 1986, as amended (hereinafter the “Code”), as provided herein and in the terms of the Safeco Flexible Benefits Program (hereinafter the “Program”); and 
  
 WHEREAS, the Plan is a Component Plan of the Program and, except to the
extent otherwise expressly provided herein, is governed by the terms of that Program, and 
  
 WHEREAS, the Plan shall be maintained for the exclusive purpose of providing benefits to covered Employees and is intended to qualify as a dependent care assistance plan within the meaning of Code Section 129 and
comply with any other applicable provisions of law; 
  
 WHEREAS,
the Company wishes to amend the Plan to reflect certain regulatory and administrative changes; 
  
 NOW, THEREFORE, the Company hereby adopts the Amendment of the Plan as set forth in the following pages, effective January 1, 2004. 
  

 1 

 SECTION 1 
 DEFINITIONS 
  
 The terms used herein which are
defined in Section 1 of the Program shall have the same meaning as therein defined and the following additional terms shall have the following meanings, unless a different meaning is plainly required by the context. Capitalized terms are used
throughout the Plan text for terms defined by this and other sections. 
  

	1.1	Dependent. “Dependent” means: 

  

	 	(a)	a child who is under the age of thirteen (13) and with respect to whom a Participant or his or her spouse is entitled to a dependent exemption under Code Section 151(c); or

  

	 	(b)	a relative or household member of a Participant over one-half (1/2) of whose support is received from the Participant and who is physically or mentally incapable of caring for
himself or herself and who regularly spends at least eight (8) hours per day in the Participant’s household; or 

  

	 	(c)	the spouse of a Participant who is physically or mentally incapable of caring for himself or herself and who regularly spends at least eight (8) hours per day in the
Participant’s household. 

  

	1.2	Dependent Care Expense. “Dependent Care Expense” means an Eligible Expense for which documentation approved by the Plan Administrator has been provided, which is
incurred prior to the date participation in the Plan terminates, and which meets the requirements of Section 3. A Dependent Care Expense is incurred at the time the service which gave rise to the expense is performed. 

  

	1.3	Earned Income. “Earned Income” means wages, salaries, tips and other Employee Compensation, plus net earnings from self-employment, computed without regard to any
community property laws and excluding any amounts received as a pension or annuity, or paid or incurred by an employer for dependent care assistance including reimbursement of Eligible Expenses. A Participant’s spouse who is either a student or
incapable of caring for himself or herself shall be deemed, for each month during which such spouse is either a full-time student at an educational institution or a Dependent, to be gainfully employed and to have Earned Income of not less than:

  

	 	(a)	$200 per month, if the Participant has only one (1) Dependent for the Plan Year, or 

  

	 	(b)	$400 per month, if the Participant has two (2) or more Dependents for the Plan Year. 

  

 2 

	1.4	Household Services. “Household Services” means ordinary and usual services done in and around a home that are necessary to run the home and which are at least
partially for the well-being and protection of a Dependent. 

  

	1.5	Plan. “Plan” means the Safeco Dependent Care Reimbursement Plan as amended from time to time. 

  

	1.6	Program. “Program” means the Safeco Flexible Benefits Program as amended from time to time. 

  

 3 

 SECTION 2 
 BENEFITS 
  

	2.1	Reimbursement Options. Subject to the conditions and limitations set forth in the Plan and the Program, each Participant who elects to participate in the Plan may designate
any amount from a minimum of $50 annually to a maximum of $5,000 annually during the Plan Year for reimbursement of Dependent Care Expenses. The total amount designated for reimbursement per Plan Year, combined with any other dependent care
assistance expected to be received through an employment-related plan by the Participant or his or her spouse, may not exceed the least of: 

  

	 	(a)	$5,000 for single Participants and married Participants who file a joint federal income tax return, or $2,500 for married Participants who file separate returns;

  

	 	(b)	the Participant’s anticipated Earned Income for the Plan Year; and 

  

	 	(c)	if the Participant is married on the last day of the Plan Year, the spouse’s anticipated Earned Income for the Plan Year. 

  
 Dependent Care Expenses may be incurred and reimbursed at any time during
the Coverage Period, subject to the other provisions of the Plan and the Program. 
  

	2.2	Election of Reimbursement. A Participant may elect to participate in the Plan by submitting an Annual Enrollment Election to the Plan Administrator and may claim
reimbursement by submitting the incurred expenses in a form (including online submission or paper form submission) prescribed by the Plan Administrator. All claims must be submitted on or before the end of the claims runout period (as communicated
by the Plan Administrator) following the Plan Year. In the event a Participant does not claim or qualify for reimbursement of the amount elected during the Plan Year, the difference between the amount elected and actual reimbursement shall be
forfeited. Any forfeited amount shall be used to offset the Plan’s administrative expenses and any balance remaining thereafter shall be used in any manner permitted by Code Section 125. 

  
 In the event of a Participant’s death, the surviving spouse or the
administrator or executor of a deceased Participant’s estate may claim reimbursement of Dependent Care Expenses incurred, provided the expense was incurred while the Participant was actively participating in the Dependent Care Reimbursement
Plan and the claim is submitted on or before the March 31 after the end of the Plan Year. 
  

	2.3	Payment of Reimbursements. The Plan Administrator shall reimburse Dependent Care Expenses which are properly documented only to the extent that the Dependent Care Expenses do
not exceed a Participant’s account balance. The Plan Administrator shall reimburse a Participant who is entitled to a reimbursement as soon as practical after the Participant submits the claim. No Participant shall have any rights or be
entitled to any such reimbursements under the Plan unless the claim is submitted as required by the 

  

 4 

 Plan Administrator. The Plan Administrator will review each claim for reimbursement submitted to
determine whether (i) the expenses for which reimbursement is sought are reimbursable Dependent Care Expenses and (ii) the claim is accompanied by the required documentation. 
  
 Each claim for reimbursement must include the following, and any other information which may be required by the Plan
Administrator: 
  

	 	(a)	a written statement from an independent third party that the expense has been incurred, the date it was incurred, and the amount of the expense, 

  

	 	(b)	a written statement from the Participant that the expense has not been reimbursed and is not reimbursable under any other dependent care assistance plan, and

  

	 	(c)	either: 

  

	 	(1)	the name, address and taxpayer identification number of the person performing the services to which the Request for Reimbursement relates, or 

  

	 	(2)	if such person is an organization described in Code Section 501(c)(3) and exempt from tax under Code Section 501(a), the name and address of the person performing the services to
which the Request for Reimbursement relates. 

  

	2.4	Maximum Reimbursements. Reimbursements during a Plan Year shall not exceed the least of: 

  

	 	(a)	the total annual amount designated via the Annual Enrollment Election for Dependent Care Expenses for such Plan Year, 

  

	 	(b)	the Participant’s account balance designated for benefits under the Plan, or 

  

	 	(c)	the amount of Dependent Care Expenses for which reimbursement is properly requested. 

  
 Prior to the end of each Plan Year, a Participant shall notify the Plan Administrator if the amount of reimbursement under
the Plan exceeds the lesser of the Participant’s or his or her spouse’s actual or deemed Earned Income for the Plan Year. The Company shall report such excess reimbursements as taxable benefits on the Participant’s Form W-2.

  

	2.5	Annual Statement of Benefits. On or before January 31 of each calendar year, the Plan Administrator shall furnish to each Participant a statement of all dependent care
benefits paid to or on behalf of such Participant during the preceding calendar year. 

  

 5 

 SECTION 3 
 DEPENDENT CARE EXPENSES 
  

	3.1	In General. Dependent Care Expenses are amounts paid by a Participant for Household Services and for the care of a Dependent which are incurred to enable the Participant
(and, if married, spouse) to be gainfully employed for any period for which he or she has one or more Dependents, provided that: 

  

	 	(a)	if such expenses are incurred for services outside a Participant’s household, they are incurred for the care of a child as defined in Section 1.1(a), or of any other Dependent
defined in Section 1.1(b) or (c) who regularly spends at least eight (8) hours each day in the Participant’s household, and 

  

	 	(b)	if such outside services are provided by a dependent care center, which is a facility that (i) provides care for more than six (6) individuals (other than individuals who reside at
the facility), and (ii) receives a fee, payment or grant for providing services for any of the individuals (regardless of whether such facility is operated for profit), then such center must comply with the applicable state and local government laws
and regulations. 

  

	3.2	Exclusions. Notwithstanding any Plan or Program provision to the contrary, Dependent Care Expenses shall in no event include amounts paid by a Participant to an individual:

  

	 	(a)	with respect to whom a deduction is allowable to the Participant or the spouse under Code Section 151(c) (relating to personal exemptions for dependents), 

 

	 	(b)	who is a child (within the meaning of Code Section 151(c)(3)) of either the Participant or the Participant’s spouse (if filing jointly) under the age of nineteen (19) at the
close of the Plan Year in which such amounts are paid, or 

  

	 	(c)	to reimburse expenses incurred for overnight camp. 

  

 6 

 Exhibit 10.29-3 
  
 SAFECO 
 MEDICAL
EXPENSE 
 REIMBURSEMENT PLAN 
 (A
Component Plan of the 
 Safeco 
 Flexible Benefits Program) 
  
 AS AMENDED AND RESTATED

 EFFECTIVE JANUARY 1, 2004 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	PREAMBLE	  	1
		
	SECTION 1 - DEFINITIONS	  	2
	        1.1	  	Dependent	  	2
	        1.2	  	Medical Expense	  	2
	        1.3	  	Plan	  	3
	        1.4	  	Program	  	3
		
	SECTION 2 - BENEFITS	  	4
	        2.1	  	Reimbursement Options	  	4
	        2.2	  	Election of Reimbursement	  	4
	        2.3	  	Payment of Reimbursements	  	4
	        2.4	  	Maximum Reimbursements	  	5
		
	SECTION 3 - CONTINUATION OF COVERAGE	  	6
		
	Appendix I	  	 

  

 i 

 PREAMBLE 
  
 THIS MEDICAL EXPENSE REIMBURSEMENT PLAN (hereinafter the “Plan” and known as the Safeco Medical Expense Reimbursement Plan) was originally
adopted effective January 1, 1999, by SAFECO Corporation (hereinafter the “Company”). 
  
 WHEREAS, the purpose of the Plan is to allow Employees who become covered under the Plan to elect to receive reimbursement of medical expenses that are
excluded from gross income under Section 105 of the Internal Revenue Code of 1986, as amended (hereinafter the “Code”), as provided herein and under the terms of the Safeco Flexible Benefits Program (hereinafter the “Program”);
and 
  
 WHEREAS, the Plan is a Component Plan of the Program and,
except to the extent otherwise expressly provided herein, is governed by the terms of the Program; and 
  
 WHEREAS, the Plan shall be maintained for the exclusive purpose of providing benefits to covered Employees and is intended to qualify as a self-insured
medical expense reimbursement plan within the meaning of Code Section 105(h) and comply with any other applicable provisions of law, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);
and 
  
 WHEREAS, certain Plan information required by ERISA is set
forth in Appendix I; and 
  
 WHEREAS, the Company wishes to amend
the Plan to reflect certain regulatory and administrative changes, 
  
 NOW, THEREFORE, the Company hereby adopts the amendment of the Plan as set forth in the following pages, effective January 1, 2004. 
  

 1 

 SECTION 1 
 DEFINITIONS 
  
 The terms used herein that are
defined in Section 1 of the Program shall have the same meaning as therein defined, and the following additional terms shall have the following meanings unless a different meaning is plainly required by the context. Capitalized terms are used
throughout the Plan text for terms defined by this and other sections. 
  

	1.1	Dependent. “Dependent” means with respect to any Participant, such Participant’s (1) spouse or (2) child who receives over half of his or her support from the
Participant (or the Participant and spouse combined) for the tax year in which Medical Expenses are incurred (or in the case of a divorced or legally separated Participant, the child receives over half of his or her support from either or both
parents combined) and who meets one of the following descriptions: 

  

	 	(a)	child under nineteen (19) years of age, 

  

	 	(b)	child under twenty-three (23) years of age who is a full-time student, or 

  

	 	(c)	child who is physically or mentally incapable of self-support due to a physical or mental disability that arose prior to attaining age twenty-three (23). 

 
 A child adopted by a Participant, or placed for adoption with a
Participant, shall be regarded as a child of the Participant for all purposes herein. A stepchild of a Participant shall be regarded as a child of the Participant if the Plan Administrator determines, with sole discretion, that such stepchild is in
good faith treated by the Participant as a child and such stepchild lives with the Participant or would live with the Participant but for such stepchild’s resident attendance at an accredited educational institution. 
  
 Notwithstanding the foregoing, a Dependent shall also include a child of the
Participant for whom the Participant is required to provide group health plan coverage pursuant to a qualified judgment, decree, order or administrative notice issued by a court or pursuant to a state administrative process that has the force and
effect of law. 
  
 A Participant’s Domestic Partner shall be
treated as a Dependent for purposes of the Plan if the Domestic Partner meets the definition of “dependent” under Code Section 152. 
  

	1.2	Medical Expense. “Medical Expense” means an Eligible Expense for which documentation approved by the Plan Administrator has been provided and that is incurred
during a Coverage Period, and prior to the date participation in the Plan terminates, by a Participant on behalf of himself or herself, or a Dependent: 

  

	 	(a)	that would have been paid directly or reimbursed pursuant to another employer-sponsored health policy, plan or program, but for the application of a deductible or copayment, dollar
or other specific limitation on the amount of coverage, or 

  

 2 

	 	(b)	that is paid for the diagnosis, cure, mitigation, treatment or prevention of disease or for the purpose of affecting any structure or function of the body, or for transportation for
or essential to any of the foregoing, as these terms are used in Code Section 213(d) and amplified or explained by regulations and rulings promulgated under Code Section 213. 

  
 Notwithstanding the foregoing, a “Medical Expense” shall not
include premium payments for long-term care coverage, expense payments for long-term care services, premium payments for other health care coverage, or expenses that have been reimbursed or are reimbursable under any other health care coverage. A
Medical Expense is incurred at the time that the service giving rise to the expense is performed. 
  

	1.3	Plan. “Plan” means the Safeco Medical Expense Reimbursement Plan as amended from time to time. 

  

	1.4	Program. “Program” means the Safeco Flexible Benefits Program as amended from time to time. 

  

 3 

 SECTION 2 
 BENEFITS 
  

	2.1	Reimbursement Options. Subject to the conditions and limitations set forth in the Plan and the Program, each Participant who elects to participate in the Plan may designate
any amount from a minimum of $50 annually to a maximum of $5,000 annually during the Plan Year for reimbursement of Medical Expenses; provided, however, that a Participant may elect zero contributions to the Plan. 

  

	2.2	Election of Reimbursement. A Participant elects to participate in the Plan by submitting an Annual Enrollment Election to the Plan Administrator and may claim reimbursement
by submitting the incurred claims to the Plan Administrator. A Participant may submit incurred claims in the form (including debit card, online submission, paper claim form transmission, or from health plan vendor feeds) prescribed by the Plan
Administrator. All claims must be submitted on or before the end of the claims runout period (as communicated by the Plan Administrator) applicable to the Plan Year. In the event that a Participant does not qualify for reimbursement of the amount
elected during the Plan Year, the difference between the amount elected and actual reimbursement shall be forfeited. Any forfeited amount shall be used to offset the Plan’s administrative expenses and any balance remaining thereafter shall be
used in any manner permitted by Code Section 125. 

  
 In the event of a Participant’s death, the surviving spouse or the administrator or executor of a deceased Participant’s estate may claim reimbursement of Medical Expenses incurred, provided the expense was incurred while the
Patricipant was actively participating in the Medical Expense Reimbursment Plan and that the claim is submitted on or before the March 31 after the end of the Plan Year. 
  

	2.3	Payment of Reimbursements. The Plan Administrator shall reimburse Medical Expenses that are properly documented to the extent that the Medical Expenses do not exceed the
total annual amount of reimbursement elected by the Participant. 

  
 Notwithstanding Section 4.5 of the Program, a Medical Expense may be reimbursed at any time during the Coverage Period even if the portion of the Participant’s account balance that is designated for such
reimbursement is, at the time of reimbursement, less than the requested reimbursement; provided, however, that the total Plan reimbursements for the Coverage Period shall not exceed the total amount of Plan coverage elected by the Participant for
such Coverage Period. 
  
 The Plan Administrator shall reimburse
a Participant who is entitled to a reimbursement as soon as practical after the Participant submits the claim. No Participant shall have any rights or be entitled to any benefits under the Plan unless the claim is submitted as required by the Plan
Administrator. The Plan Administrator will review each claim for reimbursement submitted to determine whether (i) the expenses for which reimbursement is sought are Eligible Expenses and (ii) the Request for Reimbursement 
  

 4 

 is accompanied by the required documentation. Each claim for reimbursement must include the following,
and any other information that may be required by the Plan Administrator: 
  

	 	(a)	a written statement from an independent third party that the expense has been incurred, the date it was incurred and the amount of the expense and 

  

	 	(b)	a written statement from the Participant that the expense has not been reimbursed and is not reimbursable under any other health plan. 

  

	2.4	Maximum Reimbursements. Reimbursements during a Plan Year shall not exceed the lesser of: 

  

	 	(a)	the total annual amount designated on an Annual Enrollment Form for Medical Expenses for such Plan Year or 

  

	 	(b)	the amount of Medical Expenses for which reimbursement is properly requested. 

  

 5 

 SECTION 3 
 CONTINUATION OF COVERAGE 
  
 Notwithstanding any
other Plan provision regarding termination of coverage, in the event that participation would terminate due to a COBRA qualifying events, a Participant and any covered Dependents may elect to continue coverage on an after-tax, self-pay basis as
provided in this Section 3. The terms and conditions of this continuation coverage shall be the minimum necessary to satisfy the health care continuation of coverage requirements known as “COBRA” at Code Section 4980B and Part 6 of
subtitle B of Title I of ERISA. With respect to a Participant or covered Dependent, if participation would terminate due to a “qualifying event” (as defined by COBRA), such individual may continue coverage for up to the remainder of the
calendar year, but only if the Participant has a positive account balance at the time of any such COBRA qualifying event (taking into account all claims submitted before such COBRA qualifying event). The Participant or covered Dependent will be
notified if he or she is eligible for COBRA continuation coverage. 
  

