Document:

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                                                                    EXHIBIT 4.17

                            ECHOSTAR DBS CORPORATION

                          9-1/8% SENIOR NOTES DUE 2009

                                    INDENTURE

                          Dated as of December 28, 2001

                         U.S. Bank National Association

                                     Trustee

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                              CROSS-REFERENCE TABLE

<Table>
<Caption>

  TIA                                                                                        Indenture
Section                                                                                      Section
-------                                                                                      ---------
<S>                                                                                          <C>
310(a)(1)................................................................................      7.10
   (a)(2)................................................................................      7.10
   (a)(3)................................................................................      N.A.
   (a)(4)................................................................................      N.A.
   (b)...................................................................................      7.10
   (c)...................................................................................      N.A.
311(a)...................................................................................      7.11
   (b)...................................................................................      7.11
   (c)...................................................................................      N.A.
312(a)...................................................................................      2.05
   (b)...................................................................................      11.03
   (c)...................................................................................      11.03
313(a)...................................................................................      7.06
   (b)(1)................................................................................      7.06
   (b)(2)................................................................................      7.07
   (c)...................................................................................      7.06; 11.02
   (d)...................................................................................      7.06
314(a)...................................................................................      4.03(a); 11.05
   (4)...................................................................................      4.04
   (b)...................................................................................      N.A.
   (c)(1)................................................................................      11.04
   (c)(2)................................................................................      11.04
   (c)(3)................................................................................      N.A.
   (d)...................................................................................      N.A.
   (e)...................................................................................      11.05
   (f)...................................................................................      N.A.
315(a)...................................................................................      7.01(b)
   (b)...................................................................................      7.05; 11.02
   (c)...................................................................................      7.01(a)
   (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)...................................................................................      2.12
317(a)(1)................................................................................      6.08
   (a)(2)................................................................................      6.09
   (b)...................................................................................      2.04
318(a)...................................................................................      11.01
   (c)...................................................................................      11.01
</Table>

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N.A. means Not Applicable.

Note: This Cross-Reference Table shall not, for any purposes, be deemed to be
part of this Indenture.

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                                TABLE OF CONTENTS

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<Caption>

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<S>                 <C>                                                                                     <C>
                                                    ARTICLE 1

                                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.       Definitions...............................................................................1
SECTION 1.02.       Other Definitions........................................................................16
SECTION 1.03.       Incorporation by Reference of Trust Indenture Act........................................16
SECTION 1.04.       Rules of Construction....................................................................17

                                                    ARTICLE 2

                                                    THE NOTES

SECTION 2.01.       Form and Dating..........................................................................17
SECTION 2.02.       Form of Execution and Authentication.....................................................19
SECTION 2.03.       Registrar and Paying Agent...............................................................19
SECTION 2.04.       Paying Agent To Hold Money in Trust......................................................20
SECTION 2.05.       Lists of Holders of the Notes............................................................20
SECTION 2.06.       Transfer and Exchange....................................................................20
SECTION 2.07.       Replacement Notes........................................................................29
SECTION 2.08.       Outstanding Notes........................................................................29
SECTION 2.09.       Treasury Notes...........................................................................30
SECTION 2.10.       Temporary Notes..........................................................................30
SECTION 2.11.       Cancellation.............................................................................30
SECTION 2.12.       Defaulted Interest.......................................................................30
SECTION 2.13.       Record Date..............................................................................30
SECTION 2.14.       CUSIP Number.............................................................................31

                                                    ARTICLE 3

                                                   REDEMPTION

SECTION 3.01.       Notices to Trustee.......................................................................31
SECTION 3.02.       Selection of Notes To Be Redeemed........................................................31
SECTION 3.03.       Notice of Redemption.....................................................................31
SECTION 3.04.       Effect of Notice of Redemption...........................................................32
SECTION 3.05.       Deposit of Redemption Price..............................................................32
SECTION 3.06.       Notes Redeemed in Part...................................................................33
SECTION 3.07.       Optional Redemption......................................................................33
SECTION 3.08.       Offer To Purchase by Application of Excess Proceeds......................................33

                                                    ARTICLE 4

                                                    COVENANTS

SECTION 4.01.       Payment of Notes.........................................................................35
</Table>

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<S>                 <C>                                                                                      <C>
SECTION 4.02.       Maintenance of Office or Agency..........................................................35
SECTION 4.03.       Reports..................................................................................36
SECTION 4.04.       Compliance Certificate...................................................................36
SECTION 4.05.       Taxes....................................................................................36
SECTION 4.06.       Stay, Extension and Usury Laws...........................................................37
SECTION 4.07.       Limitation on Restricted Payments........................................................37
SECTION 4.08.       Limitations on Dividend and Other Payment Restrictions Affecting
                        Subsidiaries.........................................................................41
SECTION 4.09.       Limitation on Incurrence of Indebtedness.................................................41
SECTION 4.10.       Asset Sales..............................................................................43
SECTION 4.11.       Limitation on Transactions with Affiliates...............................................46
SECTION 4.12.       Limitation on Liens......................................................................47
SECTION 4.13.       Additional Subsidiary Guarantees.........................................................47
SECTION 4.14.       Corporate Existence......................................................................48
SECTION 4.15.       Offer To Purchase Upon Change of Control.................................................48
SECTION 4.16.       Limitation on Activities of the Company..................................................49
SECTION 4.17.       Intentionally Omitted....................................................................50
SECTION 4.18.       Accounts Receivable Subsidiary...........................................................50
SECTION 4.19.       Dispositions of ETC and Non-Core Assets..................................................52
SECTION 4.20.       Payments For Consent.....................................................................55

                                                    ARTICLE 5

                                                   SUCCESSORS

SECTION 5.01.       Merger, Consolidation, or Sale of Assets of the Company..................................55
SECTION 5.02.       Successor Corporation Substituted........................................................56

                                                    ARTICLE 6

                                              DEFAULTS AND REMEDIES

SECTION 6.01.       Events of Default........................................................................56
SECTION 6.02.       Acceleration.............................................................................57
SECTION 6.03.       Other Remedies...........................................................................58
SECTION 6.04.       Waiver of Past Defaults..................................................................58
SECTION 6.05.       Control by Majority......................................................................58
SECTION 6.06.       Limitation on Suits......................................................................58
SECTION 6.07.       Rights of Holders of Notes To Receive Payment............................................59
SECTION 6.08.       Collection Suit by Trustee...............................................................59
SECTION 6.09.       Trustee May File Proofs of Claim.........................................................59
SECTION 6.10.       Priorities...............................................................................60
SECTION 6.11.       Undertaking for Costs....................................................................60

                                                    ARTICLE 7

                                                     TRUSTEE

SECTION 7.01.       Duties of Trustee........................................................................60
SECTION 7.02.       Rights of Trustee........................................................................61
</Table>

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<Table>
<S>                 <C>                                                                                      <C>
SECTION 7.03.       Individual Rights of Trustee.............................................................62
SECTION 7.04.       Trustee's Disclaimer.....................................................................62
SECTION 7.05.       Notice of Defaults.......................................................................62
SECTION 7.06.       Reports by Trustee to Holders of the Notes...............................................62
SECTION 7.07.       Compensation and Indemnity...............................................................63
SECTION 7.08.       Replacement of Trustee...................................................................63
SECTION 7.09.       Successor Trustee by Merger, Etc.........................................................64
SECTION 7.10.       Eligibility; Disqualification............................................................64
SECTION 7.11.       Preferential Collection of Claims Against Company........................................64

                                                    ARTICLE 8

                                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

SECTION 8.01.       Option To Effect Legal Defeasance or Covenant Defeasance.................................65
SECTION 8.02.       Legal Defeasance and Discharge...........................................................65
SECTION 8.03.       Covenant Defeasance......................................................................65
SECTION 8.04.       Conditions to Legal or Covenant Defeasance...............................................65
SECTION 8.05.       Deposited Money and Government Securities To Be Held in Trust; Other
                        Miscellaneous Provisions.............................................................67
SECTION 8.06.       Repayment to Company.....................................................................67
SECTION 8.07.       Reinstatement............................................................................67

                                                    ARTICLE 9

                                        AMENDMENT, SUPPLEMENT AND WAIVER

SECTION 9.01.       Without Consent of Holders of Notes......................................................68
SECTION 9.02.       With Consent of Holders of Notes.........................................................68
SECTION 9.03.       Compliance with Trust Indenture Act......................................................69
SECTION 9.04.       Revocation and Effect of Consents........................................................69
SECTION 9.05.       Notation on or Exchange of Notes.........................................................70
SECTION 9.06.       Trustee To Sign Amendments, Etc..........................................................70

                                                   ARTICLE 10

                                                   GUARANTEES

SECTION 10.01.      Guarantee................................................................................70
SECTION 10.02.      Execution and Delivery of Guarantees.....................................................71
SECTION 10.03.      Merger, Consolidation or Sale of Assets of Guarantors....................................72
SECTION 10.04.      Successor Corporation Substituted........................................................72
SECTION 10.05.      Releases from Guarantees.................................................................73

                                                   ARTICLE 11

                                                  MISCELLANEOUS

SECTION 11.01.      Trust Indenture Act Controls.............................................................73
</Table>

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<Table>
<S>                 <C>                                                                                      <C>
SECTION 11.02.      Notices..................................................................................73
SECTION 11.03.      Communication by Holders of Notes with Other Holders of Notes............................74
SECTION 11.04.      Certificate and Opinion as to Conditions Precedent.......................................74
SECTION 11.05.      Statements Required in Certificate or Opinion............................................75
SECTION 11.06.      Rules by Trustee and Agents..............................................................75
SECTION 11.07.      No Personal Liability of Directors, Officers, Employees, Incorporators and
                        Stockholders.........................................................................75
SECTION 11.08.      Governing Law............................................................................75
SECTION 11.09.      No Adverse Interpretation of Other Agreements............................................76
SECTION 11.10.      Successors...............................................................................76
SECTION 11.11.      Severability.............................................................................76
SECTION 11.12.      Counterpart Originals....................................................................76
SECTION 11.13.      Table of Contents, Headings, Etc.........................................................76
</Table>

EXHIBITS

EXHIBIT A         FORM OF NOTE
EXHIBIT B         FORM OF GUARANTEE
EXHIBIT C         FORM OF CERTIFICATE OF TRANSFER
EXHIBIT D         FORM OF CERTIFICATE OF EXCHANGE

                                      -iv-
<PAGE>

         INDENTURE dated as of December 28, 2001 by and between EchoStar DBS
Corporation (the "Company"), a Colorado corporation, the Guarantors (as
hereinafter defined) and U.S. Bank National Association, as trustee (the
"Trustee").

         The Company, the Guarantors and the Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders of
the Company's 9-1/8% Senior Notes due 2009.

                                    RECITALS

         The Company and the Guarantors have duly authorized the execution and
delivery of this Indenture to provide for the issuance of the Notes and the
Guarantees.

         All things necessary (i) to make the Notes, when executed by the
Company and authenticated and delivered hereunder and duly issued by the Company
and delivered hereunder, the valid obligations of the Company, (ii) to make the
Guarantees when executed by the Guarantors and delivered hereunder the valid
obligations of the Guarantors, and (iii) to make this Indenture a valid
agreement of the Company and the Guarantors, all in accordance with their
respective terms, have been done.

         For and in consideration of the premises and the purchase of the Notes
by the Holders thereof, it is mutually agreed as follows for the equal and
ratable benefit of the Holders of the Notes.

                                    ARTICLE 1

                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01. Definitions.

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

         "Accounts Receivable Subsidiary" means one Unrestricted Subsidiary of
the Company specifically designated as an Accounts Receivable Subsidiary for the
purpose of financing the Company's accounts receivable and provided that any
such designation shall not be deemed to prohibit the Company from financing
accounts receivable through any other entity, including, without limitation, any
other Unrestricted Subsidiary.

         "Accounts Receivable Subsidiary Notes" means the notes to be issued by
the Accounts Receivable Subsidiary for the purchase of accounts receivable.

         "Acquired Debt" means, with respect to any specified Person,
Indebtedness of any other Person existing at the time such other Person merges
with or into or becomes a Subsidiary of such specified Person, or Indebtedness
incurred by such Person in connection with the acquisition of assets, including
Indebtedness incurred in connection with, or in contemplation of, such other
Person merging with or into or becoming a Subsidiary of such specified Person or
the acquisition of such assets, as the case may be.

         "Acquired Subscriber" means a subscriber to a telecommunications
service provided by a telecommunications service provider that is not an
Affiliate of the Company at the time the Company or one of its Restricted
Subsidiaries purchases the right to provide telecommunications services to such
subscriber from such telecommunications service provider, whether directly or
through the acquisition of the entity providing telecommunications services or
assets used or to be used to provide telecommunications service to such
subscriber.

<PAGE>

         "Acquired Subscriber Debt" means (i) Indebtedness, the proceeds of
which are used to pay the purchase price for Acquired Subscribers or to acquire
the entity which has the right to provide telecommunications services to such
Acquired Subscribers or to acquire from such entity or an Affiliate of such
entity assets used or to be used in connection with such telecommunications
business; provided that such Indebtedness is incurred within three years after
the date of the acquisition of such Acquired Subscriber and (ii) Acquired Debt
of any such entity being acquired; provided that in no event shall the amount of
such Indebtedness and Acquired Debt for any Acquired Subscriber exceed the sum
of the actual purchase price (inclusive of such Acquired Debt) for such Acquired
Subscriber, such entity and such assets plus the cost of converting such
Acquired Subscriber to usage of a delivery format for telecommunications
services made available by the Company or any of its Restricted Subsidiaries.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided, however,
that beneficial ownership of 10% or more of the voting securities of a Person
shall be deemed to be control; provided further that no individual, other than a
director of EchoStar or the Company or an officer of EchoStar or the Company
with a policy making function, shall be deemed an Affiliate of the Company or
any of its Subsidiaries solely by reason of such individual's employment,
position or responsibilities by or with respect to EchoStar, the Company or any
of their respective Subsidiaries.

         "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.

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

         "Board of Directors" means the Board of Directors of the Company.

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

         "Business Day" means any day other than a Legal Holiday.

         "Capital Lease Obligation" means, as to any Person, the obligations of
such Person under a lease that are required to be classified and accounted for
as capital lease obligations under GAAP and, for purposes of this definition,
the amount of such obligations at the time any determination thereof is to be
made shall be the amount of the liability in respect of a capital lease that
would at such time be so required to be capitalized on a balance sheet in
accordance with GAAP.

         "Capital Stock" means any and all shares, interests, participations,
rights or other equivalents, however designated, of corporate stock or
partnership or membership interests, whether common or preferred.

         "Cash Equivalents" means: (a) United States dollars; (b) securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof having maturities of not
more than one year from the date of acquisition; (c) certificates of deposit and
eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers' acceptances with maturities not exceeding

                                      -2-
<PAGE>

one year and overnight bank deposits, in each case with any domestic commercial
bank having capital and surplus in excess of $500 million; (d) repurchase
obligations with a term of not more than seven days for underlying securities of
the types described in clauses (b) and (c) entered into with any financial
institution meeting the qualifications specified in clause (c) above; (e)
commercial paper rated P-1 or better, A-1 or better or the equivalent thereof by
Moody's or S&P, respectively, and in each case maturing within six months after
the date of acquisition; and (f) money market funds offered by any domestic
commercial or investment bank having capital and surplus in excess of $500
million at least 95% of the assets of which constitute Cash Equivalents of the
kinds described in clauses (a) through (e) of this definition.

         "Change of Control" means: (a) any transaction or series of
transactions (including, without limitation, a tender offer, merger or
consolidation) the result of which is that the Principal and his Related Parties
or an entity controlled by the Principal and his Related Parties (and not
controlled by any Person other than the Principal or his Related Parties) sell,
transfer or otherwise dispose of more than 50% of the total Equity Interests in
EchoStar beneficially owned (as defined in Rule 13(d)(3) under the Exchange Act
but without including any Equity Interests which may be deemed to be owned
solely by reason of the existence of any voting arrangements), by such persons
on the date of this Indenture (as adjusted for stock splits and dividends and
other distributions payable in Equity Interests); (b) the first day on which a
majority of the members of the Board of Directors of EchoStar are not Continuing
Directors; or (c) any time that EchoStar shall cease to beneficially own 100% of
the Equity Interests of the Company. Neither the Hughes Merger nor the PanAmSat
Acquisition will constitute a Change of Control.

         "Clearstream" means Clearstream Banking, societe anonyme.

         "Communications Act" means the Communications Act of 1934, as amended.

         "Consolidated Cash Flow" means, with respect to any Person for any
period, the Consolidated Net Income of such Person for such period, plus, to the
extent deducted in computing Consolidated Net Income: (a) provision for taxes
based on income or profits; (b) Consolidated Interest Expense; (c) depreciation
and amortization (including amortization of goodwill and other intangibles) of
such Person for such period; and (d) any extraordinary loss and any net loss
realized in connection with any Asset Sale, in each case, on a consolidated
basis determined in accordance with GAAP; provided that Consolidated Cash Flow
shall not include interest income derived from the net proceeds of the Offering.

         "Consolidated Interest Expense" means, with respect to any Person for
any period, consolidated interest expense of such Person for such period,
whether paid or accrued, including amortization of original issue discount and
deferred financing costs, non-cash interest payments and the interest component
of Capital Lease Obligations, on a consolidated basis determined in accordance
with GAAP; provided, however, that with respect to the calculation of the
consolidated interest expense of the Company, the interest expense of
Unrestricted Subsidiaries shall be excluded.

         "Consolidated Net Income" means, with respect to any Person for any
period, the aggregate of the Net Income of such Person and its Subsidiaries or,
if such Person is the Company, of the Company and its Restricted Subsidiaries
for such period, on a consolidated basis, determined in accordance with GAAP;
provided, however, that: (a) the Net Income of any Person that is not a
Subsidiary or that is accounted for by the equity method of accounting shall be
included only to the extent of the amount of dividends or distributions paid in
cash to the referent Person, in the case of a gain, or to the extent of any
contributions or other payments by the referent Person, in the case of a loss;
(b) the Net Income of any Person that is a Subsidiary that is not a Wholly Owned
Subsidiary shall be included only to the extent of the amount of dividends or
distributions paid in cash to the referent Person; (c) the Net Income of any
Person acquired in a pooling of interests transaction for any period prior to
the date of such acquisition shall be excluded; (d) the Net Income of any
Subsidiary of such Person shall be excluded

                                      -3-
<PAGE>

to the extent that the declaration or payment of dividends or similar
distributions is not at the time permitted by operation of the terms of its
charter or bylaws or any other agreement, instrument, judgment, decree, order,
statute, rule or government regulation to which it is subject; and (e) the
cumulative effect of a change in accounting principles shall be excluded.

         "Consolidated Net Worth" means, with respect to any Person, the sum of:
(a) the stockholders' equity of such Person; plus (b) the amount reported on
such Person's most recent balance sheet with respect to any series of preferred
stock (other than Disqualified Stock) that by its terms is not entitled to the
payment of dividends unless such dividends may be declared and paid only out of
net earnings in respect of the year of such declaration and payment, but only to
the extent of any cash received by such Person upon issuance of such preferred
stock, less: (i) all write-ups (other than write-ups resulting from foreign
currency translations and write-ups of tangible assets of a going concern
business made within 12 months after the acquisition of such business)
subsequent to the date of this Indenture in the book value of any asset owned by
such Person or a consolidated Subsidiary of such Person; and (ii) all
unamortized debt discount and expense and unamortized deferred charges, all of
the foregoing determined on a consolidated basis in accordance with GAAP.

         "Continuing Director" means, as of any date of determination, any
member of the Board of Directors of EchoStar who: (a) was a member of such Board
of Directors on the date of this Indenture; or (b) was nominated for election or
elected to such Board of Directors with the affirmative vote of a majority of
the Continuing Directors who were members of such Board at the time of such
nomination or election or was nominated for election or elected by the Principal
and his Related Parties.

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

         "DBS" means direct broadcast satellite.

         "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.

         "Deferred Payments" means Indebtedness owed to satellite construction
or launch contractors incurred after the date of this Indenture in connection
with the construction or launch of one or more satellites of the Company or its
Restricted Subsidiaries used by the Company and/or them in the businesses
described in Section 4.16 in an aggregate principal amount not to exceed $200
million at any one time outstanding.
         "Definitive Note" means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06 of this Indenture,
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 the Depository Trust Company and any and all
successors thereto appointed as depositary hereunder and having become such
pursuant to an applicable provision of this Indenture.

         "Disqualified Stock" means any Capital Stock which, by its terms (or by
the terms of any security into which it is convertible or for which it is
exchangeable), 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 thereof, in whole or in part, on or prior to date on
which the Notes mature; provided, however, that any such Capital Stock may
require the issuer of such Capital Stock to make an offer to purchase such
Capital Stock upon the occurrence of certain events if the terms of such Capital
Stock provide that such an offer may not be satisfied

                                      -4-
<PAGE>

and the purchase of such Capital Stock may not be consummated until the 91st day
after the Notes have been paid in full.

         "DNCC" means Dish Network Credit Corporation, a Colorado corporation.

         "EBC" means EchoStar Broadband Corporation, a Colorado corporation.

         "EBC Notes" means the $1,000 million aggregate principal amount of
10-3/8% Senior Notes due 2007 issued by EBC.

         "EBC Notes Indenture" means the indenture dated September 25, 2000
among EBC and U.S. Bank Trust National Association, as Trustee, as the same may
be amended, modified or supplemented from time to time.

         "EchoStar" means EchoStar Communications Corporation, a Nevada
corporation, together with each Wholly Owned Subsidiary of EchoStar that
beneficially owns 100% of the Equity Interests of the Company, but only so long
as EchoStar beneficially owns 100% of the Equity Interests of such Subsidiary.

         "EchoStar Dish Network" means the DBS service of the Company and its
Subsidiaries.

         "EchoStar I" means the Company's high-powered direct broadcast
satellite designated as EchoStar I in the Offering Memorandum.

         "EchoStar II" means the Company's high-powered direct broadcast
satellite designated as EchoStar II in the Offering Memorandum.

         "EchoStar III" means the high-powered direct broadcast satellite
designated as EchoStar III in the Offering Memorandum.

         "EchoStar IV" means the high-powered direct broadcast satellite
designated as EchoStar IV in the Offering Memorandum.

         "EDBS Exchange Indenture" means the Indenture, by and between the
Company and U.S. Bank National Association, to be entered into upon the
completion of the EDBS Exchange Offer governing the EDBS Exchange Notes in
accordance with Section 4.13 of the EBC Notes Indenture as in effect on the
Issue Date.

         "EDBS Exchange Notes" means the notes to be issued by the Company upon
the completion of the EDBS Exchange Offer.

         "EDBS Exchange Notes Guarantees" shall have the meaning set forth in
Section 4.13 of the EBC Notes Indenture as in effect on the Issue Date.

         "EDBS Exchange Offer" means the offer by the Company to exchange the
EDBS Exchange Notes for the EBC Notes as provided in the EBC Notes Indenture as
in effect on the Issue Date.

         "Eligible Institution" means a commercial banking institution that has
combined capital and surplus of not less than $500 million or its equivalent in
foreign currency, whose debt is rated Investment Grade at the time as of which
any investment or rollover therein is made.

                                      -5-
<PAGE>

         "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).

         "ESC" means EchoStar Satellite Corporation, a Colorado corporation.

         "ETC" means EchoStar Technologies Corporation, a Texas corporation.

         "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
Euroclear system.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Exchange Notes" means the Notes issued in the Exchange Offer pursuant
to Section 2.06(f) or pursuant to a registered exchange offer for Notes with a
Private Placement Legend issued after the Issue Date.

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

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

         "Existing Indebtedness" means the Notes and any other Indebtedness of
the Company and its Subsidiaries in existence on the date of this Indenture
until such amounts are repaid.

         "FCC" means Federal Communications Commission.

         "GAAP" means United States generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of
the accounting profession of the U.S., which are applicable as of the date of
determination; provided that, except as otherwise specifically provided, all
calculations made for purposes of determining compliance with the terms of the
provisions of this Indenture shall utilize GAAP as in effect on the date of this
Indenture.

         "Global Note Legend" means the legend set forth in Section 2.01, which
is required to be placed on all Global Notes issued under this Indenture.

         "Global Notes" means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes, substantially in the
form of Exhibit A hereto issued in accordance with Section 2.01 or 2.06 of this
Indenture.

         "Government Securities" means direct obligations of, or obligations
guaranteed by, the United States of America for the payment of which guarantee
or obligations the full faith and credit of the United States is pledged.

         "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, letters of credit and
reimbursement agreements in respect thereof), of all or any part of any
Indebtedness.

         "Guarantee" means a guarantee of the Notes by a Guarantor.

                                      -6-
<PAGE>

         "Guarantor" means any entity that executes a Guarantee of the
obligations of the Company under the Notes, and their respective successors and
assigns.

         "Hedging Obligations" means, with respect to any Person, the
obligations of such Person pursuant to any arrangement with any other Person,
whereby, directly or indirectly, such Person is entitled to receive from time to
time periodic payments calculated by applying either floating or a fixed rate of
interest on a stated notional amount in exchange for periodic payments made by
such other Person calculated by applying a fixed or a floating rate of interest
on the same notional amount and shall include, without limitation, interest rate
swaps, caps, floors, collars and similar agreements designed to protect such
Person against fluctuations in interest rates.

         "Holder" means a Person in whose name a Note is registered.

         "Hughes" means Hughes Electronics Corporation, a Delaware corporation.

         "Hughes Merger" means the merger of EchoStar with and into Hughes (or a
holding company that is expected to be formed to hold all of the stock of
Hughes) and related transactions substantially in accordance with the Agreement
and Plan of Merger by and between EchoStar and Hughes dated as of October 28,
2001 or on such other terms as would not have a material adverse effect on the
Holders of the Notes.

         "Indebtedness" means, with respect to any Person, any indebtedness of
such Person, whether or not contingent, in respect of borrowed money or
evidenced by bonds, notes, debentures or similar instruments or letters of
credit (or reimbursement agreements in respect thereof) or representing the
balance deferred and unpaid of the purchase price of any property (including
pursuant to capital leases) or representing any Hedging Obligations, except any
such balance that constitutes an accrued expense or trade payable, if and to the
extent any of the foregoing (other than Hedging Obligations) would appear as a
liability upon a balance sheet of such Person prepared in accordance with GAAP,
and also includes, to the extent not otherwise included, the amount of all
obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any Subsidiary of such
Person, the liquidation preference with respect to, any Preferred Equity
Interests (but excluding, in each case, any accrued dividends) as well as the
guarantee of items that would be included within this definition.
Notwithstanding the foregoing, the recording of some or all of the Indebtedness
represented by the EBC Notes on the balance sheet of the Company prior to the
completion of the EDBS Exchange Offer in accordance with GAAP and related rules
and regulations promulgated by the SEC (including "push down" accounting) shall
not be deemed to constitute Indebtedness for purposes of Section 4.09 or
included as Indebtedness for purposes of calculating the Indebtedness to Cash
Flow Ratio of the Company.

         "Indebtedness to Cash Flow Ratio" means, with respect to any Person,
the ratio of: (a) the Indebtedness of such Person and its Subsidiaries (or, if
such Person is the Company, of the Company and its Restricted Subsidiaries) as
of the end of the most recently ended fiscal quarter, plus the amount of any
Indebtedness incurred subsequent to the end of such fiscal quarter; to (b) such
Person's Consolidated Cash Flow for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately
preceding the date on which such event for which such calculation is being made
shall occur (the "Measurement Period"); provided, however; that: (i) in making
such computation, Indebtedness shall include the total amount of funds
outstanding and available under any revolving credit facilities; and (ii) if
such Person or any of its Subsidiaries (or, if such Person is the Company, any
of its Restricted Subsidiaries) consummates a material acquisition or an Asset
Sale or other disposition of assets subsequent to the commencement of the
Measurement Period but prior to the event for which the calculation of the
Indebtedness to Cash Flow Ratio is made, then the Indebtedness to Cash Flow
Ratio shall be calculated giving pro forma effect to such material acquisition
or Asset Sale or other disposition of assets, as if the same had occurred at the
beginning of the applicable period.

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

                                      -7-
<PAGE>

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

         "Initial Notes" means the $700 million aggregate principal amount
9-1/8% Senior Notes due 2009 of the Company issued under this Indenture on the
Issue Date.

         "Initial Purchasers" means, with respect to the Notes, Deutsche Banc
Alex. Brown Inc., Credit Suisse First Boston Corporation, Lehman Brothers Inc.
and UBS Warburg LLC.

         "Investment Grade" means, with respect to a security, that such
security is rated, by at least two nationally recognized statistical rating
organizations, in one of each such organization's four highest generic rating
categories.