 6 

 APPENDIX I 
  

			
	 	  	Administrative Facts
		
	 Plan Name
	  	Safeco Medical Expense Reimbursement Plan
		
	 Plan Number
	  	501
		
	 Type of Plan
	  	Medical Expense Reimbursement Plan
		
	 Plan Year
	  	January 1 through December 31
		
	 Plan Sponsor
	  	Safeco Corporation
		
	 Employer Identification Number
	  	91-0742146
		
	 Participating Companies
	  	 Each subsidiary of the Company listed below (unless such subsidiary’s board elects to the contrary) shall be included as an
“Employer” under the Plan:
  
 American Economy Insurance
Company
 American States Financial Corporation
 American States
Insurance Company
 American States Insurance Company of Texas
 American States Life Insurance Company
 American States Preferred Insurance Company
 F.B. Beattie & Co., Inc.
 F.B. Beattie Insurance Services, Inc.
 First National Insurance Company of America
 First SAFECO National Life
Insurance
 Company of New York
 General America
Corporation
 General Insurance Company of America
 Insurance
Company of Illinois
 SAFECO Asset Management Company
 SAFECO
Assigned Benefits Service Company
 SAFECO Credit Company, Inc.
 SAFECO eCommerce, Inc.
 SAFECO Insurance Company of America
 SAFECO Insurance Company of Illinois
 SAFECO Insurance Company of Pennsylvania
 SAFECO Investment Services, Inc.

  

 A-1 

			
	 	  	 SAFECO Life Insurance Company
 SAFECO National Life
Insurance Company
 SAFECO National Insurance Company
 SAFECO
Select Insurance Services, Inc.
 SAFECO Securities, Inc.
 SAFECO
Services Corporation
 SAFECO Surplus Lines Insurance Company
 SAFECO Trust Company
  
 The above list may be changed, in accordance with
the Plan and the Program.

		
	Funding	  	Pretax contributions by Participants in accordance with Code Section 125.
		
	Type of Administration	  	Plan Administrator in accordance with Plan documents.
		
	Agent for Legal Process	  	Service of legal process may be made on the Plan Administrator.

  

 A-2INDENTURE DATED AS OF FEBRUARY 4, 2004

  
 EXHIBIT 4.8 

 
 AMERICAN TOWER CORPORATION 
  
 ISSUER 
  
 7.50% SENIOR NOTES DUE 2012 
  

DATED AS OF FEBRUARY 4, 2004 
  
 THE BANK OF NEW YORK 
  
 TRUSTEE 

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section

	  	Indenture Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(1)
	  	7.06
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)
	  	4.03; 4.04; 12.02
	       (b)
	  	N.A.
	       (c)(1)
	  	12.04
	       (c)(2)
	  	12.04
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 12.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a)(last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	N.A.
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.04
	 318(a)
	  	12.01
	       (b)
	  	N.A.
	       (c)
	  	12.01
	 N.A. means not applicable
	  	 

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

  

 2 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1
 DEFINITIONS AND INCORPORATION BY REFERENCE

			
	Section 1.01.	  	 Definitions
	  	1
	Section 1.02.	  	 Other Definitions
	  	26
	Section 1.03.	  	 Incorporation by Reference of Trust Indenture Act
	  	27
	Section 1.04.	  	 Rules of Construction
	  	27
	
	 ARTICLE 2
 THE NOTES

			
	Section 2.01.	  	 Form and Dating
	  	27
	Section 2.02.	  	 Execution and Authentication
	  	29
	Section 2.03.	  	 Registrar and Paying Agent
	  	30
	Section 2.04.	  	 Paying Agent to Hold Money in Trust
	  	30
	Section 2.05.	  	 Holder Lists
	  	31
	Section 2.06.	  	 Transfer and Exchange
	  	31
	Section 2.07.	  	 Replacement Notes
	  	38
	Section 2.08.	  	 Outstanding Notes
	  	38
	Section 2.09.	  	 Treasury Notes
	  	39
	Section 2.10.	  	 Temporary Notes
	  	39
	Section 2.11.	  	 Cancellation
	  	39
	Section 2.12.	  	 Defaulted Interest
	  	39
	Section 2.13.	  	 CUSIP Numbers
	  	40
	
	 ARTICLE 3
 REDEMPTION AND PREPAYMENT

			
	Section 3.01.	  	 Notices to Trustee
	  	40
	Section 3.02.	  	 Selection of Notes to Be Redeemed
	  	40
	Section 3.03.	  	 Notice of Redemption
	  	41
	Section 3.04.	  	 Effect of Notice of Redemption
	  	42
	Section 3.05.	  	 Deposit of Redemption Price
	  	42
	Section 3.06.	  	 Notes Redeemed in Part
	  	42
	Section 3.07.	  	 Optional Redemption
	  	43
	Section 3.08.	  	 Mandatory Redemption
	  	43
	Section 3.09.	  	 Offer to Purchase by Application of Excess Proceeds
	  	44
	
	 ARTICLE 4
 COVENANTS

			
	Section 4.01.	  	 Payment of Notes
	  	46
	Section 4.02.	  	 Maintenance of Office or Agency
	  	46
	Section 4.03.	  	 Reports
	  	47
	Section 4.04.	  	 Compliance Certificate
	  	47

  

 i 

					
	Section 4.05.	  	 Taxes
	  	48
	Section 4.06.	  	 Stay, Extension and Usury Laws
	  	48
	Section 4.07.	  	 Restricted Payments
	  	49
	Section 4.08.	  	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	53
	Section 4.09.	  	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	56
	Section 4.10.	  	 Asset Sales
	  	60
	Section 4.11.	  	 Transactions with Affiliates
	  	62
	Section 4.12.	  	 Liens
	  	63
	Section 4.13.	  	 Corporate Existence
	  	64
	Section 4.14.	  	 Offer to Repurchase Upon Change of Control
	  	64
	Section 4.15.	  	 Sale and Leaseback Transactions
	  	66
	Section 4.16.	  	 [Reserved]
	  	67
	Section 4.17.	  	 Limitation on Issuances of Guarantees of Indebtedness
	  	67
	Section 4.18.	  	 Covenant Suspension
	  	67
	Section 4.19.	  	 Designation of Restricted and Unrestricted Subsidiaries
	  	68
	
	 ARTICLE 5
 SUCCESSORS

			
	Section 5.01.	  	 Merger, Consolidation or Sale of Assets
	  	69
	Section 5.02.	  	 Successor Corporation Substituted
	  	71
	
	 ARTICLE 6
 DEFAULTS AND REMEDIES

			
	Section 6.01.	  	 Events of Default
	  	72
	Section 6.02.	  	 Acceleration
	  	74
	Section 6.03.	  	 Other Remedies
	  	74
	Section 6.04.	  	 Waiver of Past Defaults
	  	74
	Section 6.05.	  	 Control by Majority
	  	74
	Section 6.06.	  	 Limitation on Suits
	  	75
	Section 6.07.	  	 Rights of Holders of Notes to Receive Payment
	  	75
	Section 6.08.	  	 Collection Suit by Trustee
	  	75
	Section 6.09.	  	 Trustee May File Proofs of Claim
	  	76
	Section 6.10.	  	 Priorities
	  	76
	Section 6.11.	  	 Undertaking for Costs
	  	77
	
	 ARTICLE 7
 TRUSTEE

			
	Section 7.01.	  	 Duties of Trustee
	  	77
	Section 7.02.	  	 Rights of Trustee
	  	78
	Section 7.03.	  	 Individual Rights of Trustee
	  	79
	Section 7.04.	  	 Trustee’s Disclaimer
	  	79
	Section 7.05.	  	 Notice of Defaults
	  	80
	Section 7.06.	  	 Reports by Trustee to Holders of the Notes
	  	80

  

 ii 

					
	Section 7.07.	  	 Compensation and Indemnity
	  	80
	Section 7.08.	  	 Replacement of Trustee
	  	81
	Section 7.09.	  	 Successor Trustee by Merger, etc
	  	82
	Section 7.10.	  	 Eligibility; Disqualification
	  	82
	Section 7.11.	  	 Preferential Collection of Claims Against Company
	  	83
	Section 7.12.	  	 Trustee’s Application for Instructions from the Company
	  	83
	
	 ARTICLE 8
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

			
	Section 8.01.	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	83
	Section 8.02.	  	 Legal Defeasance and Discharge
	  	83
	Section 8.03.	  	 Covenant Defeasance
	  	84
	Section 8.04.	  	 Conditions to Legal or Covenant Defeasance
	  	85
	Section 8.05.	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	86
	Section 8.06.	  	 Repayment to Company
	  	87
	Section 8.07.	  	 Reinstatement
	  	87
	
	 ARTICLE 9
 AMENDMENT, SUPPLEMENT AND WAIVER

			
	Section 9.01.	  	 Without Consent of Holders of Notes
	  	88
	Section 9.02.	  	 With Consent of Holders of Notes
	  	89
	Section 9.03.	  	 Compliance with Trust Indenture Act
	  	90
	Section 9.04.	  	 Revocation and Effect of Consents
	  	90
	Section 9.05.	  	 Notation on or Exchange of Notes
	  	90
	Section 9.06.	  	 Trustee to Sign Amendments, etc
	  	91
	
	 ARTICLE 10
 NOTE GUARANTEES

			
	Section 10.01.	  	 Guarantee
	  	91
	Section 10.02.	  	 Limitation on Guarantor Liability
	  	92
	Section 10.03.	  	 Execution and Delivery of Note Guarantee
	  	93
	Section 10.04.	  	 Guarantors May Consolidate, etc., on Certain Terms
	  	93
	Section 10.05.	  	 Releases Following Sale of Assets
	  	94
	
	 ARTICLE 11
 SATISFACTION AND DISCHARGE

			
	Section 11.01.	  	 Satisfaction and Discharge
	  	95
	Section 11.02.	  	 Notices
	  	96
	
	 ARTICLE 12
 MISCELLANEOUS

			
	Section 12.01.	  	 Trust Indenture Act Controls
	  	97
	Section 12.02.	  	 Notices
	  	97

  

 iii 

					
	Section 12.03.	  	 Communication by Holders of Notes with Other Holders of Notes
	  	98
	Section 12.04.	  	 Certificate and Opinion as to Conditions Precedent
	  	98
	Section 12.05.	  	 Statements Required in Certificate or Opinion
	  	98
	Section 12.06.	  	 Rules by Trustee and Agents
	  	99
	Section 12.07.	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	99
	Section 12.08.	  	 Governing Law
	  	99
	Section 12.09.	  	 No Adverse Interpretation of Other Agreements
	  	99
	Section 12.10.	  	 Successors
	  	99
	Section 12.11.	  	 Severability
	  	100
	Section 12.12.	  	 Counterpart Originals
	  	100
	Section 12.13.	  	 Table of Contents, Headings, etc
	  	100

  

			
		
	EXHIBITS	  	 
		
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS
		
	Exhibit C	  	FORM OF NOTATION OF GUARANTEE
		
	Exhibit D	  	FORM OF REGULATION S CERTIFICATE
		
	Exhibit E	  	FORM OF RESTRICTED NOTES CERTIFICATE
		
	Exhibit F	  	FORM OF UNRESTRICTED NOTES CERTIFICATE

  

 iv 

 INDENTURE dated as of February 4, 2004 between American Tower Corporation, a Delaware corporation (the
“Company”), and The Bank of New York, a New York banking corporation, as trustee (the “Trustee”). 
  
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the 7.50% Senior Notes
due 2012 (each, a “Note”, and, collectively, the “Notes”): 
  
 ARTICLE 1 
  
 DEFINITIONS
AND INCORPORATION 
 BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “Acquired Debt” means, with respect to any Person: 
  

	 	(1)	Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, or is assumed in the acquisition of
assets from such Person, whether or not such Indebtedness is incurred (a) in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person or (b) in connection with the
acquisition of assets from such Person; and 

  

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

  
 “Additional Interest” means, at any time, all additional interest then owing under the Registration Rights
Agreement. 
  
 “Adjusted Consolidated Cash Flow”
means, with respect to any Person as of any date of determination, the sum of: 
  

	 	(1)	the Consolidated Cash Flow of such Person for the four most recent full fiscal quarters ending immediately prior to such date for which internal financial statements are available
for such Person, less such Person’s Tower Cash Flow for such four-quarter period; plus 

  

	 	(2)	the product of four times such Person’s Tower Cash Flow for the most recent fiscal quarter for which internal financial statements are available. 

  

 1 

 For purposes of making the computation referred to above: 
  

	 	(1)	acquisitions that have been made by such Person or any of its Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions,
during the reference period or subsequent to such reference period and on or prior to the calculation date shall be deemed to have occurred on the first day of the reference period and Consolidated Cash Flow for such reference period shall be
calculated without giving effect to clause (2) of the proviso set forth in the definition of Consolidated Net Income; 

  

	 	(2)	the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the calculation date,
shall be excluded; and 

  

	 	(3)	the corporate development expense of such Person and its Restricted Subsidiaries calculated in a manner consistent with the audited financial statements of the Company included in
the Offering Circular shall be added to Consolidated Cash Flow to the extent it was included in computing Consolidated Net Income. 

  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. No natural person who is an executive officer or director of a Person shall, solely by virtue of such position, be
deemed to control such Person. 
  
 “Agent” means
any Registrar, Paying Agent or co-registrar. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or
exchange. 
  
 “Asset Sale” means: 
  

	 	(1)	 the sale, lease, conveyance or other disposition of any assets or rights (including, without limitation, by way of a sale and leaseback or merger); provided
that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as 

  

 2 

	 	 
a whole will be governed by Section 4.14 and Article 5 hereof and not by Section 4.10 hereof; and 

  

	 	(2)	the issue or sale by the Company or any of its Restricted Subsidiaries of Equity Interests of any of the Company’s Restricted Subsidiaries (other than directors’
qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary). 

  
 Notwithstanding the preceding, none of the following items will be Asset Sales: 
  

	 	(1)	a single transaction or series of related transactions that involves assets, rights or Equity Interests having a fair market value of less than $5.0 million;

  

	 	(2)	a transfer of assets between or among the Company and the Restricted Subsidiaries; 

  

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

  

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

  

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

  

	 	(6)	a transfer of Equity Interests of an Unrestricted Subsidiary or an issue of Equity Interests by an Unrestricted Subsidiary; 

  

	 	(7)	grants of leases (for the avoidance of doubt, not including a sale and leaseback transaction) or licenses in the ordinary course of business; 

  

	 	(8)	the issuance of Equity Interests of the Company; 

  

	 	(9)	the disposition of obsolete or worn-out equipment in the ordinary course of business; and 

  

	 	(10)	a Restricted Payment that is permitted by Section 4.07 hereof or a Permitted Investment. 

  

 3 

 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction (including any period for which such lease has been extended or may, at
the option of the lessor, be extended). Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar
federal or state law for the relief of debtors. 
  
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is
currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
  
 “Board of Directors” means: 
  

	 	(1)	with respect to a corporation, the board of directors (or its executive committee) of the corporation; 

  

	 	(2)	with respect to a partnership, the board of directors of the general partner (if a corporation) of the partnership; and 

  

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

  
 “Board Resolution” means, with respect to any Person, a resolution duly adopted by the Board of Directors
of such Person and in full force and effect. 
  
 “Business
Day” means any day other than a Legal Holiday. 
  
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance
with GAAP. 
  
 “Capital Stock” means: 

 

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

  

 4 

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

  

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

  

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

  
 “Cash Equivalents” means:

  

	 	(1)	marketable, direct obligations of the United States of America, its agencies and instrumentalities maturing within 365 days of the date of purchase; 

  

	 	(2)	commercial paper and other short-term obligations of business savings accounts issued by corporations, each of which shall have a combined net worth of at least $100,000,000 and
each of which conducts a substantial part of its business in the United States of America, maturing within 270 days from the date of original issue thereof, and whose issuer is, at the time of purchase, rated “P-2” or better by
Moody’s or “A-2” or better by S&P; 

  

	 	(3)	repurchase agreements, bankers’ acceptances and domestic and Eurodollar certificates of deposit maturing within 365 days of the date of purchase which are issued by, or time
deposits maintained with 

  

	 	(a)	a United States national or state bank (or any domestic branch of a foreign bank) subject to supervision and examination by federal or state banking or depository institution
authorities and having capital, surplus and undivided profits totaling more than $100,000,000 and rated “A” or better by Moody’s or S&P, 

  

	 	(b)	a broker/dealer (acting as principal) registered as a broker or a dealer under Section 15 of the Exchange Act the unsecured short-term debt obligations of which are rated
“P-1” by Moody’s and at least “A-1” by S&P at the date of purchase, or 

  

	 	(c)	 an unrated broker/dealer, acting as principal, that is a Wholly Owned Restricted Subsidiary (but substituting “Subsidiary” for “Restricted
Subsidiary” in the definition thereof) of a non-bank or bank holding company, the unsecured short-term debt obligations 

  

 5 

	 	 
of which are rated “P-1” by Moody’s and at least “A-1” by S&P at the date of purchase; and 

  

	 	(4)	money market funds having a rating from Moody’s and S&P in the highest investment category granted thereby. 

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

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

  

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

  

	 	(3)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) Beneficially
Owns, directly or indirectly, 35% or more of the Voting Stock of the Company (measured by voting power rather than number of shares); or 

  

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

  
 “Clearstream” means Clearstream Banking S.A. (or any
successor securities clearing agency). 
  
 “Company” means American Tower Corporation or any and all successors thereto pursuant to Section 5.02. 
  
 “Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period;
plus 
  

	 	(1)	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was included in computing
such Consolidated Net Income; plus 

  

	 	(2)	 consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including,
without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest 

  

 6 

	 	 
component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and
other fees and charges incurred in respect of letters of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Interest and Currency Agreements), to the extent that any such expense was deducted in computing such
Consolidated Net Income; plus 

  

	 	(3)	depreciation, amortization (including amortization of goodwill and other intangibles) and other non-cash expenses (including write-offs or write-downs of goodwill and other
intangible assets but excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period) of such Person and its Restricted Subsidiaries for such period to the extent that such
depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

  

	 	(4)	non-cash items increasing such Consolidated Net Income for such period (excluding any items that were accrued in the ordinary course of business), 

  
 in each case on a consolidated basis and determined in accordance with GAAP. 
  
 “Consolidated Indebtedness” means, with respect to any
Person as of any date of determination, the sum, without duplication, of 
  

	 	(1)	the total amount of Indebtedness of such Person and its Restricted Subsidiaries; plus 

  

	 	(2)	the total amount of Indebtedness of any other Person, to the extent that such Indebtedness has been Guaranteed by the referent Person or one or more of its Restricted Subsidiaries;
plus 

  

	 	(3)	the aggregate liquidation value of all Disqualified Stock of such Person and all preferred stock of Restricted Subsidiaries of such Person, 

  
 in each case, determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Interest Expense” means, with respect to any
Person for any period: 
  

	 	(1)	 the consolidated interest expense of such Person and its Restricted Subsidiaries for such period determined in accordance with GAAP, whether paid or accrued and
whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred 

  

 7 

	 	 
payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net payments, if any, pursuant to Interest and Currency Agreements); plus 

  

	 	(2)	all preferred stock dividends paid or accrued in respect of such Person’s and its Restricted Subsidiaries’ preferred stock to Persons other than such Person or its Wholly
Owned Restricted Subsidiary other than preferred stock dividends paid by such Person in shares of preferred stock that is not Disqualified Stock. 

  

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

	 	(1)	the cumulative effect of a change in accounting principles shall be excluded; and 

  

	 	(2)	the Net Income (and net loss) of any Person (other than the specified Person) that is not a Restricted Subsidiary of such specified Person shall be excluded whether or not
distributed to such specified Person or one of its Restricted Subsidiaries. 

  
 “Consolidated Tangible Assets” means, with respect to the Company, the total consolidated assets of the Company and its Restricted Subsidiaries, less the total intangible assets of the Company and its
Restricted Subsidiaries, as shown on the most recent internal consolidated balance sheet of the Company and such Restricted Subsidiaries calculated on a consolidated basis in accordance with GAAP. 
  
 “Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Company who: 
  

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

  

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

  
 “Convertible Notes” means, collectively, (a) the 6.25% Convertible Notes Due 2009 issued pursuant to that certain indenture dated October 4, 1999 of the Company with The Bank of New York as trustee, (b) the 2.25%
Convertible Notes Due 2009 issued pursuant to that certain indenture dated October 4, 1999 of the Company with The Bank of New York as trustee, 

  

 8 

 
(c) the 5.00% Convertible Notes Due 2010 issued pursuant to that certain indenture dated February 15, 2000 of the Company with The Bank of New York as
trustee and (d) the 3.25% Convertible Notes due 2010 issued pursuant to that certain indenture dated August 4, 2003 of the Company with The Bank of New York as trustee. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02
hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Facilities” means one or more debt, commercial paper or securitization facilities or financings (including, without limitation, the Senior Credit Facility), in each case, as amended,
supplemented, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time, including to permit an increase in borrowings thereunder. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
  
 “Debt to Adjusted Consolidated Cash
Flow Ratio” means, with respect to any Person, as of any date of determination, the ratio of: 
  

	 	(1)	the Consolidated Indebtedness of such Person as of such date to 

  

	 	(2)	the Adjusted Consolidated Cash Flow of such Person as of such date. 

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

 
 “Definitive Note” means a certificated Note registered in
the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that 

  

 9 

 
would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock
upon the occurrence of a Change of Control or an Asset Sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless
such repurchase or redemption complies with Section 4.07 hereof. 
  
 “Effectiveness Target Date” shall have the meaning set forth in Section 6(a)(ii) of the Registration Rights Agreement. 
  
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system (or any successor securities clearing agency). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exchange Note” means any Note issued in exchange for an Original Note or Original Notes pursuant to the
Exchange Offer or otherwise registered under the Securities Act and any Note with respect to which the next preceding Predecessor Note of such Note was an Exchange Note. 
  
 “Exchange Offer” has the meaning set forth in the form of Note attached as Exhibit A. 
  
 “Exchange Registration Statement” has the meaning set forth
in the form of Note attached as Exhibit A. 
  
 “Excluded
International Sale” means an issue, sale or other disposition of Capital Stock of a Restricted Subsidiary of the Company the principal operations of which are conducted, and the principal assets of which are located, outside the United
States, so long as after giving effect thereto such Restricted Subsidiary would remain a Restricted Subsidiary of the Company. 
  
 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Senior Credit Facility)
in existence on the Issue Date (and accretion thereof after the Issue Date permitted by clause (3) of the second to last paragraph of Section 4.09 hereof), until such amounts are repaid. 
  
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 
  

 10 

 “Global Note Legend” means the legend set forth in Section 2.06(f)(i), which is required
to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means the global Notes, substantially in the form of Exhibit A hereto. 
  
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and credit. 
  
 “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. 
  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not
contingent: 
  

	 	(1)	in respect of borrowed money; 

  

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

  

	 	(3)	in respect of banker’s acceptances; 

  

	 	(4)	representing Capital Lease Obligations; 

  

	 	(5)	representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; or

  

	 	(6)	representing any Interest and Currency Agreements, 

  
 if and to the extent any of the preceding items (other than letters of credit and Interest and Currency Agreements) would appear as a liability upon a balance sheet of
the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person whether or not such Indebtedness is assumed by the
specified Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the value of such property or assets as of such date or the principal amount of such Indebtedness of such other Person so secured) and, to the extent
not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
  

 11 

 The amount of any Indebtedness outstanding as of any date shall be: 
  

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

  

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

  
 “Indenture” means this
Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Interest and Currency Agreements” means, with respect to any specified Person, the obligations of such Person under: 
  

	 	(1)	interest rate swap agreements, interest rate cap agreements and interest rate collar agreements related to fixed or floating rate obligations of such Person; and

  

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

  
 “Interest Payment Date” means May 1 and November 1 of each
year, beginning May 1, 2004. 
  
 “Investment”
means, with respect to any Person, any direct or indirect investment by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees of Indebtedness or other obligations), advances or capital contributions
(excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items
that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If such Person or any of its Restricted Subsidiaries sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of such Person or a Restricted Subsidiary of such Person issues any of its Equity Interests such that, in each case, after giving effect to any such sale, disposition or issuance, it is no longer a Restricted Subsidiary of such Person,
such Person will be deemed to have made an Investment on the date of any such sale, disposition or issuance equal to the fair market value of such Person’s Investments in such Subsidiary that were not sold or disposed of in an amount determined
as provided in the final paragraph of Section 4.07 hereof. 
  

 12 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency, if any such agency exists at such time). 
  
 “Issue Date” means the date on which the Original Notes are
first authenticated and delivered under this Indenture. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is
a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
  
 “Licenses” means, collectively, any telephone, microwave,
radio transmissions, personal communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, the ownership or the operation of any communications tower facilities, granted or
issued by the Federal Communications Commission (or other similar or successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any of its
Restricted Subsidiaries. 
  
 “Lien” means, with
respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction). 
  
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
  
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding, however: 
  

	 	(1)	any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: 

  

	 	(a)	any Asset Sale (including, without limitation, dispositions pursuant to sale and leaseback transactions); or 

  

 13 

	 	(b)	the disposition of any securities by such Person or any of its Restricted Subsidiaries, the write-off of deferred financial assets or the extinguishment of any Indebtedness of such
Person or any of its Restricted Subsidiaries; and 

  

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

  
 “Net Proceeds” means the aggregate cash proceeds received by
the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of: 
  

	 	(1)	the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees, sales commissions and finders’, brokers’ or
similar fees) and any relocation or severance expenses incurred as a result thereof; 

  

	 	(2)	taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements); 

  

	 	(3)	amounts required to be applied to the repayment of Indebtedness (other than Indebtedness under a Credit Facility) secured by a Lien on the asset or assets that were the subject of
such Asset Sale; 

  

	 	(4)	all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale; 

  

	 	(5)	the deduction of appropriate amounts provided by the seller as a reserve in accordance with GAAP against any liabilities associated with the assets disposed of in such Asset Sale
and retained by the Company or any Restricted Subsidiary after such Asset Sale; and 

  

	 	(6)	without duplication, any reserves that the Company’s Board of Directors determines in good faith should be made in respect of the sale price of such asset or assets for post
closing adjustments; 

  
 provided that in the case of any
reversal of any reserve referred to in clause (5) or (6) above, the amount so reversed shall be deemed to be Net Proceeds from an Asset Sale as of the date of such reversal. 
  

 14 

 “Non-Recourse Debt” means Indebtedness: 
  

	 	(1)	as to which neither the Company nor any of its Restricted Subsidiaries: 

  

	 	(a)	provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness); or 

  

	 	(b)	is directly or indirectly liable (as a guarantor or otherwise); 

  

	 	(2)	no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit
(upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of such other Indebtedness to be accelerated or
payable prior to its stated maturity; and 

  

	 	(3)	as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries.

  
 “Non-Tower Cash Flow” means,
with respect to any Person and as of any date of determination, the Consolidated Cash Flow of such Person and its Restricted Subsidiaries for the four most recent full fiscal quarters ending immediately prior to such date for which internal
financial statements are available that is not included in Tower Cash Flow of such Person, all determined on a consolidated basis and in accordance with GAAP. Non-Tower Cash Flow of such Person will not include revenues derived from asset sales
other than sales or other dispositions of inventory in the ordinary course of business. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture and includes the Exchange Notes and the Original Notes. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering” means the private offering of the Notes by the Company. 
  
 “Offering Circular” means the Confidential Offering Circular, dated January 26, 2004, including the documents incorporated by reference
therein, relating to the private offering of the Original Notes. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the 

  

 15 

 
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on
behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section
12.04 hereof. 
  
 “Opinion of Counsel” means an
opinion from legal counsel that meets the requirements of Section 12.04 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account
with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Permitted Business” means any business of the type conducted by the Company or its Restricted Subsidiaries on the Issue Date and any
other business related, ancillary or complementary to any such business. 
  
 “Permitted Investment” means: 
  

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

  

	 	(2)	any Investment in Cash Equivalents; 

  

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

  

	 	(a)	such Person becomes a Restricted Subsidiary of the Company; or 

  

	 	(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted
Subsidiary of the Company; 

  

	 	(4)	any Investment by the Company or any Restricted Subsidiary of the Company that 

  

	 	(a)	is in substance the acquisition of a class of Capital Stock of a Restricted Subsidiary (the “Target”) of the Company, 

  

 16 

	 	(b)	increases the percentage of one or more classes of Capital Stock of the Target beneficially owned by the Company and its Restricted Subsidiaries, 

  

	 	(c)	does not decrease the percentage of the total voting power of shares of Capital Stock of the Target entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees of the Target that is owned by the Company and its Restricted Subsidiaries, and 

  

	 	(d)	does not decrease the percentage of stockholders’ equity (including stock subject to mandatory redemption) of the Target, as reflected on its most recent internal balance sheet
prepared in accordance with GAAP, available upon liquidation of the Target to Capital Stock of the Target owned by the Company and its Restricted Subsidiaries; 

  

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

  

	 	(6)	any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 

  

	 	(7)	receivables created in the ordinary course of business; 

  

	 	(8)	loans or advances to employees made in the ordinary course of business since the Issue Date not to exceed $5.0 million at any one time outstanding; 

  

	 	(9)	securities and other assets received in settlement of trade debts or other claims arising in the ordinary course of business; 

  

	 	(10)	any Investment permitted under clause (7) of the second paragraph of Section 4.09 hereof; 

  

	 	(11)	Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and worker’s compensation, performance and other similar deposits provided to
third parties in the ordinary course of business; 

  

 17 

	 	(12)	Investments since the Issue Date of up to an aggregate of $100.0 million at any one time outstanding (each such Investment being measured as of the date made and without giving
effect to subsequent changes in value); and 

  

	 	(13)	other Investments in Permitted Businesses since the Issue Date not to exceed an amount equal to $10.0 million plus 10% of the Company’s Consolidated Tangible Assets at any one
time outstanding (each such Investment being measured as of the date made and without giving effect to subsequent changes in value). 

  
 “Permitted Liens” means: 
  

	 	(1)	Liens securing Guarantees of Indebtedness of the Company’s Restricted Subsidiaries under one or more Credit Facilities in an aggregate principal amount not to exceed $1.6
billion; it being understood that Liens securing the Company’s Guarantee of the Senior Credit Facility in effect on the Issue Date are deemed to be incurred under this clause (1); 

  

	 	(2)	Liens securing any Indebtedness of any of the Company’s Restricted Subsidiaries that was permitted by the terms hereof to be incurred; 

  

	 	(3)	Liens in favor of the Company; 

  

	 	(4)	Liens existing on the Issue Date and renewals and replacements thereof to the extent they secure Permitted Refinancing Indebtedness; 

  

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

  

	 	(6)	Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred in the ordinary course of business for sums
not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

  

	 	(7)	Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social security obligations, assessments or government
charges which are not overdue for more than 60 days; 

  

 18 

	 	(8)	restrictions on the transfer of Licenses or assets of the Company or any of its Restricted Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by
the Communications Act of 1934, any similar or successor federal statute or the rules and regulations of the Federal Communications Commission (or other similar or successor agency of the federal government administering such Act or successor
statute) thereunder, all as the same may be in effect from time to time; 

  

	 	(9)	Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that such Lien only encumbers the property being
sold; 

  

	 	(10)	Liens to secure performance of statutory obligations, surety or appeal bonds, performance bonds, bids or tenders; 

  

	 	(11)	judgment Liens that do not result in an Event of Default; 

  

	 	(12)	Liens in connection with escrow deposits made in connection with any acquisition of assets; 

  

	 	(13)	Liens securing Indebtedness permitted to be incurred under clauses (4) and (7) of the second paragraph of Section 4.09 hereof; 

  

	 	(14)	easements, rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

  

	 	(a)	are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary course of business); and

  

	 	(b)	do not in the aggregate materially detract from the value of the property or materially impair the use thereof in the operation of business by the Company and its Restricted
Subsidiaries; 

  

	 	(15)	 Liens on property of the Company or a Restricted Subsidiary at the time the Company or Restricted Subsidiary acquired the property, including acquisition by means
of a merger or consolidation with or into the Company or any Restricted Subsidiary, or an acquisition of assets, and any replacement thereof to the extent of any secured Permitted Refinancing Indebtedness in respect of the related Acquired Debt,
provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition, and provided further that such Liens 

  

 19 

	 	 
may not extend to any other property owned by the Company or any Restricted Subsidiary; and 

  

	 	(16)	leases and subleases of real property in the ordinary course of business (for the avoidance of doubt, excluding sale and leaseback transactions) which do not materially interfere
with the ordinary conduct of the business; and 

  

	 	(17)	banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that:

  

	 	(a)	such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the
Federal Reserve Board or other applicable law; and 

  

	 	(b)	such deposit account is not intended to provide collateral to the depositary institution. 

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

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

  

	 	(2)	such Permitted Refinancing Indebtedness has a final maturity date not earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

  

	 	(3)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is
subordinated in right of payment to the Notes on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and

  

 20 

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

  
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or political subdivision thereof or other entity. 
  
 “Predecessor Note” of any particular Note means every
previous Note issued before, and evidencing all or a portion of the same debt as that evidenced by, such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
  
 “Public Equity Offering” means an underwritten primary public offering of Qualified Capital Stock of the Company pursuant to an effective
registration statement (other than a registration statement filed on Form S-4 or S-8) under the Securities Act. 
  
 “Purchase Agreement” means the Purchase Agreement, dated January 26, 2004, among the Company and the Purchasers, as such agreement may be
amended from time to time. 
  
 “Purchasers” means
the several initial purchasers named in Schedule A of the Purchase Agreement. 
  
 “Qualified Capital Stock” of any Person means any and all Capital Stock of such Person other than Disqualified Stock. 
  
 “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a
Permitted Business. 
  
 “Rating Agencies” mean
Moody’s and S&P. 
  
 “Registered Notes”
means the Exchange Notes and all other Notes sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, together with their respective Successor Notes. 
  
 “Registration Default” has the meaning set forth in the form
of Note attached as Exhibit A. 
  
 “Registration Rights
Agreement” means the Registration Rights Agreement among the Company and the Purchasers, dated the Issue Date, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
  

 21 

 “Regular Record Date” has the meaning set forth in the form of Note attached as Exhibit
A. 
  
 “Regulation S” means Regulation S under
the Securities Act (or any successor provision), as it may be amended from time to time. 
  
 “Regulation S Certificate” means a certificate substantially in the form set forth in Exhibit D. 
  
 “Regulation S Legend” means a legend substantially in the form of the legend required in the form of Note attached as Exhibit A to be
placed upon each Regulation S Note. 
  
 “Regulation S
Notes” means all Notes required pursuant to Section 2.06(f)(ii) to bear a Regulation S Legend. Such term includes the Regulation S Global Note. 
  
 “Resale Registration Statement” has the meaning set forth in the form of Note attached as Exhibit A. 
  
 “Responsible Officer” with respect to the Trustee, means any
officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
its Indenture. 
  
 “Restricted Investment” means
an Investment other than a Permitted Investment. 
  
 “Restricted Notes” means all Notes required pursuant to Section 2.06(f)(ii) to bear any Restricted Notes Legend. Such term includes the Rule 144A Global Note. 
  
 “Restricted Notes Certificate” means a certificate substantially in the form set forth in Exhibit E.

  
 “Restricted Notes Legend” means,
collectively, the legends substantially in the forms of the legends required in the form of Note attached as Exhibit A to be placed upon each Restricted Note. 
  

“Restricted Period” means the period of 40 consecutive days beginning on and including the later of (i) the day on which Notes are
first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the Issue Date. 
  
 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not an Unrestricted Subsidiary.

  

 22 

 “Rule 144A” means Rule 144A under the Securities Act (or any successor provision), as
such Rule 144A may be amended from time to time. 
  
 “Rule
144A Notes” means the Notes purchased by the Purchasers from the Company pursuant to the Purchase Agreement, other than the Regulation S Notes. Such term includes the Rule 144A Global Note. 
  
 “S&P” means Standard & Poor’s Ratings Service
or any successor to the rating agency business thereof. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Securities Act Legend” means a Restricted Notes Legend or a Regulation S Legend. 
  
 “Senior Credit Facility” means that certain Second Amended
and Restated Loan Agreement, dated February 21, 2003, by and among The Toronto Dominion Bank, New York Branch, as Issuing Bank, Toronto Dominion (Texas), Inc., as Administrative Agent, the several lenders and other agents party thereto and American
Tower, L.P., American Towers, Inc., Towersites Monitoring, Inc., American Tower International, Inc. and American Tower LLC, as borrowers, including any related notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith, in each case, as amended, supplemented, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time, including to permit an increase in borrowings thereunder. 
  
 “Significant Subsidiary” means, with respect to any Person,
any Restricted Subsidiary of such Person that would be a “significant subsidiary” of such Person as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the Act, as such Regulation is in effect on the Issue Date.

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

	 	(1)	 any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees 

  

 23 

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

  

	 	(2)	any partnership: 

  

	 	(a)	the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person; or 

  

	 	(b)	the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof). 

  
 “Successor Note” of any particular Note means every Note
issued after, and evidencing all or a portion of the same debt as that evidenced by, such particular Note; and, for purposes of this definition, any Note authenticated and delivered under Section 2.07 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture is
qualified under the TIA. 
  
 “Tower Asset
Exchange” means any transaction in which the Company or one or more of its Restricted Subsidiaries exchanges assets for, or issues its Capital Stock in exchange for, Tower Assets and/or cash or Cash Equivalents where the fair market value
(evidenced by a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate delivered to the Trustee) of the Tower Assets and cash or Cash Equivalents received by the Company and its Restricted Subsidiaries in such
exchange is at least equal to the fair market value of the assets disposed of, or the Capital Stock issued, in such exchange. 
  
 “Tower Assets” means wireless transmission or broadcast towers and related assets that are located on the site of a wireless transmission
or broadcast tower. 
  