         "Investments" means, with respect to any Person, all investments by
such Person in other Persons (including Affiliates) in the forms of loans
(including guarantees), 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 and all other items that are
or would be classified as investments on a balance sheet prepared in accordance
with GAAP.

         "Issue Date" means December 28, 2001, the date of original issuance of
the Initial Notes.

         "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
for the intervening period.

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

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

         "Marketable Securities" means: (a) Government Securities; (b) any
certificate of deposit maturing not more than 365 days after the date of
acquisition issued by, or time deposit of, an Eligible Institution; (c)
commercial paper maturing not more than 365 days after the date of acquisition
issued by a corporation (other than an Affiliate of the Company) with an
Investment Grade rating, at the time as of which any investment therein is made,
issued or offered by an Eligible Institution; (d) any bankers' acceptances or
money market deposit accounts issued or offered by an Eligible Institution; and
(e) any fund investing exclusively in investments of the types described in
clauses (a) through (d) above.

         "Maximum Secured Amount" means (a) at any time other than as provided
in clause (b), $500 million plus, if the Company at such time has a rating or
has received in writing an indicative rating on the Notes of both "Ba3" or
better from Moody's and "BB-" or better from S&P, an amount equal to the product
of 1.25 times the Trailing Cash Flow Amount, and (b) substantially concurrently
with or at any time after the completion of the Subscriber Contribution, $2,700
million plus either (i) $500 million, or (ii) if the Company at such time has a
rating or has received in writing an indicative rating on the Notes of both
"Ba3" or better from Moody's and

                                      -8-
<PAGE>

"BB-" or better from S&P, an amount equal to the greater of (x) the product of
1.25 times Trailing Cash Flow Amount and (y) $500 million.

         "Moody's" means Moody's Investors Service, Inc.

         "Net Income" means, with respect to any Person, the net income (loss)
of such Person, determined in accordance with GAAP, excluding, however, any gain
(but not loss), together with any related provision for taxes on such gain (but
not loss), realized in connection with any Asset Sale (including, without
limitation, dispositions pursuant to sale and leaseback transactions), and
excluding any extraordinary gain (but not loss), together with any related
provision for taxes on such extraordinary gain (but not loss) and excluding any
unusual gain (but not loss) relating to recovery of insurance proceeds on
satellites, together with any related provision for taxes on such extraordinary
gain (but not loss).

         "Net Proceeds" means the aggregate cash proceeds received by the
Company or any of its Restricted Subsidiaries, as the case may be, in respect of
any Asset Sale, net of the direct costs relating to such Asset Sale (including,
without limitation, legal, accounting and investment banking fees, and sales
commissions) and any relocation expenses incurred as a result thereof, taxes
paid or payable as a result thereof (after taking into account any available tax
credits or deductions and any tax sharing arrangements), amounts required to be
applied to the repayment of Indebtedness secured by a Lien on the asset or
assets that are the subject of such Asset Sale and any reserve for adjustment in
respect of the sale price of such asset or assets. Net Proceeds shall exclude
any non-cash proceeds received from any Asset Sale, but shall include such
proceeds when and as converted by the Company or any Restricted Subsidiary to
cash.

         "1999 EDBS Notes" means (i) the $375 million aggregate principal amount
of 9-1/4% Senior Notes due 2006 issued by the Company and (ii) the $1,625
million aggregate principal amount of 9-3/8% Senior Notes due 2009 issued by the
Company.

         "1999 EDBS Notes Indentures" means each of the indentures dated January
25, 1999 among the Company, the guarantors of the 1999 EDBS Notes named therein
and U.S. Bank Trust National Association, as Trustee, as the same may be
amended, modified or supplemented from time to time.

         "Non-Core Assets" means: (1) all intangible authorizations, rights,
interests and other intangible assets related to all "western" DBS orbital
locations other than the 148 degree orbital slot (as the term "western" is used
by the FCC) held by the Company and/or any of its Subsidiaries at any time,
including without limitation the authorizations for 22 DBS frequencies at 175
degree orbital location and ESC's permit for 11 unspecified western assignments;
(2) all intangible authorizations, rights, interests and other intangible assets
related to the FSS in the Ku-band, Ka-band and C-band held by the Company and/or
any of its Subsidiaries at any time, including without limitation the license of
ESC for a two satellite Ku-band system at 83 degree and 121 degree orbital
location, the license of ESC for a two satellite Ka-band system at 83 degree and
121 degree orbital location, and the application of ESC to add C-band
capabilities to a Ku-band satellite authorized at 83 degree orbital location;
(3) all intangible authorizations, rights, interests and other intangible assets
related to the Mobile-Satellite Service held by the Company and/or any of its
Subsidiaries at any time, including without limitation the license of E-SAT,
Inc. for a low-earth orbit MSS system; (4) all intangible authorizations,
rights, interests and other intangible assets related to local multi-point
distribution service; and (5) any Subsidiary of the Company the assets of which
consist solely of (i) any combination of the foregoing and (ii) other assets to
the extent permitted under the provision described under the second paragraph of
Section 4.19.

         "Non-Recourse Indebtedness" of any Person means Indebtedness of such
Person that: (i) is not guaranteed by any other Person (except a Wholly Owned
Subsidiary of the referent Person); (ii) is not recourse to and does not
obligate any other Person (except a Wholly Owned Subsidiary of the referent
Person) in any way; (iii)

                                      -9-
<PAGE>

does not subject any property or assets of any other Person (except a Wholly
Owned Subsidiary of the referent Person), directly or indirectly, contingently
or otherwise, to the satisfaction thereof, and (iv) is not required by GAAP to
be reflected on the financial statements of any other Person (other than a
Subsidiary of the referent Person) prepared in accordance with GAAP.

         "Non-U.S. Person" means a Person who is not a U.S. Person.

         "Notes" means the Initial Notes, the Exchange Notes and any other notes
issued after the Issue Date in accordance with the fourth paragraph of Section
2.02 of this Indenture treated as a single class of securities.

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

         "Offering" means the offering of the Notes pursuant to the Offering
Memorandum.

         "Offering Memorandum" means the Offering Memorandum dated December 20,
2001 relating to and used in connection with the initial offering of the 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 Treasurer, any Assistant Treasurer, Controller,
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, principal financial officer, treasurer or principal
accounting officer of the Company.

         "Opinion of Counsel" means an opinion from legal counsel, who may be an
employee of or counsel to the Company, any Subsidiary of the Company or the
Trustee.

         "PanAmSat Acquisition" means the acquisition by EchoStar of PanAmSat
Corporation and related transactions substantially in accordance with the Stock
Purchase Agreement by and among EchoStar, Hughes and certain subsidiaries of
Hughes dated as of October 28, 2001 or on such other terms as would not have a
material adverse effect on the holders of the Notes.

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

         "Permitted Investments" means: (a) Investments in the Company or in a
Wholly Owned Restricted Subsidiary that is a Guarantor; (b) Investments in Cash
Equivalents and Marketable Securities; and (c) Investments by the Company or any
of its Subsidiaries in a Person if, as a result of such Investment: (i) such
Person becomes a Wholly Owned Restricted Subsidiary and becomes a Guarantor, or
(ii) 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 Wholly Owned Restricted Subsidiary that is a Guarantor;
provided that if at any time a Restricted Subsidiary of the Company shall cease
to be a Subsidiary of the Company, the Company shall be deemed to have made a
Restricted Investment in the amount of its remaining investment, if any, in such
former Subsidiary.

         "Permitted Liens" means:

         (a) Liens securing the Notes and Liens securing any Guarantee;

                                      -10-
<PAGE>

         (b) Liens securing the Deferred Payments;

         (c) Liens securing any Indebtedness permitted under Section 4.09 of
this Indenture; provided that such Liens under this clause (c) shall not secure
Indebtedness in an amount exceeding the Maximum Secured Amount at the time that
such Lien is incurred;

         (d) Liens securing Purchase Money Indebtedness; provided that such
Indebtedness was permitted to be incurred by the terms of this Indenture and
such Liens do not extend to any assets of the Company or its Restricted
Subsidiaries other than the assets so acquired;

         (e) Liens securing Indebtedness the proceeds of which are used to
develop, construct, launch or insure any satellites other than EchoStar I,
EchoStar II, EchoStar III, EchoStar IV; provided that such Indebtedness was
permitted to be incurred by the terms of this Indenture and such Liens do not
extend to any assets of the Company or its Restricted Subsidiaries other than
such satellites being developed, constructed, launched or insured, and to the
related licenses, permits and construction, launch and TT&C contracts;

         (f) Liens on orbital slots, licenses and other assets and rights of the
Company, provided that such orbital slots, licenses and other assets and rights
relate solely to the satellites referred to in clause (e) of this definition;

         (g) Liens on property of a Person existing at the time such Person is
merged into or consolidated with the Company or any of its Restricted
Subsidiaries, provided that such Liens were not incurred in connection with, or
in contemplation of, such merger or consolidation, other than in the ordinary
course of business;

         (h) Liens on property of an Unrestricted Subsidiary at the time that it
is designated as a Restricted Subsidiary pursuant to the definition of
"Unrestricted Subsidiary;" provided that such Liens were not incurred in
connection with, or contemplation of, such designation;

         (i) Liens on property existing at the time of acquisition thereof by
the Company or any Restricted Subsidiary of the Company; provided that such
Liens were not incurred in connection with, or in contemplation of, such
acquisition and do not extend to any assets of the Company or any of its
Restricted Subsidiaries other than the property so acquired;

         (j) Liens to secure the performance of statutory obligations, surety or
appeal bonds or performance bonds, or landlords', carriers', warehousemen's,
mechanics', suppliers', materialmen's or other like Liens, in any case incurred
in the ordinary course of business and with respect to amounts not yet
delinquent or being contested in good faith by appropriate process of law, if a
reserve or other appropriate provision, if any, as is required by GAAP shall
have been made therefor;

         (k) Liens existing on the Issue Date;

         (l) 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;

         (m) Liens incurred in the ordinary course of business of the Company or
any of its Restricted Subsidiaries (including, without limitation, Liens
securing Purchase Money Indebtedness) with respect to obligations that do not
exceed $50 million in principal amount in the aggregate at any one time
outstanding;

                                      -11-
<PAGE>

         (n) Liens securing Indebtedness in an amount not to exceed $50 million
incurred pursuant to clause (xi) of the second paragraph of Section 4.09 of this
Indenture;

         (o) Liens on any asset of the Company or any of its Restricted
Subsidiaries securing Indebtedness in an amount not to exceed $25 million;

         (p) Liens securing Indebtedness permitted under clause (12) of the
second paragraph of Section 4.09 of this Indenture; provided that such Liens
shall not extend to assets other than the assets that secure such Indebtedness
being refinanced;

         (q) any interest or title of a lessor under any Capital Lease
Obligations; provided that such Capital Lease Obligation is permitted under the
other provisions of this Indenture;

         (r) Liens permitted to be incurred under the 1999 EDBS Notes Indentures
or the EBC Notes Indenture, in each case as in effect on the Issue Date, and
Liens permitted to be incurred under the EDBS Exchange Indenture;

         (s) Liens not provided for in clauses (a) through (r) above, securing
Indebtedness incurred in compliance with the terms of this Indenture provided
that the Notes are secured by the assets subject to such Liens on an equal and
ratable basis or on a basis prior to such Liens; provided that to the extent
that such Lien secured Indebtedness that is subordinated to the Notes, such Lien
shall be subordinated to and be later in priority than the Notes on the same
basis; and

         (t) extensions, renewals or refundings of any Liens referred to in
clauses (a) through (q) above; provided that (i) any such extension, renewal or
refunding does not extend to any assets or secure any Indebtedness not securing
or secured by the Liens being extended, renewed or refinanced and (ii) any
extension, renewal or refunding of a Lien originally incurred pursuant to clause
(c) above shall not secure Indebtedness in an amount greater than the Maximum
Secured Amount at the time of such extension, renewal or refunding.

         "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust or
unincorporated organization (including any subdivision or ongoing business of
any such entity or substantially all of the assets of any such entity,
subdivision or business).

         "Preferred Equity Interest," in any Person, means an Equity Interest of
any class or classes (however designated) which is preferred as to the payment
of dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over Equity
Interests of any other class in such Person.

         "Principal" means Charles W. Ergen.

         "Private Placement Legend" means the legend set forth in Section 2.01
to be placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions of this Indenture.

         "Purchase Money Indebtedness" means (i) Indebtedness of the Company, or
any Guarantor incurred (within 365 days of such purchase) to finance the
purchase of any assets (including the purchase of Equity Interests of Persons
that are not Affiliates of the Company or the Guarantors): (a) to the extent the
amount of Indebtedness thereunder does not exceed 100% of the purchase cost of
such assets; and (b) to the extent that no more than $50 million of such
Indebtedness at any one time outstanding is recourse to the Company or any of
its Restricted Subsidiaries or any of their respective assets, other than the
assets so purchased; or (ii) Indebtedness of

                                      -12-
<PAGE>

the Company or any Guarantor which refinances Indebtedness referred to in clause
(i) of this definition, provided that such refinancing satisfies subclauses (a)
and (b) of such clause (i).

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

         "Receivables Trust" means a trust organized solely for the purpose of
securitizing the accounts receivable held by the Accounts Receivable Subsidiary
that (a) shall not engage in any business other than (i) the purchase of
accounts receivable or participation interests therein from the Accounts
Receivable Subsidiary and the servicing thereof, (ii) the issuance of and
distribution of payments with respect to the securities permitted to be issued
under clause (b) below and (iii) other activities incidental to the foregoing,
(b) shall not at any time incur Indebtedness or issue any securities, except (i)
certificates representing undivided interests in the trust issued to the
Accounts Receivable Subsidiary and (ii) debt securities issued in an arm's
length transaction for consideration solely in the form of cash and Cash
Equivalents, all of which (net of any issuance fees and expenses) shall promptly
be paid to the Accounts Receivable Subsidiary, and (c) shall distribute to the
Accounts Receivable Subsidiary as a distribution on the Accounts Receivable
Subsidiary's beneficial interest in the trust no less frequently than once every
six months all available cash and Cash Equivalents held by it, to the extent not
required for reasonable operating expenses or reserves therefor or to service
any securities issued pursuant to clause (b) above that are not held by the
Accounts Receivable Subsidiary.

         "Registration Rights Agreement" means the Registration Rights Agreement
for the Notes, dated as of December 28, 2001, by and among the Company, the
Guarantors, the Initial Purchasers and any other parties named on the signature
pages thereof, as such agreement may be amended, modified or supplemented from
time to time.

         "Regulation S" means Regulation S promulgated under the Securities Act.

         "Regulation S Global Note" means a global Note bearing the Private
Placement Legend and deposited with or on behalf of the Depositary and
registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S.

         "Related Party" means, with respect to the Principal, (a) the spouse
and each immediate family member of the Principal and (b) each trust,
corporation, partnership or other entity of which the Principal beneficially
holds an 80% or more controlling interest.

         "Responsible Officer," when used 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.

         "Restricted Definitive Note" means a Definitive Note bearing the
Private Placement Legend.

         "Restricted Global Note" means a Global Note bearing the Private
Placement Legend.

         "Restricted Investment" means an Investment other than Permitted
Investments.

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

                                      -13-
<PAGE>

         "Restricted Subsidiary" or "Restricted Subsidiaries" means any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
the Company or one or more Subsidiaries of the Company or a combination thereof,
other than Unrestricted Subsidiaries.

         "Rule 144" means Rule 144 promulgated under the Securities Act.

         "Rule 144A" means Rule 144A promulgated under the Securities Act.

         "Rule 903" means Rule 903 promulgated under the Securities Act.

         "Rule 904" means Rule 904 promulgated under the Securities Act.

         "S&P" means Standard & Poor's Rating Services.

         "Satellite Receiver" means any satellite receiver capable of receiving
programming from the EchoStar Dish Network.

         "SEC" means the Securities and Exchange Commission.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Shelf Registration Statement" means the Shelf Registration Statement
as defined in the Registration Rights Agreement.

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

         "Subscriber Contribution" means the completion of the Hughes Merger and
the contribution or other transfer to us or purchase by us of substantially all
of the Subscribers owned and operated by the surviving corporation and its
subsidiaries following the Hughes Merger and not already owned by the Company.
For purposes of this definition, "Subscriber" means an owned and operated U.S.
subscriber to DBS service.

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

         "TIA" means the Trust Indenture Act of 1939 as in effect on the date of
this Indenture.

         "Trailing Cash Flow Amount" means the Consolidated Cash Flow of the
Company during the most recent four fiscal quarters of the Company for which
financial statements are available.

         "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.

         "TT&C" means telemetry, tracking and control.

                                      -14-
<PAGE>

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

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

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

         "Unrestricted Subsidiary" means: (A) E-Sat, Inc., EchoStar Real Estate
Corporation, EchoStar International (Mauritius) Ltd., EchoStar Manufacturing and
Distribution Pvt. Ltd. and Satrec Mauritius Ltd.; and (B) any Subsidiary of the
Company designated as an Unrestricted Subsidiary in a resolution of the Board of
Directors:

                  (a) no portion of the Indebtedness or any other obligation
         (contingent or otherwise) of which, immediately after such designation:
         (i) is guaranteed by the Company or any other Subsidiary of the Company
         (other than another Unrestricted Subsidiary); (ii) is recourse to or
         obligates the Company or any other Subsidiary of the Company (other
         than another Unrestricted Subsidiary) in any way; or (iii) subjects any
         property or asset of the Company or any other Subsidiary of the Company
         (other than another Unrestricted Subsidiary), directly or indirectly,
         contingently or otherwise, to satisfaction thereof;

                  (b) with which neither the Company nor any other Subsidiary of
         the Company (other than another Unrestricted Subsidiary) has any
         contract, agreement, arrangement, understanding or is subject to an
         obligation of any kind, written or oral, other than on terms no less
         favorable to the Company or such other Subsidiary than those that might
         be obtained at the time from Persons who are not Affiliates of the
         Company; and

                  (c) with which neither the Company nor any other Subsidiary of
         the Company (other than another Unrestricted Subsidiary) has any
         obligation: (i) to subscribe for additional shares of Capital Stock or
         other equity interests therein; or (ii) to maintain or preserve such
         Subsidiary's financial condition or to cause such Subsidiary to achieve
         certain levels of operating results;

provided, however, that neither ESC nor Echosphere Corporation may be designated
as an Unrestricted Subsidiary. If at any time after the date of this Indenture
the Company designates an additional Subsidiary (other than ETC or a Subsidiary
that constitutes a Non-Core Asset) as an Unrestricted Subsidiary, the Company
will be deemed to have made a Restricted Investment in an amount equal to the
fair market value (as determined in good faith by the Board of Directors of the
Company evidenced by a resolution of the Board of Directors of the Company and
set forth in an Officers' Certificate delivered to the Trustee no later than ten
business days following a request from the Trustee, which certificate shall
cover the six months preceding the date of the request) of such Subsidiary. An
Unrestricted Subsidiary may be designated as a Restricted Subsidiary of the
Company if, at the time of such designation after giving pro forma effect
thereto, no Default or Event of Default shall have occurred or be continuing.

         "Weighted Average Life to Maturity" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing (a) the then
outstanding principal amount of such Indebtedness into (b) the total of the
product obtained by multiplying (i) 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 (ii) the
number of years (calculated to the nearest one-twelfth) that will elapse between
such date and the making of such payment.

                                      -15-
<PAGE>

         "Wholly Owned Restricted Subsidiary" means a Wholly Owned Subsidiary of
the Company that is a Restricted Subsidiary.

         "Wholly Owned Subsidiary" means, with respect to any Person, any
Subsidiary all of the outstanding voting stock (other than directors' qualifying
shares) of which is owned by such Person, directly or indirectly.

SECTION 1.02. Other Definitions.

<Table>
<Caption>

                                                                                  Defined
         Term                                                                     in Section

<S>                                                                               <C>
         "Affiliate Transaction"..........................................        4.11
         "Asset Sale".....................................................        4.10
         "Change of Control Offer"........................................        4.15
         "Change of Control Payment"......................................        4.15
         "Change of Control Payment Date".................................        4.15
         "Company"........................................................        Preamble
         "Covenant Defeasance"............................................        8.03
         "DTC"............................................................        2.01
         "ETC Amount Due..................................................        4.19
         "Event of Default"...............................................        6.01
         "Excess Proceeds"................................................        4.10
         "Excess Proceeds Offer"..........................................        3.08
         "incur"..........................................................        4.09
         "Legal Defeasance"...............................................        8.02
         "Non-Core Asset Amount Due"......................................        4.19
         "Offer Amount"...................................................        3.08
         "Offer Period"...................................................        3.08
         "Paying Agent"...................................................        2.03
         "Payment Default"................................................        6.01(f)
         "Payout".........................................................        4.19
         "Permitted Refinancing"..........................................        4.09
         "Private Placement Legend".......................................        2.01
         "Purchase Date"..................................................        3.08
         "Refinancing Indebtedness".......................................        4.09
         "Registrar"......................................................        2.03
         "Restricted Payments"............................................        4.07
</Table>

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;

         "indenture to be qualified" means this Indenture;

                                      -16-
<PAGE>

         "indenture trustee" or "institutional trustee" means the Trustee;

         "obligor" on the Notes means each of the Company and any successor
obligor upon the Notes.

         All other terms used in this Indenture that are defined by the TIA,
defined by 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:

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

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

                  (3) "or" is not exclusive;

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

                  (5) provisions apply to successive events and transactions.

                                    ARTICLE 2

                                    THE NOTES

SECTION 2.01. Form and Dating.

         The Notes and the Trustee's certificate of authentication shall be
substantially in the form of Exhibit A hereto, the terms of which are
incorporated in and made a part of this Indenture. The Notes may have notations,
legends or endorsements approved as to form by the Company, and required by law,
stock exchange rule, agreements to which the Company is subject or usage. Each
Note shall be dated the date of its authentication. The Notes shall be issuable
only in denominations of $1,000 and integral multiples thereof.

         The Notes shall initially be issued in the form of one or more Global
Notes and the Depository Trust Company ("DTC"), its nominees, and their
respective successors, shall act as the Depositary with respect thereto. Each
Global Note shall (i) be registered in the name of the Depositary for such
Global Note or the nominee of such Depositary, (ii) shall be delivered by the
Trustee to such Depositary or pursuant to such Depositary's instructions, and
(iii) shall bear a legend (the "Global Note Legend") substantially to the
following effect:

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

                                      -17-
<PAGE>

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
         HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
         OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS
         NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
         OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
         CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
         (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A
         NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
         DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
         ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
         SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
         CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

         Except as permitted by Section 2.06(g), any Note not registered under
the Securities Act shall bear the following legend (the "Private Placement
Legend") on the face thereof:

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE
         OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
         BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION
         HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
         INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
         ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
         OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
         ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1),
         (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR"),
         (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL
         ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY
         EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE
         UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
         RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
         ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS
         FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A
         SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
         RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF
         WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D)
         OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
         RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE
         EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
         ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
         OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3)
         AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS
         TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
         CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER
         THE ORIGINAL ISSUANCE OF THIS SECURITY, THE HOLDER MUST, PRIOR TO SUCH
         TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS,
         LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY
         REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE

                                      -18-
<PAGE>

         PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE
         TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE
         THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

The Trustee must refuse to register any transfer of a Note bearing the Private
Placement Legend that would violate the restrictions described in such legend.

SECTION 2.02. Form of Execution and Authentication.

         Two Officers of the Company shall sign the Notes for the Company by
manual or facsimile signature. The Company's seal shall be reproduced on the
Notes.

         If an Officer whose signature is on a Note no longer holds that office
at the time the 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 of the Trustee shall be conclusive evidence that
the Note has been authenticated under this Indenture.

         The Trustee shall authenticate (i) Initial Notes for original issue on
the Issue Date in an aggregate principal amount of $700 million, (ii) pursuant
to the Exchange Offer, Exchange Notes from time to time for issue only in
exchange for a like principal amount of Initial Notes and (iii) subject to
compliance with Section 4.09, one or more series of Notes for original issue
after the Issue Date (such Notes to be substantially in the form of Exhibit A)
in an unlimited amount (and if issued with a Private Placement Legend, the same
principal amount of Exchange Notes in exchange therefor upon consummation of a
registered exchange offer) in each case upon written orders of the Company in
the form of an Officers' Certificate, which Officers' Certificate shall, in the
case of any issuance pursuant to clause (iii) above, certify that such issuance
is in compliance with Section 4.09. In addition, each such Officers' Certificate
shall specify the amount of Notes to be authenticated, the date on which the
Notes are to be authenticated, whether the Securities are to be Initial Notes,
Exchange Notes or Notes issued under clause (iii) of the preceding sentence and
the aggregate principal amount of Notes outstanding on the date of
authentication, and shall further specify the amount of such Notes to be issued
as a Global Note or Definitive Notes. Such Notes shall initially be in the form
of one or more Global Notes, which (i) shall represent, and shall be denominated
in an amount equal to the aggregate principal amount of, the Notes to be issued,
(ii) shall be registered in the name of the Depositary for such Global Note or
Notes or its nominee and (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary's instruction. All Notes issued under
this Indenture shall vote and consent together on all matters as one class and
no series of Notes will have the right to vote or consent as a separate class on
any matter.

         The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. Unless limited by the terms of such appointment,
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 the Company or any Affiliate of the Company.

SECTION 2.03. Registrar and Paying Agent.

         The Company shall maintain (i) an office or agency where Notes may be
presented for registration of transfer or for exchange (including any
co-registrar, the "Registrar") and (ii) 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

                                      -19-
<PAGE>

transfer and exchange. The Company may appoint one or more co-registrars and one
or more additional paying agents. The term "Paying Agent" includes any
additional paying agent. The Company may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder of a Note. The Company shall
notify the Trustee and the Trustee shall notify the Holders of the Notes of the
name and address of any Agent not a party to this Indenture. The Company may act
as Paying Agent, Registrar or co-registrar. The Company shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture, which
shall incorporate the provisions of the TIA. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Company shall notify
the Trustee of the name and address of any such Agent. If the Company fails to
maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the
Trustee shall act as such, and shall be entitled to appropriate compensation in
accordance with Section 7.07.

         The Company initially appoints the Trustee as Registrar, Paying Agent
and agent for service of notices and demands in connection with the 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 shall hold in trust for the benefit of
the Holders of the Notes or the Trustee all money held by the Paying Agent for
the payment of principal of, premium, if any, and interest on the Notes, and
shall notify the Trustee of any Default by the Company in making any such
payment. While any such Default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Company) shall have no
further liability for the money delivered to the Trustee. If the Company acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders of the Notes all money held by it as Paying Agent.

SECTION 2.05. Lists of Holders of the Notes.

         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
Holders of the Notes and shall otherwise comply with TIA Section 312(a). If the
Trustee is not the Registrar, the Company shall furnish to the Trustee at least
seven Business Days before each interest payment date and at such other times as
the Trustee may request in writing a list in such form and as of such date as
the Trustee may reasonably require of the names and addresses of Holders of the
Notes, including the aggregate principal amount of the Notes held by each
thereof, and the Company shall otherwise comply with TIA Section 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 and a successor Depositary is not appointed by the Company within 90
days after the date of such notice from the Depositary, (ii) the Depositary has
ceased to be a clearing agency registered under the Exchange Act, (iii) 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 (iv) there shall have occurred and be
continuing a Default or an Event of Default under this Indenture. In any such
case, the Company will notify the Trustee in writing that, upon surrender by the
Direct Participants and Indirect Participants of their interest in such Global
Note, Certificated Notes will be issued to each Person that such Direct

                                      -20-
<PAGE>

Participants and Indirect Participants and DTC identify as being the beneficial
owner of the related Notes. Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10 of this Indenture. 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 of
this Indenture, 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. However, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f)
of this Indenture.

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

                   (i) Transfer of Beneficial Interests in the Same Global Note.
         Beneficial interests in any Restricted Global Note may be transferred
         to Persons who take delivery thereof in the form of a beneficial
         interest in the same Restricted Global Note in accordance with the
         transfer restrictions set forth in the Private Placement Legend;
         provided, however, that prior to the expiration of the Restricted
         Period, no transfer of beneficial interests in the Regulation S Global
         Note may be made to a U.S. Person or for the account or benefit of a
         U.S. Person (other than an Initial Purchaser) unless permitted by
         applicable law and made in compliance with subparagraphs (ii) and (iii)
         below. Beneficial interests in any Unrestricted Global Note may be
         transferred to Persons who take delivery thereof in the form of a
         beneficial interest in an Unrestricted Global Note. No written orders
         or instructions shall be required to be delivered to the Registrar to
         effect the transfers described in this Section 2.06(b)(i) unless
         specifically stated above.