 “Tower Cash Flow” means,
with respect to any Person and for any period, the Consolidated Cash Flow of such Person and its Restricted Subsidiaries for such period, in each case that is directly attributable (including related expenses) to (i) site rental revenue or license
fees (including space reservation payments) paid to lease, sublease or retain space on communications sites owned or leased by such Person, or its Restricted Subsidiaries, (ii) fees paid to such Person or its Restricted Subsidiaries for management
of communications sites and (iii) real estate lease and similar payments (whether or not related to communications sites) paid to such Person or its Restricted Subsidiaries to the extent included in the same operating segment for GAAP reporting
purposes as site rental revenue, all determined on a consolidated basis and in accordance with GAAP. Tower Cash Flow will not include revenue or expenses attributable to 

  

 24 

 
non-site rental services provided by such Person or any of its Restricted Subsidiaries to lessees of communication sites or revenues derived from the sale of
assets. 
  
 “Trustee” means the party named as
such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “Unrestricted Notes Certificate” means a certificate substantially in the form set forth in Exhibit F. 
  
 “Unrestricted Subsidiary” means, as long as each such Person
is a Subsidiary of the Company, (a)(i) Verestar and all of its Subsidiaries and (ii) each of ATS-Needham LLC, Haysville Towers, LLC, ATC Realty Holding, Inc., ATC Connecticut, Inc., ATC Westwood, Inc., ATC Presidential Way, Inc., 10 Presidential Way
Associates, LLC, Unisite/OmniPoint FL Tower Venture, LLC, Unisite/OmniPoint NE Tower Venture, LLC and Unisite/OmniPoint PA Tower Venture, LLC and (b) any other Subsidiary of the Company that is designated by the Board of Directors of the Company as
an Unrestricted Subsidiary until, in the case of (a)(ii) or (b), such time as it becomes a Restricted Subsidiary in accordance with this Indenture. 
  
 “Verestar” means Verestar, Inc. (formerly ATC Teleports Inc.), a Delaware corporation. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(o)
under the Securities Act. 
  
 “Voting Stock” of
any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
  

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

  

	 	(1)	the sum of the products obtained by multiplying : 

  

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

  

	 	(b)	the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

  

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

  
 “Wholly Owned Restricted Subsidiary” means, in respect of any Person, a Restricted Subsidiary of such Person all of the outstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares) is at the time be owned by such Person or by one 

  

 25 

 
or more Wholly Owned Restricted Subsidiaries of such Person or by such Person and one or more Wholly Owned Restricted Subsidiaries of such Person.

  
 Section 1.02. Other Definitions. 
  

			
	 Term

	  	Defined in Section

	 “Affiliate Transaction”
	  	  4.11
	 “Asset Sale Offer”
	  	  3.09
	 “Authentication Order”
	  	  2.02
	 “Change of Control Offer”
	  	  4.14
	 “Change of Control Payment”
	  	  4.14
	 “Change of Control Payment Date”
	  	  4.14
	 “Covenant Defeasance”
	  	  8.03
	 “DTC”
	  	  2.03
	 “Event of Default”
	  	  6.01
	 “Excess Proceeds”
	  	  4.10
	 “Guarantor”
	  	10.01
	 “incur”
	  	  4.09
	 “Legal Defeasance”
	  	  8.02
	 “Note Guarantee”
	  	  4.17
	 “Offer Amount”
	  	  3.09
	 “Offer Period”
	  	  3.09
	 “Original Notes”
	  	  2.02
	 “Paying Agent”
	  	  2.03
	 “Payment Default”
	  	  6.01
	 “Permitted Debt”
	  	  4.09
	 “Purchase Date”
	  	  3.09
	 “Registrar”
	  	  2.03
	 “Regulation S Global Note”
	  	  2.01
	 “Restricted Payments”
	  	  4.07
	 “Rule 144A Global Note”
	  	  2.01
	 “Suspended Covenants”
	  	  4.18

  
 Section 1.03.
Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security Holder” means a Holder of a Note; 
  

 26 

 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the
Trustee; and 
  
 “obligor” on the Notes means the
Company and any successor obligor upon the Notes. 
  
 All other
terms used in this Indenture that are defined by the TIA, defined by the TIA’s reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  
 Section 1.04. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP; 
  
 (c) “or” is not exclusive;

  
 (d) words in the singular include the plural, and in the
plural include the singular; 
  
 (e) provisions apply to
successive events and transactions; 
  
 (f) references to sections
of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 
  
 (g) references to “interest” on the Notes shall include Additional Interest; and 
  
 (h) references to the payment of “principal” on the Notes shall include applicable premium, if any. 
  
 ARTICLE 2 
  
 THE NOTES 
  
 Section 2.01. Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof. 
  

 27 

 The Notes may consist of Original Notes and/or Exchange Notes, which shall rank pari passu in
right of payment with each other and with all other existing and future senior unsecured obligations of the Company. Unless the context otherwise requires, Original Notes and Exchange Notes shall be considered collectively to be a single class for
all purposes of this Indenture, including without limitation waivers, amendments, redemptions, Change of Control Offers and Asset Sale Offers. 
  
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling. 
  
 (b) Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 
  
 Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges, redemptions, repurchases and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 (c) Euroclear and Clearstream Procedures Applicable. The provisions of
the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer Handbook” of Clearstream shall be
applicable to transfers of beneficial interests in Global Notes that are held by Participants through Euroclear or Clearstream. 
  
 (d) Rule 144A and Regulation S Global Notes. Upon their original issuance, Rule 144A Notes shall be issued in the form of one or more Global Notes
registered in the name of the Depositary or its nominee and deposited with the Trustee, as Custodian for the Depositary, for credit by the Depositary to the respective accounts of beneficial owners of the Notes represented thereby (or such other
accounts as they may direct). Such Global Notes, together with their Successor Notes which are Global Notes other than the Regulation S Global Notes, are collectively herein called the “Rule 144A Global Note.” 
  

 28 

 Upon their original issuance, Regulation S Notes shall be issued in the form of one or more Global Notes
registered in the name of the Depositary, or its nominee and deposited with the Trustee, as Custodian for the Depositary, for credit to the respective accounts of the beneficial owners of the Notes represented thereby (or such other accounts as they
may direct). Such Global Notes, together with their Successor Notes which are Global Notes other than the Rule 144A Global Note, are collectively herein called the “Regulation S Global Note.” 
  
 Section 2.02. Execution and Authentication. 
  
 Two Officers shall sign the Notes for the Company by manual or facsimile
signature. 
  
 If an Officer whose signature is on a Note no
longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. 
  
 The Trustee shall, upon a
written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes for original issue on the Issue Date in an aggregate principal amount not to exceed $225 million (the “Original Notes”). The
aggregate principal amount of Notes (including Exchange Notes) outstanding at any time may not exceed the aggregate principal amount stated in paragraph 4 of the Notes except as provided in Section 2.08 hereof. Notes shall be dated the date of their
authentication. 
  
 At any time and from time to time after the
execution and delivery of this Indenture and after the effectiveness of a Registration Statement under the Securities Act with respect thereto, the Company may deliver Exchange Notes executed by the Company to the Trustee for authentication,
together with an Authentication Order for the authentication and delivery of such Exchange Notes and a like principal amount of Original Notes for cancellation in accordance with Section 2.11 of this Indenture, and the Trustee in accordance with an
Authentication Order shall authenticate and deliver such Notes. In authenticating such Exchange Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 
  

	 	(i)	that such Exchange Notes have been duly and validly issued in accordance with the terms of this Indenture, and are entitled to all the rights and benefits set forth herein; and

  

	 	(ii)	that the issuance of the Exchange Notes in exchange for the Original Notes has been effected in compliance with the Securities Act. 

  

 29 

 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Company. 
  
 Section 2.03.
Registrar and Paying Agent. 
  
 The Company shall maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of
the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall promptly notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company
fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the
Global Notes. 
  
 The Company initially appoints the Trustee to
act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
  
 Section 2.04. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the
Holders or the Trustee all money held by the Paying Agent for the payment of principal of, or premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
  

 30 

 Section 2.05. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before May 1 and November 1 of any given year and at
such other times as the Trustee may reasonably request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, and the Company shall otherwise comply with TIA
§ 312(a). 
  
 Section 2.06. Transfer and Exchange.

  
 (a) Transfer and Exchange of Global Notes. A Global Note may
not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if (i) the Company 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 Company within 120 days after the date of such notice from the Depositary, (ii) the Company in its sole
discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee, or (iii) an Event of Default has occurred and is continuing and the
Registrar has received a request from the Depositary. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. The owner of a
beneficial interest in a Global Note will be entitled to receive a Definitive Note in exchange for such interest if an Event of Default has occurred and is continuing. Global Notes also may be exchanged or replaced, in whole or in part, as provided
in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06, or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b), (c) or (f) hereof. 
  
 In the event that
Definitive Notes are not issued to each holder of a beneficial interest in a Global Note promptly after the Registrar has received a request from the Holder of a Global Note to issue such Definitive Notes, the Company expressly acknowledges, with
respect to the right of any Holder to pursue a remedy pursuant to Section 6.06 or 6.07 hereof, the right of any beneficial holder of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial
holder’s Notes as if such Definitive Notes had been issued. 
  

 31 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also shall require compliance
with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
  

	 	(i)	Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

  

	 	(ii)	All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable
Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person
in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof. 

  

	 	(iii)	 Rule 144A Global Note to Regulation S Global Note. If the owner of a beneficial interest in the Rule 144A Global Note wishes at any time to transfer such
interest to a Person who wishes to acquire the same in the form of a beneficial interest in the Regulation S Global Note, such transfer may be effected only in accordance with the provisions of this clause (iii) and clause (v) below and subject to
the Applicable Procedures. Upon 

  

 32 

	 	 
receipt by the Trustee, as Registrar, of (A) an order given by the Depositary or its authorized representative directing that a beneficial interest in the
Regulation S Global Note in a specified principal amount be credited to a specified Participant’s account and that a beneficial interest in the Rule 144A Global Note in an equal principal amount be debited from another specified
Participant’s account and (B) a Regulation S Certificate, satisfactory to the Trustee and duly executed by the owner of such beneficial interest in the Rule 144A Global Note or his attorney duly authorized in writing, then the Trustee, as
Registrar but subject to clause (v) below, shall reduce the principal amount of the Rule 144A Global Note and increase the principal amount of the Regulation S Global Note by such specified principal amount. 

  

	 	(iv)	Regulation S Global Note to Rule 144A Global Note. If the owner of a beneficial interest in the Regulation S Global Note wishes at any time to transfer such interest to a
Person who wishes to acquire the same in the form of a beneficial interest in the Rule 144A Global Note, such transfer may be effected only in accordance with this clause (iv) and subject to the Applicable Procedures. Upon receipt by the Trustee, as
Registrar, of (A) an order given by the Depositary or its authorized representative directing that a beneficial interest in the Rule 144A Global Note in a specified principal amount be credited to a specified Participant’s account and that a
beneficial interest in the Regulation S Global Note in an equal principal amount be debited from another specified Participant’s account and (B) if such transfer is to occur during the Restricted Period, a Restricted Notes Certificate,
satisfactory to the Trustee and duly executed by the owner of such beneficial interest in the Regulation S Global Note or his attorney duly authorized in writing, then the Trustee, as Registrar, shall reduce the principal amount of the Regulation S
Global Note and increase the principal amount of the Rule 144A Global Note by such specified principal amount. 

  
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. If any Holder of a beneficial interest in a Global Note proposes to exchange
such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Sections 2.06(a) and 2.06(b)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) shall bear the legend restricting transfers that is borne by such
Global Note and shall be registered in such name or 

  

 33 

 
names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. 
  
 (d) Transfer or Exchange of Definitive Notes for Beneficial Interests. Upon request by a Holder of Definitive Notes to exchange such Definitive Notes for a beneficial interest in a Global Note and such requesting Holder’s
presenting or surrendering to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing, the
Registrar shall register the transfer or exchange of Definitive Notes and effect the transfer or exchange through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. The Trustee shall cancel the
Definitive Note and cause the aggregate principal amount of the applicable Global Note to be increased accordingly pursuant to the terms of this Indenture and the Applicable Procedures. If the Definitive Note to be transferred in whole or in part is
a Restricted Note, or is a Regulation S Note and the transfer is to occur during the Restricted Period, then the Trustee shall have received (A) a Restricted Notes Certificate, satisfactory to the Trustee and duly executed by the transferor Holder
or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a beneficial interest in the Restricted Global Note, or (B) a Regulation S Certificate, satisfactory to the Trustee and duly executed
by the transferor Holder or his attorney duly authorized in writing, in which case the transferee Holder shall take delivery in the form of a beneficial interest in the Regulation S Global Note (subject in every case to Section 2.06(f)). 

 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such requesting Holder’s presenting or surrendering to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing, the Registrar shall register the transfer or exchange of Definitive Notes; provided that, if the Note to be transferred in whole or in part is a Restricted Note, or is a
Regulation S Note and the transfer is to occur during the Restricted Period, then the Trustee shall have received (A) a Restricted Notes Certificate, satisfactory to the Trustee and duly executed by the transferor Holder or his attorney duly
authorized in writing, in which case the transferee Holder shall take delivery in the form of a Restricted Note, or (B) a Regulation S Certificate, satisfactory to the Trustee and duly executed by the transferor Holder or his attorney duly
authorized in writing, in which case the transferee Holder shall take delivery in the form of a Regulation S Note (subject in every case to Section 2.06(f)). 
  

 34 

 (f) Legends. 
  

	 	(i)	Global Notes Legends. Each Global Note shall bear a legend in substantially the following form: 

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

	 	(ii)	Securities Act Legends. Rule 144A Notes and their Successor Notes shall bear a Restricted Notes Legend, and the Regulation S Notes and their Successor Notes shall bear a
Regulation S Legend, subject to the following: 

  

	 	(1)	subject to the following sub-clauses of this clause (ii), a Note or any portion thereof which is exchanged, upon transfer or otherwise, for a Global Note or any portion thereof
shall bear the Securities Act Legend borne by such Global Note while represented thereby; 

  

	 	(2)	subject to the following sub-clauses of this clause (ii), a new Note which is not a Global Note and is issued in exchange for another Note (including a Global Note) or any portion
thereof, upon transfer or otherwise, shall bear the Securities Act Legend borne by such other Note, provided that, if such new Note is required pursuant to Section 2.06(a) to be issued in the form of a Restricted Note, it shall bear a
Restricted Note Legend and, if such new Note is so required to be issued in the form of a Regulation S Note, it shall bear a Regulation S Legend; 

  

	 	(3)	Registered Notes shall not bear a Securities Act Legend; 

  

	 	(4)	 at any time after the Notes may be freely transferred without registration under the Securities Act or without being subject to transfer restrictions pursuant to
the Securities Act, a new Note which does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Note (other than a Global Note) or any portion thereof which bears such a legend if the Trustee has received an Unrestricted
Notes Certificate, satisfactory to the 

  

 35 

	 	 
Trustee and duly executed by the Holder of such legended Note or his attorney duly authorized in writing, and after such date and receipt of such
certificate, the Trustee shall authenticate and deliver such a new Note in exchange for or in lieu of such other Note as provided in this Article 2; 

  

	 	(5)	at any time after the expiration of the Restricted Period, upon written request to the Trustee of the Holder of a Regulation S Note, a new Note which does not bear the Regulation S
Legend may be issued in exchange for or in lieu of such Regulation S Note, and after such date and upon receipt of such certificate the Trustee shall authenticate and deliver such a new Note in exchange for or in lieu of such Regulation S Note as
provided in this Article 2; 

  

	 	(6)	a new Note which does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Note (other than a Global Note) or any portion thereof which bears such a legend
if, in the Company’s judgment, placing such a legend upon such new Note is not necessary to ensure compliance with the registration requirements of the Securities Act, and the Trustee, at the written direction of the Company, shall authenticate
and deliver such new Note as provided in this Article 2; and 

  

	 	(7)	notwithstanding the foregoing provisions of this clause (ii) of Section 2.06(f), a Successor Note of a Note that does not bear a particular form of Securities Act Legend shall not
bear such form of legend unless the Company has reasonable cause to believe that such Successor Note is a “restricted security” within the meaning of Rule 144, in which case the Trustee, at the direction of the Company, shall authenticate
and deliver a new Note bearing a Restricted Notes Legend in exchange for such Successor Note as provided in this Article 2. 

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

  

 36 

 
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. 
  
 (h) General Provisions Relating to Transfers and Exchanges. 
  

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

  

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

  

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

  

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

  

	 	(v)	The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the date of
any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note (i) selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part or (ii) tendered for repurchase or (C) to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before any Regular Record Date and ending
at the close of business on such Regular Record Date. 

  

	 	(vi)	 Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note
is registered as the absolute owner of such Note for 

  

 37 

	 	 
the purpose of receiving payment of principal of and premium, if any, and interest on such Notes and for all other purposes, and none of the Trustee, any
Agent or the Company shall be affected by notice to the contrary. All such payments so made to any such Person shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any
Note. 

  

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

  

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

  
 Section 2.07.
Replacement Notes. 
  
 If any mutilated Note is surrendered
to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any
Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
  

Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  
 Section 2.08. Outstanding Notes. 
  
 The Notes
outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by
the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(b) hereof. 
  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a bona fide purchaser. 
  

 38 

 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be
outstanding and interest on it ceases to accrue. 
  
 If the Paying
Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest. 
  
 Section 2.09.
Treasury Notes. 
  
 In determining whether the Holders of
the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so
disregarded. 
  
 Section 2.10. Temporary Notes. 

 
 Until certificates representing Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
  
 Section 2.11. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of such cancelled Notes in its customary manner in accordance with prudent business practices. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered
to the Trustee for cancellation except as expressly permitted pursuant to this Indenture. 
  
 Section 2.12. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner, plus, to the extent lawful, interest payable on the defaulted 

  

 39 

 
interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The
Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date,
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the
Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 Section 2.13. CUSIP Numbers. 
  
 The Trustee shall use “CUSIP” numbers in notices of redemption as a
convenience to Holders if the Company uses “CUSIP” numbers in issuing the Notes; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify
the Trustee of any change in the “CUSIP” numbers. 
  
 ARTICLE 3 
  
 REDEMPTION AND PREPAYMENT

  
 Section 3.01. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal amount of Notes to be
redeemed and (3) the redemption price (expressed as a percentage of the principal amount). 
  
 Section 3.02. Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be redeemed as follows: 
  

	 	(1)	if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are
listed; or 

  

 40 

	 	(2)	if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate. 

 
 No Notes of $1,000 of principal amount or less will be redeemed in part.
Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Notes called for redemption become due on the date fixed for redemption. 
  
 Section 3.03. Notice of Redemption. 
  
 Subject to the provisions of Section 3.09 hereof, at least 30 days but not
more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be
mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. Notices of redemption may not be conditional. 
  
 The notice shall identify the Notes to be redeemed and shall state:

  

	 	(1)	the CUSIP number; 

  

	 	(2)	the redemption date; 

  

	 	(3)	the redemption price; 

  

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

  

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

  

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

  

	 	(7)	that interest and Additional Interest, if any, on the Notes or portions of them called for redemption shall cease to accrue on and after the redemption date;

  

 41 

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

  

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

  
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days (or such shorter time as may be agreed to by the Trustee) prior to the redemption date,
an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably
due and payable on the redemption date at the redemption price. 
  
 Section 3.05. Deposit of Redemption Price. 
  
 Prior to 10:00 a.m., Eastern Time, on a redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and Additional Interest, if any, on all Notes
to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of and accrued
interest and Additional Interest, if any, on all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest and Additional Interest, if any, on the Notes or the portions of the Notes called for redemption shall cease to accrue for as
long as the Company has deposited with the Trustee or Paying Agent funds in satisfaction of the applicable redemption price. If a Note is redeemed on or after a Regular Record Date but on or prior to the related Interest Payment Date, then any
accrued and unpaid interest and Additional Interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record Date. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the
Trustee shall authenticate for the Holder at the expense of the 

  

 42 

 
Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. If a Global Note is so surrendered, such new Note shall also
be a Global Note. 
  
 Section 3.07. Optional Redemption.

  
 (a) Except as provided in clause (b) of this Section 3.07, the
Notes will not be redeemable at the Company’s option prior to May 1, 2008. On or after May 1, 2008, the Company may redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed
as percentages of the principal amount) set forth below plus accrued and unpaid interest, if any, on the Notes redeemed to but excluding the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of the years
indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	103.750	%
	 2009
	  	101.875	 
	 2010 and thereafter
	  	100.000	 

  
 (b) Prior to February
1, 2007, the Company may use the net cash proceeds of one or more Public Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes originally issued at a redemption price equal to 107.50% of the principal
amount thereof; provided that: 
  

	 	(1)	immediately after giving effect to any such redemption, at least 65% of the aggregate principal amount of the Notes originally issued remains outstanding; and

  

	 	(2)	the Company makes such redemption not more than 60 days after the consummation of a Public Equity Offering. 

  
 (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to
the provisions of Section 3.01 through 3.06 hereof. 
  
 Section
3.08. Mandatory Redemption. 
  
 The Company shall not be
required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

 43 

 Section 3.09. Offer to Purchase by Application of Excess Proceeds. 
  
 In the event that, pursuant to Section 4.10 hereof, the Company shall be
required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it shall follow the procedures specified below. 
  
 The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer
period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the aggregate principal amount (or accreted
value, as applicable) of Notes and other Indebtedness of the Company that is pari passu with the Notes required to be purchased pursuant to Section 4.10 hereof (on a pro rata basis if Notes and such other pari passu Indebtedness of the
Company tendered are in excess of the Excess Proceeds) (which maximum amount shall be the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes and other pari passu Indebtedness tendered in response to the
Asset Sale Offer. Payment for any such Notes so purchased shall be made in the same manner as interest payments are made. 
  
 If the Purchase Date is on or after an interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be
paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
  
 Upon the commencement of an Asset Sale Offer, the Company shall send, by
first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale
Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
  

	 	(i)	the CUSIP number; 

  

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

  

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

  

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

  

	 	(v)	that any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 

  

 44 

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

  

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

  

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

  

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

  

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

  
 On or before the Purchase
Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes and other pari passu Indebtedness tendered, and shall deliver to the Trustee an Officers’ Certificate stating that the Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price
of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company shall authenticate and mail or deliver such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset
Sale Offer on the Purchase Date. 
  

 45 

 The Company shall comply with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations to the extent those laws and regulations are applicable to any Asset Sale Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section 3.09,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.09 by virtue of the compliance. 
  
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof. 
  
 ARTICLE 4 
  
 COVENANTS 
  
 Section 4.01. Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, premium, if any,
and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
10:00 a.m., Eastern Time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
  
 The Company shall, in accordance with Section 2.12 hereof, pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 Section 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, The City of New York,
an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in
respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  

 46 

 The Company may also from time to time designate one or more other offices or agencies where the Notes
may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in the Borough of Manhattan, The City of New York, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
  
 The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 
  
 Section 4.03. Reports. 
  
 Whether or not required by the SEC, so long as any Notes are outstanding, the Company will furnish to the Holders of Notes within the time periods
specified in the SEC’s rules and regulations for such reports: 
  

	 	(1)	all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms
including, to the extent not prohibited by the SEC, the Tower Cash Flow for the most recently completed fiscal quarter and the Adjusted Consolidated Cash Flow and Non-Tower Cash Flow for the most recently completed four-quarter period and, with
respect to the annual information only, a report thereon by the Company’s certified independent accountants; and 

  

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

  
 Whether or not required by the SEC, the Company will file a copy of
information and reports referred to in (1) and (2) above with the SEC for public availability within the time periods specified in the SEC’s rules and regulations, (unless the SEC will not accept such a filing), and make such information
available to securities analysts and prospective investors upon request. In addition, for any time when any Notes (other than Exchange Notes) are outstanding and the Company is not subject to or is not current in its reporting obligations under
clauses (1) and (2) above, the Company agrees that it will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act. 
  
 Section 4.04. Compliance Certificate. 

 

	 	(1)	 The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the 

  

 47 

	 	 
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

  

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

  
 Section 4.05. Taxes. 
  
 The Company shall pay or discharge or cause to be paid or discharged, and shall cause each of its Subsidiaries to pay or discharge, prior to delinquency,
all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

  
 Section 4.06. Stay, Extension and Usury Laws.

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

 48 

 Section 4.07. Restricted Payments. 
  
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
  

	 	(1)	declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity
Interests in their capacity as such (other than dividends or distributions payable (i) in Equity Interests (other than Disqualified Stock) of the Company or (ii) to the Company or a Restricted Subsidiary of the Company); 

  

	 	(2)	purchase, redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests
of the Company or of any Person of which the Company is a Subsidiary (other than any such Equity Interests owned by the Company or any of its Restricted Subsidiaries); 

  

	 	(3)	make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Company that is subordinated to the Notes,
except a payment of interest or principal at the Stated Maturity thereof (other than payments to the Company or payments by a Restricted Subsidiary of the Company to the Company or another Restricted Subsidiary of the Company); or

  

	 	(4)	make any Restricted Investment, 

  
 (all such payments and other actions set forth in these clauses (1) through (4), being collectively referred to as “Restricted Payments”), 
  
 unless, at the time of and after giving effect to such Restricted Payment:

  

	 	(1)	no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and 

  

	 	(2)	the Company would have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted Consolidated Cash Flow Ratio test set forth in the first
paragraph of Section 4.09 hereof; provided that this clause (2) shall not apply in connection with any Restricted Investment; and 

  

	 	(3)	 such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue
Date (excluding Restricted Payments permitted by clauses 

  

 49 

	 	 
(2), (3), (4), (6), (7) and (8) of the next succeeding paragraph), is less than the sum, without duplication, of: 

  

	 	(a)	100% of the Consolidated Cash Flow of the Company for the period (taken as one accounting period) from January 1, 2004 to the end of the Company’s most recently ended fiscal
quarter for which internal financial statements are available at the time of such Restricted Payment (or, if the Consolidated Cash Flow for such period is a deficit, less 100% of the deficit), less 1.40 times the Consolidated Interest Expense of the
Company since January 1, 2004 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment; plus 

  

	 	(b)	(i) 100% of the aggregate net cash proceeds plus (ii) 70% of the aggregate value, as reflected on the Company’s balance sheet in accordance with GAAP using purchase accounting,
of any Qualified Proceeds, in each case as of the date the Company’s Equity Interests were issued, sold or exchanged therefor, received by the Company since January 29, 2003 (A) as a contribution to its common equity capital, (B) from the
issue, sale or exchange of Equity Interests of the Company (other than Disqualified Stock)) or (C) from the issue or sale (whether before or after the Issue Date) of Disqualified Stock or debt securities of the Company (including the Convertible
Notes) that have been converted after the Issue Date into Equity Interests (other than Equity Interests (or Disqualified Stock or convertible debt securities) sold to or held by a Subsidiary of the Company and other than Disqualified Stock or
convertible debt securities that have been converted into Disqualified Stock); plus 

  

	 	(c)	to the extent that any Restricted Investment that was made after the Issue Date is sold for cash or otherwise liquidated or repaid for cash, the lesser of: 

 

	 	(A)	the cash return of capital with respect to the Restricted Investment (less the cost of disposition, if any), and 

  

	 	(B)	the initial amount of the Restricted Investment; plus 

  

 50 

	 	(d)	to the extent that any Unrestricted Subsidiary of the Company and all of its Subsidiaries are designated as or become Restricted Subsidiaries after the Issue Date, the lesser of:

  

	 	(A)	the fair market value of the Company’s Investments in such Subsidiaries as of the date they are designated or become Restricted Subsidiaries; or 

  

	 	(B)	the sum of: 

  

	 	(x)	the fair market value of the Company’s Investments in such Subsidiaries as of the date on which such Subsidiaries were most recently designated as Unrestricted Subsidiaries,
and 

  

	 	(y)	the amount of any Investments made in such Subsidiaries subsequent to such designation as Unrestricted Subsidiaries (and treated as Restricted Payments or excluded from clause
(3)(b) pursuant to the proviso of clause (2) of the next paragraph) by the Company or any Restricted Subsidiary; plus 

  

	 	(e)	100% of any dividends or other distributions received by the Company or a Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary of the Company, to the extent
that such dividends were not otherwise included in Consolidated Net Income of the Company for such period. 

  
 The preceding provisions shall not prohibit: 
  

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

  

	 	(2)	(a) the making of any Investment or (b) the redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness or Equity Interests of the Company,
in the case of (a) or (b), in exchange for, or out of the net cash proceeds from substantially concurrent sale after the Issue Date (other than to a Subsidiary of the Company) of Equity Interests of the Company (other than any Disqualified Stock);
provided that, in each case, the amount of any net cash proceeds (or other assets, as applicable) that are so utilized will be excluded from clause (3)(b) of the preceding paragraph; 

  

 51 

	 	(3)	the defeasance, redemption, repurchase or other acquisition of subordinated Indebtedness of the Company with the net cash proceeds from an incurrence of Permitted Refinancing
Indebtedness; 

  

	 	(4)	the payment of any dividend by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; or 

  

	 	(5)	the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company held by any member of the
Company’s (or any of its Restricted Subsidiaries’) employees, management or directors pursuant to any management equity subscription agreement, stockholders’ agreement, stock option agreement or restricted stock agreement in effect as
of the Issue Date, or upon the death, disability, or termination of employment or directorship of such persons; provided that the aggregate price paid for all of the repurchased, redeemed, acquired or retired Equity Interests may not exceed
$2.0 million in any twelve-month period; 

  

	 	(6)	the repurchase of Equity Interests (other than Disqualified Stock) of the Company or any Restricted Subsidiary of the Company deemed to occur upon (a) exercise of stock options to
the extent that such Equity Interests represent a portion of the exercise price of such options and (b) the withholding of a portion of such Equity Interests granted or awarded to an employee to pay taxes associated therewith;

  

	 	(7)	the purchase of fractional shares of Equity Interests of the Company or any Restricted Subsidiary of the Company arising out of stock dividends, splits or combinations or business
combinations; 

  

	 	(8)	the repurchase of Disqualified Stock of the Company or any Restricted Subsidiary of the Company in exchange for, or out of the proceeds of, other Disqualified Stock of such Person
so long as the new Disqualified Stock is not mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of such Disqualified Stock, in whole or in part, prior to the dates included in any
similar provision contained in the Disqualified Stock being exchanged for or under circumstances not provided for; and 

  

	 	(9)	payments or distributions to stockholders of the Company pursuant to appraisal rights required under applicable law in connection with any consolidation, merger or transfer of
assets that complies with Section 5.01 hereof. 

  

 52 

 The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the
Restricted Payment of the assets or securities proposed to be transferred or issued by the Company or the applicable Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any property, assets or
Investments required to be valued by this Section 4.07 will be determined by the Board of Directors of the Company whose resolution with respect thereto will be delivered to the Trustee. Not later than the date of making any Restricted Payment, the
Company will deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this covenant were computed, together with a copy of any fairness
opinion or appraisal required by this Indenture. 
  
 Section 4.08.
Dividend and Other Payment Restrictions Affecting Subsidiaries. 
  
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary
to: 
  

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

  

	 	(2)	pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; 

  

	 	(3)	make loans or advances to the Company or any of its Restricted Subsidiaries; or 

  

	 	(4)	transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

  
 The preceding restrictions shall not apply to encumbrances or restrictions existing under or by reason of: 
  

	 	(1)	 agreements governing Existing Indebtedness as in effect on the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings thereof; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to
such dividend and other payment restrictions than those contained in those agreements on the Issue Date unless such restrictions are ordinary and customary for agreements of 

  

 53 

	 	 
that type as determined in the good faith judgment of the Company’s Board of Directors (and evidenced in a Board Resolution), which determination shall
be conclusively binding; 

  

	 	(2)	Indebtedness of any Restricted Subsidiary under any Credit Facility that is permitted to be incurred pursuant to Section 4.09 hereof; provided that such Credit Facility and
Indebtedness contain only such encumbrances and restrictions on such Restricted Subsidiary’s ability to engage in the activities set forth in clauses (1) through (4) of the preceding paragraph as are, at the time such Credit Facility is entered
into or amended, modified, restated, renewed, increased, supplemented, refunded, replaced or refinanced, ordinary and customary for a Credit Facility of that type as determined in the good faith judgment of the Board of Directors (and evidenced in a
Board Resolution), which determination shall be conclusively binding; 

  

	 	(3)	encumbrances and restrictions applicable to any Unrestricted Subsidiary, as the same are in effect as of the date on which the Subsidiary becomes a Restricted Subsidiary, and as the
same may be amended, modified, restated, renewed, increased, supplemented, refunded, replaced or refinanced; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings
are no more restrictive, taken as a whole, with respect to the dividend and other payment restrictions than those contained in the applicable series of Indebtedness of such Subsidiary as in effect on the date on which such Subsidiary becomes a
Restricted Subsidiary unless such restrictions are ordinary and customary for agreements of that type as determined in the good faith judgment of the Company’s Board of Directors (and evidenced in a Board Resolution), which determination shall
be conclusively binding; 

  

	 	(4)	any Indebtedness incurred in compliance with Section 4.09 hereof or any agreement pursuant to which such Indebtedness is issued if the encumbrance or restriction applies only in the
event of a payment default or default with respect to a financial covenant contained in the Indebtedness or agreement and the encumbrance or restriction is not materially more disadvantageous to the Holders of the Notes than is customary in
comparable financings (as determined by the Company) and the Company determines that any such encumbrance or restriction will not materially affect the Company’s ability to pay interest or principal on the Notes; 

  

	 	(5)	this Indenture and the Notes; 

  

 54 

	 	(6)	applicable law or any requirement of any regulatory body; 

  

	 	(7)	any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except
to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of the acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired, and as such instrument may be amended, modified, restated, renewed, increased, supplemented, refunded, replaced or refinanced, provided that, in the case of Indebtedness, such
Indebtedness was permitted by the terms hereof to be incurred and, provided further, that any such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is no more restrictive, taken as a
whole, with respect to the dividend and other payment restrictions than those contained in the instrument as in effect on the date on which the Person was acquired by the Company unless such restrictions are ordinary and customary for agreements of
that type as determined in the good faith judgment of the Company’s Board of Directors (and evidenced in a Board Resolution), which determination shall be conclusively binding; 

  

	 	(8)	customary non-assignment provisions in leases, licenses or other contracts entered into in the ordinary course of business; 

  

	 	(9)	purchase money obligations for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in clause (4) in the second
paragraph of Section 4.09 hereof on the property so acquired; 

  

	 	(10)	any agreement for the sale or other disposition of a Restricted Subsidiary that restricts that Restricted Subsidiary pending its sale or other disposition; 

 

	 	(11)	Permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements governing the Permitted Refinancing Indebtedness are no more restrictive, taken
as a whole, than those contained in the agreements governing the Indebtedness being refinanced unless such restrictions are ordinary and customary for agreements of that type as determined in the good faith judgment of the Company’s Board of
Directors (and evidenced in a Board Resolution), which determination shall be conclusively binding; 

  

 55 

	 	(12)	Liens permitted to be incurred pursuant to the provisions of Section 4.12 hereof that limit the right of the debtor to dispose of the assets subject to such Liens;

  

	 	(13)	provisions with respect to the disposition or distribution of assets or property in joint venture agreements, shareholder agreements, partnership agreements and other similar
agreements; and 

  

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

  
 Section 4.09. Incurrence of Indebtedness and Issuance of Preferred
Stock. 
  
 The Company shall not, and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness
(including Acquired Debt) and the Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided that the Company may incur Indebtedness (including
Acquired Debt) or issue shares of Disqualified Stock and the Company’s Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock if, in each case, the Company’s Debt to Adjusted Consolidated Cash
Flow Ratio at the time of incurrence of the Indebtedness or the issuance of the preferred stock, after giving pro forma effect to such incurrence or issuance as of such date and to the use of proceeds from such incurrence or issuance as if the same
had occurred at the beginning of the most recently ended four full fiscal quarter period of the Company for which internal financial statements are available, would have been no greater than 7.5 to 1. 
  
 The provisions of the first paragraph of this Section 4.09 shall not prohibit
the incurrence of any of the following items of Indebtedness or to the issuance of any of the following items of Disqualified Stock or preferred stock (collectively, “Permitted Debt”): 
  

	 	(1)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness under the Credit Facilities in an aggregate principal amount (with letters of credit being deemed
to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) at any one time outstanding not to exceed $1.6 billion less any amount applied under the third paragraph of Section 4.10
hereof to reduce Indebtedness incurred pursuant to this clause; 

  

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

  

 56 

	 	(3)	the incurrence by the Company of Indebtedness in an aggregate principal amount of $225.0 million represented by the Notes originally issued on the Issue Date and the Exchange Notes
therefor to be issued pursuant to the Registration Rights Agreement; 

  

	 	(4)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase
money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or such Restricted Subsidiary, in
an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (4), not to exceed $50.0 million at any time outstanding;

  

	 	(5)	the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness), Disqualified Stock of the Company or preferred stock of a Restricted Subsidiary of the Company
that was permitted by this Indenture to be incurred under the first paragraph of this covenant, clause (2) or (3) of this paragraph or this clause (5); 

  

	 	(6)	the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries and the issuance
by any Restricted Subsidiary of the Company of shares of preferred stock to the Company or to another Restricted Subsidiary of the Company; provided, however, that if the Company is the obligor on such Indebtedness, such Indebtedness must be
expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes and that: 

  
 (a) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness or preferred stock being held by a Person other than
the Company or a Restricted Subsidiary, and 
  
 (b) any sale or
other transfer of any such Indebtedness or preferred stock to a Person that is not either the Company or a Restricted Subsidiary 

  

 57 

 
will be deemed, in each case, to constitute an incurrence of the Indebtedness by the Company or the Restricted Subsidiary or issuance of the shares of
preferred stock by the Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 
  

	 	(7)	the incurrence by the Company or any of its Restricted Subsidiaries of Interest and Currency Agreements not for speculative purposes; 

  

	 	(8)	the Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by
another provision of this Indenture; 

  

	 	(9)	the incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt in connection with a merger with or into a Restricted Subsidiary, or the acquisition of assets
or a new Subsidiary; provided that, in the case of any such incurrence of Acquired Debt, such Acquired Debt was incurred by the prior owner of such assets or such Restricted Subsidiary prior to such acquisition by the Company or one of its
Restricted Subsidiaries and was not incurred in connection with, or in contemplation of, the acquisition by the Company or one of its Restricted Subsidiaries; and provided further that, in the case of any incurrence pursuant to this clause
(9), as a result of such acquisition by the Company or one of its Restricted Subsidiaries, the Company’s Debt to Adjusted Consolidated Cash Flow Ratio at the time of incurrence of such Acquired Debt, after giving pro forma effect to such
acquisition and incurrence as if the same had occurred at the beginning of the most recently ended four full fiscal quarter period of the Company for which internal financial statements are available, would have been less than the Company’s
Debt to Adjusted Consolidated Cash Flow Ratio for the same period without giving pro forma effect to such incurrence; 

  

	 	(10)	the incurrence by the Company or any of its Restricted Subsidiaries since the Issue Date of additional Indebtedness and/or the issuance of preferred stock or Disqualified Stock in
an aggregate principal amount (or accreted value or liquidation preference, as applicable) at any time outstanding, including Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (10), not to exceed
$25.0 million; 

  

	 	(11)	 Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit, for the account of such Person, in order to provide security for
workers’ compensation claims, payment obligations 

  

 58 

	 	 
in connection with self-insurance or similar requirements in the ordinary course of business to the extent such letters of credit are not drawn upon or, if
drawn upon, are reimbursed within five business days of the relevant draw; and 

  

	 	(12)	Indebtedness of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, that such indebtedness is extinguished within three business days of incurrence.