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

                                      -21-
<PAGE>

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

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

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

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

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

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

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

                           (D) the Registrar receives the following:

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

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

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

                                      -22-
<PAGE>

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

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

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

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

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

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

                  (C) if such beneficial interest is being transferred to a
         Non-U.S. Person in an offshore transaction in accordance with Rule 903
         or Rule 904 under the Securities Act, a certificate to the effect set
         forth in Exhibit C hereto, including the certifications in item (2)
         thereof;

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

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

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

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

                                      -23-
<PAGE>

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

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

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

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

                  (D) the Registrar receives the following:

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

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

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

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

         (iii) Beneficial Interests in Unrestricted Global Notes to Unrestricted
Definitive Notes. If any Holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note
or to transfer such beneficial interest to a Person who takes delivery thereof
in the form of a Definitive Note, then, upon satisfaction of the conditions set
forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(h), 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)(iii)
shall be registered in such name or names and in such authorized denomination or
denominations as the Holder of such beneficial interest shall instruct the
Registrar

                                      -24-
<PAGE>

through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Definitive Notes to the Persons in
whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.06(c)(iii) shall not bear
the Private Placement Legend.

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

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

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

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

                  (C) if such Restricted Definitive Note is being transferred to
         a Non-U.S. Person in an offshore transaction in accordance with Rule
         903 or Rule 904 under the Securities Act, a certificate to the effect
         set forth in Exhibit C hereto, including the certifications in item (2)
         thereof,

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

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

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

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

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

                  (D) the Registrar receives the following:

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

                                      -25-
<PAGE>

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

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

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

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

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

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

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

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

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

                                      -26-
<PAGE>

                           (C) if the transfer will be made pursuant to any
                  other exemption from the registration requirements of the
                  Securities Act, then the transferor must deliver a certificate
                  in the form of Exhibit C hereto, including, if the Registrar
                  so requests, a certification or Opinion of Counsel in form
                  reasonably acceptable to the Company to the effect that such
                  transfer is in compliance with the Securities Act.

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

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

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

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

                           (D) the Registrar receives the following:

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

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

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

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

         (f) Exchange Offer. Upon the occurrence of an Exchange Offer in
accordance with the Registration Rights Agreement, the Company shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02, the
Trustee shall authenticate (i) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not
broker-dealers, (y) they are not participating in a distribution of the Exchange
Notes and (z) they are not "affiliates" (as defined in

                                      -27-
<PAGE>

Rule 144) of the Company, and accepted for exchange in an Exchange Offer and
(ii) Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes accepted for exchange in an Exchange
Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company shall execute and the Trustee shall
authenticate and deliver to the Persons designated by the Holders of Restricted
Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate
principal amount.

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

                  (i) Private Placement Legend.

                  (A) Except as permitted by subparagraph (B) below, each Global
         Note (other than an Unrestricted Global Note) and each Definitive Note
         (and all Notes issued in exchange therefor or substitution thereof)
         shall bear the Private Placement Legend.

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

                  (ii) Global Note Legend. Each Global Note shall bear the
         Global Note Legend.

         (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note shall be returned to or
retained and canceled by the Trustee in accordance with Section 2.11. 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
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.

         (i) 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, 3.08 and 9.05).

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

                                      -28-
<PAGE>

                  (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 of 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 on a Business Day 15 days before
         the day of any selection of Notes for redemption under Section 3.02 of
         this Indenture and ending at the close of business on the day of
         selection or (B) to register the transfer of or to exchange any Note so
         selected for redemption in whole or in part, except the unredeemed
         portion of any Note being redeemed in part.

                  (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 the purpose of receiving payment of
         principal of and interest on such Notes and for all other purposes, and
         none of the Trustee, any Agent or the Company shall be affected by
         notice to the contrary.

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

                  (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 receive evidence to their satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon the written
order of the Company signed by two Officers of the Company, shall authenticate a
replacement Note if the Trustee's requirements for replacements of Notes 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 or any authenticating
agent from any loss which any of them may suffer if a Note is replaced. Each of
the Company and the Trustee may charge for its expenses in replacing a Note.

         Every replacement Note is an obligation of the Company.

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 and those described in this Section as not outstanding.

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

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

         Subject to Section 2.09, a Note does not cease to be outstanding
because the Company, a Subsidiary of the Company or an Affiliate of the Company
holds the Note.

                                      -29-
<PAGE>

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, any Subsidiary of the Company or any Affiliate of the Company shall be
considered as though not outstanding, except that for purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Notes which a Responsible Officer knows to be so owned shall be
so considered. Notwithstanding the foregoing, Notes that are to be acquired by
the Company, any Subsidiary of the Company or an Affiliate of the Company
pursuant to an exchange offer, tender offer or other agreement shall not be
deemed to be owned by the Company, a Subsidiary of the Company or an Affiliate
of the Company until legal title to such Notes passes to the Company, such
Subsidiary or such Affiliate, as the case may be.

SECTION 2.10. Temporary Notes.

         Until definitive Notes are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Notes. Temporary Notes shall be
substantially in the form of definitive Notes but may have variations that the
Company and the Trustee consider appropriate for temporary Notes. Without
unreasonable delay, the Company shall prepare and the Trustee, upon receipt of
the written order of the Company signed by two Officers of the Company, shall
authenticate definitive Notes in exchange for temporary Notes. Until such
exchange, temporary Notes shall be entitled to the same rights, benefits and
privileges as definitive Notes.

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 shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall destroy canceled Notes
(subject to the record retention requirement of the Exchange Act), unless the
Company directs canceled Notes to be returned to it. The Company may not issue
new Notes to replace Notes that it has redeemed or paid or that have been
delivered to the Trustee for cancellation. All canceled Notes held by the
Trustee shall be destroyed and certification of their destruction delivered to
the Company, unless by a written order, signed by two Officers of the Company,
the Company shall direct that canceled Notes be returned to it.

SECTION 2.12. Defaulted Interest.

         If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders of
the Notes on a subsequent special record date, which date shall be at the
earliest practicable date but in all events at least five Business Days prior to
the payment date, in each case at the rate provided in the Notes. The Company
shall, with the consent of the Trustee, fix or cause to be fixed each such
special record date and payment date. At least 15 days before the special record
date, the Company (or the Trustee, in the name of and at the expense of the
Company) shall mail to Holders of the Notes a notice that states the special
record date, the related payment date and the amount of such interest to be
paid.

SECTION 2.13. Record Date.

         The record date for purposes of determining the identity of Holders of
the Notes entitled to vote or consent to any action by vote or consent
authorized or permitted under this Indenture shall be determined as provided for
in TIA Section 316(c).

                                      -30-
<PAGE>

SECTION 2.14. CUSIP Number.

         The Company in issuing the Notes may use a "CUSIP" number and, if it
does so, the Trustee shall use the CUSIP number in notices of redemption or
exchange as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number printed in the notice or on the Notes and that reliance may be placed
only on the other identification numbers printed on the Notes. The Company will
promptly notify the Trustee of any change in the CUSIP number.

                                    ARTICLE 3

                                   REDEMPTION

SECTION 3.01. Notices to Trustee.

         If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07, it shall furnish to the Trustee, at least
35 days (unless a shorter period is acceptable to the Trustee) but not more than
60 days before a redemption date, an Officers' Certificate setting forth (i) the
redemption date, (ii) the principal amount of Notes to be redeemed and (iii) the
redemption price. If the Company is required to make the redemption pursuant to
Section 3.08, it shall furnish the Trustee, at least one but not more than 10
Business Days before a redemption date, an Officers' Certificate setting forth
(i) the redemption date and (ii) the redemption price.

SECTION 3.02. Selection of Notes To Be Redeemed.

         If less than all of the Notes are to be redeemed at any time, the
selection of Notes for redemption will be made by the Trustee in compliance with
the requirements of the principal national securities exchange, if any, on which
the Notes are listed, or if the Notes are not so listed on a pro rata basis, by
lot or in accordance with any other method the Trustee deems fair and
appropriate, provided that no Notes with a principal amount of $1,000 or less
shall be redeemed in part. In the event of partial redemption by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption date by
the Trustee from the outstanding Notes not previously called for redemption.

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

SECTION 3.03. Notice of Redemption.

         Subject to the provisions of Sections 3.08, at least 30 days but not
more than 60 days before a redemption date, the Company shall mail or cause to
be mailed, by first class mail, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address.

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

                  (i) the redemption date;

                  (ii) the redemption price;

                                      -31-
<PAGE>

                  (iii) if any Note is being redeemed in part only, 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 in the
         name of the Holder thereof upon cancellation of the original Note;

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

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

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

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

                  (viii) 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 that the Company
shall have delivered to the Trustee, at least 35 days (unless a shorter period
is acceptable to 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,
Notes called for redemption become due and payable on the redemption date at the
redemption price.

SECTION 3.05. Deposit of Redemption Price.

         On or prior to any 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 on all Notes to be redeemed on that date. The Trustee or
the Paying Agent shall promptly return to the Company any money deposited with
the Trustee or the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption price of, and accrued interest on, all Notes to
be redeemed.

         On and after the redemption date, if the Company does not default in
the payment of the redemption price, interest shall cease to accrue on the Notes
or the portions of Notes called for redemption. If a Note is redeemed on or
after an interest record date but on or prior to the related interest payment
date, then any accrued and unpaid interest shall be paid to the Person in whose
name such Note was registered at the close of business on such record date. If
any Note called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption
date until such principal is paid, and to the extent lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in the Notes.

                                      -32-
<PAGE>

SECTION 3.06. Notes Redeemed in Part.

         Upon surrender and cancellation of a Note that is redeemed in part, the
Company shall issue and the Trustee shall authenticate for the Holder of the
Notes at the expense of the Company a new Note equal in principal amount to the
unredeemed portion of the Note surrendered.

SECTION 3.07. Optional Redemption.

         Except as provided in the next paragraph, the Notes will not be
redeemable at the Company's option prior to January 15, 2006. Thereafter, the
Notes will be subject to redemption at the option of the Company, in whole or in
part, upon not less than 30 nor more than 60 days' notice, at the redemption
prices (expressed as percentages of principal amount) set forth below, together
with accrued and unpaid interest thereon to the applicable redemption date, if
redeemed during the 12-month period beginning on January 15 of the years
indicated below:

<Table>
<Caption>

     YEAR                                                                            PERCENTAGE
     ----                                                                            ----------
<S>                                                                                  <C>
     2006........................................................................    104.563%
     2007........................................................................    102.281%
     2008........................................................................    100.000%
</Table>

         Notwithstanding the foregoing, at any time prior to January 15, 2005,
the Company may redeem up to 35% of the aggregate principal amount of the Notes
outstanding at a redemption price equal to 109.125% of the principal amount
thereof on the repurchase date, together with accrued and unpaid interest to
such repurchase date, with the net cash proceeds of one or more public or
private sales (including sales to EchoStar, regardless of whether EchoStar
obtained such funds from an offering of Equity Interests or Indebtedness of
EchoStar or otherwise) of Equity Interests (other than Disqualified Stock) of
the Company (other than proceeds from a sale to any Subsidiary of the Company or
any employee benefit plan in which the Company or any of its Subsidiaries
participates); provided that: (a) at least 65% in aggregate principal amount of
the Notes originally issued remain outstanding immediately after the occurrence
of such redemption; and (b) the sale of such Equity Interests is made in
compliance with the terms of this Indenture.

SECTION 3.08. Offer To Purchase by Application of Excess Proceeds.

         When the cumulative amount of Excess Proceeds that have not been
applied in accordance with Section 4.10 or this Section 3.08 exceeds $50.0
million, the Company shall be obligated to make an offer to all Holders of the
Notes (an "Excess Proceeds Offer") to purchase the maximum principal amount of
Notes that may be purchased out of such Excess Proceeds at an offer price in
cash in an amount equal to 101% of the principal amount thereof, together with
accrued and unpaid interest to the date fixed for the closing of such offer in
accordance with the procedures set forth in this Indenture. To the extent the
Company or a Restricted Subsidiary is required under the terms of Indebtedness
of the Company or such Restricted Subsidiary which is ranked equally with the
Notes with any proceeds which constitute Excess Proceeds under this Indenture,
the Company shall make a pro rata offer to the holders of all other pari passu
Indebtedness (including the Notes) with such proceeds. If the aggregate
principal amount of Notes and other pari passu Indebtedness surrendered by
holders thereof exceeds the amount of such Excess Proceeds, the Trustee shall
select the Notes and other pari passu Indebtedness to be purchased on a pro rata
basis.

         The Excess Proceeds 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 maximum principal amount of Notes that
may be purchased with such Excess Pro-

                                      -33-
<PAGE>

ceeds (which maximum principal amount of Notes shall be the "Offer Amount") or,
if less than the Offer Amount has been tendered, all Notes tendered in response
to the Excess Proceeds Offer.

         If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued 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 Excess Proceeds Offer.

         Upon the commencement of any Excess Proceeds Offer, the Company shall
send, by first class mail, a notice to each of the Holders of the Notes, 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 Excess Proceeds
Offer. The notice, which shall govern the terms of the Excess Proceeds Offer,
shall state:

                  (i) that the Excess Proceeds Offer is being made pursuant to
         this Section 3.08 and the length of time the Excess Proceeds Offer
         shall remain open;

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

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

                  (iv) that any Note accepted for payment pursuant to the Excess
         Proceeds Offer shall cease to accrue interest after the Purchase Date;

                  (v) that Holders electing to have a Note purchased pursuant to
         any Excess Proceeds 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, to the Company, a depositary, if appointed by
         the Company, or a Paying Agent at the address specified in the notice
         at least three business days before the Purchase Date;

                  (vi) that Holders shall be entitled to withdraw their election
         if the Company, depositary or 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 the Note purchased;

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

                  (viii) 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.

         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 Excess
Proceeds Offer, or if less than the Offer Amount has been tendered, all Notes or
portion thereof tendered, and deliver to the Trustee an Officers' Certificate
stating that such Notes or portions thereof were accepted for payment by the
Company in accordance with the terms of this Section 3.08. The Company,
Depositary or 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 Note tendered by
such Holder and accepted by the Company for purchase, and the Company shall
promptly issue a new Note, and the Trustee

                                      -34-
<PAGE>

shall authenticate and mail or deliver such new Note, to such Holder equal in
principal amount 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 Excess
Proceeds Offer on the Purchase Date. To the extent that the aggregate principal
amount of Notes tendered pursuant to an Excess Proceeds Offer is less than the
amount of such Excess Proceeds, the Company may use any remaining Excess
Proceeds for general corporate purposes. Upon completion of an Excess Proceeds
Offer, the amount of Excess Proceeds shall be reset at zero.

         Other than as specifically provided in this Section 3.08, any purchase
pursuant to this Section 3.08 shall be made pursuant to the provisions of
Sections 3.01 through 3.06.

                                    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, holds as of 10:00 a.m.
Eastern Time on the due date money deposited by or on behalf of 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 pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (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 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 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.

         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 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.

                                      -35-
<PAGE>

SECTION 4.03. Reports.

         (a) Whether or not required by the rules and regulations of the SEC, so
long as any of the Notes remain outstanding, the Company shall cause copies of
all quarterly and annual financial reports and of the information, documents,
and other reports (or copies of such portions of any of the foregoing as the SEC
may by rules and regulations prescribe) which the Company is required to file
with the SEC on Forms 10-Q and 10-K to be filed with the SEC and the Trustee and
mailed to the Holders at their addresses appearing in the register of Notes
maintained by the Registrar, in each case, within 15 days of filing with the
SEC. If the Company is not required to file reports on Form 10-Q and 10-K, the
Company shall nevertheless continue to cause the annual and quarterly financial
statements, including any notes thereto (and, with respect to annual reports, an
auditors' report by an accounting firm of established national reputation) and a
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," comparable to that which would have been required to appear in
Forms 10-Q and 10-K, to be so filed with the SEC for public availability (to the
extent permitted by the SEC) and the Trustee and mailed to the Holders within
120 days after the end of the Company's fiscal years and within 60 days after
the end of each of the first three quarters of each such fiscal year. The
Company shall also comply with the provisions of TIA Section 314(a).

         (b) The Company shall provide the Trustee with a sufficient number of
copies of all reports and other documents and information that the Trustee may
be required to deliver to the Holders of the Notes under this Section 4.03.

SECTION 4.04. Compliance Certificate.

         (a) The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year, an Officers' Certificate stating that a review of the
activities of the 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 each 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 each entity
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 including, without
limitation, a default in the performance or breach of Section 4.07, Section
4.09, Section 4.10 or Section 4.15 (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 each is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the
principal of or interest, if any, on the Notes is prohibited or if such event
has occurred, a description of the event and what action each is taking or
proposes to take with respect thereto.

         (b) The Company shall, so long as any of the Notes are outstanding,
deliver to the Trustee, forthwith upon any Officer becoming aware of (i) any
Default or Event of Default, or (ii) any default under any Indebtedness referred
to in Section 6.01(f) or (g) of this Indenture, an Officers' Certificate
specifying such Default, Event of Default or default and what action the Company
or any of its Affiliates is taking or proposes to take with respect thereto.

SECTION 4.05. Taxes.

         The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies
except as 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.

                                      -36-
<PAGE>

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.

SECTION 4.07. Limitation on Restricted Payments.

         Neither the Company nor any of its Restricted Subsidiaries may,
directly or indirectly:

                  (a) declare or pay any dividend or make any distribution on
         account of any Equity Interests of the Company other than dividends or
         distributions payable in Equity Interests (other than Disqualified
         Stock) of the Company;

                  (b) purchase, redeem or otherwise acquire or retire for value
         any Equity Interests of EchoStar, the Company or any of their
         respective Subsidiaries or Affiliates, other than any such Equity
         Interests owned by the Company or by any Wholly Owned Restricted
         Subsidiary;

                  (c) purchase, redeem, defease or otherwise acquire or retire
         for value any Indebtedness that is expressly subordinated in right of
         payment to the Notes or the Guarantees, except in accordance with the
         scheduled mandatory redemption, sinking fund or repayment provisions
         set forth in the original documentation governing such Indebtedness;

                  (d) declare or pay any dividend or make any distribution on
         account of any Equity Interests of any Restricted Subsidiary, other
         than:

                           (i) to the Company or any Wholly Owned Restricted
                  Subsidiary; or

                           (ii) to all holders of any class or series of Equity
                  Interests of such Restricted Subsidiary on a pro rata basis;
                  provided that in the case of this clause (ii), such dividends
                  or distributions may not be in the form of Indebtedness or
                  Disqualified Stock; or

                  (e) make any Restricted Investment

(all such prohibited payments and other actions set forth in clauses (a) through
(e) being collectively referred to as "Restricted Payments"), unless, at the
time of such Restricted Payment:

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

                  (ii) after giving effect to such Restricted Payment and the
         incurrence of any Indebtedness the net proceeds of which are used to
         finance such Restricted Payment, the Indebtedness to Cash Flow Ratio of
         the Company would not have exceeded 8.0 to 1; and

                  (iii) such Restricted Payment, together with the aggregate of
         all other Restricted Payments made by the Company after the date of
         this Indenture, is less than the sum of:

                                      -37-
<PAGE>

                           (A) the difference of

                                    (x) cumulative Consolidated Cash Flow of the
                           Company determined at the time of such Restricted
                           Payment (or, in case such Consolidated Cash Flow
                           shall be a deficit, minus 100% of such deficit);
                           minus

                                    (y) 120% of Consolidated Interest Expense of
                           the Company,

                  each as determined for the period (taken as one accounting
                  period) from January 1, 2002 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) an amount equal to 100% of the aggregate net cash
                  proceeds and, in the case of proceeds consisting of assets
                  used in or constituting a business permitted under Section
                  4.16 of this Indenture, 100% of the fair market value of the
                  aggregate net proceeds other than cash received by the Company
                  either from capital contributions from EchoStar, or from the
                  issue or sale (including an issue or sale to EchoStar) of
                  Equity Interests (other than Disqualified Stock) of the
                  Company (other than Equity Interests sold to any Subsidiary of
                  the Company), since the Issue Date, but, in the case of any
                  net cash proceeds, only to the extent such net cash proceeds
                  are not used to redeem Notes pursuant to the second paragraph
                  of Section 3.07 of this Indenture; plus

                           (C) if any Unrestricted Subsidiary is designated by
                  the Company as a Restricted Subsidiary, an amount equal to the
                  fair market value of the net Investment by the Company or a
                  Restricted Subsidiary in such Subsidiary at the time of such
                  designation; provided, however, that the foregoing sum shall
                  not exceed the amount of the Investments made by the Company
                  or any Restricted Subsidiary in any such Unrestricted
                  Subsidiary since the Issue Date; plus

                           (D) 100% of any cash dividends and other cash
                  distributions received by the Company and its Wholly Owned
                  Restricted Subsidiaries from an Unrestricted Subsidiary since
                  the Issue Date to the extent not included in cumulative
                  Consolidated Cash Flow of the Company; plus

                           (E) to the extent not included in clauses (A) through
                  (D) above, an amount equal to the net reduction in Investments
                  of the Company and its Restricted Subsidiaries since the Issue
                  Date resulting from payments in cash of interest on
                  Indebtedness, dividends, or repayment of loans or advances, or
                  other transfers of property, in each case, to the Company or
                  to a Wholly Owned Restricted Subsidiary or from the net cash
                  proceeds from the sale, conveyance or other disposition of any
                  such Investment; provided, however, that the foregoing amount
                  shall not exceed, with respect to any Person in whom such
                  Investment was made, the amount of Investments previously made
                  by the Company or any Restricted Subsidiary in such Person
                  which were included in computations made pursuant to this
                  clause (iii).

         The foregoing provisions will not prohibit the following (provided that
with respect to clauses (2), (3), (5), (6), (7), (8), (9), (11), and (12) below,
no Default or Event of Default shall have occurred and be continuing):

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

                                      -38-
<PAGE>

                  (2) the redemption, repurchase, retirement or other
         acquisition of any Equity Interests of the Company in exchange for, or
         out of the net proceeds of the substantially concurrent capital
         contribution from EchoStar or from the substantially concurrent issue
         or sale (including to EchoStar) of Equity Interests (other than
         Disqualified Stock) of the Company (other than Equity Interests issued
         or sold to any Subsidiary of the Company);

                  (3) Investments in an aggregate amount not to exceed $250
         million plus, to the extent not included in Consolidated Cash Flow, an
         amount equal to the net reduction in such Investments resulting from
         payments in cash of interest on Indebtedness, dividends or repayment of
         loans or advances, or other transfers of property, in each case, to the
         Company or to a Wholly Owned Restricted Subsidiary or from the net cash
         proceeds from the sale, conveyance or other disposition of any such
         Investment; provided, however, that the foregoing amount shall not
         exceed, with respect to any Person in whom such Investment was made,
         the amount of Investments previously made by the Company or any
         Restricted Subsidiary in such Person pursuant to this clause (3);

                  (4) Investments to fund the financing activity of DNCC in the
         ordinary course of its business in an amount not to exceed, as of the
         date of determination, the sum of (A) $50 million plus (B) 50% of the
         aggregate cost to DNCC for each Satellite Receiver purchased by DNCC
         and leased by DNCC to a retail consumer in excess of 100,000 units;

                  (5) cash dividends or distributions to EchoStar to the extent
         required for the purchase of employee stock options to purchase Capital
         Stock of EchoStar, or Capital Stock of EchoStar issued pursuant to the
         exercise of employee stock options to purchase Capital Stock of
         EchoStar, in an aggregate amount not to exceed $2 million in any
         calendar year and in an aggregate amount not to exceed $10 million
         since the Issue Date;

                  (6) a Permitted Refinancing (as defined in Section 4.09);

                  (7) Investments in an amount equal to 100% of the aggregate
         net proceeds (whether or not in cash) received by the Company or any
         Wholly Owned Restricted Subsidiary from capital contributions from
         EchoStar or from the issue and sale (including a sale to EchoStar) of
         Equity Interests (other than Disqualified Stock) of the Company (other
         than Equity Interests issued or sold to a Subsidiary of EchoStar), on
         or after the Issue Date; plus, to the extent not included in
         Consolidated Cash Flow, an amount equal to the net reduction in such
         Investments resulting from payments in cash of interest on
         Indebtedness, dividends, or repayment of loans or advances, or other
         transfers of property, in each case, to the Company or to a Wholly
         Owned Restricted Subsidiary or from the net cash proceeds from the
         sale, conveyance, or other disposition of any such Investment;
         provided, that the foregoing amount shall not exceed, with respect to
         any Person in whom such Investment was made, the amount of Investments
         previously made by the Company or any Restricted Subsidiary in such
         Person pursuant to this clause (7) in each case, provided that such
         Investments are in businesses of the type described under Section 4.16
         of this Indenture;

                  (8) Investments in any Restricted Subsidiary which is not a
         Wholly Owned Restricted Subsidiary, but which is a Guarantor;

                  (9) Investments in businesses strategically related to
         businesses described in Section 4.16 of this Indenture in an aggregate
         amount not to exceed $100 million;

                                      -39-
<PAGE>

                  (10) cash dividends or distributions to EchoStar to the extent
         required for the purchase of odd-lots of Equity Interests of EchoStar,
         in an aggregate amount not to exceed $10 million since the Issue Date;

                  (11) the making of any Restricted Payment (including the
         receipt of any Investment) permitted under or resulting from any
         transaction permitted under Section 4.19 of this Indenture; provided
         that all conditions to any such Restricted Payment set forth in such
         Section 4.19 are satisfied;

                  (12) Investments made as a result of the receipt of non-cash
         proceeds from Asset Sales made in compliance with Section 4.10 of this
         Indenture;

                  (13) any Restricted Payment permitted under the 1999 EDBS
         Notes Indentures and the EBC Notes Indenture, in each case as in effect
         on the Issue Date, and the EDBS Exchange Indenture;

                  (14) Investments which are used to pay for the construction,
         launch, operation or insurance of a satellite owned by any Subsidiaries
         of the Company in an amount not to exceed $200 million; and

                  (15) Investments in a foreign direct-to-home satellite
         provider in an amount not to exceed $100 million; provided that the
         Investments are made through the supply of satellite receivers and
         related equipment to the provider, or the proceeds from the Investments
         are used to purchase satellite receivers and related equipment from
         EchoStar or a Subsidiary of EchoStar.

         Restricted Payments made pursuant to clauses (1), (2), (4) and (7) (but
only to the extent that net proceeds received by the Company as set forth in
such clause (2) or (7) were included in the computations made in clause (iii)(B)
of the first paragraph of this Section 4.07), (10) and (13) (but only to the
extent such Restricted Payment is included as a Restricted Payment in any
computation made pursuant to clause (iii) of the first paragraph of Section 4.07
of the 1999 EDBS Notes Indentures and the EBC Notes Indenture, in each case as
in effect on the Issue Date, or the EDBS Exchange Indenture), shall be included
as Restricted Payments in any computation made pursuant to clause (iii) of this
Section 4.07.

         Restricted Payments made pursuant to clauses (3), (5), (6), (7) (but
only to the extent that net proceeds received by the Company as set forth in
such clause (7) were not included in the computations made in clause (iii)(B) of
the first paragraph of this Section 4.07), (8), (9), (11), (12), (13) (but only
to the extent such Restricted Payment is not included as a Restricted Payment in
any computation made pursuant to clause (iii) of the first paragraph of Section
4.07 of the 1999 EDBS Notes Indentures and the EBC Notes Indenture, in each case
as in effect on the Issue Date, or the EDBS Exchange Indenture), (14) and (15)
shall not be included as Restricted Payments in any computation made pursuant
clause (iii) of the first paragraph of this Section 4.07.

         If the Company or any Restricted Subsidiary makes an Investment which
was included in computations made pursuant to this Section 4.07 and the Person
in which such Investment was made subsequently becomes a Restricted Subsidiary
that is a Guarantor, to the extent such Investment resulted in a reduction in
the amounts calculated under clause (iii) of the first paragraph of or under any
other provision of this Section 4.07, then such amount shall be increased by the
amount of such reduction.

         Not later than ten Business Days following a request from the Trustee,
the Company shall deliver to the Trustee an Officers' Certificate stating that
each Restricted Payment made in the six months preceding the date the request
was permitted and setting forth the basis upon which the calculations required
by this Section 4.07 were computed, which calculations shall be based upon the
Company's latest available financial statements.

                                      -40-
<PAGE>

SECTION 4.08. Limitations on Dividend and Other Payment Restrictions Affecting
              Subsidiaries.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, create or otherwise cause or suffer to exist or
become effective any encumbrance or restriction on the ability of any Restricted
Subsidiary to:

                  (a) pay dividends or make any other distribution 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, or pay any Indebtedness owed to the Company or any of its
         Subsidiaries;

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

                  (c) transfer any of its properties or assets to the Company or
         any of its Subsidiaries;

         except for such encumbrances or restrictions existing under or by
reasons of:

                           (i) Existing Indebtedness and existing agreements as
                  in effect on the Issue Date;

                           (ii) applicable law or regulation;

                           (iii) any instrument governing Acquired Debt as in
                  effect at the time of acquisition (except to the extent such
                  Indebtedness was incurred in connection with, or in
                  contemplation of, such acquisition), which encumbrance or
                  restriction is not applicable to any Person, or the properties
                  or assets of any Person, other than the Person, or the
                  property or assets of the Person, so acquired, provided that
                  the Consolidated Cash Flow of such Person shall not be taken
                  into account in determining whether such acquisition was
                  permitted by the terms of this Indenture, except to the extent
                  that dividends or other distributions are permitted
                  notwithstanding such encumbrance or restriction and could have
                  been distributed;

                           (iv) by reason of customary non-assignment provisions
                  in leases entered into in the ordinary course of business and
                  consistent with past practices;

                           (v) Refinancing Indebtedness (as defined in Section
                  4.09 of this Indenture); provided that the restrictions
                  contained in the agreements governing such Refinancing
                  Indebtedness are no more restrictive than those contained in
                  the agreements governing the Indebtedness being refinanced;

                           (vi) this Indenture and the Notes;

                           (vii) Permitted Liens; or

                           (viii) any agreement for the sale of any Subsidiary
                  or its assets that restricts distributions by that Subsidiary
                  pending its sale; provided that during the entire period in
                  which such encumbrance or restriction is effective, such sale
                  (together with any other sales pending) would be permitted
                  under the terms of this Indenture.

SECTION 4.09. Limitation on Incurrence of Indebtedness.

         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 with respect to (collec-

                                      -41-
<PAGE>

tively, "incur") any Indebtedness (including Acquired Debt); provided, however,
that, notwithstanding the foregoing the Company and any Guarantor may incur
Indebtedness (including Acquired Debt), if, after giving effect to the
incurrence of such Indebtedness and the application of the net proceeds thereof
on a pro forma basis, the Indebtedness to Cash Flow Ratio of the Company would
not have exceeded 8.0 to 1.

         The foregoing limitation will not apply to any of the following
incurrences of Indebtedness:

                  (1) Indebtedness represented by Notes, the Guarantees thereof
         and this Indenture in an aggregate principal amount of $700 million;

                  (2) the incurrence by the Company or any Guarantor of Acquired
         Subscriber Debt not to exceed $1,750 per Acquired Subscriber;

                  (3) the incurrence by the Company or any Guarantor of Deferred
         Payments and letters of credit with respect thereto;

                  (4) Indebtedness of the Company or any Guarantor in an
         aggregate principal amount not to exceed $1,050,000,000 at any one time
         outstanding, which Indebtedness may be secured to the extent permitted
         under Section 4.12 of this Indenture;

                  (5) Indebtedness between and among the Company and any
         Guarantor;

                  (6) Acquired Debt of a Person incurred prior to the date upon
         which such Person was acquired by the Company or any Guarantor
         (excluding Indebtedness incurred by such entity other than in the
         ordinary course of its business in connection with, or in contemplation
         of, such entity being so acquired) in an amount not to exceed (A) $50
         million in the aggregate for all such Persons other than those
         described in the immediately following clause (B); and (B) Acquired
         Debt owed to the Company or any of its Restricted Subsidiaries;

                  (7) Existing Indebtedness;

                  (8) the incurrence of Purchase Money Indebtedness by the
         Company or any Guarantor in an amount not to exceed the cost of
         construction, acquisition or improvement of assets used in any business
         permitted under Section 4.16 of this Indenture, as well as any launch
         costs and insurance premiums related to such assets;

                  (9) Hedging Obligations of the Company or any of its
         Restricted Subsidiaries covering Indebtedness of the Company or such
         Restricted Subsidiary to the extent the notional principal amount of
         such Hedging Obligation does not exceed the principal amount of the
         Indebtedness to which such Hedging Obligation relates; provided,
         however, that such Hedging Obligations are entered into to protect the
         Company and its Restricted Subsidiaries from fluctuation in interest
         rates on Indebtedness incurred in accordance with this Indenture;

                  (10) Indebtedness of the Company or any Restricted Subsidiary
         in respect of performance bonds or letters of credit of the Company or
         any Restricted Subsidiary or surety bonds provided by the Company or
         any Restricted Subsidiary incurred in the ordinary course of business
         and on ordinary business terms in connection with the businesses
         permitted under Section 4.16 of this Indenture;

                  (11) Indebtedness of the Company or any Guarantor the proceeds
         of which are used solely to finance the construction and development of
         call centers owned by the Company or any of its Re-

                                      -42-
<PAGE>

         stricted Subsidiaries or any refinancing thereof; provided that the
         aggregate of all Indebtedness incurred pursuant to this clause (xi)
         shall in no event exceed $25 million at any one time outstanding;

                  (12) the incurrence by the Company or any Guarantor of
         Indebtedness issued in exchange for, or the proceeds of which are used
         to extend, refinance, renew, replace, substitute or refund in whole or
         in part Indebtedness referred to in the first paragraph of this Section
         4.09 or in clauses (1), (2), (3), (6), (7) or (8) above ("Refinancing
         Indebtedness"); provided, however, that:

                           (A) the principal amount of such Refinancing
                  Indebtedness shall not exceed the principal amount and accrued
                  interest of the Indebtedness so exchanged, extended,
                  refinanced, renewed, replaced, substituted or refunded and any
                  premiums payable and reasonable fees, expenses, commissions
                  and costs in connection therewith;

                           (B) the Refinancing Indebtedness shall have a final
                  maturity equal to or later than, and a Weighted Average Life
                  to Maturity equal to or greater than, the final maturity and
                  Weighted Average Life to Maturity, respectively, of the
                  Indebtedness being exchanged, extended, refinanced, renewed,
                  replaced, substituted or refunded; and

                           (C) the Refinancing Indebtedness shall be
                  subordinated in right of payment to the Notes and the
                  Guarantees, if at all, on terms at least as favorable to the
                  holders of Notes as those contained in the documentation
                  governing the Indebtedness being extended, refinanced,
                  renewed, replaced, substituted or refunded (a "Permitted
                  Refinancing");

                  (13) the guarantee by the Company or any Guarantor of
         Indebtedness of the Company or a Restricted Subsidiary that was
         permitted to be incurred by another provision of this Section 4.09;

                  (14) Indebtedness under Capital Lease Obligations of the
         Company or any Guarantor with respect to no more than five direct
         broadcast satellites at any time; and

                  (15) Indebtedness represented by the EDBS Exchange Notes, the
         EDBS Exchange Notes Guarantees and the EDBS Exchange Indenture.

         For purposes of determining compliance with this Section 4.09, if an
item of Indebtedness meets the criteria of more than one of the categories
described in clauses (1) through (15) above or is permitted to be incurred
pursuant to the first paragraph of this Section 4.09 and also meets the criteria
of one or more of the categories described in clauses (1) through (15) above,
the Company shall, in its sole discretion, classify such item of Indebtedness in
any manner that complies with this Section 4.09 and may from time to time
reclassify such item of Indebtedness in any manner in which such item could be
incurred at the time of such reclassification. Accrual of interest and the
accretion of accreted value will not be deemed to be an incurrence of
Indebtedness for purposes of this Section 4.09.

SECTION 4.10. Asset Sales.

         If the Company or any Restricted Subsidiary, in a single transaction or
a series of related transactions:

                  (a) sells, leases (in a manner that has the effect of a
         disposition), conveys or otherwise disposes of any of its assets
         (including by way of a sale-and-leaseback transaction), other than:

                           (1) sales or other dispositions of inventory in the
                  ordinary course of business;

                                      -43-
<PAGE>

                           (2) sales or other dispositions to the Company or a
                  Wholly Owned Restricted Subsidiary of the Company by the
                  Company or any Restricted Subsidiary;

                           (3) sales or other dispositions of accounts
                  receivable to DNCC for cash in an amount at least equal to the
                  fair market value of such accounts receivable;

                           (4) sales or other dispositions of rights to
                  construct or launch satellites; and

                           (5) sales or other dispositions permitted under
                  Section 4.19 of this Indenture (provided that the sale, lease,
                  conveyance or other disposition of all or substantially all of
                  the assets of the Company shall be governed by the provisions
                  of Article 5 of this Indenture); or

                  (b) issues or sells Equity Interests of any Restricted
         Subsidiary (other than any issue or sale of Equity Interests of ETC or
         a Subsidiary which constitutes a Non-Core Asset permitted under Section
         4.19 of this Indenture);

in either case, which assets or Equity Interests: (1) have a fair market value
in excess of $50 million (as determined in good faith by the Board of Directors
evidenced by a resolution of the Board of Directors set forth in an Officers'
Certificate delivered to the Trustee); or (2) are sold or otherwise disposed of
for net proceeds in excess of $50 million (each of the foregoing, an "Asset
Sale"), then:

                           (A) the Company or such Restricted Subsidiary, as the
                  case may be, must receive consideration at the time of such
                  Asset Sale at least equal to the fair market value (as
                  determined in good faith by the Board of Directors evidenced
                  by a resolution of the Board of Directors and set forth in an
                  Officers' Certificate delivered to the Trustee not later than
                  ten Business Days following a request from the Trustee, which
                  certificate shall cover each Asset Sale made in the six months
                  preceding the date of request, as the case may be) of the
                  assets sold or otherwise disposed of; and

                           (B) at least 75% of the consideration therefor
                  received by the Company or such Restricted Subsidiary, as the
                  case may be, must be in the form of:

                                    (x) cash, Cash Equivalents or Marketable
                           Securities;

                                    (y) any asset which is promptly (and in no
                           event later than 90 days after the date of transfer
                           to the Company or a Restricted Subsidiary) converted
                           into cash; provided that to the extent that such
                           conversion is at a price that is less than the fair
                           market value (as determined above) of such asset at
                           the time of the Asset Sale in which such asset was
                           acquired, the Company shall be deemed to have made a
                           Restricted Payment in the amount by which such fair
                           market value exceeds the cash received upon
                           conversion; and/or

                                    (z) properties and capital assets (including
                           Capital Stock of an entity owning such property or
                           assets so long as the receipt of such Capital Stock
                           otherwise complies with Section 4.07 (other than
                           clause (12) of the second paragraph thereof) to be
                           used by the Company or any of its Restricted
                           Subsidiaries in a business permitted under Section
                           4.16 of this Indenture;

                  provided, however, that up to $40 million of assets in
                  addition to assets specified in clauses (x), (y) or (z) above
                  at any one time may be considered to be cash for purposes of
                  this clause (B),

                                      -44-
<PAGE>

                  so long as the provisions of the next paragraph are complied
                  with as such non-cash assets are converted to cash. The amount
                  of any liabilities of the Company or any Restricted Subsidiary
                  that are assumed by or on behalf of the transferee in
                  connection with an Asset Sale (and from which the Company or
                  such Restricted Subsidiary are unconditionally released) shall
                  be deemed to be cash for the purpose of this clause (B).

                  The Net Proceeds from such Asset Sale shall be used only: to
         acquire assets used in, or stock or other ownership interests in a
         Person that upon the consummation of such Asset Sale, becomes a
         Restricted Subsidiary and will be engaged primarily in the business of
         the Company as described in Section 4.16 of this Indenture, to
         repurchase Notes, 1999 EDBS Notes or EDBS Exchange Notes, or if the
         Company sells any of its satellites after launch such that the Company
         or its Restricted Subsidiaries own fewer than three in-orbit
         satellites, only to purchase a replacement satellite. Any Net Proceeds
         from any Asset Sale that are not applied or invested as provided in the
         preceding sentence within 365 days after such Asset Sale shall
         constitute "Excess Proceeds" and shall be applied to an offer to
         purchase Notes and other senior Indebtedness of the Company if and when
         required under Section 3.08 of this Indenture.

                  Clause (B) of the second preceding paragraph shall not apply
         to all or such portion of the consideration:

                           (1) as is properly designated by the Company in an
                  Asset Sale as being subject to this paragraph; and

                           (2) with respect to which the aggregate fair market
                  value at the time of receipt of all consideration received by
                  the Company or any Restricted Subsidiary in all such Asset
                  Sales so designated does not exceed the amount that the
                  Company and its Subsidiaries are permitted to designate as a
                  result of the cash contributions made to the Company by
                  EchoStar pursuant to the 1999 EDBS Notes Indentures and the
                  EBC Notes Indenture, in each case as in effect on the Issue
                  Date, and the EDBS Exchange Indenture, plus, to the extent any
                  such consideration did not satisfy clause (B)(x) or (B)(z)
                  above, upon the exchange or repayment of such consideration
                  for or with assets which satisfy either or both such clauses,
                  an amount equal to the fair market value of such consideration
                  (evidenced by a resolution of the Board of Directors and set
                  forth in an Officers' Certificate delivered to the Trustee as
                  set forth in clause (A) above).

                  In addition, clause (B) above shall not apply to any Asset
         Sale:

                           (x) where assets not essential to the direct
                  broadcast satellite business are contributed to a joint
                  venture between the Company or one of its Restricted
                  Subsidiaries and a third party that is not an Affiliate of
                  EchoStar or any of its Subsidiaries; provided that following
                  the sale, lease, conveyance or other disposition the Company
                  or one of its Wholly Owned Restricted Subsidiaries owns at
                  least 50% of the voting and equity interest in such joint
                  venture;

                           (y) to the extent the consideration therefor received
                  by the Company or any of its Restricted Subsidiaries would
                  constitute Indebtedness or Equity Interests of a Person that
                  is not an Affiliate of EchoStar, the Company or one of their
                  respective Subsidiaries; provided that the acquisition of such
                  Indebtedness or Equity Interests is permitted under the
                  provisions of Section 4.07 of this Indenture; and

                                      -45-
<PAGE>

                           (z) where the assets sold are satellites, uplink
                  centers or call centers; provided that, in the case of this
                  clause (z), the Company and its Restricted Subsidiaries
                  continue to own at least three satellites, one uplink center
                  and one call center.

                  (c) Transactions described under clause (vii) of Section 4.11
         of this Indenture shall not be subject to the requirements of this
         Section 4.10.

SECTION 4.11. Limitation on Transactions with Affiliates.

         The Company shall not and shall not permit any Restricted Subsidiary
to, sell, lease, transfer or otherwise dispose of any of its properties or
assets to, or purchase any property or assets from, or enter into any contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate (including any Unrestricted Subsidiary) (each of the
foregoing, an "Affiliate Transaction"), unless:

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

                  (b) if such Affiliate Transaction involves aggregate payments
         in excess of $50 million, such Affiliate Transaction has been approved
         by a majority of the disinterested members of the Board of Directors,
         and the Company delivers to the Trustee no later than ten Business Days
         following a request from the Trustee a resolution of the Board of
         Directors set forth in an Officers' Certificate certifying that such
         Affiliate Transaction has been so approved and complies with clause (a)
         above;

provided, however, that

                           (i) the payment of compensation to directors and
                  management of EchoStar and its Subsidiaries;

                           (ii) transactions between or among the Company and
                  its Wholly Owned Subsidiaries (other than Unrestricted
                  Subsidiaries of the Company);

                           (iii) any dividend, distribution, sale, conveyance or
                  other disposition of any assets of, or Equity Interests in,
                  any Non-Core Assets or ETC or the proceeds of a sale,
                  conveyance or other disposition thereof, in accordance with
                  the provisions of this Indenture;

                           (iv) transactions permitted by the provisions of this
                  Indenture described under clauses (1), (2), (4), (5), (6),
                  (8), (9), (10), (11), (14) and (15) of the second paragraph of
                  Section 4.07 of this Indenture;

                           (v) so long as it complies with clause (a) above, the
                  provision of backhaul, uplink, transmission, billing, customer
                  service, programming acquisition and other ordinary course
                  services by the Company or any of its Restricted Subsidiaries
                  to Satellite Communications Operating Corporation and to
                  Transponder Encryption Services Corporation on a basis
                  consistent with past practice;

                           (vi) the provision of services to EchoStar and its
                  Affiliates by the Company or any of its Restricted
                  Subsidiaries so long as no cash or other assets are
                  transferred by the Company or its Restricted Subsidiaries in
                  connection with such transactions (other than up to $10
                  million in cash in any fiscal year and other than nonmaterial
                  assets used in the operations of the

                                      -46-
<PAGE>

                  business in the ordinary course pursuant to the agreement
                  governing the provision of the services), and so long as such
                  transaction or agreement is determined by a majority of the
                  members of the Board of Directors to be fair to the Company
                  and its Restricted Subsidiaries when taken together with all
                  other such transactions and agreements entered into with
                  EchoStar and its Affiliates;

                          (vii) the disposition of assets of the Company and its
                  Restricted Subsidiaries in exchange for assets of EchoStar and
                  its Affiliates so long as (i) the value to the Company in its
                  business of the assets the Company receives is determined by a
                  majority of the members of the Board of Directors to be
                  substantially equivalent or greater than the value to the
                  Company in its business of the assets disposed of, and (ii)
                  the assets acquired by the Company and its Restricted
                  Subsidiaries constitute properties and capital assets
                  (including Capital Stock of an entity owning such property or
                  assets so long as the receipt of such Capital Stock otherwise
                  complies with Section 4.07 of this Indenture (other than
                  clause (12) of the second paragraph thereof)) to be used by
                  the Company or any of its Restricted Subsidiaries in a
                  business permitted as described under Section 4.16 of this
                  Indenture;

                         (viii) substantially concurrently with or at any time
                  after the completion of the Subscriber Contribution, the
                  issuance by the Company of a guarantee of Indebtedness of
                  EchoStar or any of its Affiliates in an amount not to exceed
                  $2,700 million and a grant of a security interest therefor up
                  to the Maximum Secured Amount; and

                           (ix) any transactions between the Company or any
                  Restricted Subsidiary of the Company and any Affiliate of the
                  Company the Equity Interests of which Affiliate are owned
                  solely by the Company or one of its Restricted Subsidiaries,
                  on the one hand, and by Persons who are not Affiliates of the
                  Company or Restricted Subsidiaries of the Company, on the
                  other hand,

shall, in each case, not be deemed Affiliate Transactions.

SECTION 4.12. Limitation on Liens.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, create, incur, assume or suffer to exist any Lien on
any asset now owned or hereafter acquired, or on any income or profits therefrom
or assign or convey any right to receive income therefrom, except Permitted
Liens.

SECTION 4.13. Additional Subsidiary Guarantees.

         If the Company or any Guarantor transfers or causes to be transferred,
in one transaction or a series of related transactions, property or assets
(including, without limitation, businesses, divisions, real property, assets or
equipment) having a fair market value (as determined in good faith by the Board
of Directors evidenced by a resolution of the Board of Directors and set forth
in an Officers' Certificate delivered to the Trustee no later than five Business
Days following January 1 and July 1 of each year or ten days following a request
from the Trustee, which Officers' Certificate shall cover the six months
preceding January 1, July 1 or the date of request, as the case may be)
exceeding the sum of $50 million in the aggregate for all such transfers after
the Issue Date minus the fair market value of Restricted Subsidiaries acquired
or created after the Issue Date that are not Guarantors (fair market value being
determined as of the time of such acquisition) to Restricted Subsidiaries that
are not Guarantors, the Company shall, or shall cause each of such Subsidiaries
to which any amount exceeding such $50 million (less such fair market value) is
transferred to:

                                      -47-
<PAGE>

                  (i) execute and deliver to the Trustee a supplemental
         indenture in form and substance reasonably satisfactory to the Trustee
         pursuant to which such Subsidiary shall unconditionally guarantee all
         of the Company's obligations under the Notes on the terms set forth in
         this Indenture; and

                  (ii) deliver to the Trustee an Opinion of Counsel reasonably
         satisfactory to the Trustee that such supplemental indenture and
         Guarantee have been duly authorized, executed and delivered by and are
         valid and binding obligations of such Subsidiary or such owner, as the
         case may be;

provided, however, that the foregoing provisions shall not apply to transfers of
property or assets (other than cash) by the Company or any Guarantor in exchange
for cash, Cash Equivalents or Marketable Securities in an amount equal to the
fair market value (as determined in good faith by the Board of Directors
evidenced by a resolution of the Board of Directors and set forth in an
Officers' Certificate delivered to the Trustee no later than five Business Days
following January 1 and July 1 of each year or ten days following a request from
the Trustee, which Officers' Certificate shall cover the six months preceding
January 1, July 1 or the date of request, as the case may be) of such property
or assets. In addition, if (i) the Company or any of its Restricted Subsidiaries
acquires or creates another Restricted Subsidiary or (ii) an Unrestricted
Subsidiary of the Company is redesignated as a Restricted Subsidiary or
otherwise ceases to be an Unrestricted Subsidiary, such Subsidiary shall execute
a supplemental indenture and deliver an opinion of counsel, each as required in
the preceding sentence; provided that no supplemental indenture or opinion shall
be required if the fair market value (as determined in good faith by the Board
of Directors and set forth in an Officers' Certificate delivered to the Trustee
no later than five Business Days following January 1 and July 1 of each year or
ten days following a request from the Trustee, which certificate shall cover the
six months preceding such January 1, July 1 or the date of request, as the case
may be) of all such Restricted Subsidiaries created, acquired or designated
since the Issue Date (fair market value being determined as of the time of
creation, acquisition or designation) does not exceed the sum of $50 million in
the aggregate minus the fair market value of the assets transferred to any
Subsidiaries of the Company which do not execute supplemental indentures
pursuant to the preceding sentences; provided further that to the extent a
Restricted Subsidiary is subject to the terms of any instrument governing
Acquired Debt, as in effect at the time of acquisition (except to the extent
such Indebtedness was incurred in connection with or in contemplation of such
acquisition) which instrument or restriction prohibits such Restricted
Subsidiary from issuing a Guarantee, such Restricted Subsidiary shall not be
required to execute such a supplemental indenture until it is permitted to issue
such Guarantee pursuant to the terms of such Acquired Debt.

SECTION 4.14. Corporate Existence.

         Subject to Article 5 of this Indenture and the next succeeding
paragraph of this Section 4.14, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its existence
as a corporation, and subject to Sections 4.10 and 4.19, the corporate,
partnership or other existence of any Restricted Subsidiary, in accordance with
the respective organizational documents (as the same may be amended from time to
time) of the Company or any Restricted Subsidiary and (ii) subject to Section
4.10 and 4.19, the rights (charter and statutory), licenses and franchises of
the Company and its Restricted Subsidiaries; provided, however, that the Company
shall not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any Restricted Subsidiary if the
Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.

SECTION 4.15. Offer To Purchase Upon Change of Control.

         Upon the occurrence of a Change of Control, the Company will be
required to make an offer (a "Change of Control Offer") to each Holder of Notes
to repurchase all or any part (equal to $1,000 or an integral multiple thereof)
of such Holder's Notes at a purchase price equal to 101% of the aggregate
principal amount thereof,

                                      -48-
<PAGE>

together with accrued and unpaid interest thereon to the date of repurchase (in
either case, the "Change of Control Payment"). Within 15 days following any
Change of Control, the Company shall mail a notice to each Holder stating:

                  (a) that the Change of Control Offer is being made pursuant to
         the covenant entitled "Section 4.15 - Offer to Purchase Upon Change of
         Control";

                  (b) the purchase price and the purchase date, which shall be
         no earlier than 30 days nor later than 40 days after the date such
         notice is mailed (the "Change of Control Payment Date");

                  (c) that any Notes not tendered will continue to accrue
         interest in accordance with the terms of this Indenture;

                  (d) that, unless the Company defaults in the payment of the
         Change of Control Payment, all Notes accepted for payment pursuant to
         the Change of Control Offer shall cease to accrue interest after the
         Change of Control Payment Date;

                  (e) 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 such Notes purchased;

                  (f) 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

                  (g) any other information material to such Holder's decision
         to tender Notes.

         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 such laws and regulations are applicable in connection with the
repurchase of the Notes required in the event of a Change of Control.

SECTION 4.16. Limitation on Activities of the Company.

         Neither the Company nor any of its Restricted Subsidiaries may engage
in any business other than developing, owning, engaging in and dealing with all
or any part of the business of domestic and international media, entertainment,
electronics or communications, and reasonably related extensions thereof,
including but not limited to the purchase, ownership, operation, leasing and
selling of, and generally dealing in or with, one or more communications
satellites and the transponders thereon, and communications uplink centers, the
acquisition, transmission, broadcast, production and other provision of
programming relating thereto and the manufacturing, distribution and financing
of equipment (including consumer electronic equipment) relating thereto.

                                      -49-
<PAGE>

SECTION 4.17. Intentionally Omitted.

SECTION 4.18. Accounts Receivable Subsidiary.

         The Company:

                  (a) may, and may permit any of its Subsidiaries to,
         notwithstanding the provisions of Section 4.07 of this Indenture, make
         Investments in an Accounts Receivable Subsidiary:

                           (i) the proceeds of which are applied within five
                  Business Days of the making thereof solely to finance:

                                    (A) the purchase of accounts receivable of
                           the Company and its Subsidiaries; or

                                    (B) payments required in connection with the
                           termination of all then existing arrangements
                           relating to the sale of accounts receivable or
                           participation interests therein by an Accounts
                           Receivable Subsidiary (provided that the Accounts
                           Receivable Subsidiary shall receive cash, Cash
                           Equivalents and accounts receivable having an
                           aggregate fair market value not less than the amount
                           of such payments in exchange therefor); and

                           (ii) in the form of Accounts Receivable Subsidiary
                  Notes to the extent permitted by clause (b) below;

                  (b) shall not, and shall not permit any of its Subsidiaries
         to, sell accounts receivable to an Accounts Receivable Subsidiary
         except for consideration in an amount not less than that which would be
         obtained in an arm's length transaction and solely in the form of cash
         or Cash Equivalents; provided that an Accounts Receivable Subsidiary
         may pay the purchase price for any such accounts receivable in the form
         of Accounts Receivable Subsidiary Notes so long as, after giving effect
         to the issuance of any such Accounts Receivable Subsidiary Notes, the
         aggregate principal amount of all Accounts Receivable Subsidiary Notes
         outstanding shall not exceed 20% of the aggregate purchase price paid
         for all outstanding accounts receivable purchased by an Accounts
         Receivable Subsidiary since the Issue Date (and not written off or
         required to be written off in accordance with the normal business
         practice of an Accounts Receivable Subsidiary);

                  (c) shall not permit an Accounts Receivable Subsidiary to sell
         any accounts receivable purchased from the Company or its Subsidiaries
         or participation interests therein to any other Person except on an
         arm's length basis and solely for consideration in the form of cash or
         Cash Equivalents or certificates representing undivided interests of a
         Receivables Trust; provided an Accounts Receivable Subsidiary may not
         sell such certificates to any other Person except on an arm's length
         basis and solely for consideration in the form of cash or Cash
         Equivalents;

                  (d) shall not, and shall not permit any of its Subsidiaries
         to, enter into any guarantee, subject any of their respective
         properties or assets (other than the accounts receivable sold by them
         to an Accounts Receivable Subsidiary) to the satisfaction of any
         liability or obligation or otherwise incur any liability or obligation
         (contingent or otherwise), in each case, on behalf of an Accounts
         Receivable Subsidiary or in connection with any sale of accounts
         receivable or participation interests therein by or to an Accounts
         Receivable Subsidiary, other than obligations relating to breaches of
         representations, warranties, covenants and other agreements of the
         Company or any of its Subsidiaries with respect to the ac-

                                      -50-
<PAGE>

         counts receivable sold by the Company or any of its Subsidiaries to an
         Accounts Receivable Subsidiary or with respect to the servicing
         thereof; provided that neither the Company nor any of its Subsidiaries
         shall at any time guarantee or be otherwise liable for the
         collectibility of accounts receivable sold by them;

                  (e) shall not permit an Accounts Receivable Subsidiary to
         engage in any business or transaction other than the purchase and sale
         of accounts receivable or participation interests therein of the
         Company and its Subsidiaries and activities incidental thereto;

                  (f) shall not permit an Accounts Receivable Subsidiary to
         incur any Indebtedness other than the Accounts Receivable Subsidiary
         Notes, Indebtedness owed to the Company and Non-Recourse Indebtedness;
         provided that the aggregate principal amount of all such Indebtedness
         of an Accounts Receivable Subsidiary shall not exceed the book value of
         its total assets as determined in accordance with GAAP;

                  (g) shall cause any Accounts Receivable Subsidiary to remit to
         the Company or a Restricted Subsidiary of the Company on a monthly
         basis as a distribution all available cash and Cash Equivalents not
         held in a collection account pledged to acquirers of accounts
         receivable or participation interests therein, to the extent not
         applied to:

                           (i) pay interest or principal on the Accounts
                  Receivable Subsidiary Notes or any Indebtedness of such
                  Accounts Receivable Subsidiary owed to the Company;

                           (ii) pay or maintain reserves for reasonable
                  operating expenses of such Accounts Receivable Subsidiary or
                  to satisfy reasonable minimum operating capital requirements;
                  or

                           (iii) to finance the purchase of additional accounts
                  receivable of the Company and its Subsidiaries; and

                  (h) shall not, and shall not permit any of its Subsidiaries
         to, sell accounts receivable to, or enter into any other transaction
         with or for the benefit of, an Accounts Receivable Subsidiary:

                           (i) if such Accounts Receivable Subsidiary pursuant
                  to or within the meaning of any 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

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

                                      -51-
<PAGE>

                                    (A) is for relief against such Accounts
                           Receivable Subsidiary in an involuntary case;

                                    (B) appoints a Custodian of such Accounts
                           Receivable Subsidiary or for all or substantially all
                           of the property of such Accounts Receivable
                           Subsidiary; or

                                    (C) orders the liquidation of such Accounts
                           Receivable Subsidiary, and, with respect to clause
                           (ii) hereof, the order or decree remains unstayed and
                           in effect for 60 consecutive days.