  
 In addition: 
  

	 	(1)	the Company shall not incur, create, issue, assume, or otherwise become liable for any Indebtedness or issue a Guarantee that is contractually subordinated in right of payment to
any other Indebtedness of the Company unless such Indebtedness or Guarantee is also contractually subordinated in right of payment to the Notes on substantially identical terms; provided, however, that no Indebtedness or Guarantee of
the Company will be deemed to be contractually subordinated in right of payment to any other Indebtedness or Guarantee of the Company solely by virtue of being unsecured; 

  

	 	(2)	the Company shall not permit any of its Unrestricted Subsidiaries to incur any Indebtedness other than Non-Recourse Debt or Indebtedness owed to the Company or its Restricted
Subsidiaries; and 

  

	 	(3)	the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same
terms, and the payment of dividends on preferred stock or Disqualified Stock in the form of additional shares of the same class of preferred stock or Disqualified Stock shall not be deemed to be an incurrence of Indebtedness or an issuance of
preferred stock or Disqualified Stock for purposes of this covenant; provided, in each such case, that the amount thereof is included in Consolidated Interest Expense of the Company as accrued. 

  
 For purposes of determining compliance with this Section 4.09, in the event
that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (12) above the Company will be permitted to classify, or later reclassify, all or a portion of such item
of Indebtedness in any manner that complies with this Section 4.09. Indebtedness outstanding under the Senior Credit Facility on the Issue Date will be 

  

 59 

 
deemed to have been incurred on such date under clause (1) of the second paragraph of this Section 4.09. 
  
 Section 4.10. Asset Sales. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries
to, consummate an Asset Sale unless: 
  

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

  

	 	(2)	the fair market value is determined by the Company’s Board of Directors; and 

  

	 	(3)	except in the case of a Tower Asset Exchange or an Excluded International Sale, at least 75% of the consideration received in such Asset Sale by the Company or such Restricted
Subsidiary is in the form of cash or Cash Equivalents. 

  
 For purposes of this provision, each of the following shall be deemed to be cash: 
  

	 	(a)	any liabilities of the Company or such Restricted Subsidiary shown on the Company’s most recent balance sheet (other than contingent liabilities and liabilities that are by
their terms subordinated to the Notes or any Guarantee of the Notes) that are assumed by the transferee of any assets pursuant to a customary novation agreement that releases the Company or the Restricted Subsidiary from further liability; and

  

	 	(b)	any securities, notes or other obligations received by the Company or any Restricted Subsidiary from the transferee that are converted by the Company or the Restricted Subsidiary
into cash within 60 days of the applicable Asset Sale, to the extent of the cash received in that conversion. 

  
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale by the Company or a Restricted Subsidiary of the Company, the Company or the
Restricted Subsidiary may apply an amount equal to such Net Proceeds at its option to: 
  

	 	(1)	repay or repurchase secured Indebtedness of the Company; 

  

 60 

	 	(2)	repay or repurchase Indebtedness of any of the Company’s Restricted Subsidiaries, including Indebtedness under a Credit Facility, whether or not guaranteed by the Company;

  

	 	(3)	acquire all or substantially all of the assets of, or a majority of the Voting Stock or other Equity Interests of, another Permitted Business; 

  

	 	(4)	make a capital expenditure in the business of the Company and its Restricted Subsidiaries; or 

  

	 	(5)	acquire other assets (excluding Equity Interests) that are used or useful in a Permitted Business of the Company and its Restricted Subsidiaries. 

  
 Pending the final application of any Net Proceeds, they can be used to
temporarily reduce revolving credit borrowings of the Company or its Restricted Subsidiaries or otherwise be invested in any manner that is not prohibited by this Indenture. Notwithstanding the foregoing, if the Company or one of its Restricted
Subsidiaries enters into a legally binding obligation to invest any Net Proceeds and such obligation is terminated prior to 365 days after the relevant Asset Sale, such Net Proceeds may be applied as provided in clauses (1) through (5) above on or
prior to the later of such 365th day and 60 days after such termination. 
  
 Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the preceding paragraph will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15.0 million, the Company will be required to make an offer to all Holders of Notes and all holders
of other Indebtedness of the Company that is pari passu with the Notes containing provisions similar to those set forth in this Indenture relating to the Notes with respect to offers to purchase or redeem with the proceeds of sales of assets
(an “Asset Sale Offer”), to purchase the maximum principal amount of Notes and such other pari passu Indebtedness of the Company that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer for Notes
will be equal to 100% of the principal amount plus accrued and unpaid interest thereon up to but excluding the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, those Excess
Proceeds may be used by the Company and its Restricted Subsidiaries for any purpose not otherwise prohibited by this Indenture. If the principal amount plus premium, if any, and accrued and unpaid interest on the Notes and the other pari
passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale
Offer, the amount of Excess Proceeds will be reset at zero. 
  
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable to any Asset Sale Offer. If the provisions
of any of the applicable securities laws 

  

 61 

 
or securities regulations conflict with the provisions of this covenant, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this covenant by virtue of the compliance. 
  
 Section 4.11. Transactions with Affiliates. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any
of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate (each of the
foregoing, an “Affiliate Transaction”), unless: 
  

	 	(1)	the Affiliate Transaction is on terms that, in the aggregate, are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in
a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

  

	 	(2)	the Company delivers to the Trustee: 

  

	 	(a)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $5.0 million, an Officers’ Certificate
certifying that the Affiliate Transaction complies with clause (1) above; 

  

	 	(b)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $10.0 million, a resolution of the Board of
Directors of the Company set forth in an Officers’ Certificate certifying that the Affiliate Transaction complies with clause (1) above and that the Affiliate Transaction has been approved by a majority of the members of the Board of Directors
of the Company having no personal stake in such Affiliate Transaction (or, if there are no such members, by all of the directors and by the procedure described in clause (c) below); and 

  

	 	(c)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving an aggregate consideration in excess of $25.0 million, an opinion as to the fairness
to the Company of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 

  

 62 

 The following items shall not be deemed Affiliate Transactions, and therefore, will not be subject to the
provisions of the prior paragraph: 
  

	 	(1)	any employment compensation, benefit or indemnification agreement or arrangement (and any payments or other transactions pursuant thereto) entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business with any officer, employee or director of the Company or any of its Restricted Subsidiaries, including pursuant to stock option plans, stock ownership plans and employee benefit plans or
arrangements; 

  

	 	(2)	transactions between or among the Company and/or its Restricted Subsidiaries; 

  

	 	(3)	payment of reasonable directors’ fees in an aggregate annual amount per Person that is substantially consistent with directors’ fees at comparable companies engaged in
Permitted Businesses; 

  

	 	(4)	Restricted Payments that are permitted under Section 4.07 hereof and Permitted Investments; 

  

	 	(5)	the issuance or sale of Equity Interests (other than Disqualified Stock) of the Company; 

  

	 	(6)	transactions with a Person that is an Affiliate of the Company or a Restricted Subsidiary of the Company solely because the Company or a Restricted Subsidiary of the Company owns an
Equity Interest in, or controls, such Person; and 

  

	 	(7)	any transaction undertaken pursuant to a contractual obligation as in effect on the Issue Date. 

  
 Section 4.12. Liens. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or otherwise cause or
suffer to exist or become effective any Lien (other than Permitted Liens) of any kind securing Indebtedness, Attributable Debt or trade payables upon any of their property or assets now owned or hereafter acquired unless all payments due under this
Indenture and the Notes are secured on an equal and ratable basis with the obligations so secured until such time as such obligations are no longer secured by a Lien of any kind. 
  

 63 

 Section 4.13. Corporate Existence. 
  
 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full
force and effect: 
  

	 	(1)	its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the
same may be amended from time to time) of the Company or any such Restricted Subsidiary and 

  

	 	(2)	the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 

  
 provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate,
partnership or other existence of any of its Restricted Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.14. Offer to Repurchase Upon Change of Control. 
  

If a Change of Control occurs, the Company shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part
(equal to $1,000 or an integral multiple thereof) of each Holder’s Notes at a purchase price, in cash, equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid thereto, if any, up to but excluding the date of
purchase (the “Change of Control Payment”). Within 15 days following any Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute a Change of Control and stating:

  

	 	(1)	the CUSIP number; 

  

	 	(2)	that the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted for payment; 

  

	 	(3)	the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment
Date”); 

  

	 	(4)	that any Note not tendered will continue to accrue interest; 

  

	 	(5)	 that unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of 

  

 64 

	 	 
Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

  

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

 

	 	(7)	that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of
Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes
purchased; 

  

	 	(8)	that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased
portion must be equal to $1,000 in principal amount or an integral multiple thereof; and 

  

	 	(9)	that Holders electing to have a Note purchased pursuant to a Change of Control Offer may elect to have Notes purchased in integral multiples of $1,000 only.

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

	 	(1)	accept for payment all Notes or portions of Notes 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 of Notes 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 Company. 

  
 The Paying Agent
shall promptly mail to each Holder of Notes properly 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 

  

 65 

 
to any unpurchased portion of the Notes surrendered, if any; provided that each new Note shall be in a principal amount of $1,000 or an integral
multiple of $1,000. 
  
 The Change of Control provisions described
above will be applicable whether or not any other covenants or similar provisions of this Indenture are applicable. The Company shall comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to
the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section 4.14, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.14 by virtue of the compliance. 
  
 The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 
  
 Section 4.15. Sale and Leaseback Transactions. 
  
 The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; provided that the Company or any of its Restricted Subsidiaries may enter into a sale and leaseback transaction if: 
  

	 	(1)	the Company or such Restricted Subsidiary, as applicable, could have: 

  

	 	(a)	incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction pursuant to the provisions of Section 4.09 hereof; and

  

	 	(b)	incurred a Lien to secure such Indebtedness pursuant to the provisions of Section 4.12 hereof; 

  

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

  

	 	(3)	the transfer of assets in that sale and leaseback transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section 4.10 hereof.

  

 66 

 Section 4.16. [Reserved]. 
  
 Section 4.17. Limitation on Issuances of Guarantees of Indebtedness. 
  
 The Company will not permit any Restricted Subsidiary, directly or
indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company unless such Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture governing the Notes providing for the
Guarantee of the payment of the Notes by such Subsidiary (a “Note Guarantee”), which Note Guarantee shall be senior to or pari passu with such Subsidiary’s Guarantee of or pledge to secure such other Indebtedness;
provided that this covenant will not apply to a Credit Facility of any Restricted Subsidiary of the Company for which the Company is a guarantor. Notwithstanding the foregoing, any Note Guarantee by a Subsidiary shall provide by its terms
that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person other than a Subsidiary of the Company, of all of the Company’s stock in, or all or substantially all the assets of,
such Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture. The form of such Note Guarantee is attached as Exhibit C hereto. 
  
 Section 4.18. Covenant Suspension. 
  
 If on any date following the Issue Date: 
  

	 	(a)	the Notes have Investment Grade Ratings from both Rating Agencies and 

  

	 	(b)	no Default or Event of Default has occurred and is continuing under this Indenture, 

  
 then, beginning on that day, the Company and the Restricted Subsidiaries will not be subject to the following Sections of this Indenture:
Section 3.09, Section 4.07, Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.17, Section 4.19, clauses (1)(a) and (3) of Section 4.15, and clause (2)(c)(x) of Section 5.01 (collectively, the “Suspended Covenants”). In the
event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the preceding sentence and, subsequently, one or both of the Rating Agencies withdraws its rating or downgrades
the rating assigned to the Notes below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for
all periods during the continuance of that withdrawal, downgrade, Default or Event of Default and, furthermore, compliance with the provisions of Section 4.07 with respect to Restricted Payments made after the time of the withdrawal, downgrade,
Default or Event of Default will be calculated in accordance with the terms of that covenant as though that covenant had been in effect during the entire period of time from the Issue Date, provided, however, that there will not be
deemed to have occurred a Default or Event of Default with respect to the Suspended Covenants during the time that the Company and its Restricted Subsidiaries were not 

  

 67 

 
subject to the Suspended Covenants (or after that time based solely on events that occurred during that time). 
  
 Section 4.19. Designation of Restricted and Unrestricted Subsidiaries.

  
 The Board of Directors of the Company may designate any
Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default or Event of Default and to the extent that such Subsidiary: 
  

	 	(1)	has no Indebtedness to any Person other than: 

  

	 	(a)	Non-Recourse Debt; or 

  

	 	(b)	Indebtedness owed to the Company or any of its Restricted Subsidiaries; 

  

	 	(2)	is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 

  

	 	(3)	is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation: 

  

	 	(a)	to subscribe for additional Equity Interests; or 

  

	 	(b)	to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

  

	 	(4)	has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 

 
 If a Restricted Subsidiary is designated as an Unrestricted Subsidiary,
the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated shall be deemed to be an Investment made as of the time of the designation. This designation
will only be permitted if the Investment would be permitted at that time under this Indenture and if the Restricted Subsidiary otherwise meets the 

  

 68 

 
definition of an Unrestricted Subsidiary. Any designation of a Restricted Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07
hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of that
Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company shall be in default of such
covenant). 
  
 The Board of Directors of the Company may at any
time designate any Unrestricted Subsidiary (other than Verestar and its Subsidiaries) to be a Restricted Subsidiary; provided that the designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any
outstanding Indebtedness of such Unrestricted Subsidiary and the designation shall only be permitted if: 
  

	 	(1)	such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period;
and 

  

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

  
 ARTICLE 5 
  
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation or Sale of Assets. 
  
 The Company shall not, directly or indirectly: 
  

	 	(1)	consolidate or merge with or into another Person (whether or not the Company is the surviving corporation); or 

  

	 	(2)	sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, in one
or more related transactions, to another Person, unless: 

  

	 	(a)	 either (A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if 

  

 69 

	 	 
other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation organized or existing
under the laws of the United States, any state of the United States or the District of Columbia; 

  

	 	(b)	the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other
disposition shall have been made assumes all the Obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee;

  

	 	(c)	except in the case of (A) a merger of the Company with or into a Wholly Owned Restricted Subsidiary of the Company and (B) a merger entered into solely for the purpose of
reincorporating the Company in another jurisdiction: 

  

	 	(x)	(i) in the case of a merger or consolidation in which the Company is the surviving corporation, the Company, at the time of the transaction, after giving pro forma effect to the
transaction as of such date for balance sheet purposes and as if the transaction had occurred at the beginning of the most recently ended four full fiscal quarter period of the Company for which internal financial statements are available for income
statement purposes, (i) would have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of Section 4.09 hereof or (ii) would have had a Debt to Adjusted Cash Flow Ratio that was not greater than the
Company’s Debt to Adjusted Consolidated Cash Flow Ratio for the same period without giving pro forma effect to such transaction, or 

  
 (ii) in the case of any other such transaction, the entity or Person formed by or surviving any such consolidation or merger (if other than the Company),
or to which the sale, assignment, transfer, lease, conveyance or other disposition shall have been made, at the time of the transaction, after giving pro forma effect to the transaction as of such date for balance sheet purposes and as if such
transaction had occurred at the beginning of the most recently ended four full fiscal quarter period of such entity or Person for which 

  

 70 

 
internal financial statements are available for income statement purposes, (i) would have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the first paragraph of Section 4.09 hereof or (ii) would have had a Debt to Adjusted Consolidated Cash Flow Ratio that was not greater than the Company’s Debt to Adjusted Consolidated Cash Flow Ratio for the same period without
giving pro forma effect to such transaction; provided, however, that for purposes of determining the amount of Indebtedness permitted to be incurred or the Debt to Adjusted Consolidated Cash Flow Ratio of any entity or Person for
purposes of this clause (ii) the entity or Person will be substituted for the Company in Section 4.09 hereof and in the definition of Debt to Adjusted Consolidated Cash Flow Ratio and the defined terms included therein under Section 1.01 hereof; and

  

	 	(y)	immediately after such transaction no Default or Event of Default exists. 

  
 In addition, the Company will not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other
Person. 
  
 Section 5.02. Successor Corporation
Substituted. 
  
 Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the
Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of
a sale of all of the Company’s assets that meets the requirements of Section 5.01 hereof. 
  

 71 

 ARTICLE 6 
  

DEFAULTS AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 Each of the following is an Event of Default: 
  

	 	(1)	default for 30 days in the payment when due of interest or Additional Interest on the Notes; 

  

	 	(2)	default in payment when due of the principal of or premium, if any, on the Notes; 

  

	 	(3)	failure by the Company or any of its Subsidiaries to comply with the provisions of Article 5 hereof or failure by the Company to consummate a Change of Control Offer or Asset Sale
Offer in accordance with the provisions of this Indenture; 

  

	 	(4)	failure by the Company or any of its Subsidiaries for 30 days after notice by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding,
to comply with any of the provisions of Section 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.17 or 4.19 hereof or the failure by the Company or any of its Subsidiaries for 60 days after notice by the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements in this Indenture or the Notes; 

  

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

  

	 	(a)	is caused by a failure to pay principal of or premium, if any, or interest on the Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date
of the default (a “Payment Default”); or 

  

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

  

 72 

	 	 
and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has
been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; 

  

	 	(6)	failure by the Company or any of its Significant Subsidiaries to pay final judgments against any of them which are not covered by adequate insurance by a solvent insurer of national
or international reputation which has acknowledged its obligations in writing, aggregating in excess of $20.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; and 

  

	 	(7)	the Company or any of its Significant Subsidiaries pursuant to or within the meaning of Bankruptcy Law: 

  

	 	(a)	commences a voluntary case, 

  

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

  

	 	(c)	consents to the appointment of a custodian of it or for all or substantially all of its property, 

  

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

  

	 	(e)	generally is not paying its debts as they become due; or 

  

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

  

	 	(a)	is for relief against the Company or any of its Significant Subsidiaries in an involuntary case; 

  

	 	(b)	appoints a custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property of the Company or any of its Significant Subsidiaries; or

  

	 	(c)	orders the liquidation of the Company or any of its Significant Subsidiaries; 

  

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

 73 

 Section 6.02. Acceleration. 
  