SECTION 4.19. Dispositions of ETC and Non-Core Assets.

         Notwithstanding the provisions of Section 4.07 and Section 4.10 of this
Indenture, in the event that the Indebtedness to Cash Flow Ratio of the Company
would not have exceeded 6.0 to 1 on a pro forma basis after giving effect to the
sale of all of the Equity Interests in or assets of ETC owned by the Company and
its Subsidiaries, then:

                  (1) the payment of any dividend or distribution consisting of
         Equity Interests in or assets of ETC, or the proceeds of a sale,
         conveyance or other disposition of such Equity Interests or assets or
         the sale, conveyance or other disposition of Equity Interests in or
         assets of ETC or the proceeds of a sale, conveyance or other
         disposition of such Equity Interests or assets shall not constitute a
         Restricted Payment;

                  (2) the sale, conveyance or other disposition of the Equity
         Interests in or assets of ETC or the proceeds of a sale, conveyance or
         other disposition of such Equity Interests or assets shall not
         constitute an Asset Sale; and

                  (3) upon delivery of an Officers' Certificate to the Trustee
         evidencing satisfaction of the conditions to such release and a written
         request to the Trustee requesting such release, ETC shall be discharged
         and released from its Guarantee and, so long as the Company designates
         ETC as an Unrestricted Subsidiary, ETC shall be discharged and released
         from all covenants and restrictions contained in this Indenture;

provided that no such payment, dividend, distribution, sale, conveyance or other
disposition of any kind (collectively, a "Payout") described in clauses (1) and
(2) above shall be permitted if at the time of such Payout:

                  (a) after giving pro forma effect to such Payout, the Company
         would not have been permitted under Section 4.07 of this Indenture to
         make a Restricted Payment in an amount equal to the total (the "ETC
         Amount Due") of:

                           (i) the amount of all Investments (other than the
                  contribution of:

                                    (x) title to the headquarters building of
                           ETC in Inverness, Colorado and the tangible assets
                           therein to the extent used by ETC as of the date of
                           this Indenture; and

                                    (y) patents, trademarks and copyrights
                           applied for or granted as of the date of this
                           Indenture to the extent used by ETC or resulting from
                           the business of ETC, in each case, to ETC)

                                      -52-
<PAGE>

                  made in ETC by the Company or its Restricted Subsidiaries
                  since the date of this Indenture (which, in the case of
                  Investments in exchange for assets, shall be valued at the
                  fair market value of each such asset at the time each such
                  Investment was made); minus

                           (ii) the amount of the after-tax value of all cash
                  returns on such Investments paid to the Company or its Wholly
                  Owned Restricted Subsidiaries (or, in the case of a non-Wholly
                  Owned Restricted Subsidiary, the pro rata portion thereof
                  attributable to the Company); minus

                           (iii) $50 million; and

                  (b) any contract, agreement or understanding between ETC and
         the Company or any Restricted Subsidiary of the Company and any loan or
         advance to or guarantee with, or for the benefit of, ETC issued or made
         by the Company or one of its Restricted Subsidiaries, is on terms that
         are less favorable to the Company or its Restricted Subsidiaries than
         those that would have been obtained in a comparable transaction by the
         Company or such Restricted Subsidiaries with an unrelated Person, all
         as evidenced by a resolution of the Board of Directors set forth in an
         Officers' Certificate delivered to the Trustee, within ten Business
         Days of a request by the Trustee certifying that each such contract,
         agreement, understanding, loan, advance and guarantee has been approved
         by a majority of the members of the Board of Directors.

         If at the time of such Payout, the condition set forth in clause (a) of
the proviso of the preceding sentence cannot be satisfied, ETC may seek to have
a Person other than the Company or one of its Restricted Subsidiaries pay in
cash an amount to the Company or its Restricted Subsidiaries such that after
taxes, such amount is greater than or equal to the ETC Amount Due or the portion
of the ETC Amount Due which would not have been permitted to be made as a
Restricted Payment by the Company; provided that such payment shall be treated
for purposes of this Section 4.19 as a cash return on the Investments made in
ETC; and provided further that for all purposes under this Indenture, such
payment shall not be included in any calculation under clauses (iii)(A) through
(iii)(E) of the first paragraph of Section 4.07 of this Indenture. To the extent
that the ETC Amount Due or any portion thereof would have been permitted to be
made as a Restricted Payment by the Company and was not paid by another Person
as permitted by the preceding sentence, the Company shall be deemed to have made
a Restricted Payment in the amount of such ETC Amount Due or portion thereof, as
the case may be.

         Notwithstanding the provisions of Section 4.07 and Section 4.10 of this
Indenture:

                  (1) the payment of any dividend or distribution consisting of
         Equity Interests in or assets of any Non-Core Asset or the proceeds of
         a sale, conveyance or other disposition of such Equity Interests or
         assets or the sale, conveyance or other disposition of Equity Interests
         in or assets of any Non-Core Asset or the proceeds of a sale,
         conveyance or other disposition of such Equity Interests or assets
         shall not constitute a Restricted Payment; and

                  (2) the sale, conveyance or other disposition of the Equity
         Interests in or assets of any Non-Core Asset or the proceeds of a sale,
         conveyance or other disposition of such Equity Interests or assets
         shall not constitute an Asset Sale; and

                  (3) upon delivery of an Officers' Certificate to the Trustee
         evidencing satisfaction of the conditions to such release and a written
         request to the Trustee requesting such release, any such Non-Core Asset
         that is a Guarantor shall be discharged and released from its Guarantee
         and, so long as the Company designates such Non-Core Asset as an
         Unrestricted Subsidiary, such Non-Core Asset shall be released from all
         covenants and restrictions contained in this Indenture;

                                      -53-
<PAGE>

provided that no Payout of any Non-Core Asset shall be permitted such as
described in clauses (1) and (2) above if at the time of such Payout:

                  (a) after giving pro forma effect to such Payout, the Company
         would not have been permitted under Section 4.07 of this Indenture to
         make a Restricted Payment in an amount equal to the total (the
         "Non-Core Asset Amount Due") of:

                           (i) the amount of all Investments made in such
                  Non-Core Asset by the Company or its Restricted Subsidiaries
                  since the Issue Date (which, in the case of Investments in
                  exchange for assets, shall be valued at the fair market value
                  of each such asset at the time each such Investment was made);
                  minus

                           (ii) the amount of the after-tax value of all cash
                  returns on such Investments paid to the Company or its Wholly
                  Owned Restricted Subsidiaries (or, in the case of a non-Wholly
                  Owned Restricted Subsidiary, the pro rata portion thereof
                  attributable to the Company); minus

                           (iii) $50 million in the aggregate for all such
                  Payouts and $10 million for any single such Payout; and

                  (b) any contract, agreement or understanding between or
         relating to a Non-Core Asset and the Company or a Restricted Subsidiary
         of the Company and any loan or advance to or guarantee with, or for the
         benefit of, a Restricted Subsidiary which is a Non-Core Asset issued or
         made by the Company or one of its Restricted Subsidiaries, is on terms
         that are less favorable to the Company or its Restricted Subsidiaries
         than those that would have been obtained in a comparable transaction by
         the Company or such Restricted Subsidiaries with an unrelated Person,
         all as evidenced by a resolution of the Board of Directors as set forth
         in an Officers' Certificate delivered to the Trustee, within ten
         Business Days of a request by the same, certifying that each such
         contract, agreement, understanding, loan, advance and guarantee has
         been approved by a majority of the Board of Directors.

         If at the time of such Payout, the condition set forth in clause (a) of
the proviso of the preceding sentence cannot be satisfied, such Restricted
Subsidiary which is a Non-Core Asset may seek to have a Person other than the
Company or one of its Restricted Subsidiaries pay in cash an amount to the
Company such that, after taxes, such amount is greater than or equal to the
Non-Core Asset Amount Due or the portion of the Non-Core Asset Amount Due which
would not have been permitted to be made as a Restricted Payment by the Company;
provided that such payment shall be treated for purposes of this Section 4.19 as
a cash return on the Investments made in a Non-Core Asset and provided further
that for all purposes under this Indenture, such payment shall not be included
in any calculation under clauses (iii)(A) through (iii)(E) of the first
paragraph of Section 4.07 of this Indenture. To the extent that the Non-Core
Asset Amount Due or any portion thereof would have been permitted to be made as
a Restricted Payment by the Company and was not paid by another Person as
permitted by the preceding sentence, the Company shall be deemed to have made a
Restricted Payment in the amount of such Non-Core Asset Amount Due or portion
thereof, as the case may be.

         Promptly after any Payout pursuant to the terms of this Section 4.19,
within ten Business Days of a request by the Trustee, the Company shall deliver
an Officers' Certificate to the Trustee setting forth the Investments made by
the Company or its Restricted Subsidiaries in ETC or a Non-Core Asset, as the
case may be, and certifying that the requirements of this Section 4.19 have been
satisfied in connection with the making of such Payout.

         Notwithstanding anything contained in this Section 4.19 to the
contrary, any disposition of ETC or Non-Core Assets permitted pursuant to the
1999 EDBS Notes Indentures and the EBC Notes Indenture, in each case

                                      -54-
<PAGE>

as in effect on the Issue Date, and permitted pursuant to the EDBS Exchange
Indenture shall also be permitted pursuant to this Indenture and shall not be
considered a "Restricted Payment" or "Asset Sale" for purposes of this
Indenture.

SECTION 4.20. Payments For Consent.

         The Company shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder of a Note for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid
or agreed to be paid to all holders of the Notes that consent, waive or agree to
amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

                                    ARTICLE 5

                                   SUCCESSORS

SECTION 5.01. Merger, Consolidation, or Sale of Assets of the Company.

         The Company shall not consolidate or merge with or into (whether or not
the Company is the surviving entity), or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets in
one or more related transactions to, another Person unless:

                  (a) the Company is the surviving Person or the Person formed
         by or surviving any such consolidation or merger (if other than the
         Company) or to which such sale, assignment, transfer, lease, conveyance
         or other disposition shall have been made is a corporation organized or
         existing under the laws of the United States, any state thereof 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, lease, conveyance or other disposition shall have
         been made assumes all the obligations of the Company pursuant to a
         supplemental indenture in form reasonably satisfactory to the Trustee,
         under the Notes and this Indenture;

                  (c) immediately after such transaction no Default or Event of
         Default exists; and

                  (d) the Company or the Person formed by or surviving any such
         consolidation or merger (if other than the Company) or to which such
         sale, assignment, transfer, lease, conveyance or other disposition will
         have been made

                           (i) will have Consolidated Net Worth immediately
                  after the transaction (but prior to any purchase accounting
                  adjustments or accrual of deferred tax liabilities resulting
                  from the transaction) not less than the Consolidated Net Worth
                  of the Company immediately preceding the transaction; and

                           (ii) would, at the time of such transaction after
                  giving pro forma effect thereto as if such transaction had
                  occurred at the beginning of the applicable four-quarter
                  period, be permitted to incur at least $1.00 of additional
                  Indebtedness pursuant to the Indebtedness to Cash Flow Ratio
                  test set forth in the first paragraph of Section 4.09.

                                      -55-
<PAGE>

         Notwithstanding the foregoing, the Company may merge with another
Person if

                  (a) the Company is the surviving Person;

                  (b) the consideration issued or paid by the Company in such
         merger consists solely of Equity Interests (other than Disqualified
         Stock) of the Company or Equity Interests of EchoStar; and

                  (c) immediately after giving effect to such merger, the
         Company's Indebtedness to Cash Flow Ratio does not exceed the Company's
         Indebtedness to Cash Flow Ratio immediately prior to such merger.

SECTION 5.02. Successor Corporation Substituted.

         Upon any consolidation or merger, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Company in
accordance with Section 5.01, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such sale,
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 has been named
as the Company, herein.

                                    ARTICLE 6

                              DEFAULTS AND REMEDIES

SECTION 6.01. Events of Default.

         Each of the following constitutes an "Event of Default":

                  (a) default for 30 days in the payment when due of interest on
         the Notes;

                  (b) default in the payment when due of principal of the Notes
         at maturity, upon repurchase, redemption or otherwise;

                  (c) failure to comply with the provisions of Section 4.10,
         Section 4.11 or Section 4.15;

                  (d) default under Section 4.07 or Section 4.09, which default
         remains uncured for 30 days, or the breach of any representation or
         warranty, or the making of any untrue statement, in any certificate
         delivered by the Company pursuant to this Indenture;

                  (e) failure by the Company for 60 days after notice from the
         Trustee or the Holders of at least 25% in principal amount then
         outstanding of the Notes to comply with any of its other agreements in
         this Indenture or the Notes;

                  (f) 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 and any of its
         Restricted Subsidiaries (or the payment of which is guaranteed by the
         Company and any of its Restricted Subsidiaries), which default is
         caused by a failure to pay when due principal or interest on such
         Indebtedness within the grace period provided in such Indebtedness (a
         "Payment Default"), and

                                      -56-
<PAGE>

         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, aggregates $100 million or more;

                  (g) 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 and any of its
         Restricted Subsidiaries (or the payment of which is guaranteed by the
         Company or any of its Restricted Subsidiaries), which default results
         in the acceleration of such Indebtedness prior to its express maturity
         and 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 $100 million or more; provided that any
         acceleration (other than an acceleration which is the result of a
         Payment Default under clause (f) above) of Indebtedness under the
         Outstanding Deferred Payments in aggregate principal amount not to
         exceed $150 million shall be deemed not to constitute an acceleration
         pursuant to this clause (g);

                  (h) failure by the Company or any of its Restricted
         Subsidiaries to pay final judgments (other than any judgment as to
         which a reputable insurance company has accepted full liability)
         aggregating in excess of $100 million, which judgments are not stayed
         within 60 days after their entry;

                  (i) EchoStar, EBC, the Company or any Significant Subsidiary
         of the Company pursuant to or within the meaning of Bankruptcy Law: (i)
         commences a voluntary case; (ii) consents to the entry of an order for
         relief against it in an involuntary case; (iii) consents to the
         appointment of a Custodian of it or for all or substantially all of its
         property; or (iv) makes a general assignment for the benefit of its
         creditors;

                  (j) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that: (i) is for relief against
         EchoStar, EBC, the Company or any Significant Subsidiary of the Company
         in an involuntary case; (ii) appoints a custodian of EchoStar, EBC, the
         Company or any Significant Subsidiary of the Company or for all or
         substantially all of the property of EchoStar, EBC, the Company or any
         Significant Subsidiary of the Company; or (iii) orders the liquidation
         of EchoStar or any Significant Subsidiary of the Company, and the order
         or decree remains unstayed and in effect for 60 consecutive days; and

                  (k) any Guarantee shall be held in a judicial proceeding to be
         unenforceable or invalid or shall cease for any reason to be in full
         force and effect, or any Guarantor, or any person acting on behalf of
         any Guarantor, shall deny or disaffirm its obligations under its
         Guarantee.

SECTION 6.02. Acceleration.

         If an Event of Default (other than an Event of Default specified in
clause (i) or (j) of Section 6.01) occurs and is continuing, the Trustee by
notice to the Company, or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes by written notice to the Company and the
Trustee, may declare all the Notes to be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default specified in
clause (i) or (j) of Section 6.01 with respect to the Company or any Guarantor,
all outstanding Notes shall become and be immediately due and payable without
further action or notice. Holders of the Notes may not enforce this Indenture or
the Notes except as provided in this Indenture. 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 of principal or
interest) if it determines that withholding notice is in such Holders' interest.
The Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may on behalf of all of the Holders
rescind an acceleration and its consequences if the rescission would not

                                      -57-
<PAGE>

conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium that has become due solely
because of the acceleration) have been cured or waived.

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

         All powers of the Trustee under this Indenture will be subject to
applicable provisions of the Communications Act, including without limitation,
the requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

SECTION 6.03. Other Remedies.

         If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the
Notes and 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
Notes then outstanding, 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 under this Indenture, except a continuing Default or Event of
Default in the payment of the principal of, premium, if any, or interest on, the
Notes. 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 follow any direction that
conflicts with the 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:

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

                  (b) 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;

                                      -58-
<PAGE>

                  (c) such Holder of a Note or Holders of Notes offer and, if
         requested, provide to the Trustee indemnity satisfactory to the Trustee
         against any loss, liability or expense;

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

                  (e) 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, premium, if any, and interest
on the Note, on or after the respective due dates expressed in the Note, 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 the Holder of
the Note.

SECTION 6.08. Collection Suit by Trustee.

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

SECTION 6.09. 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), the Company's creditors or the Company's
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 of
a Note 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 of the
Notes, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07. To the
extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 out of the estate in any such proceeding, shall be
denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities
and other properties which the Holders of the Notes 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 of a Note any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder of a Note thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a
Note in any such proceeding.

                                      -59-
<PAGE>

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, 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.

SECTION 6.11. Undertaking for Costs.

         In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.07, 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 their exercise, as a prudent Person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

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

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

                  (ii) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee shall examine the certificates and
         opinions to determine whether or not they conform to the requirements
         of this Indenture.

                                      -60-
<PAGE>

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

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

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

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

         (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 of Notes, unless such Holder shall have offered to the
Trustee security and indemnity satisfactory to the Trustee 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 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 and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

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

         (d) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its 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 against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or direction.

                                      -61-
<PAGE>

         (g) Except with respect to Section 4.01, the Trustee shall have no duty
to inquire as to the performance of the Company's covenants in Article 4. In
addition, the Trustee shall not be deemed to have knowledge of any Default or
Event of Default except (i) any Event of Default occurring pursuant to Sections
4.01, 6.01(a) and 6.01(b) or (ii) any Default or Event of Default of which the
Trustee shall have received written notification or obtained actual knowledge.

         (h) Delivery of reports, information and documents to the Trustee under
Section 4.03 is for informational purposes only and the Trustee's receipt of the
foregoing shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Company's compliance with any of its covenants 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 (if any of the Notes are registered pursuant
to the Securities Act), or resign. Any Agent may do the same with like rights
and duties. The Trustee is also subject to Sections 7.10 and 7.11.

SECTION 7.04. Trustee's Disclaimer.

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

SECTION 7.05. Notice of Defaults.

         If a Default or Event of Default occurs and is continuing and if it is
known to 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 in the case of a Default or Event of Default in payment of
principal of, premium, if any, or interest on any Note, the Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of the Holders
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 date of this Indenture, the Trustee shall mail to the Holders of the Notes a
brief report dated as of such reporting date that complies with TIA Section
313(a) (but if no event described in TIA Section 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The
Trustee also shall comply with TIA Section 313(b). The Trustee shall also
transmit by mail all reports as required by TIA Section 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 any Notes are listed. The Company shall promptly notify the
Trustee when any Notes are listed on any stock exchange.

                                      -62-
<PAGE>

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 indemnify the Trustee against any and all losses,
liabilities or expenses incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, except any such
loss, liability or expense as may be attributable to the gross negligence,
willful misconduct or bad faith of the Trustee. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent shall not be
unreasonably withheld.

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

         To secure the Company's payment obligations in this Section, 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(i) or (j) 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.

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 and obtaining the prior
written approval of the FCC, if so required by the Communications Act, including
Section 310(d) and the rules and regulations promulgated thereunder. The Holders
of at least 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 (subject to the prior written approval of the
FCC, if required by the Communications Act, including Section 310(d), and the
rules and regulations promulgated thereunder) if:

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

                  (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) the Trustee is no longer in compliance with the foreign
         ownership provisions of Section 310 of the Communications Act and the
         rules and regulations promulgated thereunder.

                                      -63-
<PAGE>

                  (d) a Custodian or public officer takes charge of the Trustee
         or its property; or

                  (e) the Trustee becomes incapable of acting.

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

         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 Notes of at least 10% in principal amount of the then outstanding
Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

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

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders of the Notes. 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. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company's obligations under Section 7.07 shall continue for
the benefit of the retiring Trustee.

SECTION 7.09. Successor Trustee by Merger, Etc.

         If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another 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 which shall be a
corporation organized and doing business under the laws of the United States of
America or of any state thereof authorized under such laws to exercise corporate
trustee power, shall be subject to supervision or examination by federal or
state authority and shall have a combined capital and surplus of at least $25
million as set forth in its most recent published annual report of condition.

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

SECTION 7.11. Preferential Collection of Claims Against Company.

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

                                      -64-
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                                    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, with respect to
the Notes, elect to have either Section 8.02 or 8.03 be applied to all
outstanding Notes upon compliance with the conditions set forth below in this
Article 8.

SECTION 8.02. Legal Defeasance and Discharge.

         Upon the Company's exercise under Section 8.01 of the option applicable
to this Section 8.02, the Company shall 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, such 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 and the other Sections of this Indenture referred to in
(a) and (b) below, and to have satisfied all its other obligations under such
Notes and this Indenture (and the Trustee, on demand of and at the expense of
the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of Holders of outstanding Notes to receive payments in
respect of the principal of, premium, if any, and interest on such Notes when
such payments are due, or on the redemption date, as the case may be, (b) the
Company's obligations with respect to such Notes under Sections 2.05, 2.07,
2.08, 2.10, 2.11 and 4.02, (c) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and the Company's obligations in connection therewith
and (d) 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 with respect to the Notes.

SECTION 8.03. Covenant Defeasance.

         Upon the Company's exercise under Section 8.01 of the option applicable
to this Section 8.03, the Company shall be released from its obligations under
the covenants contained in Sections 3.08, 4.03, 4.04, 4.07, 4.08, 4.09, 4.10,
4.11, 4.12, 4.13, 4.15, 4.16, 4.18, 4.19 and 5.01 with respect to the
outstanding Notes on and after the date the conditions set forth below 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 GAAP). For this purpose, such 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(c), 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 of the option applicable to this
Section 8.03, Sections 6.01(c) through 6.01(h) and Section 6.01(k) shall not
constitute Events of Default.

SECTION 8.04. Conditions to Legal or Covenant Defeasance.

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

                                      -65-
<PAGE>

                  (a) The Company shall irrevocably have deposited or caused to
         be deposited with the Trustee (or another trustee satisfying the
         requirements of Section 7.10 who shall agree to comply with the
         provisions of this Article 8 applicable to it) as trust funds in trust
         for the purpose of making the following payments, specifically pledged
         as security for, and dedicated solely to, the benefit of the Holders of
         such Notes, (i) cash in U.S. Dollars, (ii) non-callable Government
         Securities which through the scheduled payment of principal and
         interest in respect thereof in accordance with their terms will
         provide, not later than one day before the due date of any payment,
         cash in U.S. Dollars, or (iii) a combination thereof, in such amounts,
         as will be sufficient in each case, in the opinion of a nationally
         recognized firm of independent public accountants expressed in a
         written certification thereof delivered to the Trustee, to pay and
         discharge and which shall be applied by the Trustee (or other
         qualifying trustee) to pay and discharge (A) the principal of, premium,
         if any, and interest on the outstanding Notes on the stated maturity or
         on the applicable redemption date, as the case may be, of such
         principal or installment of principal, premium, if any, or interest and
         (B) any mandatory sinking fund payments or analogous payments
         applicable to the outstanding Notes on the day on which such payments
         are due and payable in accordance with the terms of this Indenture and
         of such Notes; provided that the Trustee shall have been irrevocably
         instructed to apply such money or the proceeds of such non-callable
         Government Securities to said payments with respect to the Notes;

                  (b) In the case of an election under Section 8.02, the Company
         shall have delivered to the Trustee an Opinion of Counsel in the United
         States reasonably satisfactory to the Trustee confirming that (i) the
         Company has received from, or there has been published by, the Internal
         Revenue Service a ruling or (ii) 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 shall confirm that, the
         Holders of the outstanding Notes will not recognize income, gain or
         loss for federal income tax purposes as a result of such Legal
         Defeasance and will be subject to federal income tax on the same
         amounts, in the same manner and at the same times as would have been
         the case if such Legal Defeasance had not occurred;

                  (c) In the case of an election under Section 8.03, the Company
         shall have delivered to the Trustee an Opinion of Counsel in the United
         States reasonably acceptable to the Trustee to the effect 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;

                  (d) No Default or Event of Default with respect to the Notes
         shall have occurred and be continuing on the date of such deposit or,
         in so far as Section 6.01(i) or 6.01(j) is concerned, at any time in
         the period ending on the 91st day after the date of such deposit (it
         being understood that this condition shall not be deemed satisfied
         until the expiration of such period);

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

                  (f) The Company shall have delivered to the Trustee an
         Officers' Certificate stating that the deposit made by the Company
         pursuant to its election under Section 8.02 or 8.03 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 creditors of the Company or others; and

                                      -66-
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                  (g) The Company shall have delivered to the Trustee an
         Officers' Certificate stating that all conditions precedent provided
         for relating to either the Legal Defeasance under Section 8.02 or the
         Covenant Defeasance under Section 8.03 (as the case may be) have been
         complied with as contemplated by this Section 8.04.

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

         Subject to Section 8.06, all money and Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the "Trustee") pursuant to
Section 8.04 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 Government Securities
deposited pursuant to Section 8.04 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the outstanding Notes.

         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 Government Securities held by it as provided in Section
8.04 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)), are in
excess of the amount thereof which 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, as a
secured creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustees 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 Government Notes in accordance with Section 8.02 or 8.03, as the case
may be, by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the 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 until such time as the Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 8.02 or 8.03, as the case may be;
provided, however, that, if the Company makes any

                                      -67-
<PAGE>

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.

                                    ARTICLE 9

                        AMENDMENT, SUPPLEMENT AND WAIVER

SECTION 9.01. Without Consent of Holders of Notes.

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

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

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

                  (c) to provide for the assumption of the Company's and the
         Guarantors' obligations to the Holders of the Notes in the case of a
         merger or consolidation pursuant to Article 5 or Article 10;

                  (d) 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 the Notes;
         or

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

         Upon the request of the Company accompanied by a resolution of the
Board of Directors of the Company and a resolution of the board of directors of
each Guarantor and upon receipt by the Trustee of the documents described in
Section 11.04, the Trustee shall join with the Company and the Guarantors in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations which may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental Indenture which affects its
own rights, duties or immunities under this Indenture or otherwise.

SECTION 9.02. With Consent of Holders of Notes.

         The Company, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes or the Guarantees or any amended or supplemental
Indenture with the written consent of the Holders of Notes of at least a
majority in aggregate principal amount of the Notes then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the
Notes), and any existing Default and its consequences or compliance with any
provision of this Indenture or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes
(including consents obtained in connection with a tender offer or exchange offer
for the Notes). Notwithstanding the foregoing, (a) Sections 3.08, 4.10 and 4.15
of this Indenture (including, in each case, the related definitions) may not be
amended or waived without the written consent of at least 66-2/3% in principal
amount of the Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for the Notes) and (b) without the consent
of each Holder affected, an amendment or waiver may not (with respect to any
Notes held by a non-consenting Holder of Notes):

                                      -68-
<PAGE>

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

                  (b) reduce the principal of or change the fixed maturity of
         any Note or alter the provisions with respect to the redemption of the
         Notes;

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

                  (d) 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);

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

                  (f) 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 interest on the Notes;

                  (g) waive a redemption payment or mandatory redemption with
         respect to any Note; or

                  (h) make any change in the foregoing amendment and waiver
         provisions.

         Upon the request of the Company accompanied by a resolution of the
Board of Directors of the Company and a resolution of the board of directors of
each Guarantor, 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 11.04, the Trustee
shall join with the Company and the Guarantors in the execution of such amended
or supplemental Indenture unless such amended or supplemental Indenture 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, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may waive
compliance in a particular instance by the Company with any provision of this
Indenture or the Notes.

SECTION 9.03. Compliance with Trust Indenture Act.