 In the case of an Event of Default specified in clause (7) or (8) of Section 6.01 hereof, the principal amount of, premium,
if any, and any accrued and unpaid interest on all outstanding Notes shall become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes may declare the principal amount of, premium, if any, and any accrued and unpaid interest on all outstanding Notes to be due and payable immediately. Upon any such declaration, the principal
amount of the Notes, plus accrued and unpaid interest and Additional Interest, if any, outstanding on the date of acceleration shall become immediately due and payable. 
  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of
principal amount of, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law. 
  
 Section 6.04. Waiver of Past
Defaults. 
  
 Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in
the payment of the principal amount, premium, if any, and any accrued and unpaid interest on, the Notes (including in connection with an offer to purchase) provided, however, that the Holders of a majority in aggregate principal amount
of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05. Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Notes may
direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to 

  

 74 

 
follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes
or that may involve the Trustee in personal liability. 
  
 Section
6.06. Limitation on Suits. 
  
 A Holder of a Note may
pursue a remedy with respect to this Indenture or the Notes only if: 
  

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

  

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

  

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

  

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

  
 A Holder of a Note may not use this Indenture to
prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07. Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of,
premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08. Collection Suit by Trustee. 
  
 If
an Event of Default specified in clauses (1) or (2) of Section 6.01 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of,
premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

 75 

 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

Section 6.10. Priorities. 
  
 If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 
  
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
of Notes pursuant to this Section 6.10. 
  

 76 

 Section 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit
by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  
 ARTICLE 7 
  
 TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  
 (a) If an
Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  

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

  

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

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

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

  

 77 

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

  

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

  
 (d) Whether or not therein expressly so
provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
  
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no
obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

  
 (f) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 Section 7.02. Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its own selection and the written and oral advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon. 
  
 (c) The Trustee may act through
its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  

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 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  
 (f) The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities that might
be incurred by it in compliance with such request or direction. 
  
 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
  
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  

Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or
resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 Section 7.04. Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
  

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 Section 7.05. Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except with respect to a Default or Event of Default relating to the payment of principal of, premium, if any, or
interest on the Notes, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  
 Section 7.06. Reports by Trustee to Holders of the Notes. 

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

 
 A copy of each report at the time of its mailing to the Holders of Notes
shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or
delisted therefrom. 
  
 Section 7.07. Compensation and
Indemnity. 
  
 The Company shall pay to the Trustee from time
to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel. 
  
 The Company shall fully
indemnify the Trustee against any and all losses, liabilities, claims, damages or expenses (including legal fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture,
including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense is caused by its own negligence, bad faith or willful misconduct. The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall 

  

 80 

 
not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
  
 To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay
principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 
  
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
  
 Section 7.08. Replacement of Trustee. 
  
 A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
  
 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in
principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  

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

  

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

  

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

  

	 	(d)	the Trustee becomes incapable of acting. 

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

  

 81 

 
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
  
 If a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in principal amount of the then outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of
a successor Trustee. 
  
 If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor
Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the
Lien provided for in Section 7.07 hereof. 
  
 Section 7.09.
Successor Trustee by Merger, etc. 
  
 If the Trustee
consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 
  
 Section 7.10. Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $75.0 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA §
310(b). For purposes of TIA §310(b)(1)(C)(i), the indentures relating to the Convertible Notes are hereby specifically described. 
  

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 Section 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  
 Section 7.12. Trustee’s Application for Instructions from the Company. 
  
 Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in
writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or
omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any Officer of the Company actually receives
such application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in
response to such application specifying the action to be taken or omitted. 
  
 ARTICLE 8 
  
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01. Option
to Effect Legal Defeasance or Covenant Defeasance. 
  
 The
Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article 8. 
  
 Section 8.02.
Legal Defeasance and Discharge. 
  
 Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect
to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (1) and (2) below, and to have
satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments provided to it acknowledging the 

  

 83 

 
same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  

	 	(1)	the rights of Holders of outstanding Notes to receive payments in respect of the principal amount, premium, if any, interest and Additional Interest, if any, on such Notes when such
payments are due from the trust referred to in Section 8.04 hereof; 

  

	 	(2)	the Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

  

	 	(3)	the rights, powers, trusts, duties and immunities of the Trustee and the Company’s obligations in connection therewith; and 

  

	 	(4)	this Article 8. 

  
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof. 
  
 Section 8.03. Covenant
Defeasance. 
  
 Upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 3.09, 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.17 and 4.19 hereof and clause 2(c)(x) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(6) hereof shall not constitute Events of Default. 
  

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 Section 8.04. Conditions to Legal or Covenant Defeasance. 
  
 The following shall be the conditions to the application of either Section
8.02 or 8.03 hereof to the outstanding Notes: 
  
 In order to
exercise either Legal Defeasance or Covenant Defeasance: 
  

	 	(1)	the Company must irrevocably deposit or cause to be deposited with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable Government
Securities, or a combination thereof, in amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, interest and Additional Interest, if any, on the
outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company shall specify whether the Notes are being defeased to maturity or to a particular redemption date;

  

	 	(2)	in the case of an election under Section 8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that:

  

	 	(a)	the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 

  

	 	(b)	since the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm
that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred; 

  

	 	(3)	in the case of an election under Section 8.03 hereof, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders
of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred; 

  

 85 

	 	(4)	no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit); 

  

	 	(5)	such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this
Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound; 

  

	 	(6)	the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that on the 91st day following the deposit, the trust funds will not be subject to the effect of
any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

  

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

  

	 	(8)	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance have been complied with. 

  
 Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than 

  

 86 

 
any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section
8.06. Repayment to Company. 
  
 Any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 Section 8.07. Reinstatement. 
  

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

 87 

 ARTICLE 9 
  

AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01. Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any
Holder of Notes: 
  

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

  

	 	(2)	to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of Article 2 hereof (including the related definitions) in a manner
that does not materially adversely affect any Holder; 

  

	 	(3)	provide for the assumption of the Company’s obligations to Holders of Notes in the case of a merger or consolidation of the Company or sale of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole; 

  

	 	(4)	to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder of
Notes or any holder of a beneficial interest in the Notes; 

  

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

  

	 	(6)	to provide for Note Guarantees in accordance with Section 4.17 and Article 10 hereof; or 

  

	 	(7)	to evidence and provide for the acceptance of the appointment of a successor Trustee pursuant to Section 7.08 hereof. 

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

 88 

 Section 9.02. With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02, the Company and the Trustee
may amend or supplement this Indenture (including Section 3.09, 4.10 and 4.14 hereof) and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding, voting as a single class, (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than an uncured Default or
Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes may be
waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes, voting as a single class, (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
  
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join
with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture. 
  
 It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding, voting as a single class, may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without the consent of each
Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
  

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

  

 89 

	 	(2)	reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (other than the provisions of
Sections 3.09, 4.10 and 4.14 hereof), or amend or modify the calculation, or time for payment, of interest, including defaulted interest, on the Notes; 

  

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

  

	 	(4)	make any Note payable in money other than that stated in the Notes; 

  

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

  

	 	(6)	waive a redemption payment with respect to any Note (other than a payment required by Section 3.09, 4.10 or 4.14 hereof) with respect to any Note; 

  

	 	(7)	except as provided under Article 8 hereof or in accordance with the terms of any Note Guarantee, release any Guarantor from any of its obligations under its Note Guarantee or make
any change in a Note Guarantee that would adversely affect the Holders of the Notes; or 

  

	 	(8)	make any change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver provisions. 

  
 Section 9.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes shall be set forth in a amended or supplemental indenture that
complies with the TIA as then in effect. 
  
 Section 9.04.
Revocation and Effect of Consents. 
  
 Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver,
supplement or amendment becomes effective. 

  

 90 

 
An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05. Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement
or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.06. Trustee to Sign Amendments, etc. 
  
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not
sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be provided with and (subject to Section 7.01 hereof) shall be fully protected in relying
upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.

  
 ARTICLE 10 
  
 NOTE GUARANTEES 
  
 Section 10.01. Guarantee. 
  
 The provisions of this Article 10 shall apply only to those Subsidiaries
(“Guarantors”) of the Company, if any, that execute one or more supplemental indentures to this Indenture in the form of Exhibit B to this Indenture in compliance with the requirements of Section 4.17 of this Indenture. 
  
 Subject to this Article 10, each of the Guarantors hereby, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the
Obligations of the Company hereunder or thereunder, that: (a) the principal of and interest and Additional Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or 

  

 91 

 
performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other Obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
  
 The Guarantors hereby agree that their obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this
Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
  
 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other
similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

  
 Each Guarantor agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Guarantee. 
  
 Section 10.02. Limitation on
Guarantor Liability. 
  
 Each Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent 

  

 92 

 
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the
foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will not exceed an amount that, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 10, would result in the obligations of such Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 
  
 Section 10.03. Execution and Delivery of Note Guarantee. 
  

To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the
form included in Exhibit C shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its President or one of its Vice
Presidents. 
  
 Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the
Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee shall be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Guarantors. 
  
 In the event that the
Company creates or acquires any new Subsidiaries subsequent to the date of this Indenture, if required by Section 4.17 hereof, the Company shall cause such Subsidiaries to execute supplemental indentures to this Indenture and Note Guarantees in
accordance with Section 4.17 hereof and this Article 10, to the extent applicable. 
  
 Section 10.04. Guarantors May Consolidate, etc., on Certain Terms. 
  
 Except as otherwise provided in Section 10.05, no Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person whether or not affiliated with such Guarantor unless: 
  

	 	(a)	 subject to Section 10.05 hereof, the Person formed by or surviving any such consolidation or merger (if other than a Guarantor or the 

  

 93 

	 	 
Company) unconditionally assumes all the Obligations of such Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to
the Trustee, under the Notes, the Indenture and the Note Guarantee on the terms set forth herein or therein; and 

  

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

  
 In case of any such consolidation or merger and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses
(a) and (b) above, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
  
 Section 10.05. Releases Following Sale of Assets. 
  
 In the event of a sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any
Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) a Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise,
of all of the Capital Stock of such Guarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any Obligations under its
Note Guarantee; provided, however, that the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to
the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof,
the Trustee shall execute any documents 

  

 94 

 
reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  
 Any Guarantor not released from its obligations under its Note Guarantee
shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 
  
 ARTICLE 11 
  
 SATISFACTION AND DISCHARGE 
  
 Section 11.01. Satisfaction and Discharge. 
  
 This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when: 
  

	 	(1)	either 

  

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

  

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

  

 95 

	 	(2)	no Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the deposit and the deposit will not result in a breach or
violation of, or constitute a default under, any other instrument to which the is a party or by which the Company is bound; 

  

	 	(3)	the Company has paid or caused to be paid all sums payable by it under this Indenture; and 

  

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

  
 In addition, the
Company must deliver an Officers’ Certificate to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of
this Section, the provisions of Section 11.02 and Section 8.06 shall survive. In addition, nothing in this Section 11.01 shall be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and
discharge of this Indenture. 
  
 Section 11.02. Notices.

  
 Subject to the provisions of Section 8.06, all money deposited
with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and premium, if any, and interest and Additional Interest, if any, for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law. 
  
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01;
provided that if the Company has made any payment of principal of and premium, if any, and interest and Additional Interest, if any, on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
  

 96 

 ARTICLE 12 
  

MISCELLANEOUS 
  
 Section 12.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control.

  
 Section 12.02. Notices. 
  
 Any notice or communication by the Company or the Trustee to the others is
duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

 
 If to the Company: 
  
 American Tower Corporation 
 116 Huntington Avenue 
 Boston, MA 02116

 Telecopier No.: (617) 375-7575 
 Attention: Chief Financial Officer and Secretary 
  
 If
to the Trustee: 
  
 The Bank of New York 
 101 Barclay Street, 8W 
 New York, New York
10286 
 Telecopier No.: (212) 815-5707 
 Attention: Corporate Trust Administration 
  
 The
Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery. 
  

 97 

 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered,
return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the
extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it. 
  
 If the Company mails a notice
or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 Section 12.03. Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture
or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 12.04. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee: 
  
 (a) an Officers’ Certificate in
form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied. 
  
 Section 12.05. Statements
Required in Certificate or Opinion. 
  
 Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

 98 

 (c) a statement that, in the opinion of such Person, he, she or it has made such examination or
investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  
 Section 12.06. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions; provided that no such rule shall conflict with the terms of this Indenture or the TIA. 
  
 Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
  
 No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Company, as such, shall have any liability for any obligations of the Company under the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  
 Section 12.08. Governing Law. 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

Section 12.09. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries
or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.10. Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its
successors. 
  

 99 

 Section 12.11. Severability. 
  
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 12.12. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  
 Section 12.13. Table of Contents, Headings, etc.

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

 100 

 SIGNATURES 
  

Dated as of February 4, 2004 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	 /s/ Bradley E. Singer

	 	 	

	 	 	 Name: Bradley E. Singer

	 	 	 Title: Chief Financial Officer and Treasurer

  

			
		
	Attest:	 	 /s/ Anghely Almonte

	 	 	

	 	 	 Name: Anghely Almonte

	 	 	 Title: Assistant

  

			
	THE BANK OF NEW YORK
		
	By:	 	 /s/ Kisha A. Holder

	 	 	

	 	 	 Name: Kisha A. Holder

	 	 	Title: Assistant Vice President

  

 101 

 EXHIBIT A 
  

[Face of Note] 
  
 [Insert the Global Note Legend, if applicable, pursuant to Section 2.06(f)(i) of the Indenture – THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF AMERICAN TOWER CORPORATION.] 
  
 [If Rule 144A Notes or Regulation S Note issued during the Restricted Period, then insert the following legend (the
“Restricted Notes Legend”) – THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, THE SECURITIES ACT, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION
AND IN ACCORDANCE WITH THE TRANSFER RESTRICTIONS CONTAINED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED.] 
  

 A-1 

 CUSIP/CINS
                     
  
 7.50% Senior Notes due 2012 
  

					
	 No.             
	 	 	 	$            

  
 AMERICAN TOWER
CORPORATION 
  
 promises to pay to
                     or registered assigns, the principal sum of
                                        
                             DOLLARS on May 1, 2012. (which principal sum may from time to time be reduced
or increased as appropriate to reflect exchanges, redemptions, repurchases and transfers of interest, but which, when taken together with the aggregate principal sum of all other Notes, shall not exceed $225,000,000 at any time). 
  
 Interest Payment Dates: May 1 and November 1 
  
 Regular Record Dates: April 15 and October 15 
  

 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed as of the date below.

  
 Dated: February 4, 2004 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	 
	 	 	

	 	 	 Name: James D. Taiclet, Jr.

	 	 	 Title: President and Chief Executive Officer

  

			
		
	By:	 	 
	 	 	

	 	 	 Name: Bradley E. Singer

	 	 	 Title: Chief Financial Officer and Treasurer

  

 A-3 

 This is one of the Notes referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK,
 as Trustee

		
	 	 	 
	 	 	

	 	 	Authorized Signatory

  

 A-4 

 [Back of Note] 
  
 7.50% Senior Notes Due 2012 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. Interest. American Tower Corporation, a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 7.50% per annum from February 4, 2004 until maturity [If Original Notes then insert — If (i) on or prior to the 90th day following the Issue Date, neither a
registration statement (the “Exchange Registration Statement”) under the Securities Act, registering a note substantially identical to this Note (except that such Note will not contain terms with respect to the Additional Interest payments
described below or transfer restrictions) pursuant to an exchange offer (the “Exchange Offer”) nor a registration statement registering this Note for resale (a “Shelf Registration Statement”) has been filed with the Securities
and Exchange Commission, (ii) on or prior to the 180th day following the Issue Date, neither the Exchange Registration Statement nor the Shelf Registration Statement has become or been declared effective, (iii) on or prior to 30 business days
following the Effectiveness Target Date, the Exchange Offer has not been consummated, or (iv) either the Exchange Registration Statement or, if applicable, the Shelf Registration Statement is declared effective but (A) thereafter ceases to be
effective or (B) ceases to be usable in connection with certain resales, in each case (i) through (iv) upon the terms and conditions set forth in the Registration Rights Agreement (each such event referred to in clauses (i) through (iv), a
“Registration Default”), then additional interest will accrue at an amount of $0.05 per week per $1,000 of principal amount of this Note (“Additional Interest”) for the 90-day period immediately following the occurrence of
the Registration Default, which amount shall be increased by $0.05 per week per $1,000 of principal amount of this Note at the beginning of each subsequent 90-day period (provided that such amount shall not exceed $0.25 per week per $1,000 of
principal amount of this Note in the aggregate) and such amount shall be payable until such time as no Registration Default is in effect (after which such interest rate will be restored to its initial rate). In no event shall the Company be required
to pay Additional Interest (which shall be computed on the basis of a 365-day year) for more than one Registration Default at any given time. Accrued Additional Interest, if any, shall be paid semi-annually on May 1 and November 1 in each year; and
the amount of accrued Additional Interest shall be determined on the basis of the number of days actually elapsed. Any accrued and unpaid interest (including Additional Interest) on this Note upon the issuance of an Exchange Note (as defined in the
Indenture) in exchange for this Note shall cease to be payable to the Holder hereof but such accrued and unpaid interest (including Additional Interest) shall be payable on the next Interest Payment Date for such Exchange Note to the Holder thereof
on the related Regular Record Date.] The Company will pay interest semi-annually in arrears on May 1 and November 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which interest has 

  

 A-5 

 
been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, the Company
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium [If Original Notes then insert — and Additional Interest], if any, from time to time on demand at a rate that is
1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to
time on demand at the same rate to the extent lawful. Interest [If Original Notes then insert — (other than Additional Interest)] will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 15 or October 15 next preceding the Interest Payment Date (each, a “Regular Record Date”), even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest [If Original Notes
then insert — and Additional Interest, if any], at the office or agency of the Paying Agent and Registrar maintained for such purpose within the City and State of New York, or, at the option of the Company, payment of interest and [If Original
Notes then insert — Additional Interest, if any,] may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required
with respect to principal of, premium, if any, and interest and [If Original Notes then insert — Additional Interest, if any,] on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the
Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, The Bank of New York, the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. Indenture. The Company issued the Notes under an Indenture dated as
of February 4, 2004 (“Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are obligations of the Company. The Original Notes are limited to $225 million in aggregate principal amount. Unless the context
otherwise requires, the Original Notes and the Exchange Notes shall constitute one series for all purposes under the Indenture, 

  

 A-6 

 
including without limitation, amendments, waivers, redemptions, Change of Control Offers and Asset Sale Offers. 
  
 5. Optional Redemption. (a) Except as provided in clause (b) of this
Paragraph 5, the Notes will not be redeemable at the Company’s option prior to May 1, 2008. On or after May 1, 2008, the Company may redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed to but excluding the applicable redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month period beginning on May 1 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	103.750	%
	 2009
	  	101.875	 
	 2010 and thereafter
	  	100.000	 

  
 (b) Prior to February
1, 2007, the Company may use the net cash proceeds of one or more Public Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes originally issued at a redemption price equal to 107.50% of the principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant Interest Payment Date); provided that: 
  

	 	(1)	immediately after giving effect to any such redemption, at least 65% of the aggregate principal amount of Notes originally issued remains outstanding; and 

 

	 	(2)	the Company makes such redemption not more than 60 days after the consummation of a Public Equity Offering. 

  
 6. No Mandatory Redemption. The Company shall not be required to make
mandatory redemption payments with respect to the Notes. 
  
 7.
Repurchase at Option of Holder. (a) If a Change of Control occurs, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $1,000 or an integral multiple
thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, up to but not including the date of purchase (the “Change of

  

 A-7 

 
Control Payment”). Within 15 days following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures governing
the Change of Control Offer as required by the Indenture. 
  
 (b)
When the aggregate amount of Excess Proceeds from Asset Sales exceeds $15.0 million, the Company shall commence an offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions
similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of
Notes and other such pari passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if
any, thereon, to the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the remaining Excess
Proceeds may be used for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount plus premium, if any, accrued and unpaid interest and Additional Interest, if any, on the Notes surrendered by Holders thereof, and the
amounts due to any holders of any other debt of the Company entitled to receive a comparable asset sales offer, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such other pari passu Indebtedness to be purchased
on a pro rata basis. Holders of Notes that are the subject of an offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Notes. [If not a Global Note, insert — In the event of redemption or purchase pursuant to an Asset Sale Offer of this Note in part only, a new Note or Notes of like tenor for
the unredeemed or unpurchased portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.] 
  
 8. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the
redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 9. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange
or register the transfer of 

  

 A-8 

 
any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest
Payment Date. 
  
 10. Persons Deemed Owners. The registered
Holder of a Note may be treated as its owner for all purposes, except as provided in Section 2.06(a) of the Indenture. 
  
 11. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, and the Notes may be amended or supplemented with the consent
of the Holders of at least a majority in principal amount of the then outstanding Notes and any existing default or non-compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes, voting as a single class. Without the consent of any Holder of Notes, the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of Article 2 of the Indenture (including the related definitions) in a manner that does not materially adversely affect any Holder or any holder of a
beneficial interest in the Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of
the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act, or to
evidence and provide for the acceptance of the appointment of a successor Trustee pursuant to Section 7.08 of the Indenture. 
  
 12. Defaults and Remedies. Events of Default include: (i) default for 30 days in the payment when due of interest or Additional Interest on the
Notes; (ii) default in payment when due of the principal of, or premium, if any, on the Notes; (iii) failure by the Company or any of its Subsidiaries to comply with the provisions of Article 5 of the Indenture or failure by the Company to
consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of the Indenture; (iv) failure by the Company or any of its Subsidiaries for 30 days after notice by the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding, to comply with any of the provisions of Section 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.17 or 4.19 of the Indenture or failure by the Company or any of its Subsidiaries for 60 days
after notice by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements in the Indenture or the Notes; (v) default under any mortgage, indenture or instrument
under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Significant
Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default (a) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the
grace period provided in such Indebtedness on the date of such default (a “Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its express maturity; and, 

  

 A-9 

 
in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; (vi) failure by the Company or any of its Significant Subsidiaries to pay final judgments against any of them which are not covered by adequate
insurance by a solvent insurer of national or international reputation which has acknowledged its obligation in writing, aggregating in excess of $20.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; and
(vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries. In the case of an Event of Default arising under clause (vii) above, the principal amount of, premium, if any, and any accrued and
unpaid interest, including Additional Interest, if any, on all outstanding notes will become due and payable immediately, without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the then outstanding Notes may declare the principal amount of, premium, if any, and any accrued and unpaid interest, including Additional Interest, if any, on all outstanding notes to be due and payable. Holders of
the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment on the Notes) if it determines that withholding notice is in their interest.
The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of principal amount of, premium, if any, and any accrued and unpaid interest, including Additional Interest, if any, on the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 13. Trustee Dealings with Company. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  
 14. No Recourse Against Others. A director, officer, employee,
incorporator or stockholder, of the Company, as such, shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

 

 A-10 

 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 17. Registration Rights Agreement. In addition to the rights provided
to the Holders of Notes under the Indenture, Holders shall have all the rights set forth in the Registration Rights Agreement dated as of February 4, 2004, among the Company and the other parties named on the signature pages thereof. 
  
 18. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be
made to: American Tower Corporation, 116 Huntington Avenue, Boston, MA 02116, Attention: Vice President of Finance, Investor Relations. 
  

 A-11 

 Assignment Form 
  
 To assign this Note, fill in the form below: 
  
 (I) or (we) assign and transfer this Note to:
                                        
         
                                        
                       (Insert assignee’s legal name) 
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  
 (Print or type assignee’s name, address and zip code) 
  
 and irrevocably appoint
                                        
                     to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  
 Date:
                                 
  
 Your Signature:
                                        
             
  
 (Sign exactly as your name appears on the face of this Note) 
  
 Signature Guarantee*:
                                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-12 

 Option of Holder to Elect Purchase 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box
below: 
  
 [_] Section
4.10                                        
             [_] Section 4.14 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
  
 $                                     
  
 Date:
                                 
  
 Your Signature:
                                        
             
  
 (Sign exactly as your name appears on the face of this Note) 
  
 Tax Identification No.:
                                        
         
  
 Signature Guarantee*:
                                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
  
 The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of decrease in
 Principal Amount of
 this Global Note

	 	 Amount of increase in
 Principal Amount of
 this Global Note

	  	 Principal
 Amount of
 this Global Note
 following such
decrease
 (or increase)

	  	 Signature of
 authorized officer of
 Trustee or
 Custodian

  

	*	This schedule should be included only if the Note is issued in global form. 

  

 A-14 

 EXHIBIT B 
  

FORM OF SUPPLEMENTAL INDENTURE 
  
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS 
  
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of AMERICAN TOWER CORPORATION (or its permitted successor), a
Delaware corporation (the “Company”), [the Company, the other Guarantors (as defined in the Indenture referred to herein)] and THE BANK OF NEW YORK, as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an
indenture (the “Indenture”), dated as of February 4 , 2004 providing for the issuance of an aggregate principal amount of $225,000,000 of 7.50% Senior Notes due 2012 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the
terms and conditions set forth herein (the “Note Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in
the Indenture. 
  
 2. Agreement to Guarantee. The
Guaranteeing Subsidiary hereby agrees as follows: 
  
 (a) Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 
  
 (i) the principal of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on 

  

 B-1 

 
the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
  
 (c) The following is hereby waived to the extent permitted by applicable law: diligence, presentment, demand of payment, filing of claims
with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever. 
  
 (d) This Note Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes and the Indenture. 
  
 (e) If any
Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any custodian, Trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by
either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
  
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. 
  
 (g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such
obligations as provided in Article 6 of the Indenture, 

  

 B-2 

 
such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee.

  
 (h) The Guarantors shall have the right to
seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 
  
 (i) Pursuant to Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities
of such Guarantor that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under Article 10 of the Indenture would result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
  
 3. Execution and Delivery. Each Guaranteeing Subsidiary agrees that
the Note Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 4. Guaranteeing Subsidiary May Consolidate, Etc. on Certain Terms. 
  
 (a) The Guaranteeing Subsidiary may not consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another corporation, Person or entity whether or not affiliated with such Guarantor unless: 
  
 (i) subject to Section 10.05 of the Indenture, the Person formed by or surviving any such consolidation or merger (if other than a
Guarantor or the Company) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes, the Indenture and the Note Guarantee on the
terms set forth herein or therein; and 
  
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default exists. 
  
 (b) In case of any such consolidation or merger upon the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such
successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon
all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All 

  

 B-3 

 
the Note Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and
thereafter issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 (c) Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor. 
  
 5.
Releases. 
  
 (a) In the event of a sale
or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either
before or after giving effect to such transactions) a Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the
Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee; provided, however, that
the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an
Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  
 (b) Any Guarantor not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 
  
 6. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

 B-4 

 7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 8. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 9. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 10. 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 recitals are made solely by the Guaranteeing Subsidiary and the Company. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above written. 
  
 Dated:                     
  

					
	 [Guaranteeing Subsidiary]

		
	By:	 	 
	 	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 American Tower Corporation

		
	By:	 	 
	 	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 [Other Guarantors]

		
	By:	 	 
	 	 	

	 	 	 Name:
	 	 
	 	 	 Title
	 	 

  

					
	 The Bank of New York
 as Trustee

		
	By:	 	 
	 	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 B-5 

 EXHIBIT C 
  

FORM OF NOTATION OF GUARANTEE 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of February 4, 2004 (the “Indenture”) between AMERICAN TOWER CORPORATION and THE BANK OF NEW YORK, as trustee (the “Trustee”), (a)
the due and punctual payment of the principal of, premium, if any, and interest on the Notes (as defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal
and premium, and, to the extent permitted by law, interest, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the
precise terms of the Note Guarantee. Each Holder of a Note, by accepting the same, agrees to and shall be bound by such provisions. 
  

					
	 [Name of Guarantor(s)]

		
	By:	 	 
	 	 	

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 C-1 

 EXHIBIT D 
  

FORM OF REGULATION S CERTIFICATE 
  
 (For transfers pursuant to Section 2.06(a), (b)(iii) and (e) of the Indenture) 
  
 The Bank of New York, 
 as Trustee 

101 Barclay St., 8W 
 New York, NY 10286 
 Attention: Corporate Trust Administration 
  

	 	Re:	7.50% Senior Notes due 2012 of 

	 	    	American Tower Corporation 

	 	    	(the “Notes”) 

  
 Reference is made to the Indenture, dated as of February 4, 2004 (the “Indenture”), between American Tower Corporation (the “Company”)
and The Bank of New York, as Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to U.S.
$                     principal amount of Notes, which are evidenced by the following certificate(s) (the “Specified Notes”):

  
 CUSIP No(s).
                     
  
 CERTIFICATE No(s).
                     
  
 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i) it is the sole beneficial owner
of the Specified Notes or (ii) it is acting on behalf of all the beneficial owners of the Specified Notes and is duly authorized by them to do so. Such beneficial owner or owners are referred to herein collectively as the “Owner”. If the
Specified Notes are represented by a Global Notes, they are held through the Depositary or a Participant in the name of the Undersigned, as or on behalf of the Owner. If the Specified Notes are not represented by a Global Note, they are registered
in the name of the Undersigned, as or on behalf of the Owner. 
  
 The Owner has requested that the Specified Notes be transferred to a person (the “Transferee”) who will take delivery in the form of a Regulation S Note. In connection with such transfer, the Owner hereby certifies that, unless
such transfer is being effected pursuant to an effective registration statement under the Securities Act, it is being effected in accordance with Rule 904 or Rule 144 under the Securities Act and with all applicable securities laws of the 

  

 D-1 

 
states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies as follows: 
  

	 	(a)	Rule 904 Transfers. If the transfer is being effected in accordance with Rule 904: 

  

	 	(i)	the Owner is not a distributor of the Notes, an affiliate of the Company or any such distributor or a person acting on behalf of any of the foregoing; 

  

	 	(ii)	the offer of the Specified Notes was not made to a person in the United States; 

  

	 	(iii)	either: 

  

	 	(1)	at the time the buy order was originated, the Transferee was outside the United States or the Owner and any person acting on its behalf reasonably believed that the Transferee was
outside the United States, or 

  

	 	(2)	the transaction is being executed in, on or through the facilities of the Eurobond market, as regulated by the Association of International Bond Dealers, or another designated
offshore securities market and neither the Owner nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; 

  

	 	(iv)	no directed selling efforts have been made in the United States by or on behalf of the Owner or any affiliate thereof; 

  

	 	(v)	if the Owner is a dealer in securities or has received a selling concession, fee or other remuneration in respect of the Specified Notes, and the transfer is to occur during the
Restricted Period, then the requirements of Rule 904(c)(1) have been satisfied; and 

  

	 	(vi)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

	 	(b)	Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144: 

  

	 	(i)	 the transfer is occurring after a holding period of at least one year (computed in accordance with paragraph (d) of Rule 144) has elapsed since the Specified Notes
were last acquired from the Company or from an affiliate of the Company, whichever is later, and is being effected in 

  

 D-2 

	 	 
accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or 

  

	 	(ii)	the transfer is occurring after a holding period of at least two years has elapsed since the Specified Notes were last acquired from the Company or from an affiliate of the Company,
whichever is later, and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. 

  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company and the Purchasers. 
  

									
	 Dated:
	 	 	 	 
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.)
	 	 	 	 	 
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
	 	 	 	 	 	 	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)

  

 D-3 

 EXHIBIT E 
  

FORM OF RESTRICTED NOTES CERTIFICATE 
  
 (For transfers pursuant to Section 2.06(a), (b)(iv) and (e) of the Indenture) 
  
 The Bank of New York, 
 as Trustee 

101 Barclay St., 8W 
 New York, NY 10286 
 Attention: Corporate Trust Administration 
  

					
	 	 	 	 	 Re:   7.50% Senior Notes due 2012 of

	 	 	 	 	         American Tower Corporation

	 	 	 	 	         (the “Notes”)

  
 Reference is made to
the Indenture, dated as of February 4, 2004 (the “Indenture”), between American Tower Corporation (the “Company”) and The Bank of New York, as Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144
under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to U.S.
$                     principal amount of Notes, which are evidenced by the following certificate(s) (the “Specified Notes”):

  
 CUSIP No(s).
                                 
  
 CERTIFICATE No(s).
                             
  
 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i)
it is the sole beneficial owner of the Specified Notes or (ii) it is acting on behalf of all the beneficial owners of the Specified Notes and is duly authorized by them to do so. Such beneficial owner or owners are referred to herein collectively as
the “Owner”. If the Specified Notes are represented by a Global Note, they are held through the Depositary or a Participant in the name of the Undersigned, as or on behalf of the Owner. If the Specified Notes are not represented by a
Global Note, they are registered in the name of the Undersigned, as or on behalf of the Owner. 
  
 The Owner has requested that the Specified Notes be transferred to a person (the “Transferee”) who will take delivery in the form of a Restricted Note. In connection with such transfer, the Owner hereby
certifies that, unless such transfer is being effected pursuant to an effective registration statement under the Securities Act, it is being effected in accordance with Rule 144A or Rule 144 under the Securities Act and all applicable securities
laws of the states of 

  

 E-1 

 
the United States and other jurisdictions. Accordingly, the Owner hereby further certifies as follows: 
  
 (a) Rule 144A Transfers. If the transfer is being effected in
accordance with Rule 144A: 
  

	 	(i)	the Specified Notes are being transferred to a person that the Owner and any person acting on its behalf reasonably believe is a “qualified institutional buyer” within the
meaning of Rule 144A, acquiring for its own account or for the account of a qualified institutional buyer; and 

  

	 	(ii)	the Owner and any person acting on its behalf have taken reasonable steps to ensure that the Transferee is aware that the Owner may be relying on Rule 144A in connection with the
transfer. 

  
 (b) Rule 144 Transfers. If the
transfer is being effected pursuant to Rule 144: 
  

	 	(i)	the transfer is occurring after a holding period of at least one year (computed in accordance with paragraph (d) of Rule 144) has elapsed since the Specified Notes were last
acquired from the Company or from an affiliate of the Company, whichever is later, and is being effected in accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or 

  

	 	(ii)	the transfer is occurring after a holding period of at least two years has elapsed since the Specified Notes were last acquired from the Company or from an affiliate of the Company,
whichever is later, and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. 

  

 E-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and the Purchasers. 
  
 Dated: 

			
	
	 
	

	 (Print the name of the Undersigned,
 as such term is defined in the
 second paragraph of this certificate.)

  

			
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)

  

 E-3 

 EXHIBIT F 
  

FORM OF UNRESTRICTED NOTES CERTIFICATE 
  
 (For removal of Securities Act Legends pursuant to Section 2.06(f)(ii) of the Indenture) 
  
 The Bank of New York, 
 as Trustee 

101 Barclay St., 8W 
 New York, NY 10286 
 Attention: Corporate Trust Administration 
  

					
	 	 	 	 	 Re:   7.50% Senior Notes due 2012 of

	 	 	 	 	         American Tower Corporation

	 	 	 	 	         (the “Notes”)

  
 Reference is made to
the Indenture, dated as of February 4, 2004 (the “Indenture”), between American Tower Corporation (the “Company”) and The Bank of New York, as Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144
under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are used herein as so defined. 
  
 This certificate relates to U.S.
$                     principal amount of Notes, which are evidenced by the following certificate(s) (the “Specified Notes”):

  
 CUSIP No(s).
                                 
  
 CERTIFICATE No(s).
                             
  
 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i)
it is the sole beneficial owner of the Specified Notes or (ii) it is acting on behalf of all the beneficial owners of the Specified Notes and is duly authorized by them to do so. Such beneficial owner or owners are referred to herein collectively as
the “Owner”. If the Specified Notes are represented by a Global Note, they are held through the Depositary or a Participant in the name of the Undersigned, as or on behalf of the Owner. If the Specified Notes are not represented by a
Global Note, they are registered in the name of the Undersigned, as or on behalf of the Owner. 
  
 The Owner has requested that the Specified Notes be exchanged for Notes bearing no Securities Act Legend pursuant to Section 305(c) of the Indenture. In connection with such exchange, the Owner hereby certifies that
the exchange is occurring after a holding period of at least two years (computed in accordance with paragraph (d) of Rule 144) has elapsed since the Specified Notes were last acquired from the Company or from an affiliate of the Company, whichever
is later, and the Owner is not, and during the preceding three months has not been, an 

  

 F-1 

 
affiliate of the Company. The Owner also acknowledges that any future transfers of the Specified Notes must comply with all applicable securities laws of the
states of the United States and other jurisdictions. 
  
 This
certificate and the statements contained herein are made for your benefit and the benefit of the Company and the Purchasers. 
  
 Dated: 

			
	
	 
	

	 (Print the name of the Undersigned,
 as such term is defined in the
 second paragraph of this certificate.)

  

			
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 
	(If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)

  

 F-2

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