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

SECTION 9.04. Revocation and Effect of Consents.

         Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evi-

                                      -69-
<PAGE>

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

         The Company may fix a record date for determining which Holders of the
Notes must consent to such amendment, supplement or waiver. If the Company fixes
a record date, the record date shall be fixed at (i) the later of 30 days prior
to the first solicitation of such consent or the date of the most recent list of
Holders of Notes furnished to the Trustee prior to such solicitation pursuant to
Section 2.05 or (ii) such other date as the Company shall designate.

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 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. Neither the
Company nor any Guarantor may sign any amended or supplemental Indenture until
its board of directors approves it.

                                   ARTICLE 10

                                   GUARANTEES

SECTION 10.01. Guarantee.

         Each of the Guarantors, jointly and severally, hereby 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 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 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, each of the Guarantors,
         jointly and severally, will be obligated to pay the same immediately.

                                      -70-
<PAGE>

         Each of the Guarantors, jointly and severally, hereby agrees that its
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 of the Guarantors, jointly and severally, 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 (except that the Trustee shall provide at
least ten days' prior written notice to the Company on behalf of the Guarantors
before taking any action for which the Communications Act and/or the FCC rules
require such notice and which right to notice is not waivable by any Guarantor)
and all demands whatsoever and covenant that this Guarantee will not be
discharged except by complete performance of the Obligations guaranteed hereby.
If any Holder or the Trustee is required by any court or otherwise to return to
the Company or any Guarantor, or any Custodian, Trustee, liquidator or other
similar official acting in relation to either the Company or any Guarantor, any
amount paid by either to the Trustee or such Holder, this Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect.

         Each of the Guarantors, jointly and severally, agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby. Each of the Guarantors, jointly and
severally, further agrees that, as between such Guarantor, 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 for
the purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any declaration of acceleration of
such obligations as provided in Article 6, such obligations (whether or not due
and payable) shall forthwith become due and payable by each Guarantor for the
purpose of this Guarantee. Notwithstanding the foregoing, in the event that any
Guarantee would constitute or result in a violation of any applicable fraudulent
conveyance or similar law of any relevant jurisdiction, the liability of the
applicable Guarantor under its Guarantee shall be reduced to the maximum amount
permissible under such fraudulent conveyance or similar law.

         The Guarantors hereby agree as among themselves that each Guarantor
that makes a payment or distribution under a Guarantee shall be entitled to a
pro rata contribution from each other Guarantor hereunder based on the net
assets of each other Guarantor. The preceding sentence shall in no way affect
the rights of the Holders of Notes to the benefits of this Indenture, the Notes
or the Guarantees.

         Nothing in this Section 10.01 shall apply to claims of, or payments to,
the Trustee under or pursuant to the provisions of Section 7.07. Nothing
contained in this Section 10.01 or elsewhere in this Indenture, the Notes or the
Guarantees shall impair, as between any Guarantor and the Holder of any Note,
the obligation of such Guarantor, which is unconditional and absolute, to pay to
the Holder thereof the principal of, premium, if any, and interest on the Notes
in accordance with their terms and the terms of the Guarantee and this
Indenture, nor shall anything herein or therein prevent the Trustee or the
Holder of any Note from exercising all remedies otherwise permitted by
applicable law or hereunder or thereunder upon the occurrence of an Event of
Default.

SECTION 10.02. Execution and Delivery of Guarantees.

         To evidence its Guarantee set forth in Section 10.01, each Guarantor
hereby agrees that a notation of such Guarantee substantially in the form of
Exhibit B 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 and attested to by an Officer. Each of the Guarantors, jointly and
severally, hereby agrees that its 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 Guarantee. If an officer or Officer whose

                                      -71-
<PAGE>

signature is on this Indenture or on the Guarantee of a Guarantor no longer
holds that office at the time the Trustee authenticates the Note on which the
Guarantee of such Guarantor is endorsed, the Guarantee of such Guarantor shall
be valid nevertheless. The delivery of any Note by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the
Guarantees set forth in this Indenture on behalf of the Guarantors.

SECTION 10.03. Merger, Consolidation or Sale of Assets of Guarantors.

         Subject to Section 10.05, a Guarantor may not, and the Company will not
cause or permit any Guarantor to, consolidate or merge with or into (whether or
not such Guarantor is the surviving entity), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or
assets in one or more related transactions to, another Person other than the
Company or another Guarantor unless:

                  (a) such Guarantor is the surviving Person or the Person
         formed by or surviving any such consolidation or merger (if other than
         such Guarantor) or to which such sale, assignment, transfer, lease,
         conveyance or other disposition shall have been made is a corporation
         organized or existing under the laws of the United States, any state
         thereof or the District of Columbia;

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

                  (c) immediately after such transaction no Default or Event of
         Default exists; and

                  (d) the Company will have Consolidated Net Worth immediately
         after the transaction (after any purchase accounting adjustments or
         accrual of deferred tax liabilities resulting from the transaction) not
         less than the Consolidated Net Worth of the Company immediately
         preceding the transaction.

         Nothing contained in this Indenture shall prevent any consolidation or
merger of a Guarantor with or into the Company or another Guarantor that is a
Wholly Owned Restricted Subsidiary of the Company 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 that is a Wholly Owned Restricted
Subsidiary of the Company. Except as set forth in Articles 4 and 5, nothing
contained in this Indenture shall prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor that is a Restricted
Subsidiary of the Company 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 that is a Restricted Subsidiary of the Company.

SECTION 10.04. Successor Corporation Substituted.

         Upon any consolidation, merger, sale or conveyance described in clauses
(a) through (d) of Section 10.04, and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of any Guarantee previously signed by
the Guarantor and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Guarantor, such successor
corporation 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 corporation
thereupon may cause to be signed any or all of the Guarantees to be issuable
hereunder by such Guarantor and delivered to the Trustee. All the Guarantees so
issued shall in all respects have the same legal rank and benefit under this
Indenture as the Guarantees theretofore and thereafter issued in accordance with
the terms of this Indenture as though all of such Guarantees had been issued at
the date of the execution of such Guarantee by such Guarantor.

                                      -72-
<PAGE>

SECTION 10.05. Releases from Guarantees.

         If pursuant to any direct or indirect sale of assets (including, if
applicable, all of the capital stock of any Guarantor) or other disposition by
way of merger, consolidation or otherwise the assets sold include all or
substantially all of the assets of any Guarantor or all of the capital stock of
any such Guarantor, then 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 a Guarantor) shall be released and relieved of its obligations
under its Guarantee or Section 10.03 and Section 10.04, as the case may be;
provided that in the event of an Asset Sale, the Net Proceeds from such sale or
other disposition are applied in accordance with the provisions of Section 4.10.
In addition, a Guarantor shall be released and relieved of its obligations under
its Guarantee or Section 10.03 and Section 10.04, as the case may be (1) if such
Guarantor is dissolved or liquidated in accordance with the provisions of this
Indenture; (2) if the Company designates any such Guarantor as an Unrestricted
Subsidiary in compliance with the terms of this Indenture; or (3) without
limiting the generality of the foregoing, in the case of ETC or any Guarantor
which constitutes a Non-Core Asset, upon the sale or other disposition of any
Equity Interest of ETC or such Guarantor which constitutes a Non-Core Asset,
respectively. 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 or 4.20 if applicable, the
Trustee shall execute any documents reasonably required in order to evidence the
release of any such Guarantor from its obligations under its Guarantee. Any such
Guarantor not released from its obligations under its Guarantee shall remain
liable for the full amount of principal of and interest on the Notes and for the
other obligations of such Guarantor under this Indenture as provided in this
Article 10.

                                   ARTICLE 11

                                  MISCELLANEOUS

SECTION 11.01. Trust Indenture Act Controls.

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

SECTION 11.02. Notices.

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

         If to the Company or any Guarantor:

                  EchoStar DBS Corporation
                  5701 South Santa Fe Drive
                  Littleton, Colorado 80120
                  Telecopier No.: (303) 723-1699
                  Attention: David K. Moskowitz, Esq.

                                      -73-
<PAGE>

         With a copy to:

                  Sullivan & Cromwell
                  125 Broad Street
                  New York, New York 10004-2498
                  Telecopier No.: (212) 558-3388
                  Attention: Donald Walkovik, Esq.

         If to the Trustee:

                  U.S. Bank National Association
                  180 East Fifth Street
                  Saint Paul, Minnesota 55101
                  Telecopier No: (651) 244-0711
                  Attention: Corporate Trust Administration

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

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

         Any notice or communication to a Holder of a Note 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 Section 313(c), to the extent required by
the TIA. Failure to mail a notice or communication to a Holder of a Note or any
defect in it shall not affect its sufficiency with respect to other Holders of
Notes.

         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 of Notes, it
shall mail a copy to the Trustee and each Agent at the same time.

SECTION 11.03. Communication by Holders of Notes with Other Holders of Notes.

         Holders of the Notes may communicate pursuant to TIA Section 312(b)
with other Holders of Notes 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 Section 312(c).

SECTION 11.04. Certificate and Opinion as to Conditions Precedent.

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

                                      -74-
<PAGE>

                  (a) an Officers' Certificate in form and substance reasonably
         satisfactory to the Trustee 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 stating that, in the opinion of such
         counsel, all such conditions precedent and covenants have been
         satisfied.

SECTION 11.05. Statements Required in Certificate or Opinion.

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

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

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

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

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

SECTION 11.06. Rules by Trustee and Agents.

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

SECTION 11.07. No Personal Liability of Directors, Officers, Employees,
               Incorporators and Stockholders.

         No director, officer, employee, incorporator or stockholder of the
Company, the Guarantors or any of their Affiliates, as such, shall have any
liability for any obligations of the Company, the Guarantors and any of their
Affiliates under the Notes, or this 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. Such waiver
may not be effective to waive liabilities under the federal securities laws and
it is the view of the SEC that such waiver is against public policy.

SECTION 11.08. Governing Law.

         The internal law of the State of New York shall govern and be used to
construe this Indenture, the Notes and the Guarantees.

                                      -75-
<PAGE>

SECTION 11.09. No Adverse Interpretation of Other Agreements.

         This Indenture may not be used to interpret another indenture, loan or
debt agreement of EchoStar, the Company or any of their respective Subsidiaries.
Any such indenture, loan or debt agreement may not be used to interpret this
Indenture.

SECTION 11.10. Successors.

         All agreements of the Company and the Guarantors in this Indenture and
the Notes and the Guarantees shall bind the successors of the Company and the
Guarantors, respectively. All agreements of the Trustee in this Indenture shall
bind its successor.

SECTION 11.11. Severability.

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

SECTION 11.12. Counterpart Originals.

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

SECTION 11.13. Table of Contents, Headings, Etc.

         The Table of Contents 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]

                                      -76-
<PAGE>

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

                                 ECHOSTAR DBS CORPORATION,
                                    a Colorado corporation

                                 By:
                                        ----------------------------------------
                                        Name:  David K. Moskowitz
                                        Title: Senior Vice President, General
                                               Counsel and Secretary

                                 U.S. BANK NATIONAL ASSOCIATION,
                                    as Trustee

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title: Assistant Vice President

                                 ECHOSTAR SATELLITE CORPORATION
                                 ECHOSTAR TECHNOLOGIES CORPORATION
                                 ECHO ACCEPTANCE CORPORATION
                                 ECHOSPHERE CORPORATION
                                 DISH NETWORK SERVICE CORPORATION
                                 ECHOSTAR INTERNATIONAL CORPORATION
                                 ECHOSTAR NORTH AMERICA CORPORATION
                                 ECHOSTAR INDONESIA, INC.
                                 ECHOSTAR SPACE CORPORATION
                                 ECHOSTAR 110 CORPORATION
                                     as Guarantors

                                 By:
                                        ----------------------------------------
                                        Name:  David K. Moskowitz
                                        Title: Senior Vice President, General
                                               Counsel and Secretary

                                      S-1
<PAGE>

                                                                       EXHIBIT A

                                 [Face of Note]
--------------------------------------------------------------------------------
                           9-1/8% Senior Note due 2009

Cert. No.
CUSIP No. [   ]

EchoStar DBS Corporation

promises to pay to

or its registered assigns

the principal sum of
                     --------------------

Dollars on January 15, 2009

Interest Payment Dates:  January 15 and July 15, commencing July 15, 2002

Record Dates:  January 1 and July 1 (whether or not a Business Day).

         IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed.

Dated:  December 28, 2001

                                              ECHOSTAR DBS CORPORATION

                                              By:
                                                  ------------------------------
                                                  Title:

                                              By:
                                                  ------------------------------
                                                  Title:

(SEAL)

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

U.S. Bank National Association, as Trustee

By:
       -------------------------------------------
       Authorized Signatory

Dated:
       ------------------

                                      A-1
<PAGE>

                                 (Back of Note)

         Capitalized terms used herein have the meanings assigned to them in the
Indenture (as defined below) unless otherwise indicated.

         (1) Interest. EchoStar DBS Corporation, a Colorado corporation (the
"Company") promises to pay interest on the principal amount of this Note at the
rate and in the manner specified below. Interest will accrue at 9-1/8% per annum
and will be payable semi-annually in cash on each January 15 and July 15,
commencing July 15, 2002, or if any such day is not a Business Day on the next
succeeding Business Day (each an "Interest Payment Date") to Holders of record
of the Notes at the close of business on the immediately preceding January 1 and
July 1, whether or not a Business Day. Interest will be computed on the basis of
a 360-day year consisting of twelve 30-day months. Interest shall accrue from
the most recent date to which interest has been paid or, if no interest has been
paid, from December 28, 2001. To the extent lawful, the Company shall pay
interest on overdue principal at the rate of the then applicable interest rate
on the Notes; it shall pay interest on overdue installments of interest (without
regard to any applicable grace periods) at the same rate to the extent lawful.
In addition, Holders may be entitled to the benefits of certain provisions of
the Registration Rights Agreement.

         (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 record date next preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date. The Holder hereof must surrender this Note to a
Paying Agent to collect principal payments. The Company will pay principal and
interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. The Notes will be payable both
as to principal and interest at the office or agency of the Company maintained
for such purpose or, at the option of the Company, payment of interest may be
made by check mailed to the Holders of Notes at their respective addresses set
forth in the register of Holders of Notes. Unless otherwise designated by the
Company, the Company's office or agency will be the office of the Trustee
maintained for such purpose.

         (3) Paying Agent and Registrar. Initially, the Trustee will act as
Paying Agent and Registrar. The Company may change any Paying Agent, Registrar
or co-registrar without prior notice to any Holder of a Note. The Company may
act in any such capacity.

         (4) Indenture. The Company issued the Notes under an Indenture, dated
as of December 28, 2001 (the "Indenture"), among the Company, the Guarantors 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 Sections 77aaa-77bbbb), as in effect on the date
of the Indenture. The Notes are subject to all such terms, and Holders of Notes
are referred to the Indenture and such act for a statement of such terms. The
terms of the Indenture shall govern any inconsistencies between the Indenture
and the Notes. The Notes are unsecured obligations of the Company.

         (5) Optional Redemption. Except as provided in the next paragraph, the
Notes will not be redeemable at the Company's option prior to January 15, 2006.
Thereafter, the Notes will be subject to redemption at the option of the
Company, in whole or in part, upon not less than 30 nor more than 60 days'
notice, at the redemption prices (expressed as percentages of principal amount)
set forth below, together with accrued and unpaid interest thereon to the
applicable redemption date, if redeemed during the 12-month period beginning on
January 15 of the years indicated below:

                                      A-2
<PAGE>

<Table>
<Caption>

                  YEAR                                             PERCENTAGE
                  ----                                             ----------
<S>                                                                <C>
                  2006........................................     104.563%
                  2007........................................     102.281%
                  2008........................................     100.000%
</Table>

Notwithstanding the foregoing, at any time prior to January 15, 2005, the
Company may redeem up to 35% of the aggregate principal amount of the Notes
outstanding at a redemption price equal to 109.125% of the principal amount
thereof on the repurchase date, together with accrued and unpaid interest to
such repurchase date, with the net cash proceeds of one or more public or
private sales (including sales to EchoStar, regardless of whether EchoStar
obtained such funds from an offering of Equity Interests or Indebtedness of
EchoStar or otherwise) of Equity Interests (other than Disqualified Stock) of
the Company (other than proceeds from a sale to any Subsidiary of the Company or
any employee benefit plan in which the Company or any of its Subsidiaries
participates); provided that: (a) at least 65% in aggregate principal amount of
the Notes originally issued remain outstanding immediately after the occurrence
of such redemption; and (b) the sale of such Equity Interests is made in
compliance with the terms of the Indenture.

         (6) Repurchase at Option of Holder. Upon the occurrence of a Change of
Control, the Company will be required to offer to purchase on the Change of
Control Payment Date all outstanding Notes at a purchase price equal to 101% of
the aggregate principal amount thereof, together with accrued and unpaid
interest thereon to the date of purchase. Holders of Notes that are subject to
an offer to purchase will receive a Change of Control Offer from the Company
prior to any related Change of Control Payment Date and may elect to have such
Notes purchased by completing the form entitled "Option of Holder to Elect
Purchase" appearing below.

         When the cumulative amount of Excess Proceeds that have not been
applied in accordance with Section 4.10 (Asset Sales) or Section 3.08 (Offer to
Purchase By Application of Excess Proceeds) of the Indenture, exceeds $50
million, the Company will be required to offer to purchase the maximum principal
amount of Notes that may be purchased out of such Excess Proceeds at an offer
price in cash equal to 101% of the principal amount thereof, together with
accrued and unpaid interest thereon to the date of purchase. To the extent the
Company or a Restricted Subsidiary is required under the terms of Indebtedness
of the Company or such Restricted Subsidiary which is ranked equally with the
Notes with any proceeds which constitute Excess Proceeds under the Indenture,
the Company shall make a pro rata offer to the holders of all other pari passu
Indebtedness (including the Notes) with such proceeds. To the extent that the
principal amount of Notes and other pari passu Indebtedness surrendered by
holders thereof exceeds the amount of such Excess Proceeds, the Trustee shall
select the Notes and other pari passu Indebtedness to be purchased on a pro rata
basis. Holders of Notes that are subject to an offer to purchase will receive a
Excess Proceeds Offer from the Company prior to any related Purchase Payment
Date and may elect to have such Notes purchased by completing the form entitled
"Option of Holder to Elect Purchase" appearing below.

         (7) 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 may be redeemed
in part but only in whole multiples of $1,000, unless all of the Notes held by a
Holder of Notes are to be redeemed. On and after the redemption date, interest
ceases to accrue on Notes or portions of them called for redemption unless the
Company fails to redeem such Notes or such portions thereof.

         (8) 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 of a Note,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not exchange or register the transfer of any

                                      A-3
<PAGE>

Note or portion of a Note selected for redemption. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed.

         (9) Persons Deemed Owners. Prior to due presentment to the Trustee for
registration of the transfer of this Note, the Trustee, any Agent and the
Company may deem and treat the Person in whose name this Note is registered as
its absolute owner for the purpose of receiving payment of principal of,
premium, if any, and interest on this Note and for all other purposes
whatsoever, whether or not this Note is overdue, and neither the Trustee, any
Agent nor the Company shall be affected by notice to the contrary. The
registered Holder of a Note shall be treated as its owner for all purposes.

         (10) Amendments, Supplement and Waivers. Subject to certain exceptions,
the Indenture or 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
(including consents obtained in connection with a tender offer or exchange offer
for the Notes), and any existing default or compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (including consents
obtained in connection with a tender offer or exchange offer for the Notes).
Notwithstanding the foregoing, (a) Sections 3.08 (Offer to Purchase by
Application of Excess Proceeds), 4.10 (Asset Sales) and 4.15 (Offer to
Repurchase Upon Change in Control) of the Indenture (including, in each case,
the related definitions) may not be amended or waived without the written
consent of at least 66 2/3% in principal amount of the Notes then outstanding
(including consents obtained in connection with a tender offer or exchange offer
for the Notes) and (b) without the consent of each Holder affected, an amendment
or waiver may not (with respect to any Notes held by a non-consenting Holder of
Notes) reduce the principal amount of Notes whose Holders must consent to an
amendment, supplement or waiver; reduce the principal of or change the fixed
maturity of any Note or alter the provisions with respect to the redemption of
the Notes; reduce the rate of or change the time for payment of interest on any
Note; 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); make any Note payable in money other than that stated
in the Notes; make any change in the provisions of the Indenture relating to
waivers of past Defaults or the rights of Holders of Notes to receive payments
of principal of or interest on the Notes; waive a redemption payment or
mandatory redemption with respect to any Note; or make any change in the
foregoing amendment and waiver provisions. Notwithstanding the foregoing,
without the consent of any Holder of a Note, the Indenture or the Notes may be
amended or supplemented to cure any ambiguity, defect or inconsistency; to
provide for uncertificated Notes or Guarantees in addition to or in place of
certificated Notes or Guarantees; to provide for the assumption of the Company's
or any Guarantor's obligations to the 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; or to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act.

         (11) Defaults and Remedies. Each of the following constitutes an Event
of Default:

                  (a) default for 30 days in the payment when due of interest on
         the Notes;

                  (b) default in payment when due of principal of the Notes at
         maturity, upon repurchase, redemption or otherwise;

                  (c) failure to comply with the provisions described under
         Section 4.15 (Offer to Purchase Upon Change in Control), Section 4.11
         (Limitation on Transactions with Affiliates), or Section 4.10 (Asset
         Sales) of the Indenture;

                                      A-4
<PAGE>

                  (d) default under the provisions described under Section 4.07
         (Limitation on Restricted Payments) or Section 4.09 (Incurrence of
         Indebtedness) of the Indenture which default remains uncured for 30
         days, or the breach of any representation or warranty, or the making of
         any untrue statement, in any certificate delivered by the Company
         pursuant to the Indenture;

                  (e) failure by the Company for 60 days after notice from the
         Trustee or the holders of at least 25% in principal amount of the then
         outstanding Notes to comply with any of its other agreements in the
         Indenture or the Notes;

                  (f) 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 and any of its
         Restricted Subsidiaries (or the payment of which is guaranteed by the
         Company and any of its Restricted Subsidiaries), which default is
         caused by a failure to pay when due principal or interest on such
         Indebtedness within the grace period provided in such Indebtedness (a
         "Payment Default"), and 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, aggregates $100 million or
         more;

                  (g) 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 and any of its
         Restricted Subsidiaries (or the payment of which is guaranteed by the
         Company or any of its Restricted Subsidiaries), which default results
         in the acceleration of such Indebtedness prior to its express maturity
         and 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 $100 million or more; provided that any
         acceleration (other than an acceleration which is the result of a
         Payment Default under clause (f) above) of Indebtedness under the
         Outstanding Deferred Payments in aggregate principal amount not to
         exceed $150 million shall be deemed not to constitute an acceleration
         pursuant to this clause (g);

                  (h) failure by the Company or any of its Restricted
         Subsidiaries to pay final judgments (other than any judgment as to
         which a reputable insurance company has accepted full liability)
         aggregating in excess of $100 million, which judgments are not stayed
         within 60 days after their entry;

                  (i) certain events of bankruptcy or insolvency with respect to
         EchoStar, the Company or certain of the Company's Subsidiaries
         (including the filing of a voluntary case, the consent to an order of
         relief in an involuntary case, the consent to the appointment of a
         custodian, a general assignment for the benefit of creditors or an
         order of a court for relief in an involuntary case, appointing a
         custodian or ordering liquidation, which order remains unstayed for 60
         days); and

                  (j) any Guarantee shall be held in a judicial proceeding to be
         unenforceable or invalid or shall cease for any reason to be in full
         force and effect, or any Guarantor, or any person acting on behalf of
         any Guarantor, shall deny or disaffirm its obligations under its
         Guarantee.

         If any Event of Default occurs and is continuing, the Trustee or the
holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately (plus, in the case of an
Event of Default that is the result of an action by the Company or any of its
Subsidiaries intended to avoid restrictions on or premiums related to
redemptions of the Notes contained in the Indenture or the Notes, an amount of
premium that would have been applicable pursuant to the Notes or as set forth in
the Indenture). Notwithstanding the foregoing, in the case of an Event of
Default arising from the events of bankruptcy or insolvency with respect to the
Company or any of its Subsidiaries described in (i) above, all outstanding Notes
will become due and payable without further action or notice. Holders of the
Notes may not enforce the Indenture or the Notes

                                      A-5
<PAGE>

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 of principal or
interest) if it determines that withholding notice is in such holders' interest.

         The holders of a majority in aggregate principal amount of the then
outstanding Notes, by notice to the Trustee, may on behalf of the holders of all
of the Notes waive any existing Default or Event of Default and its consequences
under the Indenture, except a continuing Default or Event of Default in the
payment of interest or premium on, or principal of, the Notes.

         The Company is required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Company is required upon
becoming aware of any Default or Event of Default to deliver to the Trustee a
statement specifying such Default or Event of Default.

         All powers of the Trustee under the Indenture will be subject to
applicable provisions of the Communications Act, including without limitation,
the requirements of prior approval for de facto or de jure transfer of control
or assignment of Title III licenses.

         (12) Trustee Dealings with Company. The Trustee under the Indenture, 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 Trustee; however, if 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.

         (13) No Personal Liabilities of Directors, Officers, Employees,
Incorporators and Stockholders. No director, officer, employee, incorporator or
stockholder of the Company or any of its Affiliates, as such, shall have any
liability for any obligations of the Company or any of its Affiliates under this
Note or the 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.

         (14) Guarantees. Payment of principal and interest (including interest
on overdue principal and overdue interest, if lawful) is unconditionally
guaranteed, jointly and severally, by each of the Guarantors.

         (15) Authentication. This Note shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

         (16) Abbreviations. Customary abbreviations may be used in the name of
a Holder of a Note 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 (5 Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

         (17) CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and has directed the Trustee to use
CUSIP numbers in notices of redemption as a convenience to Holders of Notes. 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.

                                      A-6
<PAGE>

         The Company will furnish to any Holder of a Note upon written request
and without charge a copy of the Indenture. Request may be made to:

                           EchoStar DBS Corporation
                           5701 South Santa Fe Drive
                           Littleton, Colorado 80120
                           Attention: David K. Moskowitz, Esq.

                                      A-7
<PAGE>

                                 ASSIGNMENT FORM

                  To assign this Note, fill in the form below:
                  (I) or (we) assign and transfer this Note to

--------------------------------------------------------------------------------
                  (Insert assignee's Soc. Sec. or tax I.D. no.)

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ______________ agent to transfer this Note on the books
of the Company. The agent may substitute another to act for him.

Date:
       ---------------
                             Your Signature:
                                             -----------------------------------
                                             (Sign exactly as your name appears
                                             on the face of this Note)

Signature Guarantee.

                                      A-8
<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have all or any part of this Note purchased by
the Company pursuant to Section 3.08 or Section 4.15 of the Indenture check the
appropriate box:

                      [ ]  Section 3.08           [ ] Section 4.15

         If you want to have only part of the Note purchased by the Company
pursuant to Section 3.08 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

$

Date:
       ---------------
                             Your Signature:
                                             -----------------------------------
                                             (Sign exactly as your name appears
                                             on the face of this Note)

Signature Guarantee.

                                      A-9
<PAGE>

                          [ATTACHMENT FOR GLOBAL NOTES]

              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:

<Table>
<Caption>

                              AMOUNT OF                                 PRINCIPAL AMOUNT           SIGNATURE OF
                             DECREASE IN        AMOUNT OF INCREASE     OF THIS GLOBAL NOTE      AUTHORIZED OFFICER
                         PRINCIPAL AMOUNT OF     PRINCIPAL AMOUNT        FOLLOWING SUCH           OF TRUSTEE OR
   DATE OF EXCHANGE        THIS GLOBAL NOTE     OF THE GLOBAL NOTE   DECREASE (OR INCREASE)       NOTE CUSTODIAN
   ----------------      -------------------    ------------------   ----------------------     ------------------
<S>                      <C>                    <C>                  <C>                        <C>

</Table>

                                      A-10

<PAGE>

                                                                       EXHIBIT B

                                FORM OF GUARANTEE

         [Name of Guarantor] and its successors under the Indenture, jointly and
severally with any other Guarantors, hereby irrevocably and unconditionally
guarantees (i) the due and punctual payment of the principal of, premium, if
any, and interest on the Notes, whether at maturity, by acceleration or
otherwise, the due and punctual payment of interest on the overdue principal of
and interest, if any, on the Notes, to the extent lawful, and the due and
punctual performance of all other obligations of EchoStar DBS Corporation (the
"Company") to the Holders or the Trustee all in accordance with the terms set
forth in Article 10 of the Indenture, (ii) 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 and (iii) has agreed to pay any and all costs and expenses (including
reasonable attorneys' fees) incurred by the Trustee or any Holder in enforcing
any rights under this Guarantee. Capitalized terms used herein have the meanings
assigned to them in the Indenture unless otherwise indicated.

         No stockholder, officer, director or incorporator, as such, past,
present or future, of [name of Guarantor] shall have any personal liability
under this Guarantee by reason of his or its status as such stockholder,
officer, director or incorporator. This Guarantee shall be binding upon [name of
Guarantor] and its successors and assigns and shall inure to the benefit of the
successors and assigns of the Trustee and the Holders and, in the event of any
transfer or assignment of rights by any Holder or the Trustee, the rights and
privileges herein conferred upon that party shall automatically extend to and be
vested in such transferee or assignee, all subject to the terms and conditions
hereof.

         This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Note upon which this Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers.

         THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

         This Guarantee shall be governed by and construed in accordance with
the laws of the State of New York.

                                                   [NAME OF GUARANTOR]

                                                   By:
                                                       -------------------------
                                                       Name:
                                                       Title:

                                      B-1
<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF TRANSFER

EchoStar DBS Corporation
5701 South Santa Fe Drive
Littleton, Colorado 80120

U.S. Bank National Association
180 East 5th Street
St. Paul, MN  55101

                        Re: 9-1/8% Senior Notes due 2009

         Reference is hereby made to the Indenture, dated as of December 28,
2001 (the "Indenture"), between EchoStar DBS Corporation, as issuer (the
"Company"), the Guarantors named therein and U.S. Bank National Association, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

         ________________ (the "Transferor") owns and proposes to transfer the
Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $____ in such Note[s] or interests (the "Transfer"), to
__________ (the "Transferee"), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that:

                                          [CHECK ALL THAT APPLY]

1.       [ ]      CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
                  INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
                  TO RULE 144A. The Transfer is being effected pursuant to and
                  in accordance with Rule 144A under the United States
                  Securities Act of 1933, as amended (the "Securities Act"),
                  and, accordingly, the Transferor hereby further certifies that
                  the beneficial interest or Definitive Note is being
                  transferred to a Person that the Transferor reasonably
                  believed and believes is purchasing the beneficial interest or
                  Definitive Note for its own account, or for one or more
                  accounts with respect to which such Person exercises sole
                  investment discretion, and such Person and each such account
                  is a "qualified institutional buyer" within the meaning of
                  Rule 144A in a transaction meeting the requirements of Rule
                  144A and such Transfer is in compliance with any applicable
                  blue sky securities laws of any state of the United States.
                  Upon consummation of the proposed Transfer in accordance with
                  the terms of the Indenture, the transferred beneficial
                  interest or Definitive Note will be subject to the
                  restrictions on transfer enumerated in the Private Placement
                  Legend printed on the 144A Global Note and/or the Definitive
                  Note and in the Indenture and the Securities Act.

2.       [ ]      CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
                  INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE
                  PURSUANT TO REGULATION S. The Transfer is being effected
                  pursuant to and in accordance with Rule 903 or Rule 904 under
                  the Securities Act and, accordingly, the Transferor hereby
                  further certifies that (i) the Transfer is not being made to a
                  Person in the United States and (x) at the time the buy order
                  was originated, the Transferee was outside the United States
                  or such Transferor and any Person acting on its behalf
                  reasonably believed and believes that the Transferee was
                  outside the United States or (y) the transaction was executed

                                      C-1
<PAGE>

                  in, on or through the facilities of a designated offshore
                  securities market and neither such Transferor nor any Person
                  acting on its behalf knows that the transaction was
                  prearranged with a buyer in the United States, (ii) no
                  directed selling efforts have been made in contravention of
                  the requirements of Rule 903(b) or Rule 904(b) of Regulation S
                  under the Securities Act, (iii) the transaction is not part of
                  a plan or scheme to evade the registration requirements of the
                  Securities Act and (iv) if the proposed transfer is being made
                  prior to the expiration of the Restricted Period, the transfer
                  is not being made to a U.S. Person or for the account or
                  benefit of a U.S. Person (other than an Initial Purchaser).
                  Upon consummation of the proposed transfer in accordance with
                  the terms of the Indenture, the transferred beneficial
                  interest or Definitive Note will be subject to the
                  restrictions on Transfer enumerated in the Private Placement
                  Legend printed on the Regulation S Global Note and/or the
                  Definitive Note and in the Indenture and the Securities Act.

3.       [ ]      CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
                  BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY
                  PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR
                  REGULATION S. The Transfer is being effected in compliance
                  with the transfer restrictions applicable to beneficial
                  interests in Restricted Global Notes and Restricted Definitive
                  Notes and pursuant to and in accordance with the Securities
                  Act and any applicable blue sky securities laws of any state
                  of the United States, and accordingly the Transferor hereby
                  further certifies that (check one):

                  (a)      [ ]      such Transfer is being effected pursuant to
                                    and in accordance with Rule 144 under the
                                    Securities Act;

                                       or

                  (b)      [ ]      or such Transfer is being effected to the
                                    Company or a subsidiary thereof;

                                       or

                  (c)      [ ]      such Transfer is being effected pursuant
                                    to an effective registration statement under
                                    the Securities Act and in compliance with
                                    the prospectus delivery requirements of the
                                    Securities Act.

4.       [ ]      CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
                  INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED
                  DEFINITIVE NOTE.

                  (a)      [ ]      CHECK IF TRANSFER IS PURSUANT TO RULE 144.
                                    (i) The Transfer is being effected pursuant
                                    to and in accordance with Rule 144 under the
                                    Securities Act and in compliance with the
                                    transfer restrictions contained in the
                                    Indenture and any applicable blue sky
                                    securities laws of any state of the United
                                    States and (ii) the restrictions on transfer
                                    contained in the Indenture and the Private
                                    Placement Legend are not required in order
                                    to maintain compliance with the Securities
                                    Act. Upon consummation of the proposed
                                    Transfer in accordance with the terms of the
                                    Indenture, the transferred beneficial
                                    interest or Definitive Note will no longer
                                    be subject to the restrictions on transfer
                                    enumerated in the Private Placement Legend
                                    printed on the Restricted Global Notes, on
                                    Restricted Definitive Notes and in the
                                    Indenture.

                                      C-2
<PAGE>

                  (b)      [ ]      CHECK IF TRANSFER IS PURSUANT TO REGULATION
                                    S. (i) The Transfer is being effected
                                    pursuant to and in accordance with Rule 903
                                    or Rule 904 under the Securities Act and in
                                    compliance with the transfer restrictions
                                    contained in the Indenture and any
                                    applicable blue sky securities laws of any
                                    state of the United States and (ii) the
                                    restrictions on transfer contained in the
                                    Indenture and the Private Placement Legend
                                    are not required in order to maintain
                                    compliance with the Securities Act. Upon
                                    consummation of the proposed Transfer in
                                    accordance with the terms of the Indenture,
                                    the transferred beneficial interest or
                                    Definitive Note will no longer be subject to
                                    the restrictions on transfer enumerated in
                                    the Private Placement Legend printed on the
                                    Restricted Global Notes, on Restricted
                                    Definitive Notes and in the Indenture.

                  (c)      [ ]      CHECK IF TRANSFER IS PURSUANT TO OTHER
                                    EXEMPTION. (i) The Transfer is being
                                    effected pursuant to and in compliance with
                                    an exemption from the registration
                                    requirements of the Securities Act other
                                    than Rule 144, Rule 903 or Rule 904 and in
                                    compliance with the transfer restrictions
                                    contained in the Indenture and any
                                    applicable blue sky securities laws of any
                                    State of the United States and (ii) the
                                    restrictions on transfer contained in the
                                    Indenture and the Private Placement Legend
                                    are not required in order to maintain
                                    compliance with the Securities Act. Upon
                                    consummation of the proposed Transfer in
                                    accordance with the terms of the Indenture,
                                    the transferred beneficial interest or
                                    Definitive Note will not be subject to the
                                    restrictions on transfer enumerated in the
                                    Private Placement Legend printed on the
                                    Restricted Global Notes or Restricted
                                    Definitive Notes and in the Indenture.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                        ----------------------------------------
                                             [Insert Name of Transferor]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

Dated:
       -------------------

                                      C-3
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.       The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

         (a)      [ ]      a beneficial interest in the:

                  (i)      [ ]  144A Global Note (CUSIP 27876G AH 1), or

                  (ii)     [ ]  Regulation S Global (CUSIP U27794 AC 7), or

         (b)      [ ]      a Restricted Definitive Note.

2.       After the Transfer the Transferee will hold:

                                   [CHECK ONE]

         (a)      [ ]      a beneficial interest in the:

                  (i)      [ ]  144A Global Note (CUSIP 27876G AH 1), or

                  (ii)     [ ]  Regulation S Global Note (CUSIP U27794 AC 7), or

                  (iii)    [ ]  Unrestricted Global Note CUSIP [          ],  or

         (b)      [ ]      a Restricted Definitive Note; or

         (c)      [ ]      an Unrestricted Definitive Note,

         in accordance with the terms of the Indenture.

                                      C-4
<PAGE>

                                                                       EXHIBIT D

                         FORM OF CERTIFICATE OF EXCHANGE

EchoStar DBS Corporation
5701 South Santa Fe Drive
Littleton, Colorado 80120

U.S. Bank National Association
180 East 5th Street
St. Paul, MN  55101

                        Re: 9-1/8% Senior Notes due 2009

                               (CUSIP [      ])

         Reference is hereby made to the Indenture, dated as of December 28,
2001 (collectively, the "Indenture"), between EchoStar DBS Corporation, as
issuer (the "Company"), the Guarantors named therein and U.S. Bank National
Association, as trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

         _______________ (the "Owner") owns and proposes to exchange the Note[s]
or interest in such Note[s] specified herein, in the principal amount of
$________ in such Note[s] or interests (the "Exchange"). In connection with the
Exchange, the Owner hereby certifies that:

         1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A
RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN AN UNRESTRICTED GLOBAL NOTE.

         (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection
with the Exchange of the Owner's beneficial interest in a Restricted Global Note
for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner's own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the United States Securities Act of
1933, as amended (the "Securities Act"), (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

         (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner's own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

                                      D-1
<PAGE>

         (c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

         (d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

         2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES.

         (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner's own account
without transfer. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

         (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange
of the Owner's Restricted Definitive Note for a beneficial interest in the
[CHECK ONE] _ 144A Global Note, _ Regulation S Global Note with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                                   -----------------------------
                                                    [Insert Name of Transferor]

                                                   By:
                                                       -------------------------
                                                       Name:
                                                       Title:

Dated:
       --------------------

                                      D-2<PAGE>
                                                                    EXHIBIT 4.18

     This Registration Rights Agreement (this "AGREEMENT") is made and entered
into as of December 28, 2001, by and among EchoStar DBS Corporation, a Colorado
corporation (the "COMPANY"), the Guarantors named in the Purchase Agreement (as
defined below) (the "GUARANTORS"), and Deutsche Banc Alex. Brown, Inc., Credit
Suisse First Boston Corporation, Lehman Brothers Inc. and UBS Warburg LLC (each,
an "INITIAL PURCHASER" and, collectively, the "INITIAL PURCHASERS"), each of
whom has agreed to purchase an aggregate of $700,000,000 in principal amount of
9-1/8% Senior Notes due 2009 (the "NOTES"), of the Company, pursuant to the
Purchase Agreement.

     This Agreement is made pursuant to the Purchase Agreement, dated December
20, 2001 (the "PURCHASE AGREEMENT"), by and among the Company, the Guarantors
and the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Notes, the Company has agreed to provide the registration rights
set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the obligations of the Initial Purchasers set forth in Section 7 of
the Purchase Agreement. Capitalized terms used herein and not otherwise defined
shall have the meaning assigned to them in the Indenture, dated December 28,
2001, among the Company, the Guarantors and U.S. Bank National Association, as
Trustee, relating to the Notes (the "INDENTURE").

     The parties hereby agree as follows:

SECTION 1. DEFINITIONS

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

     ACT: The Securities Act of 1933, as amended.

     AFFILIATE: As defined in Rule 144 of the Act.

     BROKER-DEALER: Any broker or dealer registered under the Exchange Act.

     CLOSING DATE: The date hereof.

     COMMISSION: The Securities and Exchange Commission.

     CONSUMMATE: An Exchange Offer shall be deemed "Consummated" for purposes of
this Agreement upon the occurrence of (i) the filing and effectiveness under the
Act of the Exchange Offer Registration Statement relating to the Exchange Notes
to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer
continuously effective and the keeping of the Exchange Offer open for a period
not less than the period required pursuant to Section 3(b) hereof, and (iii) the
delivery by the Company to the Registrar under the In-

<PAGE>
                                      -2-

denture of Exchange Notes in the same aggregate principal amount as the
aggregate principal amount of Notes that were tendered by Holders thereof
pursuant to the Exchange Offer.

     CONSUMMATION DEADLINE: As defined in Section 3(b) hereof.

     EFFECTIVENESS DEADLINE: As defined in Section 3(a) hereof.

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

     EXCHANGE NOTES: The Company's 9-1/8% Senior Notes due 2009, guaranteed by
the Guarantors to the same extent as the Notes, to be issued pursuant to the
Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 6
hereof.

     EXCHANGE OFFER: The exchange and issuance by the Company of a principal
amount of Exchange Notes (which shall be registered, pursuant to the Exchange
Offer Registration Statement) equal to the outstanding principal amount of Notes
that are tendered by such Holders in connection with such exchange and issuance.

     EXCHANGE OFFER REGISTRATION STATEMENT: The Registration Statement relating
to the Exchange Offer, including the related Prospectus.

     FILING DEADLINE: As defined in Sections 3(a) and 4(a) hereof.

     HOLDERS: As defined in Section 2 hereof.

     NASD: National Association of Securities Dealers, Inc.

     PROSPECTUS: The prospectus included in a Registration Statement at the same
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

     RECOMMENCEMENT DATE: As defined in Section 6(d) hereof.

     REGISTRATION DEFAULT: As defined in Section 5 hereof.

     REGISTRATION STATEMENT: Any registration statement of the Company relating
to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the
registration for resale of Transfer Restricted Securities pursuant to the Shelf
Registration Statement, in each case, (i) that is filed pursuant to the
provisions of this Agreement and (ii) including the Prospectus included therein,
all amendments and supplements thereto (including post-effective amendments) and
all exhibits and material incorporated by reference therein.

<PAGE>
                                      -3-

     REGULATION S: Regulation S promulgated under the Act.

     RULE 144: Rule 144 promulgated under the Act.

     SHELF REGISTRATION STATEMENT: As defined in Section 4 hereof.

     SUSPENSION NOTICE: As defined in Section 6(d) hereof.

     TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in
effect on the date of the Indenture.

     UNDERWRITTEN REGISTRATION: or UNDERWRITTEN OFFERING: A registration in
which securities of the Company are sold to an underwriter for reoffering to the
public.

     TRANSFER RESTRICTED SECURITIES: Each Note, until the earliest to occur of
(a) the date on which such Note is exchanged in the Exchange Offer for an
Exchange Note which is entitled to be resold to the public by the Holder thereof
without complying with the prospectus delivery requirements of the Act, (b) the
date on which such Note has been disposed of in accordance with a Shelf
Registration Statement, (c) the date on which such Note may be distributed to
the public pursuant to Rule 144(k) under the Act or (d) each Exchange Note until
the date on which such Exchange Note is disposed of by a Broker-Dealer pursuant
to the "Plan of Distribution" contemplated by the Exchange Offer Registration
Statement (including the delivery of the Prospectus contained therein).

SECTION 2. HOLDERS

     A person is deemed to be a holder of Transfer Restricted Securities (each,
a "HOLDER") whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

               (a) Unless the Exchange Offer shall not be permitted by
applicable law or Commission policy (after the procedures set forth in Section
6(a) below have been complied with), the Company shall (i) cause the Exchange
Offer Registration Statement to be filed with the Commission as soon as
practicable after the Closing Date, but in no event later than 180 days after
the Closing Date (such 180th day being the "FILING DEADLINE"), (ii) use its best
efforts to cause such Exchange Offer Registration Statement to become effective
at the earliest possible time, but in no event later than 270 days after the
Closing Date (such 270th day being the "EFFECTIVENESS Deadline"), (iii) in
connection with the foregoing, (A) file all pre-effective amendments to such
Exchange Offer Registration Statement as may be necessary in order to cause it
to become effective, (B) file, if applicable, a post-effective amendment to such
Exchange Offer Registration Statement pursuant to Rule 430A under the Act, and
(C)

<PAGE>
                                      -4-

cause all necessary filings, if any, in connection with the registration and
qualification of the Exchange Notes to be made under the Blue Sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer, and
(iv) upon the effectiveness of such Exchange Offer Registration Statement, use
its best efforts to commence and Consummate the Exchange Offer such that the
Exchange Offer is Consummated not later than the 295th day after the Closing
Date. The Exchange Offer shall be on the appropriate form permitting (i)
registration of the Exchange Notes to be offered in exchange for the Notes that
are Transfer Restricted Securities and (ii) resales of Exchange Notes by
Broker-Dealers that tendered the Exchange Notes that such Broker-Dealer acquired
for its own account as a result of market making activities or other trading
activities (other than Notes acquired directly from the Company or any of its
Affiliates) as contemplated by Section 3(c) below.

               (b) The Company shall use its best efforts to cause the Exchange
Offer Registration Statement to be effective continuously and shall keep the
Exchange Offer open for a period of not less than the minimum period required
under applicable federal and state securities laws to Consummate the Exchange
Offer; provided, however, that in no event shall such period be less than 20
business days. The Company shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. No securities other than the
Exchange Notes shall be included in the Exchange Offer Registration Statement.
The Company shall use its best efforts to cause the Exchange Offer to be
Consummated not later than the 295th day after the Closing Date (such 295th day
being the "CONSUMMATION DEADLINE").

               (c) The Company shall include a "Plan of Distribution" section in
the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Broker-Dealer who holds Transfer Restricted Securities
that were acquired for the account of such Broker-Dealer as a result of
market-making activities or other trading activities (other than Notes acquired
directly from the Company or any Affiliate of the Company), may exchange such
Transfer Restricted Securities pursuant to the Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the
Commission as a result of a change in policy, rules or regulations after the
date of this Agreement.

     Because such Broker-Dealer may be deemed to be an "underwriter" within the
meaning of the Act and must, therefore, deliver a prospectus meeting the
requirements of the Act in connection with any initial sale of any Exchange
Notes received by such Broker-Dealer in the Exchange Offer, the Company shall
permit the use of the prospectus contained in the Exchange Offer Registration
Statement by such Broker-Dealer to satisfy such Prospectus delivery requirement.
To the extent necessary to ensure that the prospectus contained in the Ex-

<PAGE>
                                      -5-

change Offer Registration Statement is available for sales of Exchange Notes by
Brokers-Dealers, the Company shall use its best efforts to keep the Exchange
Offer Registration Statement continuously effective, supplemented, amended and
current as required by and subject to the provisions of Sections 6(a) and 6(c)
hereof and in conformity with the requirements of this Agreement, the Act and
the policies, rules and regulations of the Commission as announced from time to
time, for a period of one year from the date on which the Exchange Offer is
Consummated or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Registration Statement have been sold
pursuant thereto. The Company shall provide sufficient copies of the latest
version of such Prospectus to such Broker-Dealers, promptly upon request, and in
no event later than one day after such request, at any time during such period.

SECTION 4. SHELF REGISTRATION

               (a) Shelf Registration. If (i) the Exchange Offer is not
permitted by applicable law or Commission policy (after the Company has complied
with the procedures set forth in Section 6(a) below) or (ii) if any Holder of
Transfer Restricted Securities shall notify the Company within 20 business days
following the date on which the Exchange Offer is Consummated that (A) such
Holder was prohibited by applicable law or Commission policy from participating
in the Exchange Offer, or (B) such Holder may not resell the Exchange Notes
acquired by it in the Exchange Offer to the public without delivering a
prospectus and that the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or
(C) that such Holder is a Broker-Dealer and holds Notes acquired directly from
the Company or any of its Affiliates, then the Company shall:

          (x) cause to be filed a shelf registration statement pursuant to Rule
     415 under the Act (which may be an amendment to the Exchange Offer
     Registration Statement) (the "SHELF REGISTRATION STATEMENT"), relating to
     all Transfer Restricted Securities, on or prior to the later of (1) 30 days
     after the date on which the Company determines that the Exchange Offer
     Registration Statement cannot be filed as a result of clause (a)(i) above,
     (2) 30 days after the date on which the Company receives notice specified
     in clause (a)(ii) above, and (3) the 120th day after the Closing Date (such
     later date, the "FILING DEADLINE"); and

          (y) shall use its best efforts to cause such Shelf Registration
     Statement to become effective on or prior to the 180th day, after the
     Filing Deadline (such 180th day, the "EFFECTIVENESS DEADLINE").

To the extent necessary to ensure that the Shelf Registration Statement is
available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a)

<PAGE>
                                      -6-

and other securities required to be registered therein pursuant to Section
6(b)(ii) hereof, the Company shall use its best efforts to keep such Shelf
Registration Statement required by this Section 4(a) continuousgly effective,
supplemented, amended and current as required by and subject to the provisions
of Sections 6(b) and (c) hereof and in conformity with the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period of at least two years (as extended
pursuant to Section 6(d) hereof) following the Closing Date or such shorter
period as will terminate where all Transfer Restricted Securities covered by
such Shelf Registration Statement have been sold pursuant thereto.

               (b) Provision by Holders of Certain Information in connection
with the Shelf Registration Statement. No Holder of Transfer Restricted
Securities may include any of its Transfer Restricted Securities in any Shelf
Registration Statement pursuant to this Agreement unless and until such Holder
furnishes to the Company in writing, within 20 days after receipt of a request
therefor, (i) the information specified in Item 507 or 508 of Regulation S-K, as
applicable, of the Act for use in connection with any Shelf Registration
Statement or Prospectus or preliminary Prospectus included therein and (ii) the
undertaking specified in Section 8(b) hereof. No Holder of Transfer Restricted
Securities shall be entitled to liquidated damages pursuant to Section 5 hereof
unless and until such Holder shall have used its best efforts to provide all
such information. Each Selling Holder agrees to furnish promptly to the Company
all information required to be disclosed in order to make the information
previously furnished to the Company by such Holder not materially misleading.

SECTION 5. LIQUIDATED DAMAGES

          If (i) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline, (ii)
any such Registration Statement has not been declared effective by the
Commission on or prior to the applicable Effectiveness Deadline, (iii) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and
declared effective but shall thereafter (and before the second anniversary of
the initial sale) cease to be effective or fail to be usable in connection with
resales of the Transfer Restricted Securities without being succeeded
immediately by a post-effective amendment to such Registration Statement that
cures such failure and that is itself immediately declared effective, and only
for such time of non-effectiveness or non-usability (each such event referred to
in clauses (i) through (iv), a "REGISTRATION DEFAULT"), then the Company hereby
agrees to pay (and the Guarantors agree to guarantee such payments) liquidated
damages to each Holder of Transfer Restricted Securities affected thereby for
the first 90-day period immediately following the occurrence of such
Registration Default, in an amount equal to $0.05 per week per $1,000 in
principal amount of Transfer Restricted Securities held by such Holder for each
week or portion thereof that the Registration Default continues. The amount of
the liq-

<PAGE>
                                      -7-

uidated damages shall increase by an additional $0.05 per week per $1,000 in
principal amount of Transfer Restricted Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured, the
Transfer Restricted Securities become freely tradable without registration under
the Act or no Transfer Restricted Securities are outstanding, up to a maximum
amount of liquidated damages of $0.30 per week per $1,000 in principal amount of
Transfer Restricted Securities; provided that the Company shall in no event be
required to pay liquidated damages for more than one Registration Default at any
given time. All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest, on each Interest
Payment Date, as more fully set forth in the Indenture and the Notes.
Notwithstanding anything to the contrary set forth herein, (1) upon filing of
the Exchange Offer Registration Statement (and/or, if applicable, the Shelf
Registration Statement), in the case of (i) above, (2) upon the effectiveness of
the Exchange Offer Registration Statement (and/or, if applicable, the Shelf
Registration Statement), in the case of (ii) above, (3) upon Consummation of the
Exchange Offer, in the case of (iii) above, or (4) upon the filing of a
post-effective amendment to the Registration Statement or an additional
Registration Statement that causes the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement) to again be declared
effective or made usable in the case of (iv) above, the liquidated damages
payable with respect to the Transfer Restricted Securities as a result of such
clause (i), (ii), (iii) or (iv), as applicable, shall cease.

          Notwithstanding the fact that any securities for which liquidated
damages are due cease to be Transfer Restricted Securities, all obligations of
the Company to pay liquidated damages with respect to securities shall survive
until such time as such obligations with respect to such securities shall have
been satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

               (a) Exchange Offer Registration Statement. In connection with the
Exchange Offer, the Company shall (x) comply with all of the provisions of
Section 6(c) below, (y) use its best efforts to effect such exchange and to
permit the resale of Exchange Notes by Broker-Dealers that tendered in the
Exchange Offer Notes that such Broker-Dealer acquired for its own account as a
result of its market making activities as other trading activities (other than
Notes acquired directly from the Company or any of its Affiliates) being sold in
accordance with the intended method or methods of distribution thereof, and (z)
comply with all of the following provisions:

          (i) If, following the date hereof there has been announced a change in
     Commission policy with respect to exchange offers such as the Exchange
     Offer, that in the reasonable opinion of counsel to the Company raises a
     substantial question as to whether the Exchange Offer is permitted by
     applicable federal law, the Company hereby agrees to seek a no-action
     letter or other favorable decision from the Commission allowing the Company
     to Consummate an Exchange Offer for such Transfer Restricted Securi-

<PAGE>
                                      -8-

     ties. The Company agrees to pursue the issuance of such a decision to the
     Commission staff level. In connection with the foregoing, the Company
     agrees, to take all such other actions as may be requested by the
     Commission or otherwise required in connection with the issuance of such
     decision, including without limitation (A) participating in telephonic
     conferences with the Commission, (B) delivering to the Commission staff an
     analysis prepared by counsel to the Company setting forth the legal bases,
     if any, upon which such counsel has concluded that such an Exchange Offer
     should be permitted and (C) diligently pursuing a resolution (which need
     not be favorable) by the Commission staff.

          (ii) As a condition to its participation in the Exchange Offer, each
     Holder of Transfer Restricted Securities (including, without limitation,
     any Holder who is a Broker-Dealer) shall furnish, upon the request of the
     Company, prior to the Consummation of the Exchange Offer, a written
     representation to the Company (which may be contained in the letter of
     transmittal contemplated by the Exchange Offer Registration Statement) to
     the effect that (A) it is not an Affiliate of the Company, (B) it is not
     engaged in, and does not intend to engage in, and has no arrangement or
     understanding with any person to participate in, a distribution of the
     Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring
     the Exchange Notes in its ordinary course of business. Each Holder using
     the Exchange Offer to participate in a distribution of the Exchange Notes
     shall acknowledge and agree that, if the resales are of Exchange Notes
     obtained by such Holder in exchange for Notes acquired by such Holder
     directly from the Company or an Affiliate thereof, it (1) could not, under
     Commission policy as in effect on the date of this Agreement rely on the
     position of the Commission enunciated in Morgan Stanley and Co., Inc.
     (available June 5, 1991) and Exxon Capital Holdings Corporation (available
     May 13, 1988), as interpreted in the Commission's letter to Shearman &
     Sterling dated July 2, 1993, and similar no-action letters (including, if
     applicable, any no-action letter obtained pursuant to clause (i) above),
     and (2) must comply with the registration and prospectus delivery
     requirements of the Act in connection with a secondary resale transaction
     and that such a secondary resale transaction should be covered by an
     effective registration statement containing the selling security holder
     information required by Item 507 or 508, as applicable, of Regulation S-K.

          (iii) Prior to effectiveness of the Exchange Offer Registration
     Statement, the Company shall provide a supplemental letter to the
     Commission (A) stating that the Company is registering the Exchange Offer
     in reliance on the position of the Commission enunciated in Exxon Capital
     Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc.
     (available June 5, 1991), as interpreted in the Commission's letter to
     Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action
     letter obtained pursuant to clause (i) above, (B) including a
     representation that neither the Company nor any Guarantor has entered into
     any arrangement or understanding with any Person to distribute the Exchange
     Notes to be received in the Exchange Offer and that, to the best of the
     Company's information and belief, each Holder participating in the Exchange
     Offer is acquiring the Exchange Notes in its ordinary course of business
     and has no arrangement or under-

<PAGE>
                                      -9-

     standing with any Person to participate in the distribution of the Exchange
     Notes received in the Exchange Offer and (C) any other undertaking or
     representation required by the Commission as set forth in any no-action
     letter obtained pursuant to clause (i) above, if applicable.

               (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company shall: (i) comply with all the provisions of
Section 6(c) below and shall use its best efforts to effect such registration to
permit the sale of the Transfer Restricted Securities being sold in accordance
with the intended method or methods of distribution thereof (as indicated in the
information furnished to the Company pursuant to Section 4(b) hereof), and
pursuant thereto the Company will prepare and file with the Commission a
Registration Statement relating to the registration on any appropriate form
under the Act, which form shall be available for the sale of the Transfer
Restricted Securities in accordance with the intended method or methods of
distribution thereof within the time periods and otherwise in accordance with
the provisions hereof and (ii) issue, upon the request of any Holder or
purchaser of Notes covered by any Shelf Registration Statement contemplated by
this Agreement, Exchange Notes having an aggregate principal amount equal to the
aggregate principal amount of Notes sold pursuant to the Shelf Registration
Statement and surrendered to the Company for cancellation; the Company shall
register Exchange Notes on the Shelf Registration Statement for this purpose and
issue the Exchange Notes to the purchasers of securities subject to the Shelf
Registration Statement in the names as such purchasers shall designate.

               (c) General Provisions. In connection with any Registration
Statement and any related Prospectus required by this Agreement, the Company
shall:

          (i) use its best efforts to keep such Registration Statement
     continuously effective and provide all requisite financial statements for
     the period specified in Section 3 or 4 of this Agreement, as applicable.
     Upon the occurrence of any event that would cause any such Registration
     Statement or the Prospectus contained therein (A) to contain an untrue
     statement of material fact or omit to state any material fact necessary to
     make the statements therein not misleading or (B) not to be effective and
     usable for resale of Transfer Restricted Securities during the period
     required by this Agreement, the Company shall file promptly an appropriate
     amendment to such Registration Statement, curing such defect, and if
     Commission review is required, use its best efforts to cause such amendment
     to be declared effective as soon as practicable;

          (ii) prepare and file with the Commission such amendments and
     post-effective amendments to the Registration Statement as may be necessary
     to keep such Registra-

<PAGE>
                                      -10-

     tion Statement effective for the applicable period set forth in Section 3
     or 4 hereof, as the case may be; cause the Prospectus to be supplemented by
     any required Prospectus supplement, and as so supplemented to be filed
     pursuant to Rule 424 under the Act, and to comply fully with the applicable
     provisions of Rules 424 and 430A under the Act in a timely manner; and
     comply with the provisions of the Act with respect to the disposition of
     all securities covered by such Registration Statement during the applicable
     period in accordance with the intended method or methods of distribution by
     the sellers thereof set forth in such Registration Statement or supplement
     to the Prospectus;

          (iii) advise the underwriters, if any, and each selling Holder
     promptly and, if requested by such Holder, confirm such advice in writing,
     (A) when the Prospectus or any Prospectus supplement or post-effective
     amendment has been filed, and, with respect to any Registration Statement
     or any post-effective amendment thereto, when the same has become
     effective, (B) of any request by the Commission for amendments to the
     Registration Statement or amendments or supplements to the Prospectus or
     for additional information relating thereto, (C) of the issuance by the
     Commission of any stop order suspending the effectiveness of the
     Registration Statement under the Act or of the suspension by any state
     securities commission of the qualification of the Transfer Restricted
     Securities for offering or sale in any jurisdiction, or the initiation of
     any proceeding for any of the preceding purposes, and (D) of the existence
     of any fact or the happening of any event that makes any statement of a
     material fact made in the Registration Statement, the Prospectus, any
     amendment or supplement thereto, or any document incorporated by reference
     therein untrue, or that requires the making of any additions to or changes
     in the Registration Statement or the Prospectus in order to make the
     statements therein not misleading, or that requires the making of any
     additions to or changes in the Prospectus in order to make the statements
     therein in the light of the circumstances under which they were made, not
     misleading. If at any time the Commission shall issue any stop order
     suspending the effectiveness of the Registration Statement, or any state
     securities commission or other regulatory authority shall issue an order
     suspending the qualification or exemption from qualification of the
     Transfer Restricted Securities under state securities or Blue Sky laws, the
     Company shall use its best efforts to obtain the withdrawal or lifting of
     such order at the earliest possible time;

          (iv) furnish to each selling Holder and each of the underwriters, if
     any, in connection with such exchange or sale, if any, before filing with
     the Commission, copies of any Registration Statement or any Prospectus
     included therein or any amendments or supplements to any such Registration
     Statement or Prospectus (including all documents incorporated by reference
     after the initial filing of such Registration Statement), which documents
     will be subject to the review and comment of such Holders and
     un-

<PAGE>
                                      -11-

     derwriter(s), if any, in connection with such sale, if any, for a period of
     at least five business days, and the Company will not file any such
     Registration Statement or Prospectus or any amendment or supplement to any
     such Registration Statement or Prospectus (including all such documents
     incorporated by reference) to which such Holders or the underwriters, if
     any, shall reasonably object within five business days after the receipt
     thereof. A Holder or underwriter, if any, shall be deemed to have
     reasonably objected to such filing if such Registration Statement,
     amendment, Prospectus or supplement, as applicable, as proposed to be
     filed, contains an untrue statement of a material fact or omits to state
     any material fact necessary to make the statements therein not misleading
     or fails to comply with the applicable requirements of the Act;

          (v) promptly prior to the filing of any document that is to be
     incorporated by reference into a Registration Statement or Prospectus,
     provide copies of such document to each selling Holder and to the
     underwriters, if any, in connection with such exchange or sale, if any,
     make the Company's representatives available for discussion of such
     document and other customary due diligence matters, and include such
     information in such document prior to the filing thereof as such Holders or
     underwriters, if any, reasonably may request;

          (vi) make available, at reasonable times, for inspection by each
     selling Holder, any underwriter, if any, participating in any disposition
     pursuant to such Registration Statement, and any attorney or accountant
     retained by such Holders or any of the underwriters, all financial and
     other records, pertinent corporate documents and properties of the Company
     and cause the Company's officers, directors and employees to supply all
     information reasonably requested by any such Holder, underwriter, attorney
     or accountant in connection with such Registration Statement or any
     post-effective amendment thereto subsequent to the filing thereof and prior
     to its effectiveness;

          (vii) if requested by any Holders or the underwriters, if any, in
     connection with such exchange or sale, promptly include in any Registration
     Statement or Prospectus, pursuant to a supplement or post-effective
     amendment if necessary, such information as such Holders and underwriters,
     if any, may reasonably request to have included therein, including, without
     limitation, information relating to the "Plan of Distribution" of the
     Transfer Restricted Securities; and make all required filings of such
     Prospectus supplement or post-effective amendment as soon as practicable
     after the Company is notified of the matters to be included in such
     Prospectus supplement or post-effective amendment;

          (viii) cause the Transfer Restricted Securities covered by the
     Registration Statement to be rated with the appropriate rating agencies, if
     so requested by the Holders of a majority in aggregate principal amount of
     Notes covered thereby or the underwriters, if any;

<PAGE>
                                      -12-

          (ix) furnish to each selling Holder (and upon request, any Holder) and
     each of the underwriter(s), if any, in connection with such exchange or
     sale, without charge, at least one copy of the Registration Statement, as
     first filed with the Commission, and of each amendment thereto, including
     all documents incorporated by reference therein and all exhibits (including
     exhibits incorporated therein by reference);

          (x) deliver to each Holder and each of the underwriters, if any,
     without charge, as many copies of the Prospectus (including each
     preliminary prospectus) and any amendment or supplement thereto as such
     Persons reasonably may request; the Company hereby consents to the use (in
     accordance with applicable law) of the Prospectus and any amendment or
     supplement thereto by each selling Holder and each underwriter, if any, in
     connection with the offering and the sale of the Transfer Restricted
     Securities covered by the Prospectus or any amendment or supplement
     thereto;

          (xi) upon the request of any selling Holder, enter into such
     agreements (including underwriting agreements), and make, such
     representations and warranties, and take all such other actions in
     connection therewith in order to expedite or facilitate the disposition of
     the Transfer Restricted Securities pursuant to any Registration Statement
     contemplated by this Agreement, as may be requested by any Initial
     Purchaser or by any selling Holder in connection with any sale or resale
     pursuant to any Registration Statement. In such connection, the Company
     shall:

               (A) upon request of any Holder, furnish to each Initial
          Purchaser, each selling Holder and each underwriter, if any, in such
          substance and scope as they may request and as are customarily made by
          issuers to underwriters in primary underwritten offerings, upon the
          Consummation of the Exchange Offer or upon, the effectiveness of the
          Shelf Registration Statement, as the case may be:

                    (1) a certificate, dated such date signed on behalf of the
               Company by (x) the President or any Vice President and (y) a
               principal financial or accounting officer of the Company,
               confirming, as of the date thereof, the matters set forth in
               Sections 2(ee) and 2(ff) and confirming that the representations
               and warranties (other than 2(a), (gg), (hh), (ii), (kk), (ll),
               (mm), (nn) and (oo)) of the Company contained in any such
               underwriting agreement (which shall be of the same tenor as the
               representations and warranties contained in the Purchase
               Agreement) are true and correct as of the date hereof, and
               confirming such other matters as such parties may reasonably
               request;

<PAGE>
                                      -13-

                    (2) an opinion, dated the date of Consummation of the
               Exchange Offer or the date of effectiveness of the Shelf
               Registration Statement, as the case may be, of counsel for the
               Company, covering the matters similar to those set forth in Annex
               I and Annex II of the Purchase Agreement and such other matters
               as such parties may reasonably request, and in any event
               including a statement to the effect that such counsel has
               participated in conferences with officers and other
               representatives of the Company, representatives of the
               independent public accountants for the Company, the Initial
               Purchasers' representatives and the Initial Purchasers' counsel
               in connection with the preparation of such Registration Statement
               and the related Prospectus and have considered the matters
               required to be stated therein and the statements contained
               therein, although such counsel has not independently verified the
               accuracy, completeness or fairness of such statements; and that
               such counsel advises that, on the basis of the foregoing (relying
               as to materiality to the extent such counsel deems appropriate
               upon the statements of officers and other representatives of the
               Company and without independent check or verification), no facts
               came to such counsel's attention that caused such counsel to
               believe that the applicable Registration Statement, at the time
               such Registration Statement or any post-effective amendment
               thereto became effective, and, in the case of the Exchange Offer
               Registration Statement, as of the date of Consummation of the
               Exchange Offer, contained an untrue statement of a material fact
               or omitted to state a material fact required to be stated therein
               or necessary to make the statements therein not misleading, or
               that the Prospectus contained in such Registration Statement as
               of its date and, in the case of the opinion dated the date of
               Consummation of the Exchange Offer, as of the date of
               Consummation, contained an untrue statement of a material fact or
               omitted to state a material fact necessary in order to make the
               statements therein, in the light of the circumstances under which
               they were made, not misleading. Without limiting the foregoing,
               such counsel may state further that such counsel assumes no
               responsibility for, and has not independently verified, the
               accuracy, completeness or fairness of the financial statements,
               notes and schedules and other financial data included in any
               Registration Statement contemplated by this Agreement or the
               related Prospectus; and

<PAGE>
                                      -14-

                    (3) a customary comfort letter, dated as of the date of
               Consummation of the Exchange Offer, or as of the date of
               effectiveness of the Shelf Registration Statement, as the case
               may be, from the Company's independent accountants, in the
               customary form and covering matters of the type customarily
               covered in comfort letters to underwriters in connection with
               primary underwritten offerings, and affirming the matters set
               forth in the comfort letters of Arthur Andersen LLP delivered
               pursuant to the Purchase Agreement, without exception; and

               (B) deliver such other documents and certificates as may be
          reasonably requested by such parties to evidence compliance with the
          matters covered in clause (A) above and with any customary conditions
          contained in any agreement or other agreement entered into by the
          Company pursuant to this clause (xi), if any.

     If at any time the representations and warranties of the Company
     contemplated in clause (A)(1) above cease to be true and correct, the
     Company shall so advise the Initial Purchasers and the underwriter(s), if
     any, and each selling Holder promptly and, if requested by such Persons,
     shall confirm such advice in writing;

          (xii) prior to any public offering of Transfer Restricted Securities,
     cooperate with, the selling Holders, the underwriters, if any, and their
     respective counsel in connection with the registration and qualification of
     the Transfer Restricted Securities under the securities or Blue Sky laws of
     such jurisdictions as the selling Holders or underwriters may request and
     do any and all other acts or things necessary or advisable to enable the
     disposition in such jurisdictions of the Transfer Restricted Securities
     covered by the applicable Registration Statement; provided, however, that
     the Company shall not be required to register or qualify as a foreign
     corporation where it is not now so qualified or to take any action that
     would subject it to the service of process in suits or to taxation, other
     than as to matters and transactions relating to the Registration Statement,
     in any jurisdiction where it is not now so subject;

          (xiii) shall issue, upon the request of any Holder of Notes covered by
     the Shelf Registration Statement, Exchange Notes, having an aggregate
     principal amount equal to the aggregate principal amount of Notes
     surrendered to the Company by such Holder in exchange therefor or being
     sold by such Holder; such Exchange Notes to be registered in the name of
     such Holder or in the name of the purchaser(s) of such Notes or Exchange
     Notes, as the case may be; in return, the Notes held by such Holder shall
     be surrendered to the Company for cancellation;

<PAGE>
                                      -15-

          (xiv) in connection with any sale of Transfer Restricted Securities
     that will result in such securities no longer being Transfer Restricted
     Securities, cooperate with the Holders and the underwriters, if any, to
     facilitate the timely preparation and delivery of certificates representing
     Transfer Restricted Securities to be sold and not bearing any restrictive
     legends; and to register such Transfer Restricted Securities in such
     denominations and in such names as the selling Holders or the underwriters,
     if any, may request at least two business days prior to any such sale of
     Transfer Restricted Securities;

          (xv) use its best efforts to cause the disposition of the Transfer
     Restricted Securities covered by the Registration Statement to be
     registered with or approved by such other governmental agencies or
     authorities as may be necessary to enable the seller or sellers thereof or
     the underwriters, if any, to consummate the disposition of such Transfer
     Restricted Securities, subject to the proviso contained in clause (xii)
     above;

          (xvi) subject to Section 6(c)(i), if any fact or event contemplated by
     Section 6(c)(iii)(D) above shall exist or have occurred, prepare a
     supplement or post-effective amendment to the Registration Statement or
     related Prospectus or any document incorporated therein by reference or
     file any other required document so that, as thereafter delivered to the
     purchasers of Transfer Restricted Securities, the Prospectus will not
     contain an untrue statement of a material fact or omit to state any
     material fact necessary to make the statements therein, not misleading;

          (xvii) provide a CUSIP number for all Transfer Restricted Securities
     not later than the effective date of a Registration Statement covering such
     Transfer Restricted Securities and provide the Trustee under the Indenture
     with printed certificates for the Transfer Restricted Securities which are
     in a form eligible for deposit with the Depositary Trust Company;

          (xviii) cooperate and assist in any filings required to be made with
     the NASD and in the performance of any due diligence investigation by any
     underwriter (including any "qualified independent underwriter") that is
     required to be retained in accordance with the rules and regulations of the
     NASD, and use its reasonable best efforts to cause such Registration
     Statement to become effective and approved by such governmental agencies or
     authorities as may be necessary to enable the Holders selling Transfer
     Restricted Securities to consummate the disposition of such Transfer
     Restricted Securities;

          (xix) otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission, and make generally available to
     its security holders with regard to any Registration Statement, as soon as
     practicable, a consolidated earnings statement meeting the requirements of
     Rule 158 (which need not be audited) covering

<PAGE>
                                      -16-

     a twelve-month period, beginning after the effective date of the
     Registration Statement (as such term is defined in paragraph (c) of rule
     158 under the Act);

          (xx) cause the Indenture to be qualified under the TIA not later than
     the effective date of the first Registration Statement required by this
     Agreement, and, in connection therewith, cooperate with the Trustee and the
     Holders to effect such changes to the Indenture as may be required for such
     Indenture to be so qualified in accordance with the terms of the TIA; and
     execute, and use its best efforts to cause the Trustee to execute, all
     documents that may be required to effect such changes and all other forms
     and documents required to be filed with the Commission to enable such
     Indenture to be so qualified in a timely manner;

          (xxi) cause all Transfer Restricted Securities covered by the
     Registration Statement to be listed on each securities exchange on which
     similar securities issued by the Company are then listed if requested by
     the Holders of a majority in aggregate principal amount of Notes or the
     managing underwriters, if any; and

          (xxii) provide promptly to each Holder, upon request, each document
     filed with the Commission pursuant to the requirements of Section 13 or
     Section 15(d) of the Exchange Act.

               (d) Restrictions on Holders. Each Holder agrees by acquisition of
a Transfer Restricted Security that, upon receipt of the notice referenced to in
Section 6(c)(iii)(D) or any notice from the Company of the existence of any fact
of the kind described in Section 6(c)(iii)(D) hereof (in each case, a
"SUSPENSION NOTICE"), such Holder will forthwith discontinue disposition of
Transfer Restricted Securities pursuant to the applicable Registration Statement
until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof, or (ii) such Holder is
advised in writing by the Company that the use of the Prospectus may be resumed,
and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus (in each case, the "RECOMMENCEMENT
DATE"). Each Holder receiving a Suspension Notice hereby agrees that it will
either (i) destroy any Prospectuses, other than permanent file copies then in
such Holder's possession which have been replaced by the Company with more
recently dated Prospectuses, or (ii) will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
Holder's possession, of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of such Suspension Notice.
The time period regarding the effectiveness of such Registration Statement set
forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of
days equal to the number of days in the period from and including the date of
delivery of the Suspension Notice to the date of the Recommencement Date.

<PAGE>
                                      -17-

SECTION 7. REGISTRATION EXPENSES

               (a) All expenses incident to the Company's and the Guarantors'
performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement becomes effective, including
without limitation: (i) all registration and filing fees and expenses (including
filings made by any Initial Purchaser or Holder with the NASD (and, if
applicable, the fees and expenses of any "qualified independent underwriter" and
its counsel that may be required by the rules and regulations of the NASD));
(ii) all fees and expenses of compliance with federal securities and state Blue
Sky or securities laws; (iii) all expenses of printing (including printing
certificates for the Exchange Notes to be issued in the Exchange Offer and
printing of Prospectuses), messenger and delivery services and telephone; (iv)
all fees and disbursements of counsel for the Company and, subject to Section
7(b), the Holders of Transfer Restricted Securities; (v) all application and
filing fees in connection with listing Exchange Notes on a national securities
exchange automated quotation system pursuant to the requirements hereof; and
(vi) all fees and disbursements of independent certified public accountants of
the Company (including the expenses of any special audit and comfort letters
required by or incidental to such performance).

         The Company will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company.

               (b) In connection with any Registration Statement required by
this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company will reimburse the
Initial Purchasers and the Holders of Transfer Restricted Securities who are
tendering Notes in the Exchange Offer and/or selling or reselling Notes or
Exchange Notes pursuant to the "Plan of Distribution" contained in the Exchange
Offer Registration Statement or the Shelf Registration Statement, as applicable,
for the reasonable fees and disbursements of not more than one counsel, who
shall be Cahill Gordon & Reindel, unless another firm shall be chosen by the
Holders of a majority in principal amount of the Transfer Restricted Securities
for whose benefit such Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

               (a) The Company and the Guarantors agree to indemnify and hold
harmless (i) each Holder and (ii) each Person, if any, who controls such Holder
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act)
any Holder (any of the persons referred to in this clause (ii) being hereinafter
referred to as a "controlling person") and (iii) the respective officers,
directors, partners, employees, representatives and agents of any Holder or any
controlling person, from and against any and all losses, claims, damages,

<PAGE>
                                      -18-

liabilities, judgments, actions and expenses (including, without limitation, any
legal or other expenses incurred in connection with, investigating, preparing,
pursuing or defending any claim or action, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, including any action
that could give rise to any such losses, claims, damages, liabilities or
judgments) directly or indirectly caused by, related to, based upon, arising out
of or in connection with any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement, preliminary prospectus or
Prospectus (or any amendment or supplement thereto), provided by the Company to
any Holder or any prospective purchaser of Exchange Notes or registered Notes or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities,
judgments, actions or expenses are caused by an untrue statement or omission or
alleged untrue statement or omission that is based upon information relating to
such Holder furnished in writing to the Company by such Holder.

               (b) The Company may require, as a condition to including any
Transfer Restricted Securities held by any Holder in a Registration Statement,
that the Company shall have received an undertaking reasonably satisfactory to
it from such Holder that such Holder agrees, severally and not jointly, to
indemnify and hold harmless the Company and the Guarantors, and their respective
directors and officers, and each person, if any, who controls (within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act) the Company
or the Guarantors, as the case may be, to the same extent as the foregoing
indemnity from the Company set forth in Section 8(a) above, but only with
reference to information relating to such Holder furnished in writing to the
Company by such Holder expressly for use in any Registration Statement. In no
event shall any Holder, its directors, officers, or any person who controls such
Holder be liable or responsible for any amount in excess of the amount by which
the entire amount received by such Holder with respect to its sale of the
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages that such Holder, its directors, officers or any
Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

               (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"INDEMNIFIED PARTY"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "INDEMNIFYING PARTY") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), a Holder shall not be required to assume the
defense of such ac-

<PAGE>
                                      -19-

tion pursuant to this Section 8(c), but may employ separate counsel and
participate in the defense thereof, but the fees and expenses of such counsel,
except as provided below, shall be at the expense of the Holder). Any
indemnified party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of the indemnified party unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the indemnified party). In any such case, the indemnifying party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimbursed as
they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 8(a), and by
the Company, in the case of parties indemnified pursuant to Section 8(b). The
indemnifying party shall indemnify and hold harmless the indemnified party from
and against any and all losses, claims, damages, liabilities, judgments and
expenses by reason of any settlement of any action (i) effected with its written
consent or (ii) effected without its written consent if the settlement is
entered into more than twenty business days after the indemnifying party shall
have received a request from the indemnified party for reimbursement for the
fees and expenses of counsel (in any case where such fees and expenses are at
the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party shall have failed to comply with such
reimbursement request. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened
action in respect of which the indemnified party is or could have been a party
and indemnity or contribution may be or could have been sought hereunder by the
indemnified party, unless such settlement, compromise or judgment (i) includes
an unconditional release of the indemnified party from all liability on claims
that are or could have been the subject matter of such action and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of the indemnified party.

               (d) To the extent that the indemnification provided for in this
Section 8 is unavailable to an indemnified party under Section 8(a) or Section
8(b) hereof in respect of any losses, claims, damages, liabilities, judgements
or expenses referred to therein, then each indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute

<PAGE>
                                      -20-

to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities, judgments or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company, on the one hand, and the Holders, on the other hand, from their sale of
Transfer Restricted Securities or (ii) if the allocation provided by clause
8(d)(i) is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause 8(d)(i) above
but also the relative fault of the Company, on the one hand, and of the Holder,
on the other hand, in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities, judgments or expenses, as well as
any other relevant equitable considerations. The relative fault of the Company,
on the one hand, and of the Holder, on the other hand, shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by such
Holder, on the other hand, and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

         The Company, the Guarantors and each Holder agree that it would not be
just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities, judgments or expenses referred to in the
immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such
indemnified party in connection with investigating or defending any such action
or claim including any action that could have given rise to such losses, claims,
damages, liabilities, judgments or expenses. Notwithstanding the provisions of
this Section 8, no Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total received by such Holder with
respect to the sale of Transfer Restricted Securities pursuant to a Registration
Statement exceeds (i) the amount paid by such Holder for such Transfer
Restricted Securities and (ii) the amount of any damages which such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 8(d) are several in proportion to the respective principal amount of
Transfer Restricted Securities held by each Holder hereunder and not joint.

<PAGE>
                                      -21-

SECTION 9. RULE 144A

         The Company hereby agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding and during any period in which the
Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make
available, upon request of any Holder, to such Holder or beneficial owner of
Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such
Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Act in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the
Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

SECTION 10. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

         No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder's Transfer Restricted
Securities on the basis provided in any underwriting arrangements approved by
the Persons entitled hereunder to approve such arrangements and (b) completes
and executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

SECTION 11. SELECTION OF UNDERWRITERS

         The Holders of Transfer Restricted Securities covered by the Shelf
Registration Statement who desire to do so may sell such Transfer Restricted
Securities in an Underwritten Offering. In any such Underwritten Offering, the
investment banker or investment bankers and manager or managers that will
administer the offering will be selected by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Securities included in
such offering; provided that such investment bankers and managers must be
reasonably satisfactory to the Company.

SECTION 12. MISCELLANEOUS

               (a) Remedies. The Company and the Guarantors acknowledge and
agree that any failure by the Company to comply with its obligations under
Sections 3 and 4 hereof may result in material irreparable injury to the Initial
Purchasers or Holders for which there is no adequate remedy at law, that it will
not be possible to measure damages for such injuries precisely and that, in the
event of any such failure, the Initial Purchasers or any Holder may obtain such
relief as may be required to specifically enforce the Company's obligations
under Sections 3 and 4 hereof. The Company and the Guarantors further agree to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

<PAGE>
                                      -22-

               (b) No Inconsistent Agreements. The Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof. The rights granted
to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Company's securities
under any agreement in effect on the date hereof.

               (c) Adjustments Affecting the Notes or Exchange Notes. The
Company will not take any action, or permit any change to occur, with respect to
the Notes or the Exchange Notes that would materially and adversely affect the
ability of the Holders to Consummate any Exchange Offer.

               (d) Amendments and Waivers. The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless (i) in the case of
Section 5 hereof and this Section 12(d)(i), the Company has obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in
the case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer and that does not affect directly or indirectly the rights of
other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of the
outstanding principal amount of Transfer Restricted Securities subject to such
Exchange Offer.

               (e) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

               (f) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

          (i) if to a Holder, at the address set forth on the records of the
     Registrar under the Indenture, with a copy to the Registrar under the
     Indenture; and

          (ii) if to the Company or the Guarantors:

<PAGE>
                                      -23-

                                    EchoStar DBS Corporation
                                    5701 South Sante Fe Drive
                                    Littleton, Colorado 80120

                                    Telecopier No.: (303) 723-1699
                                    Attention: David K. Moskowitz, Esq.

                           With a copy to:

                                    Sullivan & Cromwell
                                    125 Broad Street
                                    New York, NY 10004-2498

                                    Telecopier No.: (212) 558-3388
                                    Attention: Donald Walkovik, Esq.

         All such notices and communications 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 on the next business day, if timely delivered
to an air courier guaranteeing overnight delivery.

         Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

               (g) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent Holders; provided, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement or the
Indenture. If any transferee of any Holder shall acquire Transfer Restricted
Securities in any manner, whether by operation of law or otherwise, such
Transfer Restricted Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Transfer Restricted Securities such
Person shall be conclusively deemed to have agreed to be bound by and to perform
all of the terms and provisions of this Agreement, including the restrictions on
resale set forth in this Agreement and, if applicable, the Purchase Agreement,
and such Person shall be entitled to receive the benefits hereof.

               (h) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

<PAGE>
                                      -24-

               (i) Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

               (j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICT OF LAW RULES THEREOF.

               (k) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

               (l) Entire Agreement. This Agreement is intended by the parties
as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted with respect to the
Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

<PAGE>

                                       S-1

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                       ECHOSTAR DBS CORPORATION

                                       By:
                                           ------------------------------------
                                           Name:  David K. Moskowitz
                                           Title: Senior Vice President,
                                                  General Counsel and Secretary

<PAGE>

                                      S-2

                               ECHOSTAR SATELLITE CORPORATION
                               ECHOSTAR TECHNOLOGIES
                                 CORPORATION
                               ECHO ACCEPTANCE CORPORATION
                               ECHOSPHERE CORPORATION
                               DISH NETWORK SERVICE CORPORATION
                               ECHOSTAR INTERNATIONAL
                                 CORPORATION
                               ECHOSTAR NORTH AMERICA
                                 CORPORATION
                               ECH0STAR INDONESIA, INC.
                               ECHOSTAR SPACE CORPORATION
                               ECHOSTAR 110 CORPORATION
                               as Guarantors

                               By:
                                   ---------------------------------------------
                                   Name:  David K. Moskowitz
                                   Title: Senior Vice President, General Counsel
                                          and Secretary

<PAGE>

                                      S-3

DEUTSCHE BANC ALEX. BROWN INC.
CREDIT SUISSE FIRST BOSTON CORPORATION
LEHMAN BROTHERS INC.
UBS WARBURG LLC

By: DEUTSCHE BANC ALEX. BROWN INC.

By:
    ------------------------------
    Name:
    Title:

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